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gunner

is kraken a wallet?

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Just got an account verified with Kraken. I currently use toastwallet. 

 

If I were to generate a kraken address in my account and send all my XRP here. Would it automatically convert it into EUR? Or would it hold as XRP in my kraken account? 

 

If so, why would I ever use a wallet? instead of just holding my xrp in kraken for when I chose to cash out? 

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The difference between using an exchange (hot wallet) and a personal wallet (also a hot wallet, if you're connected to the internet) is that Kraken's Wallet is not yours. If anything were to happen to their funds, you'd most likely lose your share too and have nothing to fall back on. Using something like Toast, you can at least save your codes / keys and re-generate your wallets if anything were to happen to your computer / wallet.

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Nope, in a XRP wallet you hold XRP not EUR.

You might not want to keep your XRP in your Kraken wallet since it is an exchange. If you use google and search for exchange + hack you'll understand why.

Maybe not too likely, but there is a chance.

BTW, I think you misspelled hold.  

Quote

for when I chose to cash out?

 

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I have the same! Kraken and Toast.

You could send everything over. No they wouldn't convert it. The thing is that Toast will not send the last 20XRP because it has locked them in order to generate the address.

Kraken won't hold anything.

But then again. It depends on how much you trust Kraken with your assets. 

:)

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It's you own choice. Kraken is like a 'normal' bank, you deposit money and you don't have access to it outside kraken. XRP, EUR, doesn't matter, it all works the same.

The only exchange i know where you can use your own wallet is Gatehub.

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Speaking about Kraken; I must say that after their big 48 hour update, they have improved a lot. Everything runs very smooth. Good exchange!

 

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1 hour ago, XRPHdlr said:

I have the same! Kraken and Toast.

You could send everything over. No they wouldn't convert it. The thing is that Toast will not send the last 20XRP because it has locked them in order to generate the address.

Kraken won't hold anything.

But then again. It depends on how much you trust Kraken with your assets. 

:)

see this 20xrp thats being held. will they never release it? 

cant I transfer the whole lot out - which would result in the wallet closure? 

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6 minutes ago, gunner said:

see this 20xrp thats being held. will they never release it? 

cant I transfer the whole lot out - which would result in the wallet closure? 

They won't release it, but I've heard that they might lower it. They've kept it "20" since XRP was still below a cent.

No, you don't have the option to close the wallet. You can transfer, everything..except the last 20! :(

I know, I was sad too..Toast is cool though! 

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4 hours ago, XRPHdlr said:

They won't release it, but I've heard that they might lower it. They've kept it "20" since XRP was still below a cent.

No, you don't have the option to close the wallet. You can transfer, everything..except the last 20! :(

I know, I was sad too..Toast is cool though! 

Yeah. Quite happy with toast tbh. Very easy to use.. I’ll use that for long term holding and probably keep a small float in Kraken for shorter term trades. Does that make some sort of sense lol

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1 minute ago, gunner said:

Yeah. Quite happy with toast tbh. Very easy to use.. I’ll use that for long term holding and probably keep a small float in Kraken for shorter term trades. Does that make some sort of sense lol

Sure! Whatever suits you. I'm more of a holder long term. They are precious!

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