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Market Daily

Investor Guide for Transferring Cryptoassets from Binance to Coinbase

Crypto traders use a variety of platforms to meet their trading needs. Some well-known and user-friendly options include Binance or Coinbase, but many people want to transfer between these exchanges simultaneously.

The transfer process from one crypto trading platform to another is not complex and is quite simple. But note that some experts recommend you first transmit assets into a wallet under your control, so there’s more firsthand blockchain data for exchange if things go haywire. 

Step 1: Have an Active Account on Both Exchange Platforms

Users should ensure an active account on the two platforms, Binance and Coinbase, with equivalent wallets before transferring crypto.

Coinbase and Bimay oblige the user to give more detailed identifying data to meet local laws with the regions as conditional aspects. Unverified Binance accounts will have limitations in trading activities, and withdrawals and are typically not advised except if the user wants to experience trading with no further effort. 

Both exchange platforms will possibly ask you for two-factor authentication (2FA) setup for more security. 

Step 2: Find Your Wallet Address

To go over the next step for the transfer, you will need to open up Coinbase or Binance and select which wallet/cryptoasset you want to use for this transaction.

To begin, head over to your Coinbase Dashboard and click the assets tab, where you have an overview of your entire cryptoassets on the exchange. Then, click the asset you want to transfer to your Binance account. 

Check and verify that Coinbase has the asset you want to transfer. 

Once you have verified the existence of the asset you wish to transfer on Coinbase and Binance, select the “Send / Receive” button in the upper right-hand corner. 

It will then open a new dialogue box with selections for sending and receiving cryptoassets. 

Click the “Receive” tab. You will be given a caution from Coinbase to be sure to click on the right digital asset. Sending a cryptoasset to a wallet address for another asset will usually result in the loss of your funds.

Step 3: Send Your Assets from Binance

Confirm if you’re logged into your Binance account. 

First, go to the “Fiat and Spot” section of your Binance wallet and click the option to “Withdraw.” You may be brought to the “Withdraw Fiat” tab, to change it to crypto, easily select “Withdraw Crypto” in the upper right corner. 

Once again, you will be required to choose the cryptoasset equivalent to the Coinbase wallet you want to send to. 

When selected, paste the Coinbase address into the withdrawal address section. And then verify the wallet address is similar to the one you copied from Coinbase. From there, you can enter the amount you want to withdraw. 

Confirm the amount and then select “Withdraw.”