How To Transfer From Coinbase To Binance
Coinbase is geared towards buying crypto with traditional money. Opening an account with Coinbase is one of the first steps to begin investing in crypto. However, mature investors and advanced traders may find Coinbase to be lacking and want to transfer their coins to another provider.
On the other hand, Binance is a go-to destination for a wide range of products such as crypto trading, earning interest, crypto staking, and futures trading. It is not unusual for Coinbase users to transfer crypto to Binance to use these products. This article will explain exactly how to transfer from Coinbase to Binance with a full tutorial showing each step of the process.
How To Transfer From Coinbase To Binance: Quick Tutorial
To transfer assets from Coinbase to Binance, follow these steps:
- Log in to the Coinbase account and on the dashboard, click on the "Send/Receive" button to start an asset transfer to Binance.
- Create a new account with Binance or log in to an existing account with a valid email address and password.
- In Binance, find the crypto asset to be transferred and click on the "Copy" icon to obtain the wallet address for that asset.
- In the Coinbase wallet, select the asset to transfer, paste the Binance wallet address that was copied in Step 3, and select the blockchain network.
- Review the transaction details, including the fees incurred, and confirm by clicking "Send Now". The transaction will be seen as a 'deposit' in Binance.
Can You Transfer Crypto From Coinbase To Binance?
Yes, individuals can transfer crypto from Coinbase to Binance. The process to withdraw funds from Coinbase is relatively straightforward and can be completed within a few minutes using the desktop or mobile wallet version. Unlike traditional payment processors that charge substantial percentages in fees, transferring crypto from Coinbase to Binance does not incur exchange fees.
Why You Should Transfer Crypto from Coinbase to Binance?
Binance is a popular alternative to Coinbase for intermediate to advanced crypto investors and traders alike. Moreover, there is a superior range of features, products, and services that offers greater flexibility to trade, earn yield and manage assets than Coinbase. Here are a few reasons to transfer crypto-assets to Binance from Coinbase after the initial purchase.
- Lower fees. Traders will appreciate the straightforward fee structure on Binance. The exchange charges a flat rate of 0.1% for trades which is better value-for-money. Coinbase fees range between 0.50% and 4.50% which will add up over time.
- BNB tokens and fee discounts. Binance Coin (BNB) is the most valuable exchange token in the industry that also serves as a discount tool for earning an additional 25% OFF on trading fees paid on Binance. This means that traders can stake BNB tokens and reduce fees to 0.075% per order, as opposed to Coinbase’s 0.5% trading fee. BNB is also the official community token on the Binance Smart Chain that can be used to provide liquidity on the Binance Liquidity Swap. However, trading with BNB is only available on a few exchanges (including Binance).
- Improved trading liquidity. Binance is the world's most heavily traded crypto exchange for its spot and derivatives markets. While Coinbase is great for entry-level purchases, it is not suitable for high-net-worth individuals or day traders. Binance has a purpose-built trading platform with deep liquidity to keep slippage at a minimum.
- More coins to stake. Binance allows users to get more out of their crypto. It has a more extensive staking facility, allowing users to stake over 100 assets. Compared to Coinbase, which only offers crypto staking on 10 coins, Binance’s staking service is excellent.
The above are just a few of the reasons so many investors are interested in transferring cryptocurrencies from Coinbase to Binance. For a detailed comparison of Coinbase vs Binance, read this article.
Are There Fees To Send Crypto From Coinbase To Binance?
Individuals that want to transfer crypto from Coinbase to Binance don’t need to pay any exchange fees or charges. There are no fees involved from the exchange itself, but there are network fees involved that are determined by the respective blockchain.
Miners and staking pools charge these fees for their work in confirming transactions. They are usually negligible and in the case of Bitcoin, the miner fees are paid directly to the miner, not to Coinbase or Binance. For Proof-of-Stake networks such as Ethereum, the average gas fee to send ETH is about $1.60 at the time of writing. Similarly, the Bitcoin transaction cost is around USD 3.76 at the time of writing.
These fees can become higher in times of high network congestion. Also, traders looking to send crypto faster would likely have to pay higher network fees - especially for coins like Bitcoin. For more information on what are the costs and how to transfer crypto, read this article next.
How to Transfer from Coinbase to Binance - Full Tutorial
Let’s dive into how to transfer from Coinbase to Binance. To get started, investors are required to have crypto holdings in their Coinbase account and an account with Binance. These are the steps traders should follow.
1. Open the Coinbase account
Visit the Coinbase website and log in to access the funds. Ensure there are actual crypto funds in the account that can be transferred to cover the blockchain network fees. For new users, Coinbase requires identity verification before crypto assets can be withdrawn and sent to another wallet.
Related: How long is Coinbase verification?
Once logged in, the main dashboard will be shown. Tap on the ‘Send / Receive' button on the top right-hand corner of the dashboard. Once you have decided on the crypto to withdraw from Coinbase, select the asset and click on ‘Send’ to transfer the asset to Binance.
2. Log in to Binance
Similar to step 1, visit the Binance website and log in using the registered email and password. Transferring crypto to Binance does not require account verification, but investors would be unable to trade those assets. Therefore, to access the full suite of features and services it is recommended to complete the Binance verification process. To find out how long it takes to complete Binance verification, read this article.
3. Find the coins wallet address
Next is to find the wallet of the asset to be transferred. In this tutorial, we're using Ethereum. Every user receives automatically generated wallet addresses once they create a Binance account. The trader must visit “Fiat and Spot” to search for Ethereum and click on “Deposit”. The cryptocurrency’s wallet address will be displayed for the trader to copy. Make sure to either hit the "copy" button or scan the QR code. Manually entering the wallet address is one of the main reasons for Binance withdrawals being rejected.
4. Enter the Binance wallet address into Coinbase
Return to Coinbase and Go to the “Send/Receive” section on the Coinbase dashboard, select the cryptocurrency, and enter the amount to transfer. Paste the copied Binance wallet address into the “To” section, and click on “Pay with” to choose Ethereum. In the example of Ethereum, the ETH wallet address should be shown on the Coinbase withdrawal page with the ERC-20 blockchain network selected.
5. Complete the transfer from Coinbase to Binance
A transaction overview will be displayed. Check the withdrawal request details carefully to ensure its correct. Once the terms have been reviewed, click “Send now” to complete the transfer from Coinbase to Binance. The transaction should be completed in a few minutes. However, in periods of high network congestion, transactions can take up to half an hour or more. For example, the time to transfer Ethereum can be up to 30 minutes.
Frequently Asked Questions
To make a crypto transfer to Binance, an investor must choose the crypto for transfer on their selected exchange and pass the Binance wallet address to the sender. Once the transfer is made, the transaction should be credited in a few minutes.
There are no charges for transfers from Coinbase to Binance. However, traders need to keep blockchain network fees in mind. Each network charge a little fee, otherwise known as miners fees, for securing the blockchain. These fees are usually negligible and don’t go to Coinbase or Binance. While they’re negligible, they can be higher during increased network congestion.
Coinbase and Binance have distinguished themselves from other cryptocurrency exchanges available by providing an extensive array of services and broad support for cryptocurrencies. Nonetheless, many traders believe that Binance provides them with a slight advantage, and they would likely move their funds from Coinbase to Binance to meet their needs.
Our guide has presented a step-by-step tutorial on how to transfer from Coinbase to Binance. This tutorial is easy to follow for investors who want to transfer cryptos between the two exchanges. This transaction is advantageous because coin transfers from Coinbase to Binance are practically free.