Everything you need to know about the acquisition of Coinsetter (January 2016)

NOTICE: Migration was completed on Jan. 28th, 2016. Please adjust all printed dates below accordingly.


Where can I read the official press release?



What will happen to my account(s)?

On January 26, 2016, Coinsetter will halt service and begin the migration of all accounts (and funds) to the Kraken platform. This process is expected to take a few hours. Upon completion, you will be able to log in at www.kraken.com and immediately begin trading with any US dollar (USD) and bitcoin (XBT) funds that are in your Coinsetter account(s) at the time of migration. You will be able to deposit or withdraw bitcoin (XBT) immediately. After a brief and seamless process to activate your account with our US-based payment processor, you’ll be able to deposit and withdraw USD.


Why is this good for me?

This is outstanding news for Coinsetter clients. As a Kraken account holder, you will receive:

  • Free domestic USD wire deposits through our US payments partner until March 1, 2016 (when the promotion ends, the deposit fee will be $5 flat)
  • Domestic USD wire withdrawals will be $5 flat
  • Low trading fees (via a maker taker model with fees ranging from 0% to 0.26%; read more at https://www.kraken.com/help/fees)
  • Exchange options you have been demanding all along, such as advanced order types for setting profit targets or stops
  • Trade 18 currency pairs, including 5 fiat currencies (USD, EUR, CAD, JPY) and multiple digital currencies (Ether, Litecoin, etc.) 

You’ll also get:

  • Superior trading interface
  • 24/7, high touch support including live chat
  • Sophisticated API (documentation: https://www.kraken.com/help/api)  
  • iOS app for trading on the go

Coinsetter team members will be with you throughout the transition:

  • Greg Bell and Kyle Kemper of Coinsetter, who you may be familiar with, have officially  joined the Kraken team. They are knowledgeable of all things Coinsetter and will make it their number one priority to ensure that your introduction to the Kraken family will be a smooth and successful one.


What do I need to do before the migration on Jan. 26?

  1. Read this FAQ (good job!)
  2. In order to ensure your funds don’t get held up, please refrain from making any form of deposit or withdrawal after Friday, Jan. 22 at 11:59 pm PST. (If you do make a deposit or withdrawal after this cut-off time, it’s okay -- it just may take longer for your funds to be processed.)
  3. Prior to Jan. 26, make note of any orders you have open. (During the migration, all open orders will be canceled. You’ll be responsible for recreating all former open orders within your Kraken account once the migration is complete.)
  4. Download your Coinsetter account history prior to Sunday, Jan. 24 at 11:59 pm PST for safe keeping. 


What do I need to do on Jan. 26 during the migration?

Your Coinsetter account will be transferred automatically and there’s no need to take any action. You'll receive an email from Kraken indicating that the migration is complete. Please be on alert for phishing attempts (more is explained below).


What do I need to do on Jan. 26 once the migration is complete?

On January 26, you will receive an email with instructions explaining how to log in at www.kraken.com. Important security precaution: The email you receive on January 18th will instruct you to only navigate to Kraken manually by typing “www.kraken.com” into your browser. This is a simple security precaution that greatly reduces the chance of you falling victim to a phishing attack directing you to a fake website. If you receive an email asking you to click a link to go to Kraken and log in to your new account, you should assume this is a phishing email and not click the link. As an added precaution, the email will also be signed with our PGP key, which can be found here: https://www.kraken.com/en-us/security/pgp. (But if you don’t know how to verify signed emails, don’t worry - you will be well protected by following the simple instruction to only navigate manually to our site by typing “www.kraken.com”)

This email will tell you everything you need to know about your username, password, two-factor authentication, etc. in order to access your account.


I have multiple Coinsetter accounts. Will I be able to access all accounts on Kraken? What if I already have a Kraken account?

Yes, all accounts will be migrated over to Kraken. If you end up with multiple Kraken accounts after the merger then you can contact support at support@kraken.com to have all accounts consolidated into a single account.


I’m worried about logging in -- will my Coinsetter username, password and two factor authentication settings work?

All details will be provided in an email from Kraken on Jan. 26. There’s no need to worry. You should be able to access your account(s) with your existing username and password. There may be special cases where new login credentials will be provided to certain account holders. You will receive an email from Kraken on Jan. 26 if this is the case. For clients who had two-factor authentication (2FA) applied to your account(s), this will not be transferred over. It is strongly recommended that a new 2FA method is established. You can do this by following these easy steps:

  • Log in to access your account
  • Click the “Security” tab
  • Click the “Two Factor Authentication” tab
  • Add two-factor authentication for security


What verification status will I have on Kraken?

Your Coinsetter verification status will be converted to its Kraken equivalent when the new account is created on January 26th. If there are specific concerns, you will be contacted privately via email. Kraken retains the right to request additional KYC documentation where necessary. You can see detailed descriptions of the Kraken verification levels upon logging into your account on Jan. 26. We expect that account holders will be satisfied with their Kraken verification level statuses. 


What happens to my balances from Coinsetter?

All balances, at the time of migration on Jan. 26, will carry over to your Kraken account denominated in the same currencies.


Will I be able to withdraw after logging into my account?

For security purposes, we will be locking withdrawals for three days following the migration of accounts on Jan. 26. You won’t be able to withdraw your migrated balance until Jan. 29.


I had a deposit or withdrawal pending during the migration. Is it going to be completed or will the funds be returned to my account?

In order to ensure your funds don’t get held up, we asked you via email on Jan. 19 to refrain from making any form of deposit or withdrawal after Friday, Jan. 22 at 11:59 pm PST. If you did make a deposit or withdrawal after this cut-off time, it’s okay -- it just may take longer for your funds to be processed.


Can I convert my transferred balance to another currency?

You cannot convert your transferred balance to another currency during the migration. However, upon completion of the migration, you will be able to trade / convert that balance into another currency on any of our currency pairs.


How are my funding options affected?

Kraken has many different deposit options that differ depending on which currency you want to deposit. For a full breakdown of our fiat deposit options please visit this page and for withdrawal options please see this page.


Can I deposit to the same bank details or bitcoin address as before?

No. You should deposit money by going to the “Funding” > “Deposit” page in your Kraken account and selecting the relevant currency from the menu on the left and following the instructions.


Will my withdrawal bank account details be carried over?

Withdrawal bank account information will not be carried over. You can add a withdrawal account by going to the “Funding” > “Withdraw” page in your Kraken account and selecting the relevant currency from the menu on the left.


I don’t want to become a Kraken client. Can I opt-out of the switch?

Unfortunately, we are required to transition all accounts due to compliance reasons, however, you are absolutely able to close your Kraken account by contacting support at support@kraken.com at any time after January 26th.


I live in New York. Can I use Kraken?

We are currently not servicing residents of New York. For more details please see our blog post: http://blog.kraken.com/post/126244351097/farewell-new-york


I have a MtGox claim filed directly with the trustee. Can I transfer this claim to Kraken?

It is not currently possible to transfer your claim to Kraken. However, it is intended that the trustee will re-enable this functionality closer to the date of payouts. Please await further contact from the trustee. For more information on MtGox claims via Kraken please visit this page.


After reading the press release and FAQ, I still have questions.

  • Ask Kraken CEO Jesse Powell any unanswered questions when he holds an AMA to discuss the acquisition on Wednesday, Jan. 20 at 10:00 am PST: https://www.reddit.com/r/kraken


I still have questions. Can I talk to someone?

We don’t offer telephone support yet, however, we have a global team that is available to answer your questions via live chat or email.

  • You will be able to chat live with Kraken via a pop-up on our homepage; availability varies depending on support demand: https://www.kraken.com
  • Submit an email to support@kraken.com and we should get back to you within 24 hours