Binance and Coinbase are among the most popular exchanges, but how do you transfer cryptocurrency from Binance to Coinbase?
With a variety of cryptocurrency wallets and exchanges available, it is becoming more common for cryptocurrency holders to want to transfer their assets across networks.
Whether it's because your bank no longer permits payments to Binance, you already have assets in Coinbase, or just fancy a change, here's what to do.
How To Transfer Cryptocurrency From Binance To Coinbase
To transfer from Binance to Coinbase, you will first need to open both your Coinbase and Binance accounts.
Go to your Coinbase dashboard and select 'Send/Receive'. Here, choose the 'Receive Tab' and pick which asset you want to transfer to Coinbase.
Once selected, Coinbase will give you your unique address for that cryptocurrency, and that cryptocurrency only. Copy this address, and return to the Binance website.
On the Binance site, go to the 'Fiat and Spot' section of your wallet, and select 'Withdraw'.
Here, select the coin you want to withdraw (the same coin you chose on Coinbase) and paste the Coinbase address into the Address section.
As Coinbase does not support the Binance Chain (BEP2/BEP20), you will need to send your currency through another option, such as the cryptocurrency's native blockchain.
Finally, input the withdrawal amount, and select withdraw. You may be prompted to complete 2FA and verify any withdrawal from your email address.
Once done, you can go to your Transaction History to see the status of the transfer.
Binance To Coinbase Transfer Fee
As per the website, Binance does charge a withdrawal fee that varies by currency.
According to Binance "For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account.
Withdrawal rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion. Please check the most recent data listed on each withdrawal page."
How Long Does It Take To Transfer From Binance To Coinbase?
As per Binance, each blockchain is different and has its own mechanisms and time frames.
However, it usually takes 30 minutes for a crypto transfer to complete.
However, it can also take up to 24 hours for a transaction to process if it encounters high network congestion.
Important Things To Remember About Transferring Cryptocurrency
While transferring cryptocurrency is often a necessary task, it is vital to go about this process carefully and only do so if you understand and are sure of the process. Any missteps could lead to the permanent loss of your assets.
Indeed, Binance issues the following warning:
If you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please, make sure that the information is correct before making a transfer.
We'd recommend checking out Binance's guide to withdrawing cryptocurrency, alongside Coinbase's guide to receiving cryptocurrency.
Here are some things to note when transferring crypto.
- Make sure the coin you want to transfer is listed on Coinbase.
- Double-check that your Coinbase address and the Binance recipient address match up, even if you copy/paste the address.
- Never transfer crypto assets to an address for a different coin. Only send BTC to your BTC address, for example.
- Coinbase recommends transferring a small amount of cryptocurrency to a new address, rather than sending it all at once. This will allow you to ensure you have set up the transfer correctly, without losing all of your cryptocurrency.
- Binance emphasises that its users should not just select the cheapest fees when choosing a network. Instead, make sure to choose a network that is compatible with Coinbase.
Read More: Robinhood Crypto Wallet Release Date: When Will Robinhood Add Cryptocurrency Withdrawals?
[Featured Image by Vadim Artyukhin on Unsplash]