So you want to transfer from Binance to Coinbase? Transferring your cryptocurrency from Binance to Coinbase is a lot like transferring a domain name from GoDaddy to Google Domains.
To Transfer from Binance to Coinbase
You need to have access to both your Binance and Coinbase accounts. Transferring cryptocurrency is the same around the world in that you need to find the destination address for your Bitcoins or other altcoins.
In this case, you will get the destination code or deposit address from Coinbase before you can initiate the transfer. This is called your Wallet Address.
Transfer to Coinbase
On Coinbase, you will need to click on the coin you are using and then click receive. You will need to initiate the transfer from your Binance account. Before you start, you need to choose which type of coin or token you want to transfer from Binance to Coinbase.
Transfer from Binance
Transfers from Binance to Coinbase do not happen immediately so do not fret. Transfers always take a short while no matter the cryptocurrency platform or exchange. While it sounds easy, it can be scary at first. When you transfer from one exchange to another, make any trade or pay someone with cryptocurrency, it can be stressful if you think you entered the wrong destination code.
When Transfers go Poof
What happens if your valuable Bitcoins and Ethereum Ethers just go poof or end up in someone else’s wallet accidentally? Your transfers are limited to Bitcoin, Ethereum, Litecoin, and bitcoin cash. Are you flush with fiat currency in the form of U.S. Dollars cash? You will need to convert them into Bitcoin, Ethereum, Litecoin, or Bitcoin cash before you can move them over.
Measure Twice, Cut Once
One tip before making a big or sizeable transfer from Binance to Coinbase is to double-check the first and last five characters from your destination wallet address before sending it. As the saying goes, “measure twice and cut once.”
Test with a Small Transfer First
Another tip is to send a small amount, or a test amount, of your larger transfer from Binance to Coinbase to make sure you have everything set up correctly. The fees are negligible compared to your peace of mind. One of the simplest mistakes to avoid is making sure your source and destination token or coin are the same type: Bitcoin (BTC) to Bitcoin wallet, Ether (ETH) to Ether, Litecoin (LTC) to Litecoin.
Conclusion
In the beginning, making trades, making payments, and transferring between exchanges were daring, scary, and risky. Now, modern exchanges like Binance and Coinbase have every reason to make transfers safe, cheap, and easy. So, in order to encourage the free movement of digital coins and cryptocurrency tokens, exchanges have learned that it’s a very bad idea to make things hard or risky or to hold investors hostage in their exchange. Getting stuck in Binance or Coinbase is antithetical to the libertarian ethos of cryptocurrency from the very beginning. All you need to do is make sure you take your time, check your addresses, and maybe make a small transfer before moving all your coins from Binance to Coinbase. It really should be that simple.
