Fiat currencies are not directly interchangeable on Kraken.
However, you can trade your fiat currency for a common cryptocurrency (like XBT, ETH, or XRP), and then trade that cryptocurrency for a different fiat currency.
- All trades in a fiat-to-crypto-to-fiat transaction will be charged trading fees on every step of the way.
- The exchange rate of going from fiat-to-crypto-to-fiat will depend on the liquidity and activity of each trading pair at the time and might not match exchange rates seen on FOREX markets.
Tip: generally, Bitcoin (XBT) and Ethereum (ETH) are the most liquid cryptocurrencies.
If you want to convert USD to CAD:
- Buy Bitcoin (XBT) using your USD.
- Sell Bitcoin (XBT) for CAD.
Other common cryptocurrencies between USD and CAD:
- Ethereum (ETH)
- Ripple (XRP)
Refer to the table of Fiat-to-Crypto Pairs to find common cryptocurrencies for other fiat currencies.
- Bitcoin (XBT) and Ethereum (ETH) will work for all fiat currencies.
- Ripple (XRP) will work for all fiat currencies except GBP and CHF.