Kraken has a “convert” feature that allows users to convert cryptocurrency from one to another.
Any novice trader can convert cryptocurrency easily on Kraken.
This simplified version of trading is very fast, easy to use, and incurs only a 0.1% fee. Also, users will be subjected to a withdrawal fee if they withdraw the converted cryptocurrency.
How to Convert Cryptocurrency from One to Another on Kraken?
To convert cryptocurrency on Kraken, you need to click “Convert”.
Then, set the cryptocurrency pairs for exchange and enter the amount of cryptocurrency to be converted.
Lastly, confirm the transfer. That’s it.
- Steps to Convert Cryptocurrency from One to Another on Kraken
- Steps to Convert Cryptocurrency from One to Another on Kraken Mobile Application
Steps to Convert Cryptocurrency from One to Another on Kraken
1. Click “Convert”
Sign in to your Kraken account.
By default, you will land on the “Buy Crypto” page.
On that page, you can see the Buy, Sell, Convert, and Payment methods.
Since you are going to convert your cryptocurrency, click “Convert”.
2. Set Cryptocurrency Pairs
After clicking “Convert”, you need to select the cryptocurrencies for this conversion.
In the “From” field, select the cryptocurrency that you want to trade and enter the amount that you would like to spend.
In the “To” field, select the cryptocurrency that you want to trade for.
You use the “MAX” button if you want to spend the full amount of the particular crypto you have selected.
Lastly, click “Review”.
3. Confirm the Order
Now, you can see your order preview. This preview will contain the amount and crypto that you are spending, the amount and crypto that you are receiving, and the fee.
Review the details and click “Confirm”.
4. Check History
Within seconds of clicking Confirm, your crypto got converted.
To check the convert history, click “History” on the top of the webpage.
This is how you can convert your cryptocurrency instantly on Kraken.
Steps to Convert Cryptocurrency from One to Another on Kraken Mobile Application
1. Tap on “Convert”
Open the Kraken mobile application.
Tap on the “interchange icon” at the bottom of the device screen.
Then, you will be able to see multiple options, such as Buy, Sell, Convert, Deposit, and Withdraw.
Since you are looking to convert your cryptocurrency, tap on “Convert”.
2. Set Cryptocurrency Pairs
Now, select the cryptocurrency pairs to exchange as shown in the below image.
You can use the “MAX” button if you want to use the full amount of crypto.
Lastly, tap on “Review”.
3. Confirm the Order
After tapping Review, you will get to see your transaction overview.
There, you can see the cryptocurrencies involved in this conversion and their amount.
Review the details and “Swipe to confirm”.
4. Check History
Within a second of swiping, your order will be executed and you will own your new crypto.
To see the convert history, tap on the “pie icon” and then tap on “Transaction history”.
Conclusion
Kraken Convert is the one-stop solution for those who want to exchange their Bitcoin for Ethereum, Ethereum for Bitcoin, etc.
The Kraken Convert feature is easy to use, instant, and has only a 0.1% fee.
To convert cryptocurrency with a zero fee, you can use Binance or Coinbase as well. However, you will be subjected to a withdrawal fee if you withdraw your converted cryptocurrency.
FAQ
1. Is Kraken Convert free to use?
No, Kraken Convert charges a small fee of 0.1% for each crypto conversion. If you want to convert your cryptocurrency free of charge, you can use Binance or Coinbase.
However, there will be a withdrawal fee if you withdraw the converted crypto token.
2. Is converting crypto from one to another taxable?
Yes, converting cryptocurrency from one to another is a taxable event since it involves the buying and selling of crypto tokens.
When you convert your crypto, you are receiving another crypto as a gain. Hence, it is subjected to tax.