Selling your cryptocurrency for traditional currency, like Euros, is a fundamental process for any crypto trader. Kraken, a well-established and secure exchange, provides a straightforward platform to execute these sales. This guide will walk you through the entire process of converting your digital assets into fiat currency on Kraken.
Prerequisites for Selling on Kraken
Before initiating a sale, ensure your Kraken account is fully set up and verified. This includes completing the necessary identity verification steps, which are required for fiat currency withdrawals. Additionally, you must have the cryptocurrency you wish to sell already deposited in your Kraken spot wallet.
Step-by-Step Guide to Selling Crypto for Euros
Follow these clear steps to convert your cryptocurrency into Euros on the Kraken exchange.
Step 1: Log In to Your Account
Navigate to the Kraken website and log in using your credentials. For enhanced security, ensure you have two-factor authentication (2FA) enabled on your account.
Step 2: Select the Trading Pair
Once logged in, locate the trading interface. At the top of this interface, you will find the pair selection menu.
- First, select the cryptocurrency you want to sell (e.g., Ethereum (ETH), Bitcoin (BTC)).
- Then, select the fiat currency you want to receive. For Euros, select EUR. Kraken also supports other fiat currencies like US Dollars (USD) and Canadian Dollars (CAD).
Step 3: Navigate to the Trading Interface
Click on the Trade tab in the top menu and select New Order from the dropdown. This will open the order entry form. Ensure the Simple trade interface is selected for a user-friendly experience.
Step 4: Configure Your Sell Order
In the new order form, you will configure the details of your transaction.
- Click the Sell button to indicate you are selling your crypto.
- In the amount field, enter the quantity of the cryptocurrency you wish to sell.
- For the order type, select Market. A market order will execute immediately at the best available current market price.
👉 Execute your market trade with confidence
Step 5: Review and Submit the Order
After entering the amount, the interface will show an estimated value in Euros. Carefully review all details, including the quantity and the estimated total. Once you are satisfied, click the Submit Order button to finalize the trade.
⚠️ Important Note: Market orders are executed instantly and cannot be modified or canceled once submitted. Double-check all information before confirming.
What Happens After Your Sale?
Congratulations! Your market sell order has been executed. The proceeds from the sale will now be available as a Euro balance in your Kraken account. You can verify your new Euro balance at the top of your account overview screen.
Withdrawing Your Euros to Your Bank Account
Holding Euros on an exchange is not the same as having them in your bank account. To transfer your funds to your personal bank account, you must initiate a withdrawal. This process involves linking your bank account to your Kraken account (if you haven't already) and submitting a withdrawal request, which typically takes a few business days to process.
Understanding Market vs. Limit Orders
While this guide focused on market orders for simplicity, Kraken offers other order types.
- Market Order: Executes immediately at the current market price. Ideal for users who prioritize speed of execution over exact price.
- Limit Order: Allows you to set a specific price at which you want your order to execute. The trade will only happen if the market reaches your specified price. This gives you more control over the sale price but does not guarantee execution.
Frequently Asked Questions
How long does it take to sell cryptocurrency on Kraken?
Market orders on Kraken are executed almost instantly. The time it takes is negligible, often just a few seconds. The subsequent process of withdrawing the resulting fiat currency to your bank account takes longer, usually 1-5 business days.
Are there fees for selling crypto on Kraken?
Yes, Kraken charges a small fee for executing trades. The fee is a percentage of the trade value and operates on a maker-taker model. Fees are typically lower for higher trading volumes over a 30-day period. Always check the latest fee schedule on Kraken's official website.
Can I sell any cryptocurrency for Euros on Kraken?
You can only sell cryptocurrencies that have a direct trading pair with EUR on Kraken. Major coins like Bitcoin (BTC) and Ethereum (ETH) have these pairs. For less common altcoins, you may need to first trade them for a major coin like BTC or ETH before converting that to Euros.
Is it safe to sell crypto on Kraken?
Kraken is considered one of the more secure and reputable cryptocurrency exchanges globally. It employs robust security measures, including cold storage for the vast majority of user funds and mandatory 2FA. However, always ensure you are using the official website and have your own security settings properly configured.
What is the minimum amount I can sell?
The minimum order size varies depending on the specific cryptocurrency you are selling. Kraken has defined minimums for each trading pair, which you can find in the exchange's specifications. These minimums are usually quite small, allowing for the sale of fractional amounts of crypto.
What should I do if my order doesn't go through?
First, check your open orders to see if a limit order is still waiting to be filled. If you are having issues with a market order, ensure you have a sufficient balance of the cryptocurrency in your spot wallet, not in a funding or staking account. If problems persist, contact Kraken's support for assistance.