Learn about Kraken
Kraken is a cryptocurrency exchange where people buy/sell crypto and manage deposits and withdrawals.
What an exchange is (and what it isn’t)
An exchange is like a marketplace and custody platform. You can trade, hold balances, and withdraw to your own wallet. But an exchange account is not the same as an on‑chain wallet you fully control.
Key idea: “Not your keys, not your coins” is a security principle—custody has trade‑offs.
Common exchange workflows
- Deposits: send funds to an exchange address (confirm network before sending)
- Trading: spot trades; sometimes advanced order types
- Withdrawals: move funds to a personal wallet (verify address and chain)
- Account security: MFA/2FA, withdrawal whitelists, device approvals
Safety checks before you withdraw
- Confirm the destination address is correct (copy/paste carefully).
- Pick the right network (ERC‑20 vs other chains can be different).
- Do a small test withdrawal first for large amounts.
- Enable 2FA and keep recovery codes offline.
“Pending withdrawal” vs “on‑chain pending”
| Status you see | What it usually means | Next step |
|---|---|---|
| Pending (exchange) | Internal review/processing before broadcast | Wait; check for emails/security prompts |
| Pending (on‑chain) | Broadcasted but not confirmed yet | Check explorer with transaction hash |
Related: On‑chain guide • Fees