How to transfer cryptos from Coinbase to Binance

For various reasons, it can be worth transferring cryptos from one exchange platform to another, such as Coinbase to Binance. Here’s how to do that!

Binance is a crypto-currency exchange and trading platform. It is one of the most powerful in its category, offering a wide range of features to its users, whether beginner, advanced or institutional investors. That's why it can be worthwhile to transfer crypto-currencies from another platform to Binance. We will show you how to do just that by choosing Coinbase as your starting platform.

How to transfer your crypto-currencies from Coinbase to Binance

Step 1 : Prepare your transfer to Coinbase

The first step is to initialize the upload to Coinbase. Go to your account and locate the "Accounts" or "Accounts" tab depending on your language. Click on it and you will see a list of crypto currencies with the corresponding balance. Choose the crypto you want and click on "Send". Another window will appear, but you have to ignore it for a moment before you can continue.

Step 2 : Retrieve the shipping address from Binance

Open a new tab on your browser, keeping the previous tab intact as we will be coming back to it. Go to your Binance account. Then, go into the "Wallet" menu, then "Spot Wallet". You should have a list of available crypto-currencies and various corresponding information. Find the one you are interested in and locate the "Deposit" button on the right side of the table. Be careful, the crypto you have to choose here must match the one you want to send. If you make a mistake, you may have problems getting your tokens back. When you click on it, you should have a code of several characters. It is this code that we are interested in. Copy it without forgetting a single character.   

Step 3 : Paste the address into the Coinbase submission form

Go back to the old tab featuring Coinbase and locate the "Recipient" box. Normally it says "Enter a BTC address" if your crypto was Bitcoin. It is in this box that you must paste the code you got from Binance. Then fill in the amount and validate your request. Moreover, the "Note" box is optional and we will not use it in our case.

Step 4 : Validate the transaction with an SMS code

Once you have validated the transaction, Coinbase should send you a 7-digit code via SMS. You will need to enter this code to complete the transaction.

The transfer time depends on several factors and can take up to one or several hours. Some crypto-currencies like BTC are also more cumbersome to process. Nevertheless, in the Coinbase "Dashboard" you should have an overview of the progress. Also check your balance on Binance. If after a few hours your tokens have not yet arrived, you can contact Coinbase customer service.

Why transfer funds from Coinbase to Binance ?

This kind of transaction is very common. Users transfer their crypto-currencies from Coinbase to Binance for many reasons. First, Coinbase is a simple exchange platform that does not allow for completely secure storage of tokens. On the other hand, you can do this on Binance through the Trust Wallet. 

Furthermore, it is not possible to make direct purchases of certain crypto-currencies on Binance. Similarly, some virtual currencies are affected by geographical limitations. In this case, going through a third party platform is the most interesting option if you want to trade that currency.  You buy it first on Coinbase and then transfer it to your Binance account.

Moreover, Binance is among the best platforms today thanks to its very low transaction fees. It is therefore in your interest to take advantage of this and trade on Binance instead of Coinbase. The fees are usually 0.1% on Binance, while they can be as high as 0.5% in some cases on Coinbase.

What is Binance ?

Binance is a platform dedicated to the exchange and trading of cryptocurrencies. It is possible to buy cryptos directly on the site with fiat currencies like the dollar and the euro. But it is also possible to exchange them for other crypto-currencies. The site also provides access to a peer-to-peer exchange platform. In other words, you trade with individuals, with the rules and especially the price agreed between you. Finally, it is also possible to trade cryptocurrencies on Binance. More than 500 tokens are present there. The site offers a hundred pairs between cryptos or between cryptos and fiat currencies.

Binance was founded in 2017 by one Zhao Changpeng, also known as CZ. The Hong Kong billionaire considers the concept of a registered office and domiciliation archaic and chose not to create one for his company. Thus, Binance had to find stratagems and circumvent the laws and measures taken by the various administrations in the field of cryptocurrencies to exist in Europe. Despite all this, it has managed to rise to the position of a global leader.

What are the benefits of Binance ?

Binance now has more than 15 million users, even though it has only existed for four years. Here is how the platform explains its exceptional performance:

  • relatively low transaction costs of 0.1%
  • easy to use, even for beginners, and even if the site is aimed at medium and advanced users
  • a successful mobile application, as fast and fluid as the web version of the platform
  • Binance Academy, which allows beginners to learn crypto currency trading
  • Binance Loan which allows you to borrow cryptos
  • more than 500 crypto currencies present and more than 100 pairs
  • wallets for platform users

How to open an account on Binance

If you don't have an account on Binance, you won't be able to transfer cryptocurrencies to the site. So, go to Binance and find the "Register" button on the top right of your screen. Click on it and fill out the registration form. Then validate this form and take a look at your mailbox in a new tab.

Binance should have sent you an email confirming your registration with an activation code. Then go back to the previous tab. You will be asked to enter the activation code that was sent to you by email. Once you have entered this code, your account will be created.

At this point, you can already make a deposit and start trading. However, you still need to pass one more step: 2FA or Two Factor Authentication verification. Without going through this step, you will not be able to transfer crypto-currencies from your Coinbase account yet.