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.
Track live crypto price of 10000+ coins!
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