SynapseFi provides funding for one of our deposit methods available to US residents. SynapseFi funding supports domestic USD Fedwire transfers and is only available to eligible US clients. This unique offering allows you to use your Kraken documents* to establish an individual or business checking bank account with them for sending deposits.
* Note: All documents and information sent to SynapseFi must pass their verification as well as Kraken's. Documents verified by Kraken may not be accepted by SynapseFi.
- Your Kraken account must be verified to the Intermediate or Pro level with a US Government issued Photo ID and a Face Photo. Additional document verification may be required.
- You must be a U.S tax payer with U.S Residency outside of California, Montana, Utah and Missouri.
- The address you verify with must not be a P.O Box and must receive mail.
- Only one Kraken account is permitted to have a SynapseFi account per Tax I.D.
- SynapseFi is only available within the kraken website and is not available in any app.
- For corporate clients, the business must not have a parent company UBO.
Withdrawals: In order to send a withdrawal via SynapseFi your institution’s wire instructions must be entered in your Kraken account in order for a Domestic Wire to be sent out to your bank.
SynapseFi imposes their own daily; monthly; and annual funding limits, which are different than the limits set by Kraken.
SynapseFi does not accept ACH transfers nor does it accept deposits from Third Party Payment Processors or most Brokerages.
In order to get your account at SynapseFi set up you must first activate SynapseFi.
- Sign into your Kraken account via desktop. The SynapseFi funding method is not available on the Kraken app.
- Navigate to Funding at the top of the page.
- Select the Deposit button and use the Search bar to find the asset you wish to deposit.
- Find US Dollar (USD) and select it.
- Select Fund manually.
- Then enter the amount you wish to deposit.
- Select Synapse (Wire, additional verifications) from the drop down menu for deposit method and click the Yes, I acknowledge button.
- If your Kraken account is set up in Texas you will not have a drop down menu and can simply click the Yes, I acknowledge button.
- If the Yes, I acknowledge button is not present then SynapseFi has already been activated.
- Your documents will be sent to SynapseFi for review, which can take up to one full business day.
- Currently, the deposit page is where you will see the status of your SynapseFi account. If you see an error on this deposit page you will not be able to deposit or withdraw. If you experience an error, please contact Support. If you see an account and routing number then you are approved to transmit funds.
Your account at SynapseFi may become unverified at a later point for a variety of reasons, such as technical issues or due to documents requiring re-validation. You should check the deposit page each time you attempt to transfer funds in the event funding instructions update or your SynapseFi account is no longer verified.
- Once your documents have been approved you will be able to move onto funding with cash via deposits or withdrawals.
Visit our frequently asked questions article if you have additional questions.