You may be enjoying much of Binance's services and security features, but want to try leveraging BlockFi's interest-earning accounts to make your crypto work for you.
Binance is a renowned crypto exchange that offers theft insurance for users, as well as advanced trading options for an extensive amount of cryptocurrencies.
BlockFi is a popular crypto platform that offers interest-earning crypto accounts, as well as crypto-backed loans and even a crypto rewards credit card. However, the selection of crypto's is far more limited.
Whatever your reason is for moving your crypto, we will show you how step by step.
Here's our quick and easy guide to transferring crypto from Binance to BlockFi.
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To open a BlockFi account, you're going to need to have the following handy:
BlockFi requires all of its users to be 18 years or older before signing up. Also, BlockFi isn't available in all 50 states yet, including New Jersey and New York.
You'll need to make a password, agree with BlockFi's ToS, and start verifying your identity. This will involve taking a photo of the front and back of your license.
After your records are all confirmed, you'll get an approval email, and receive steps to log in.
Usually this only takes a couple minutes, but the verification process is known to potentially take up to 1-2 business days.
After your account's all set, it's time to log in and start your deposit:
One thing to keep in track of is making sure you're transferring coins BlockFi allows on their platform.
At the moment, BlockFi only supports Bitcoin, Ethereum, Chainlink, Litecoin, USDCoin, PAXG, DAI, Tether, UNI and BAT.
Finally, after getting BlockFi set up and copying your BlockFi wallet address info, we can go into Binance and move the tokens over:
After confirming your transfer, it may take some time to fully process.
Binance's network options are a technical feature of their platform that allows different coins to be transferred in and out of the Binance blockchain with speed and convenience.
For advanced crypto users, this network functionality is helpful for using smart contracts and making higher volumes of transactions at once between different coins within Binance.
However, it can become quickly confusing for crypto users who are just starting out.
If you choose the wrong transfer network for Binance transactions, you could lose your crypto forever.
The three main networks used on Binance are BEP2, BEP20, and ERC20.
Generally speaking, using either BEP20 or BEP2 for any transaction fully inside of Binance is the default, safe, quick, and cheapest option.
But, if these transfer networks are chosen for sending coins to other platforms that don't support BEP20 & BEP2, you can lose your coins.
In these cases, when transferring out of Binance, it is usually a safer option to use the network option that is native to the coin you're sending - for example, ERC-20 for any crypto tokens made on the Ethereum blockchain, or the native Bitcoin blockchain for BTC.
In BlockFi's case, it is incompatible with specifically BEP20, so don't choose it if it pops up, or you will potentially lose your crypto.