Key Takeaways

• KuCoin does not allow fiat withdrawals, so you need to withdraw your crypto from KuCoin to another crypto exchange, sell it there, then withdraw money to your bank account.
• Follow the six steps: (1) choose a trusted crypto exchange that accepts fiat withdrawals, (2) create an account, (3) verify account, (4) send crypto from KuCoin to new crypto exchange, (5) sell crypto for fiat currency, and (6) withdraw money to bank account.
• The article provides detailed instructions on how to complete each step, with screenshots from Kraken, a recommended crypto exchange.

Step 2 - Create an account

The process is easy to create an account with Kraken. Click on the following link: www.kraken.com which will take you to the Kraken homepage. Click on 'Create Account' in the top right corner, and you will see a screen like the image below. Enter your email, choose a username and password, select your country details, then click 'Create Account' underneath.

Step 3 - Verify your account

After creating your account, you should be automatically prompted to verify your Kraken account. You need to verify up to the 'Intermediate' level to be able to deposit crypto, sell it and withdraw money. This requires verification of your personal information and identity. If you have skipped the verification prompts and you need to verify your account now, click on your name in the top right corner, then click on 'Get Verified' as shown in the screenshot below. Click on the Verify button to begin verification.

Step 4 - Send crypto from KuCoin to your new crypto exchange

Once your Kraken account has been verified, you can send the crypto from your KuCoin account into your Kraken account. In Kraken, click on 'Funding' in the menu at the top of the screen (circled in red in screenshot below), then click on 'Deposit' (circled in yellow below). A pop-up will appear, and you can type in the search field which crypto you wish to deposit from your KuCoin account. In this guide, I will send USDT as an example. 

Click on the crypto asset you wish to transfer from KuCoin into Kraken, and you will be taken to the deposit screen, as shown below. For USDT, choose TRC20 as the withdrawal fees are much lower (only 1 USDT). Click on 'Generate deposit address' below that, to create an address for your first transfer.

Now you should see a string of letters, which is your deposit address (shown in the screenshot below covered by the red rectangle). Copy that address by clicking the large blue 'Copy deposit address' button at the bottom.

In your KuCoin account, click on the Wallet icon in the top right corner. When the dropdown menu appears, click on 'Main Account' (see screenshot below).

Next, click on the 'Withdraw' button (see arrow in screenshot below), and your screen should now look like the one below. Choose which coin you want to send to Kraken. In our example, I am withdrawing USDT, so I have selected that. In the Wallet Address field, paste the address that you copied from Kraken (covered by the blue rectangle below), and select the Network below. As mentioned above, if you use TRC20 the fees are lower, at only 1 USDT, so select TRX (Tron). 

Choose the amount you wish to send (in our example, 500 USDT), then click the green 'Withdraw' button at the bottom. A confirmation pop-up will appear. Check your details, and click 'Confirm Withdrawal'.

Step 5 - Sell crypto for fiat currency

Your cryptocurrency can take up to 30 minutes to arrive in your Kraken account. You can check whether it has arrived, by clicking on 'Funding' in the top menu, then scrolling down to your list of Crypto Assets. In our example, it took less than 10 minutes to arrive. As you can see in the screenshot below, the USDT is now in our Kraken account. Now we can sell it for fiat currency.

Click on the 'Buy Crypto' button in the menu at the top. Yes, we are trying to sell crypto, but hold tight, we can do that easily from here. You will see a screen like the one below; click the 'Sell' button.

The screen will now look like the one below. You can choose how much crypto you wish to sell. In our example, we select the 'Max' button, then click 'Review'.

A confirmation screen will now appear, with the details of your transaction, including the total amount of fiat currency you will receive. Once you are happy with that, click the purple 'Confirm' button.

You will now see a new screen that confirms that you have successfully sold your crypto for fiat currency. 

Step 6 - Withdraw your money into your bank account

You have successfully converted your crypto to fiat currency, now the final step is to withdraw your money to your bank account. Click on 'Funding' in the menu at the top of the screen, and then next to your fiat currency (in our case, US Dollar), click the Withdraw icon (shown by the red arrow in the screenshot below).

You will be taken to a screen like the one below. Select the withdrawal type from the dropdown box, and then click 'Continue' to add the bank account details you wish to withdraw to. After you have added the bank details you will be able to process the withdrawal of money straight to your bank account. Congratulations, you have managed to send money from KuCoin to your bank account, via Kraken!

If you get lost at any point in this process, the great thing is that Kraken has 24/7 live chat support available, so you can easily get assistance, no matter what time of day or night.