Investing in cryptocurrency is often a learning experience. New investors may have simply bought cryptocurrency on one of the first trading platforms they heard of. However, a variety of cryptocurrency exchanges exist, and each has its pros and cons.
It’s entirely possible you started with one crypto exchange only to find out the fees are higher than you’d like to pay, or they don’t offer all the cryptocurrencies you’d like to invest in. Other investors may prefer a change to a different platform due to other aspects of functionality.
If you’re looking to transfer your digital currency from Coinbase to Binance, here’s what you need to know to make the move.
Why transfer from Coinbase to Binance?
After comparing Binance versus Coinbase, you may determine that Binance better fits your cryptocurrency investing needs. While both are considered to be among the best crypto exchanges, there are reasons to prefer one over the other.
You may be upset that Coinbase no longer clearly displays its trading fee structure. It’s also possible to outgrow the trading options and tools offered on Coinbase and want to use Binance’s more extensive suite of tools.
While Coinbase supports a lot of different crypto, Binance may offer trading pairs for currencies that Coinbase may not, or you just realize you prefer the Binance mobile app over the Coinbase app. Or maybe you first learned how to buy cryptocurrency on Coinbase or Coinbase Pro, and now it’s time to transfer your assets to the Binance platform to keep all your cryptocurrency in the same brokerage.
No matter why you want to start trading cryptocurrencies using Binance, plenty of valid reasons exist. Here’s how to get started.
How to transfer from Coinbase to Binance
If you don’t have existing accounts with Coinbase and Binance, you first need to open accounts with both services. Since you’re transferring from a Coinbase account, you likely have that crypto wallet already set and just need to open a Binance account.
Opening a Binance account can be completed as follows.
- Go to Binance.com and click "register" (or Binance.us and click "get started")
- Enter your email address and create a password.
- Agree to Binance’s terms.
- Click create account.
- Complete security verification.
- Verify your email address.
If you wish to remove the default deposit and withdrawal limits with Binance, you can verify your identification. This allows you to transfer more cryptocurrency over shorter timer periods. This could be useful if you’re transferring your entire cryptocurrency balance to your Binance wallet.
To remove Binance’s deposit and withdrawal limits, complete the following steps.
- Log in to your Binance account.
- Click identification under the user center menu.
- Click get verified.
- Choose your verification method and click start now.
- Select your country of residence and click continue.
- Enter your personal information and click continue.
- Upload pictures of your ID documents and click continue.
- Upload a selfie picture and click continue.
- Click continue to complete facial recognition.
Once you have your account set up, or if you already have Coinbase and Binance accounts, the transfer process is simple. Here’s how to transfer cryptocurrency from Coinbase to Binance:
- Log in to your Binance account.
- Under wallet, select overview.
- Click deposit.
- Select deposit crypto.
- Choose the cryptocurrency you wish to deposit.
- Specify the network Coinbase uses for the cryptocurrency you’re transferring.
- Copy the wallet address Binance provides for deposits.
- Log in to your Coinbase account.
- Click pay.
- Select send.
- Enter the cryptocurrency you wish to transfer and the amount to transfer from your Coinbase wallet.
- Enter the cryptocurrency address provided by Binance.
- Click continue.
- Select preview.
- Choose the option to send on the blockchain.
- Finalize the transaction.
- Confirm the withdrawal on Coinbase using the transaction history menu option.
Can you transfer from Coinbase to Binance?
As long as Binance supports the cryptocurrency you wish to transfer, you can transfer cryptocurrency from Coinbase to Binance. With Binance NFT, you can even deposit NFTs into your Binance account. You could also withdraw fiat currencies like the U.S. dollar (USD) to a bank account and then do a bank transfer to deposit that money into your Binance account. You can even put money into Binance using wire transfer. Just make sure you familiarize yourself with any applicable withdrawal fees before you move your digital assets or fiat currencies.
How long does it take to transfer from Coinbase to Binance?
The time it takes to transfer cryptocurrency from Coinbase to Binance is not predetermined. It can vary based on the blockchain and network congestion.
Does it cost money to transfer from Coinbase to Binance?
Coinbase does charge a fee based on the estimated network transaction fees incurred to transfer cryptocurrency from Coinbase to Binance. Coinbase does not disclose an estimate of these fees until you’re ready to submit a transaction.
Learning how to transfer from Coinbase to Binance isn’t a complex process, but it could take some time. Start by making sure you have accounts on both platforms. Then, follow the step-by-step guide above to transfer each supported cryptocurrency from Coinbase to Binance. If you’ve invested in a variety of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), you’ll want to set aside the time to work through each transfer.
You will have to pay Coinbase fees as this transfer does utilize the blockchain. However, those fees may be worth the cost if you’re looking to gain specific features when investing money with Binance that Coinbase does not offer or if the low fees on Binance will save you in the long run.
Before transferring cryptocurrency, make sure you consider our list of best cryptocurrency exchanges. By doing so, you may be able to avoid having to move your cryptocurrency again in the near future.