Coinbase is a popular crypto exchange based in the US, designed primarily for beginners, and thus hosts a beginner-friendly interface with limited types of transactions. Expert traders often find the platform underwhelming, due to a serious lack of features that other platforms provide. On the other hand, FTX is a good alternative to Coinbase due to its lower fees and expanded markets to trade.
This article will explain exactly how to withdraw from Coinbase and transfer to FTX, whether there are any fees involved, and a full step-by-step tutorial with screenshots of the entire process.
Can You Transfer Crypto From Coinbase To FTX?
Yes, transferring crypto from Coinbase to FTX and FTX.US is a very easy process and can be completed within a few minutes. All that is required is a mobile or a desktop PC and the address of the FTX wallet for the given crypto. There is, however, a transfer fee that will be displayed before choosing to withdraw crypto from Coinbase. For more information on the fees and limits involved, read our full Coinbase review and FTX review.
How To Transfer From Coinbase To FTX - Quick Guide
Transferring cryptocurrencies from Coinbase to FTX can be completed in 5 steps. We have outlined the steps below.
- Create an account with FTX. Register a new account on FTX or log in to an existing account using a valid email address, password, and a One-Time Password.
- Copy the unique address to the clipboard. Click on “wallet” on the top left side of the screen, select the crypto to transfer, and find the wallet address. Click on 'copy' or scan the QR code.
- Log in to the Coinbase account. Log in to the Coinbase account and click the "Send/Receive" button on the dashboard to initiate the withdrawal process.
- Withdraw crypto from Coinbase. Find the cryptocurrency to withdraw and enter the amount to send. Paste the FTX wallet address into Coinbase and select the blockchain network.
- Review and confirm the transfer to FTX. Double-check the transaction details from the fees incurred to the amount of crypto to transfer. Click "Send Now," and the crypto will be shown as a new deposit in FTX once confirmed.
Why Transfer From Coinbase To FTX?
Coinbase and FTX are close competitors in the crypto space. Although the former ranks higher than FTX when it comes to market cap, there are a ton of features that make FTX the better option than Coinbase for intermediate to experienced crypto traders. We have listed some of the reasons to send crypto between the exchanges below.
- Low Trading Fees: FTX and Coinbase both follow a maker-taker fee structure for advanced trading. But Coinbase charges comparatively more than FTX for advanced trading, and even more for simple trading. For transactions under $10,000, the maker/taker fees charged by FTX are 0.10%/0.20% respectively while those for Coinbase are 0.40%/0.60% respectively. For a simple trade of purchasing $1000 worth of Bitcoin, for example, users will be paying $2 as fees on FTX.US, while Coinbase will charge $14.68 which is more than 7 fold from its competitor.
- Advanced Trading Options: FTX.US and FTX.com offer one of the best places for crypto margin trading. Coinbase also lets you do the same, although the options and number of markets are quite limited.
- FTT Token: FTT is the native token of the FTX ecosystem and provides users with multiple benefits such as reduced fees and helping earn interest on the platform. Users can also make socialized gains through the FTT insurance fund by using the token as collateral for futures trading. The token is also a great investment asset, among the top 50 cryptocurrencies and 250 million in supply with half of it to be burned ultimately.
- NFT Marketplace: FTX has its own NFT marketplace that allows you to buy, sell and mint NFTs, with minting costing only $3 per submission. Each submission is carefully reviewed by the platform before it becomes available to trade. FTX, with its collection of various products, creates a holistic experience for investors to interact with the platform.
- Commission-Free Stock Trading: FTX introduced stock trading on its platform recently for its customers in the US. This allows its users to trade hundreds of stocks and ETFs, along with cryptocurrencies and NFTs on the platform.
Are There Fees To Transfer Crypto From Coinbase To FTX?
When completing a transaction between exchanges, there are two types of fees that can be applied which include the exchange fee and the blockchain network fee. Coinbase does not charge a withdrawal fee for sending crypto. On the withdrawal page, the Coinbase fee will be listed as “0”. However, the users will have to pay a fee to the network to compensate for validating the transaction. This fee is often negligible and is paid directly to the validators or staking pools for their participation.
How To Transfer Cryptocurrency From Coinbase To FTX - Full Tutorial
Step 1. Log into FTX and copy the wallet address
The first step is to obtain the deposit address within FTX for the particular crypto. Therefore, log in to the FTX or FTX.US account and navigate to the "Wallet" on the top right side of the screen. Click on it and this will direct you to a page that shows all of the crypto holdings for the account under "Balances". There will also be a link against each cryptocurrency called "Deposit" on the right-hand side of the screen (as shown in the image below). Clicking this will bring up the wallet address for that crypto.
Step 2. Copy the FTX wallet address
After clicking on the deposit button in the previous step, a pop-up that will show “Deposit XYZ” should now be visible on the screen. The pop-up will show the unique QR code and wallet address of the selected crypto. For example, selecting USDT will show the wallet address for USDT only. There is also a blockchain network to choose from in this step. The first address is the most common choice, given it's the network's default address. It is important to choose the correct blockchain network to transfer the funds.
On the right side of the address, there is a “Copy” button. Click on the button and the address will be copied to the clipboard. If on a mobile device, the QR code can also be scanned.
Step 3. Log into the Coinbase account
Since we have the deposit address within the clipboard, the next step is to log into Coinbase to withdraw funds and transfer them to FTX. Visit the Coinbase website and log in by entering the account details. New users need to identify themselves through a verification process before they can withdraw their assets. The Coinbase verification approval time can be completed in a few minutes. Once done, click on the “send/receive” button on the top right and a pop-up window will show up.
Step 4. Withdraw Crypto From Coinbase
After the window shows up, there will be two tabs named “Send and Receive”. Click on the "Send" tab, and enter a few details. To start with, enter the amount of crypto to withdraw from Coinbase by entering an amount in dollars or directly in the cryptocurrency. There is also a useful option to click on “send all” to transfer all the crypto from the account. After that, select how to pay in the "Pay With" option. The next step is to paste the deposit address that was copied to the clipboard in Step 2. Once done, click on continue and Coinbase will redirect to a confirmation screen.
Step 5. Review and confirmation the transaction
The confirmation screen will display a transaction overview. The page will display the amount and the fees to pay. Check the details carefully and make sure it is correct. Entering the wrong details such as the wallet address can result in Coinbase rejecting the withdrawal request.
Coinbase will charge a fee depending on the transaction, listed as “Coinbase Fee” for the transaction. The network fee will be paid to the blockchain for the transaction to be carried out.
Click on “Send Now” once all the details have been verified. The withdrawal should be verified by Coinbase in a few minutes & be transmitted on the blockchain. Within FTX, the transfer will be displayed as a "Deposit" once verified.
Frequently Asked Questions
Yes. Transferring funds from Coinbase to FTX is very easy. The process includes locating the FTX deposit address, entering the amount of crypto to transfer on the Coinbase withdrawal page and the transaction should be processed once confirmed on the blockchain.
Both exchanges do not charge money for the transfer of funds. However, users will have to pay a network fee to compensate the miners or staking pools for validating the transaction. These fees are often negligible, but can sometimes go higher if the network has a high demand.
Coinbase and FTX are known for their diverse set of offerings when it comes to crypto. However, investors have preferences over platforms, as well as limitations when it comes to what they can offer. For some, FTX is a better platform and therefore they wish to transfer all their holdings from other exchanges to FTX. Thankfully, withdrawing crypto from Coinbase is a seamless process. For a more in-depth article on how to send crypto between exchanges and wallets, read this next.