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How to transfer cryptos from Coinbase to Binance?

How to transfer cryptos from Coinbase to Binance?

In a previous post, I covered how to buy cryptos with USD?

By now you have come to realize that on Coinbase :
1) your trading options are limited. 
2) Fees are very high on this Primary Exchange.
  • I label Coinbase a primary exchange because it supports trades from and to legal currencies. As you may have discovered, most exchanges out there do not support trading with legal currencies but only trading from one cryptocurrency to another. I label those exchanges Secondary exchanges.
  • One of the most famous Secondary Exchange is the Taiwan-based Binance .

So you have traded a few dollars for Bitcoins that now sit on your Coinbase wallet and you are eager to get into crypto trading: Buying alt coins like Ripple, Neo, IOTA… you name it.
  • As stated in my previous post, the website coinmarketcap.com provides a great overview of all the various cryptocurrencies that are out there and where to buy them.

For the sake of this tutorial, we will transfer Bitcoins (BTC) from Coinbase to our Binance account. 
It is also assumed that you have a Coinbase and a Binance account.

Step 1: Get the Binance address of your Bitcoin wallet.

In Binance, for each crypto you have your own dedicated wallet. 
In order to get the address of your wallet:
  •           Log into Binance
  •           Click on Funds on the Top bar
  •           Select Deposits
  •           Enter the crypto for which you want to do a Deposit: Bitcoin
ð  An address is being displayed. This is your Bitcoin Wallet on Binance.

Pay attention to the warning this is your BTC wallet! Do not send any other crypto to that address!
  •      Copy the wallet address

Step 2: Transfer bitcoins from Coinbase to Binance

Having copied the address of your Bitcoin wallet on Binance, you are clear to engage the transfer.
  • -          Log in to Coinbase
  • -          Click on Accounts
  • -          Click on the Send button of your Coinbase BTC wallet
         

  •           Paste your Binance Bitcoin wallet address in the Recipient field
  •           Enter how much BTC you are willing to transfer. In my example I put 60$, which as of today’s rate, is worth 0.0089 BTC
  •           Hit Continue.
The next screen recaps the transaction details and the amount of the mining fee: $0.19 in my example
-         

  1. -          If enabled, enter the 2-step verification code.

Voila! Your transfer has been issued. 
It will show as Pending until it has been sufficiently confirmed ‘mined’. 
Depending on the Bitcoin amount you are transferring, this confirmation phase can take several minutes or… hours.

Be patient! Both Coinbase and Binance should email you when the transfer is executed. You can also check on Binance: Funds > Deposits that the transferred Bitcoins have reached your Binance wallet.



Once the transfer fully confirmed, you are done and ready to trade 😊



Location: Brooklyn, NY, USA

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