Converting Cryptos to USD via Kraken

2024/11/29

Converting cryptocurrencies like BTC, ETH, and USDT into USD and transferring them to your bank account can be tricky on many U.S.-based crypto exchanges. However, using Kraken, the process is straightforward for most states (excluding NY, WA, and TX). Follow this step-by-step guide to get started.

Here is a simple tutorial for you to get started.

Registration

Go to Kraken and sign up for a new personal account with the country of residence in the USA.

Note: If you select a different country, you won’t be able to use ACH to withdraw USD to your bank account.

Then verify your account with your personal information, address, and phone number. After a few minutes, you will be able to transfer cryptos to your Kraken account.

Transferring Cryptos to Kraken

Transferring cryptos to Kraken is quite simple. You can generate a deposit address under the section of Transfer crypto -> Deposit.

Then, copy and paste the deposit address to the withdrawal address in your previous crypto exchange, let’s say, Binance.

Remember to double-check both the address and network (like ERC20, BEP20, etc.) before you confirm the withdrawal. Currently, Optimism charges a lower fee than others but it may take a longer time to process.

After a few minutes, you will see the cryptos in your Kraken account.

Monitoring the Transfer

On Binance side:

On Kraken side:

Converting Cryptos to USD

Next, click on the app launcher icon beside Buy crypto to switch to Kraken Pro, where you can trade cryptos.

Then, select the trading pair you want to trade and click on the Sell tab. For example, you can trade USDT/USD.

You can see the transaction details here.

Withdrawing USD to Bank Account

Finally, you can withdraw USD to your bank account. Go to Withdraw cash -> USD -> ACH to add bank details.

Fill in the information of your bank account, click on the Confirm button, and then click on Withdraw USD.

Note: You have to use the exact same name on your bank account as you registered in Kraken.

Wait several hours and you will see the USD in your bank account!