Coinbase is a popular platform, but Binance seems to be the best crypto exchange.
Coinbase is one of the world-leading cryptocurrency exchanges both in terms of volume and number of enthusiastic users worldwide.
There’s only one slight drawback and that’s the limited number of supported crypto-coins.
Coinbase currently supports Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin as most popular high-liquidity coins in the market.
Therefore, many traders choose to transfer their cryptocurrencies to other platforms that offer a greater variety of trading pairs.
In this guide today, am going to show you everything on how to transfer assets (Bitcoin, Ethereum etc.) from Coinbase to Binance.
Let’s get going already.
Transferring BTC from Coinbase to Binance
Before you start this process, am assuming you already have an account with both Coinbase and Binance cryptocurrency exchanges.
To open an account you need to fill out an application including your personal details and a government-issued ID document for verification.
There’s no option to exchange crypto-coins anonymously on Coinbase.
The platform will go over your application and activate your account once they verify your identity.
Though, the deposit fee is be much higher, after activation, you’ll be asked to choose a deposit method.
Coinbase offers two options;
- You can choose to use a bank transfer (which is cheaper), but takes time for funds to reflect in your account.
- You can simply use a credit (or debit) card to get your funds deposited faster.
Coinbase has its own digital wallet, where users can store their cryptocurrencies.
At the start, you’ll select your target currency and the platform will assign you a wallet that matches the coin.
Now that you have your money you can buy your first cryptocurrencies.
First, create an account by registering and completing the application as you did on Coinbase.
If you want to stay anonymous, Binance offers a Limited Account where you can trade without verifying your identity.
However, we don’t recommend this option because it restricts your trading activity and limits your withdrawals to 2 BTC per day.
When you’re all set, go to the ‘Deposit’ tab, and select the cryptocurrencies you want to transfer from Coinbase.
Binance will generate an encrypted wallet address, and you need to copy the address over to Coinbase.
Once you log into your account, click on the ‘Accounts’ tab, and then select the cryptocurrencies you want to transfer.
Click on the “Send” button and wait for Coinbase to ask you for the ‘Recipient Address’. This is where you need to paste the wallet address you copied from Binance.
Finally, click ‘Continue’ to send the request forward.
Now you just need to wait for the Bitcoin transaction to be verified by the miners. This could take from one hour to a couple of days if the network’s busy.
If you wish to check the progress of the transfer, then you should use any of the best crypto Blockchain explorers in the market.
How to transfer from Binance to Coinbase
What if you want to do the opposite of transferring your funds from Binance cryptocurrency exchange back to Coinbase platform?
You can always reverse the process, but just make sure you’re sending currencies that Coinbase supports.
What you need to do is log into your Coinbase account, click on ‘Bitcoin’, and find the ‘Receive’ option.
The platform will generate a wallet address.
Copy this wallet address from Coinbase exchange and paste it on Binance under ‘Funds’ > ‘Withdraw Bitcoins’.
Consider the wait time the cryptocurrency miners need to process your transaction.
Below are my answers to some of the frequently asked questions concerning how you can transfer either Bitcoin (BTC), or Ethereum (ETH) from Coinbase to Binance.
Over to you
If you follow my carefully laid out steps, you should find no problem transferring cryptocurrencies from Coinbase to Binance or vice versa.
Whatever you do, do not leave your cryptocurrency investment on any exchange for long period of time, because you stand a chance of loosing everything at an instance.
If you need to store them online, do it temporarily. So be ultra careful about where you store your funds.
These crypto exchanges are unfortunately, the target of frequent hacking attacks, because a lot of users keep their money in online wallets.