If you want to transfer your coins to another wallet or even exchange them for fiat currency on the Robinhood platform, you can do it only by confirming your identity.
On the one hand this is not so strange – as identity verification is something that is done by most cryptocurrency exchanges in the industry, including the best and largest of them.
But even considering this, it’s worth saying that many of these exchanges also have a special limit of funds – if you don’t exceed a certain amount, you can freely transfer and exchange your cryptocurrency. However, this is not the case with Robinhood – identity verification is required in any case.
In addition, the fact that you need to confirm your identity even when transferring funds to another wallet is ridiculous. This eliminates any anonymity that you want to preserve and effectively ties you to a particular exchange.
A step-by-step guide
Below you can see a brief summary without screenshots. For your convenience, the summary is arranged in a sequence of tabs and buttons.
On Kraken: Funding> Deposit> Create New Address (write it down, copy or use QR code)
Commissions and minimum amounts for cryptocurrency deposits
Although most cryptocurrencies can be transferred for free, there is a minimum amount to deposit, as well as an address creation fee or deposit fee for some cryptocurrencies. If the deposit amount is below the required minimum, funds will not be credited to your account. Exceptions are listed below.
Aggregate and nonaggregate minimum deposits
*With Ethereum and EWT-based tokens, deposits below the specified minimum can still be credited to your account by depositing additional funds to the same deposit address.
- When the balance reaches the minimum required deposit amount, the entire balance will be credited to your account as a single combined deposit.
- There is no time limit for reaching the minimum deposit amount.
For all other cryptocurrencies, deposits below the minimum amount, unfortunately, will not be credited to your account even if you send more funds (that is, the minimum amount does not add up).
Below is information about minimum amounts and commissions for depositing your account. Some currencies listed below are not available in certain countries.
Does Kraken support the Binance Chain (BEP20/BEP2 tokens)?
Kraken does not currently support Binance Chain (BNB) or Binance Smart Chain (BSC) (BEP20/BEP2 tokens). BEP20/BEP2 tokens deposited into any Kraken address will not be credited and will result in the loss of your deposit. Although BEP20 tokens use the same address format as Ethereum, they are separate networks. Binance also provides a warning about this on their withdrawal pages.