So, this article looks at how to transfer from Coinbase to Binance without experiencing problems.
How to Transfer from Binance to Coinbase – Introduction
If you want to try your hands on crypto, you will need to understand how to make use of the essential applications that facilitate the transactions you wish to make.
Now, Binance and Coinbase continue to be among the top crypto trading and exchange platforms in 2023. That’s why it is important to have a good understanding of how they work and what limitations they may bring. And that includes how to transfer from Coinbase to Binance and how to transfer from Binance to Coinbase.
In a nutshell, to transfer crypto from Binance to Coinbase or vice versa, you must follow the following six steps:
- Step 1: Connect to your Binance and/or Coinbase account;
- Step 2: Check if the exchange platform and wallet support the currency you want to transfer;
- Step 3: Start the Transfer Process;
- Step 4: Enter the wallet address where you want to send the funds, the network, and the amount you want to transfer;
- Step 5: Double Check the Withdrawal Process;
- Step 6: Complete the Transfer.
For an in-depth understanding, we recommend you carefully read all these detailed steps below to avoid any problems regarding your assets.
Coinbase was launched in 2012 by Brian Armstrong and Fred Ashram. Since then, it has provided seamless services to all crypto enthusiasts.
If you want to be welcomed with a safe, secure, and easy-to-use platform with a great UI/UX design, then Coinbase should be your go-to app for all your crypto transactions: buying and selling! If you want to sync all your transactions and ensure a steady place for your coins, you can also sign up for the Coinbase wallet.
Coinbase uses bank-level AES-256 encryption on its servers, one of the safest encryption modules.
So, if you have been wondering the most frequently asked question about how to transfer from Coinbase to Binance, then don’t worry; we have got all the answers for you. Also, if you want to know more about the platform, go to our Coinbase review.
Binance is another major crypto exchange platform that was founded in 2017. With its holding company in the Cayman Islands – a crypto-friendly nation, Binance gets a great deal of opportunity and freedom for business deals, policies, and strategies. Binance is currently the largest crypto trading platform globally, with its trading volume estimated to be about $9.3 billion at the time of writing and over 1.4 million recorded transactions every second.
It has carried out ISO/ICO_27001:2013 and CCSS security conventions and uses an SMS two-factor confirmation framework and Google Authenticator for withdrawal checks and security changes.
The best thing about Binance is that it has been moving and updating itself with time as per the requirements of its users. From creating their very own blockchain, known as Binance Chain, to offering DeFi and NFT functionalities, there is already so much and more to come.
We will explore the essential aspect of transferring from Binance to Coinbase in the next paragraph. But for more details, you can also read our full Binance review.
How to Transfer from Binance to Coinbase – Steps
When transferring crypto from one platform to another, you can do it directly from the exchange platform rather than from your personal wallet. This means you can transfer funds directly from Coinbase to Binance or from Binance to your Coinbase address without transferring the funds to your personal wallet and then to the other platform.
This process is known as an “on-exchange” transfer. You don’t need to move your funds out of the exchange to a personal wallet before sending them to another exchange.
This can be a more convenient option for some people, as it eliminates the extra step of transferring funds to a personal wallet and may include lower transaction fees. However, it’s important to note that doing so could expose you to the risk of security issues because you entrust your funds’ security to the exchange.
If this option is convenient for you, these steps can help you transfer from Binance to Coinbase seamlessly, whether you do it between two wallets of your own or to a friend’s wallet:
Step 1: Connect to your Binance and/or Coinbase account.
To seamlessly transfer from Binance to your Coinbase wallet address, you must connect to the Binance and Coinbase wallets. If you don’t have an account on Coinbase, you can sign up in just a few minutes.
In any case, make sure you have an active account on both exchanges.
Step 2: Check if the exchange platform and wallet support the currency you want to transfer.
Before transferring your crypto assets from Binance to Coinbase or vice versa, it’s crucial to check that the respective platform supports the asset you wish to transfer and if the fee schedule is favorable before proceeding. This means that if you want to transfer from Binance to Coinbase, ensure that Coinbase supports that cryptocurrency on their platform and in their wallet.
Similarly, if you transfer assets from Coinbase to Binance, ensure that Binance supports that currency. This step is vital to ensure a smooth and successful transfer process.
Additionally, some cryptocurrencies transact on top of multiple blockchains. Yet, you may only transfer a token from Binance to Coinbase if you use the same network. More specifically, you cannot send a token from Binance through Ethereum and expect to receive it through Solana on Coinbase.
Step 3: Start the Transfer Process
If you’re using the Binance mobile app, select the Portfolio option displayed at the bottom of your screen in the app. After that, choose the cryptocurrency you want to withdraw; it is listed in the list of assets you own on Binance.
Next, you just have to select the Withdrawal option and fill out the form with the required information. For the desktop version, go to Wallet, then press Overview, Withdraw, and Withdraw Crypto.
Step 4: Enter the address information of the wallet you want to send to, the network, and the amount
To find the correct cryptocurrency address, go to the Coinbase app, search for the coin you want to receive, select the balance (primary balance, Web3 wallet, Vault), click on the QR code in the top right corner, and then, from the window that opens, copy the address by clicking the “copy” button. You can copy that address into the required field in the Binance app.
For the desktop version of Coinbase, you just need to click on the “Send & receive” button on the top right, then on Receive. There, choose the asset you want to receive and copy the address.
Related to the network, it’s essential to ensure that it is on the same blockchain network as the address you will use on Binance for the transaction. For example, if you are transferring USDC, ensure that the USDC address on Coinbase is on the same network (e.g., Ethereum) as the USDC address on Binance. It’s important to understand that you may lose the funds you intend to transfer using different network addresses (e.g. of wrong address is Bitcoin to a Bitcoin Cash address).
Also, enter the desired amount you wish to transfer.
Step 5: Double Check the Withdrawal Process
Dealing with cryptocurrency is usually an intense affair; therefore, before you finalize any withdrawal process, you will need to double-check every detail.
Be aware that currently, for example, Coinbase does not support the Binance chain. In that case, you will be required to use another network.
Step 6: Complete the Transfer
Once you confirm all steps above, you can proceed to the final step. You must complete the Two-Factor Authentication process before hitting the withdraw button.
Since you hit the Withdraw button, the withdrawal process will be initiated, and the funds will be transferred to the required address. The transfer process takes about 30 minutes to complete. However, it can take longer depending on how much congestion the network is experiencing.
In case it takes more than 24 hours, you should contact your exchange support team right away. The same procedure can be used to transfer from Coinbase to Binance.
Binance to Coinbase Transfer Fee
If you aim to transfer some funds from Binance to Coinbase, you have probably asked yourself if you will have to pay the transfer fees, too. Well, the short answer is “yes.”
If you want the long answer, and you most probably do, we’ll take each platform and discuss the fees it applies. First, Coinbase does not apply any fee for crypto transfers (withdrawals). However, according to the Coinbase website, you might have to pay the network fees for the transaction. Most of the time, network fees fluctuate according to multiple changes and factors, such as network congestion and the complexity of the operation that has to be processed.
On Binance, on the other hand, you have some set fees for crypto withdrawals. Although they depend on the crypto you want to transfer, the fees are pretty low. The cheapest crypto to transfer is Stellar (XLM), with a fee of 0.02.
How Long Does It Take to Transfer from Binance to Coinbase?
Usually, for a transfer between Binance and Coinbase, you should not wait longer than 30 minutes. However, there may be situations when it takes longer if the network is crowded.
If your transfer takes longer than 24 hours, you should contact the support team, as there may be a problem with it, and the longer you wait, the harder it gets to recover your funds in one account or another.
Transferring Funds: Precautions
As we mentioned earlier, it is critical to check the transfer information before confirming it. If something was typed wrong during the process, it is close to impossible to recover your funds.
Furthermore, keep in mind that enabling 2FA (Two-Factor Authentication) is also essential because you can ensure once again that your crypto is safe. Considering the hacks that take place these days, 2FA plays a key role in keeping digital assets safe.
Transferring Funds from Binance to Coinbase: Pros and Cons
- The transfer usually takes less than 30 minutes;
- Coinbase is more suitable for beginners, and it is available in the US and trusted by US regulators (at the moment of writing, Binance paused its activity in the US);
- Coinbase provides an extremely user-friendly interface and has multiple platforms designed for various levels of knowledge (Coinbase Simple Trade, Coinbase Advanced Trade).
- Coinbase supports less cryptocurrencies than Binance;
Coinbase does not support BNB Smart Chain;
Coinbase charges higher trading fees.
Transferring cryptocurrency from Binance to Coinbase is not a complicated process. However, you will need to be extremely cautious about the transfer details before completing the process to prevent permanent loss of funds. In addition, the transfer cost is complexly dependent on the network and the cryptocurrency you need to transfer.
In that case, it would be better to confirm the charges before embarking on the withdrawal process. This is important whether you want to transfer from Binance to Coinbase or from Coinbase to Binance.
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