All first-time cash deposits will result in a temporary (72 hour) withdrawal hold on the account.
SynapseFi provides funding for one of our deposit methods available to US residents. Synapse’s Kraken offering supports domestic USD Fedwire transfers and is only available to eligible US clients. This unique offering allows you to establish an individual or business checking bank account with them for sending deposits.
- Funding Details
- Funding Options
- Getting Started with Synapse
- Deposit and Withdrawal Instructions
- Your Kraken account must be verified to the Intermediate or Pro level with a US Government issued Photo ID. Additional document verification may be required.
- Your bank or financial institution account must be under the same legal name as your Kraken account and sending from a payment processor will not be accepted.
- Your bank or financial institution must be located in the United States.
- You must be a U.S tax payer with U.S Residency.
- Synapse is not available to clients who are residents of: California, Montana, Utah, Missouri.
Wire transfers are facilitated through your bank and allow you to quickly transfer money between two parties. In order to do so, the institution’s wire instructions must be provided to the sending bank.
Synapse imposes their own daily; monthly; and annual funding limits, which differ to the limits set by Kraken. Detailed information can be found here for Synapse Funding limits.
Getting Started with Synapse
In order to get your account at Synapse set up you must first activate Synapse.
1. Sign into your account at https://www.kraken.com .
2. Navigate to ‘Funding’ at the top of the page.
3. Check ‘Show all assets’ or use the Search bar and type the asset you wish to deposit.
4. Find ‘US Dollar (USD)’ and select ‘Deposit’.
5. Select ‘Synapse (Wire, additional verifications)’ from the drop down menu for deposit method and click the "Activate" button. If your Kraken account is set up in Texas you will not have a drop down menu and can simply click the Activate button.
If the Activate button is not present then Synapse has already been activated.
Currently, the deposit page is where you will see the status of your Synapse account. If you see an error on this deposit page you will not be able to deposit or withdraw. Refer to this article if you have an error or contact Kraken support. If you see an account and routing number then you are approved to transmit funds.
Your account at Synapse may become unverified at a later point for a variety of reasons, such as technical issues or due to documents expiring. You should check the deposit page each time you attempt to transfer funds in the event funding instructions update or your Synapse account is no longer verified.