Cash currencies are directly interchangeable on Kraken for clients based outside of the United States.
However, you can trade your cash currency for a common cryptocurrency (like BTC, ETH or MATIC) and then trade that cryptocurrency for a different cash currency.
- All trades in a cash-to-crypto-to-cash transaction will be charged trading fees on every step of the way.
- The exchange rate of going from cash-to-crypto-to-cash 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 (BTC) and Ethereum (ETH) are the most liquid cryptocurrencies.
If you want to convert USD to CAD:
- Buy Bitcoin (BTC) using your USD.
- Sell Bitcoin (BTC) for CAD.
Other common cryptocurrencies between USD and CAD:
- Ethereum (ETH)
- Polygon (MATIC)
Refer to the table of Cash-to-Crypto Pairs to find common cryptocurrencies for other cash currencies.
- Bitcoin (BTC) and Ethereum (ETH) will work for all cash currencies.