Many crypto investors use more than one exchange to satisfy their trading needs. While Binance and Coinbase are two of the most popular and user-friendly options available, sometimes users find themselves wanting to transfer crypto from Binance to Coinbase and vice-versa.
Transferring assets from one cryptocurrency trading platform to another isn’t complicated and can be done directly. Keep in mind, however, some experts advise users to first move funds to a wallet under their control so they have more direct blockchain data to provide exchange in case anything goes wrong.
Why Transfer from Binance to Coinbase?
Both Binance and Coinbase offer investors the ability to buy, sell and transfer cryptoassets, but their selection of coins can vary. Depending upon the region/country that the investor lives in, Coinbase may provide a more suitable exchange, particularly if a user’s bank does not allow for payments with Binance.
In addition, Coinbase has certain wallet features and custody options, available to select clients, that users may find attractive over Binance. Other users may simply find themselves looking for a change or wanting to spread their assets out across multiple exchanges.
Geographic limits may, for example, keep users from taking advantage of lucrative opportunities in the services offered by either exchange. Thankfully, the process of sending crypto between the two is straightforward.
Step 1: Have An Active Account on Both Exchanges
Users must make sure prior to transferring crypto that they have an active account on both Binance and Coinbase, with corresponding wallets that they can send and receive assets from. The process for registering for both Coinbase and Binance is straightforward, with both exchanges making it simple for users to get started.
Depending upon the region, Coinbase or Bimay require the user to provide more in-depth identifying information in order to comply with local laws. Unverified accounts on Binance will have limited trading activity and withdrawals, and is therefore generally not recommended unless a user wants to simply get a taste for trading without all of the hoops and hurdles.
Both exchanges will likely ask you for a two-factor authentication (2FA) setup for added security. 2FA can be set up on a smartphone app and makes logging into accounts and transferring assets a more secure process by requiring a second verification.
Step 2: Find Your Wallet Address
Once an account has been established on both Coinbase and Binance, you must select the wallet and cryptoasset you wish to send and receive.
To start with, go to your Coinbase Dashboard and select the assets tab, where you have an overview of all of your cryptoassets on the exchange. Here, select the asset you wish to have transferred to your Binance account.
For instance, you can click on Bitcoin and be taken to Coinbase’s overview page for Bitcoin, which includes price data and market information.
Key Step: Make sure to confirm that Coinbase has the asset you wish to transfer. While both Coinbase and Binance offer a robust selection of cryptoassets, not all coins are available on both platforms. Stick to the most popular coins when transferring assets between exchanges, even if it means converting prior to the transfer.
Once you have confirmed that Coinbase and Binance both support the cryptoasset you wish to transfer, click the “Send / Receive” button in the upper right-hand corner.
This will open up a new dialogue box with options for sending and receiving cryptoassets.
Select the “Receive” tab. You will be prompted with a warning from Coinbase to be sure to select the right digital asset. Sending one cryptoasset to a wallet address for a different asset will often result in your funds being lost. Please heed the warning.
The receive tab will show you several pieces of information. The first will be which cryptoasset you currently have selected. You can change the asset depending on what you would like to transfer from Binance.
Once selected you will see a QR code and a wallet address corresponding to your cryptoasset. Both can be used to receive digital assets in your Coinbase wallet.
For simplicity’s sake, you will want to use the wallet address. You will also see a display of your current balance for that cryptoasset on Coinbase.
Click the little squares next to your desired wallet address to copy it. This is often easier and less error-prone than attempting to highlight the address with your cursor. Remember, if you miss even one letter your assets will not send to the correct address.
Step 3: Send Your Assets From Binance
Once you have your Coinbase wallet address copied, it’s time to send your assets from Binance. Make sure you are logged into your Binance account.
First head on over to the “Fiat and Spot” section of your Binance wallet and select the option to “Withdraw.” You may be led to the “Withdraw Fiat” tab, to change it to crypto simply click “Withdraw Crypto” on the upper right corner. Once again, you will have to select the cryptoasset that corresponds to the Coinbase wallet you wish to send to.
Remember, it is vital to send only the corresponding cryptoasset to the wallet address. BTC must go to BTC. Binance will ask you which network you want to send your funds through. Bitcoin options include the BNB Beacon Chain, the BNB Smart Chain, and the Bitcoin network. The latter represents actual BTC depositable to Coinbase, while the others are tokenized versions of BTC.
Keep in mind there are also fees associated with transferring. Binance charges users a flat fee to cover the transaction cost of moving the cryptoasset out of their wallet. According to Binance, the withdrawal fees are determined by the blockchain network and can fluctuate due to factors such as network congestion. There is also a minimum withdrawal amount that is different for each cryptoasset.
Once selected, paste the Coinbase address into the withdrawal address section. Once you have confirmed that the wallet address is the same one that you copied from Coinbase, enter the amount that you wish to withdraw. If you are attempting to transfer all of your assets from Binance to Coinbase then select the max amount. Confirm that the amount is correct and then click “Withdraw.”
Depending upon your level of security, Binance will likely prompt you to enter your 2FA and confirm the transaction from your associated email account. This added level of security ensures that no one can transfer assets from your account without you knowing and approving of the transaction.
Once confirmed, you can verify the transaction was sent by going to the “Transaction History,” page of Binance. You can also check the status of the transfer.
Depending on the cryptoasset you sent, it may take some time for it to appear in your Coinbase wallet. Certain assets such as BTC must be confirmed before the transaction is made official. Time to transfer can also be affected by network congestion and use, so don’t worry if there is a delay before the funds appear on Coinbase.
Key Takeaways to Remember
While transferring cryptoassets is a simple, straightforward process, there are a few things to keep in mind, particularly if you are new to crypto.
- Make sure the asset you wish to send from Binance is listed on Coinbase’s exchange. If Coinbase does not support the asset, you will not be able to transfer it from Binance.
- Always double-check that you are sending the same asset on the same network between exchanges.
- Double-check the wallet address you are sending to. This is as simple as visually verifying the address once copied into the “Withdrawal” section.
Once your funds are securely on Coinbase, you are all set to begin trading or simply HODL onto them there.
Transferring Crypto From Binance to Coinbase: Frequently Asked Questions
How long does the transaction take?
There are a number of factors affecting how long the transaction will take. Once you have verified the withdrawal on Binance, the exchange will send the funds over to Coinbase. Depending on network congestion and Coinbase’s network confirmation requirements, it can take a few minutes to a few hours.
Once Coinbase’s wallet sees an incoming transaction it will show you a “pending” deposit on your account, however.
How much does it cost to transfer from Binance to Coinbase?
The cost of transferring crypto from Binance to Coinbase varies depending on the asset being transferred. Some cryptoassets like Litecoin have very low transaction fees that Binance passes onto the user, while assets like Ethereum may have higher fees during heightened activity periods.
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DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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