If you still keep your coins on an exchange, you should probably withdraw them to your own hardware wallet. In case you are wondering how to withdraw your coins from Kraken to your BitBox02, we will show you how easy it is.
Start a withdrawal on Kraken.com
Login to Kraken and chose 'Funding'.
On the next site, click on "Withdraw"...
..and chose Bitcoin.
On the withdrawal page, click on "Add new withdrawal address".
Create a withdrawal address on the BitBox02
Open the BitBoxApp, unlock your BitBox02 and chose Bitcoin.
Click on "Receive" in your Bitcoin-Account.
Chose "Show and verify full address on device".
This will bring up your receiving address.
On the BitBox02, first compare the shown address with the one from the BitBoxApp.
Check the entire address by using the slider on the bottom of the BitBox02.
Don't confirm yet.
Finish the withdrawal process on Kraken
Copy the address from the BitBoxApp and paste it into Kraken.com . Confirm again, that it is the same address that is shown on the BitBox02 display.
You will receive an email from Kraken, in which you will need to confirm the withdrawal address.
After confirming the address, you can chose it in the dropdown menu and enter the amount you want to withdraw. Again, make sure that it's the same address shown on the display of the BitBox02.
Once you have checked the address, confirm the withdrawal.
Done!
Within 5-10 minutes, the unconfirmed transaction should show up within the transaction history of your BitBoxApp. Depending on the state of the network, the transaction should confirm within the next hour or two.
Please keep in mind that Kraken takes a withdrawal fee, which will be substracted from your withdrawal amount.
Your Bitcoin has now been successfully withdrawn from your Kraken account and is now stored on your BitBox02!
Why can't I withdraw bitcoin from Cashapp?
Not all platforms that offer you to buy Bitcoin let you withdraw it to your own wallet. Some don't even hold real Bitcoin for you, but just sell price exposure to their clients. Make sure to check if your broker lets you store your own Bitcoin before buying it.
What happens when i withdraw Bitcoin?
Once you initiate the withdrawal of your Bitcoin, the exchange will send a transaction to an address controlled by your own wallet. From that point on, only you can control your Bitcoin. That means, you are much less vulnerable to the risks of holding your coins on an exchange.
When to withdraw Bitcoin?
Ideally, you should withdraw your Bitcoin immediately after purchase. If your exchange charges a hefty "withdrawal fee", it makes sense to accumulate a few bitcoin purchases before withdrawing in order to save fees.
How to withdraw Bitcoin to bank account?
To withdraw Bitcoin, all you need is a Bitcoin wallet. It is not possible to withdraw Bitcoin to a regular bank account.
Don’t own a BitBox yet?
Keeping your crypto secure doesn't have to be hard. The BitBox02 hardware wallet stores the private keys for your cryptocurrencies offline. So you can manage your coins safely.
The BitBox02 also comes in Bitcoin-only version, featuring a radically focused firmware: less code means less attack surface, which further improves your security when only storing Bitcoin.
Shift Crypto is a privately-held company based in Zurich, Switzerland. Our team of Bitcoin contributors, crypto experts, and security engineers builds products that enable customers to enjoy a stress-free journey from novice to mastery level of cryptocurrency management. The BitBox02, our second generation hardware wallet, lets users store, protect, and transact Bitcoin and other cryptocurrencies with ease - along with its software companion, the BitBoxApp.