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How to connect an external wallet to your Knaken account?

With an external wallet, you can deposit crypto to your Knaken account or withdraw crypto from your Knaken account to your own wallet. This article walks you through the process step by step.

Self-custody wallets only

Knaken only supports self-custody wallets. These are wallets where you have full control over your crypto, you manage the private keys, no one else does.

Wallets from other exchanges or brokers are not self-custody wallets and therefore cannot be added.

Want to deposit crypto from another exchange to Knaken? First send the crypto to your own self-custody wallet (such as a Ledger, MetaMask or BlueWallet), and then from there to your Knaken account. The same applies the other way around.

New verification methods

Previously, it was possible to verify a wallet by submitting two screenshots: one of the wallet address and one of the transaction history. This method has been discontinued.

The new verification methods are safer, faster and more reliable. You now prove ownership directly through your wallet itself, leaving no room for doubt.

Step by step: adding and verifying an external wallet

This process works exactly the same in the app as in the web portal.

Step 1: Log in

Log in to the web portal at https://my.knaken.eu/login or open the Knaken app.

Step 2: Go to External Wallets

Go to 'Settings' and click on 'External Wallets'.

Step 3: Add a wallet

Click 'Add external wallet'.

Step 4: Select network and enter address

Select the correct network. The network determines which blockchain the transaction runs on, so make sure to choose the network that matches the coin you want to deposit or withdraw. Then enter your wallet address.

Double-check your wallet address before continuing.

Click 'Add external wallet'. The wallet will now appear in your overview.

Step 5: Verify your wallet

Click 'Verify to use' next to the wallet address you just added. You then choose one of two verification methods:

Option A: Digital Signature (WalletConnect) (recommended)

With this method, you sign a digital message directly from your wallet. This immediately and conclusively proves that you are the owner, without needing to move any crypto.

  1. Click 'Digital Signature' (WalletConnect)
  2. Click 'Connect wallet'
  3. An overview of all compatible wallets appears, select your wallet
  4. Follow the steps on screen

WalletConnect works with wallets on networks such as Ethereum, Polygon, Binance Smart Chain, Solana and Base. Bitcoin (BTC) is not supported via WalletConnect.

Option B: Satoshi Test (Penny Check)

With this method, you send a small, specific amount from the wallet you want to verify to a unique Knaken address. This proves that you are the owner of the wallet.

  1. Click 'Satoshi Test' (Penny Check)
  2. A screen appears showing the exact amount you need to send and the address to send it to
  3. Send this amount from the wallet you want to verify

Send exactly the amount shown: no more, no less. A different amount will result in a failed verification. Always send from the wallet you want to verify. A payment from a different address will not be accepted.

The penny check amount will be credited to your Knaken account after approval.

Important note for Bitcoin users: Bitcoin works differently from most other coins when it comes to sending addresses. Bitcoin uses a so-called UTXO model, where a new 'from' address is automatically generated with every outgoing transaction. This is a property of Bitcoin itself and does not apply to most other coins such as Ethereum, Solana or XRP.

This can cause the penny check payment to be sent from a different address than the one you are trying to verify, causing the verification to fail.

What can you do? Many Bitcoin wallet applications allow you to manually select which address you want to send from (also known as 'Coin Control' or 'Send from address'). Check the documentation of your wallet app for the exact steps, as this differs per application.

If this doesn't work? This only affects verification via the penny check. You can still receive crypto on your wallet address without any issues, older addresses continue to receive deposits. In that case, choose WalletConnect as an alternative.

Step 6: Wallet verified

Once one of the above methods has been completed successfully, your wallet is verified. You can now use this wallet for:

  • Crypto deposits from your external wallet to your Knaken account
  • Crypto withdrawals from your Knaken account to your external wallet

Having trouble?

If neither verification method works for you, please contact our support team at https://knaken.nl/contact/. We're happy to look into it with you.

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