13 Jan, 2019 at 14:04pm
Almost every newcomer to the world of cryptocurrency starts their trading career with Coinbase. This is primarily because of their beginner-friendly platform that helps you buy and sell bitcoin with ease. Down the line, though, traders decide to switch platforms and transfer from Coinbase to Binance, with the main reason being lower fees. Before we thoroughly explain how to transfer from Coinbase to Binance, let’s briefly cover the main differences between these two top exchanges.
As we’ve mentioned, the main reason for traders looking to move their business and transfer bitcoin from Coinbase to Binance are the fees. Coinbase charges 1.49% for every purchase if you are paying via bank account, while they charge up to 4% for using a credit or debit card. It is a significant sum to pay if you compare Coinbase to Binance as Binance’s fees are only 0.1%.
The second significant difference, and another reason for traders starting at Coinbase, is the deposit and withdrawal methods. While you can deposit both crypto assets and fiat assets via debit and credit cards, as well as bank transfers, to your Coinbase account, Binance is a cryptocurrency-only exchange. Simply put, if you haven’t’ dabbled in crypto before, it is impossible to start using Binance right away. When it comes to withdrawal methods, Coinbase uses PayPal, bank transfers and other cryptocurrencies, while, again, Binance sticks only to cryptocurrencies.
The third big difference between the two is supported cryptocurrencies. While Coinbase offers you the opportunity to buy and sell Bitcoin, Ethereum, Litecoin or Bitcoin Cash, Binance grants you access to more than 100 cryptocurrencies, including the most popular ones.
So, without further ado, let’s see how to transfer bitcoin from Coinbase to Binance.
Before you start transferring currencies between the two exchange markets, you need to have active accounts on both Coinbase and Binance. If you are already wondering how to send bitcoin from Coinbase to Binance, chances are you already have a Coinbase account, so it is safe to assume we can skip discussing that step. The process of setting up a Binance account is extremely easy, as there is no bank information that you need to validate. Once you’re at their registration page, the only thing you need is an e-mail address and password, which you’ll use to log in. After registering, you will need to click the link to activate your account, so make sure that you’ve entered valid credentials.
You can skip setting up the 2-factor authentication, but we strongly recommend that you take a few moments of your time to set it up and choose another method of securing your account.
The first thing you need to do before you get started is to add funds to your Coinbase account. As mentioned before, unless you’re in a hurry, you should do it via bank transfer as the fees are much lower. Afterwards, click on the Buy/Sell tab on the top and the menu will let you select the cryptocurrency you wish to purchase. Choose the amount of your fiat currency you plan on spending and the cryptocurrency you want to buy, and the platform will automatically convert it to the amount of cryptocurrency you have purchased.
You can check the transaction information on the right and, if everything is in order, click on the button labeled as ‘’Buy’’ to make a purchase. Keep in mind that Coinbase buys and sells cryptocurrency directly from their users, meaning it can take up to several days before the cryptocurrency appears in your wallet.
Before you transfer bitcoin to Binance you will need the recipient’s address, so to say. To get one, log in to your Binance account and from the “Funds” menu at the top, select “Deposits” and then the “Select coin/token to deposit”. Start typing the cryptocurrency you wish to receive and select it from the options that show up.
IMPORTANT: Copy the whole address and make sure that you are sending only the cryptocurrency that you have selected; otherwise you will lose your deposit.
Once done, go back to Coinbase and select the “Accounts” tab and choose the cryptocurrency you want to send. By clicking on the “Send” button, a new window will open, and it will prompt you to enter the necessary information. Paste the address into the recipient tab and decide on the amount you wish to send. You can choose the amount you are sending in either the fiat or the cryptocurrency and the platform will do the conversion for you. That’s it – you’re done!
In case you are wondering about how long it takes to transfer from Coinbase to Binance, you will be pleased to know that Binance’s transfer time takes minutes, if not seconds, to complete. You can head back to your Binance account and go to “Funds” and then “Transaction History” where you can keep track of successful transfers and amounts in your wallet.
Binance limits you to withdrawing only 2 BTC per day, initially. If you wish to trade more substantial sums, you can submit the KYC documents on your Account page.
You already learned how to transfer from Coinbase to Binance, but did you know that you can do it from your mobile phone as well? Not every exchange has a dedicated mobile app, but both Binance and Coinbase do. Whether you have an Android or iOS device, the whole process is quite similar to the one we’ve just covered. As long as you have functional accounts, the only difference is that instead of visiting two different websites, you will be using two different mobile apps.
As you can see, the whole Coinbase to Binance transfer is straightforward and relatively easy. Both Coinbase and Binance are outstanding exchange markets that offer two very different things. While Coinbase seems like a stepping stone for anyone looking to dive into the world of cryptocurrency, Binance is there to cater to more experienced traders looking to invest in other cryptocurrencies.
If you are new to the volatile market of crypto, our advice is to keep the sums you’re investing small and raise them as you get more and more informed. Ultimately, the decision is all yours. However, we hope that our article taught you how to transfer currencies from Coinbase to Binance and helped you take your first big steps into the world of digital currencies.
If you're under 18 and you are having trouble finding a way to get cryptocurrency, consider checking out our article on how to get crypto underage.
Photo Credits - CCN, Binance.