How to transfer your crypto from Binance to Coinbase
If you’re a crypto lover or a fun investor, then you should have some understanding of the trading platforms in the blockchain industry
And when we’re talking about platforms, we’re talking about the likes of Binance, Coinbase e.t.c
Judging from your motive for coming here, you might be here because:
- You have a knack for crypto and love to experiment
- You have been banned from Binance and you want to transfer all your asset
- A feature on Coinbase caught your eye
Whichever reason you came here, it is alright and we can sort it out together.
In this article, I’ll be sharing with you:
- Some FAQs about what you might want to know
- How to transfer assets from your Binance account to your Coinbase account?
- Things to note before doing any transfer
We’ll be treating this in ascending order.
Are you ready?
Then let’s dive in.
Things to know before transferring your assets
If you insist on transferring your assets, then there are some things that need your awareness before transferring your assets.
These things are the reminders that gives you a notice of what you’ll or will not get from transferring
These things include:
1 Copy the right address
Before you hit the “transfer button”, make sure that the recipient’s address you entered is the correct one.
Now, there is a unique address for each crypto you choose to transfer i.e tbe address for Bitcoin on Coinbase is different from the address of Ethereum or any other assets.
For example, if you intend to transfer some Binance coin(BNB) from your Binance wallet to your Coinbase wallet, then you’ll have to copy the contract address for Binance coin on Coinbase and paste it in the box provided for the recipients address before hitting the “transfer button”.
NOTE: If you copied the wrong address for your recipient(where your money is going), the consequence is that you’ll forever lose the assets you transferred no matter how small or big it may be.
2 Verify your account
One more important thing to note when it comes to transferring crypto is to make sure that the account you’re transferring your assets to is valid.
If the wallet you’re transferring to is yours and it is a newly opened wallet, it is advisable for you to verify properly if the account is functional else you might lose your money for real!
3 Check your daily transfer limit.
In case you’re not aware of this, Binance poses a restriction on the amount you can transfer daily, so find out the amount of restriction imposed on your wallet.
This restriction is not universal, Binance does this to users who have not completed the Binance verification process.
So confirm to know your daily transfer limit, luckily enough, the daily limit of most crypto is high enough.
How to transfer assets from your Binance account to your Coinbase account?
In an unstable market where boom may exist today while doom spells out tomorrow, there’s nothing better than to diversify strategically.
The crypto world is advancing greatly every day and a lot of people are still joining the crypto train.
With over $1.03 trillion dollars just in Bitcoin alone, the crypto world has become a buzzing market area with unending guests.
As more people become prey to hackers and crypto thieves, no time better than now has taught us to be more careful.
This forces us to look for different ways to minimize the risk out there.
Crypto users have found solace in the idea of diversifying and this is helping them to keep hackers away.
Instead of having all your assets stacked and loaded up in one account, you can have the same assets spread over different accounts making it lighter and less obvious.
This is also handy as you can trade assets on several of your accounts and even make more.
If you’re all set, then this is our detailed guide on how to transfer assets from your Binance wallet to Coinbase:
1 Open the Binance app/website
The first step to take once you’re ready to transfer your asset is to open the Binance app or website, whichever one you use.
After opening it, enter your log-in details (i.e mobile number/email and password) to log in successfully.
Complete the puzzle to show you’re not a robot.
In case you’re using their website to log in, you can leave the tab without closing it because we’re still coming back.
2 Copy your Coinbase wallet address
If you’re not the owner of the Coinbase wallet you’re transferring assets to, then ask the person for his/her address for the particular crypto they want to receive from you.
We’ll be using ETH for this example, so if you’re transferring some ETH, make sure the address you’re collecting from your recipient is his/her Coinbase address for Ethereum.
But if you’re the owner of the Coinbase wallet, you have to copy the address for the crypto you want to send yourself.
3 Look for fiat and spot
Once you get the address you need for the transfer, go back to your Binance dashboard and click on “wallets” at the top section of your page.
Click on “fiat and spot” under the menu of the wallet, then select “withdraw” on your Binance account.
You’ll select the crypto you want to withdraw, select ETH if it is Ethereum you’re withdrawing.
4 Paste the recipient’s address
After clicking on “withdraw” for the assets you intend to transfer, paste the recipient address and make sure they match very well before proceeding.
5 Double-check the details of the transfer
This is very important at least for anyone who still values his/her assets.
You must make sure you double-check very well to confirm if you have not made any mistake as this could make you lose your crypto.
Then confirm and your transfer will be successful.
NOTE: In some cases, it might take some minutes for the asset to successfully reflect in the wallet you’re sending it to.
If it does not reflect after hours, endeavor to contact the Binance support team for help.
Is it safe to have only one account?
For those of you who have only a moderate amount of assets in your account, it is safe for you as long as you have a strong and unique password.
And for people with much larger investments, you can go for a cold storage wallet which makes your account online only when you want to trade.
Generally, it is advisable to have more than one account or more than one wallet if you’re a big investor to help reduce the risk of losing everything in one go if the worst ever happens.
If you don’t mind, we have compiled some steps you can improvise to keep your account safer.
The following are seven steps you could take to keep your account safe:
1 Choose a strong and unique password
2 Do not share your password with anyone.
3 Shave off the number of people that use your PC
4 Do not resort to auto-saving your password.
5 Complete a two-step verification process on your account
6 Monitor your account regularly to check for unauthorized transactions or trials on your account.
7 If you normally log in via their website, then endeavor to bookmark a link to their site instead of typing the address all the time.
Disclaimer: Information on this site should not be perceived as investing advice.
No matter what, you should always make sure that you invest what you can afford to lose
As we all know that despite how lucrative cryptocurrency can be, they’re still the same volatile assets.
If you find this helpful, please share so others could also benefit.