Transferring XRP from Kraken to Toast wallet?

[twwweee]

I am looking to transfer my XRP on kraken to a wallet and came across Toast wallet (browser version). Is it a good idea to do this and if so how do I transfer my XRP?

Thanks

[amulecregg]

Easy peasy: Kraken/Funding/Withdraw/XRP

BUT FIRST MAKE SURE YOUR NEW RIPPLE ACCOUNT'S SECRET KEY IS VALID, I MEAN IT!

You should try with a tiny amount first, and try to get them to Kraken again, except the 20 XRP from the reserve, so remember you always need to have a minimum of 20 XRP in your Ripple account.

Edited December 14, 2017 by amulecregg

[twwweee]

4 hours ago, amulecregg said:

Easy peasy: Kraken/Funding/Withdraw/XRP

BUT FIRST MAKE SURE YOUR NEW RIPPLE ACCOUNT'S SECRET KEY IS VALID, I MEAN IT!

You should try with a tiny amount first, and try to get them to Kraken again, except the 20 XRP from the reserve, so remember you always need to have a minimum of 20 XRP in your Ripple account.

Still unsure, when withdrawing from Kraken it asks me for a ripple address and destination tag. Where can I find my destination tag? Also what do you mean account secret key? With toast I am able to get the Toast wallet address (34 characters long) and a secret address as well (29 characters long).

Thanks

[Guest]

What he means is before moving coins to wallet ensure your wallet works and that you have the secret key safely stored.

Each Ripple wallet reserves the first 20 XRP as a wallet keeping fee.  It's to stop spam of new wallets.  If price rises high the fee will adjust down and the difference will be released into your wallet.

So to test your wallet send say 22 XRP from Kraken to ToastWallet.   The send 1 XRP from wallet to Kraken.  If that all works then send the rest of the XRP from Kraken to the wallet.

The destination tag is not needed in Toast but is definitely needed in Kraken.  So sending to Toast leave dest tag blank.  sending to Karken definitely use dest tag.   You can see your dest tag at Kraken by going to the Deposit screen and it will tell you there.

The dest tag is used at Kraken because their wallet is a giant pool of XRP and its all lumped in together.  Only the tag let's them know who owns what XRP.  So without it your deposit would go into general revenue.  You can probably get it back eventually.  But don't forget it when depositing to Kraken and you won't have a problem.

[Guest]

Also you can watch your ToastWallet in a third party Ripple explorer to see the wallet get activated and the transactions in and out:

https://bithomp.com/explorer/

Type in your public wallet address (starts with the letter r ) and you can see it as third party confirmation that all is well.

[amulecregg]

Please make sure you understand the basics of a Ripple account before you take your money out of Kraken: secret key, address, destination tag, reserve and transaction.

Edited December 14, 2017 by amulecregg

[twwweee]

Thanks guys helped out a lot!