At Kraken, we understand that errors can occur during cryptocurrency deposits, leading to misplaced or uncredited funds. Our dedicated team is committed to assisting you in recovering these assets whenever possible. This guide outlines common deposit mistakes, preventive measures, and the steps to retrieve your funds.
Common deposit mistakes
- •Unsupported Tokens or Using Incorrect Networks: Sending tokens that Kraken doesn't support or using an unsupported network can result in uncredited deposits. Always verify that the cryptocurrency and the funding network are supported by Kraken before initiating a deposit.
- •Deposit of Unlisted Assets on Unsupported Networks: This happens when a user mistakenly sends a cryptocurrency that is not supported by Kraken and is also on a blockchain network that Kraken does not recognize or interact with.For example sending an asset via Binance Smart Chain when Kraken only supports Ethereum Mainnet. This type of deposit is one of the most complex to recover due to blockchain compatibility limitations.
- •Missing or Incorrect Tag/Memo: Certain cryptocurrencies require a tag or memo to identify your transaction. Omitting or entering an incorrect tag/memo can prevent your deposit from being credited to your account.
- •Depositing to an Expired Address: Using an outdated deposit address may lead to lost funds. Always review your deposit address from your Kraken account for each transaction.
- •Deposit to Hot Wallet: Occurs when a user mistakenly sends funds to one of Kraken's operational hot wallet addresses instead of their designated deposit address. This usually happens when the user copies a Kraken hot wallet address from a blockchain explorer instead of using the deposit address provided in their Kraken account. As a result, these transactions do not get automatically credited to user accounts.
- •Deposit not credited: At Kraken, we strive to ensure that all deposits are processed efficiently and securely. However, in rare cases, an incoming transaction may not be automatically credited to a user’s account. This can happen due to various reasons, such as network congestion, delayed blockchain confirmations, or discrepancies in transaction details. This is not a mistake from the users and the funds can easily be recovered by contacting our support team.
Preventative measures
- •Verify Supported Assets and Networks: Before depositing, ensure that Kraken supports both the cryptocurrency and the network you're using. Refer to our Cryptocurrency Deposit Processing Times for detailed information.
- •Use Current Deposit Addresses: Always generate a new deposit address from your Kraken account for each transaction to avoid using expired addresses.
- •Include Required Tags/Memos: For cryptocurrencies that require a tag or memo, ensure you include the correct information during the deposit process.
- •Confirm Transaction Details: Double-check all transaction details, including addresses and amounts, before initiating a deposit.
Steps to Retrieve Misplaced Deposits
If you've made an incorrect deposit, follow these steps:
- 1.Identify the Issue: Determine the nature of the mistake—whether it's an unsupported token, incorrect network, missing tag/memo, or another issue.
- 2.Contact Kraken Support: Reach out to our Support Team with detailed information about the transaction, including transaction ID (TxID), cryptocurrency and amount, deposit address used, and date and time of the transaction.
- 3.Provide Additional Documentation: Be prepared to supply any requested documentation, such as screenshots or correspondence related to the transaction, to assist in the recovery process.
Important Considerations
- •Recovery Timeframe: The time required to recover funds varies depending on the complexity of the issue.
- •Fees: Some recovery processes may incur fees, especially if significant technical resources are required. Any applicable fees will be communicated to you before proceeding.
- •No Guarantee of Recovery: While we strive to assist in every case, successful recovery of funds is not guaranteed due to various factors, including blockchain immutability and external constraints.
Recovery fees
Recovering incorrectly deposited funds may involve a fee, depending on the complexity and resources required for the recovery process. Below is a breakdown of the recovery fees for different types of deposit errors:
Recovery Type | Fee | Refund/Credit |
|---|---|---|
Deposit not credited | Free | Credit |
Missing or Incorrect Tag/Memo | Network fee | Credit/Refund |
Deposit to hot wallet | Network fee | Refund |
Unsupported Tokens or Using Incorrect Networks | $200 USD | Refund |
Deposit unlisted assets on unsupported networks | $500 USD | Refund |
Important notes:
- •Fees are subject to change based on the complexity and effort required to process the recovery.
- •Some cases may not be recoverable due to blockchain limitations.
- •Fees will be communicated upfront before proceeding with recovery.
- •High-value recoveries or recoveries requiring manual intervention may take longer.
If you require assistance with a recovery, please reach out to Kraken Support and provide all necessary transaction details.
By understanding the applicable fees and recovery process, you can make informed decisions and take steps to avoid deposit errors in the future.