Binance has certainly gained popularity in recent years due to its massive collection of cryptos - over 500 to trade!
However, the platform is not available to US citizens. Instead, US citizens can use their Binance.US version, though it is more limited in its available cryptos.
Because of this, you might be wanting to transfer your crypto assets to another platform.
Coinbase is a great choice for many as it still has a large collection of cryptos, offers ways to earn crypto through their learning resources and is very simple to use. US citizens are also fully allowed to use the platform, which is an added plus.
Whatever the reason, if you are looking to transfer your crypto from Binance to Coinbase, we will show you how.
Transferring crypto from Binance to Coinbase is not difficult.
The process can be completed with the 4 steps below, which only take a few minutes to complete.
Each of these steps has a few steps themselves. Let's dive into those now.
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Coinbase is a solid cryptocurrency exchange for a number of reasons.
First, it is highly simplified and features an incredibly easy-to-use app.
Second, whether you are a beginner or advanced trader, they offer a platform for each. Advanced users will likely want to use Coinbase Pro.
And third, they provide a number of educational resources for free. These learning materials also let you earn free crypto!
If you sign up for Coinbase using our button above, you will get $5 worth of free Bitcoin!
Before executing a transfer from Binance to Coinbase, you will need to setup a Coinbase account.
Setting up a new Coinbase account is simple:
When creating a Coinbase account, you are actually allowed to skip verification.
However, to send/receive crypto, you do need to verify your account.
This verification is done through uploading a photo of your driver's license or other state issued ID:
You will receive an email once you are verified or if Coinbase needs more information.
If the image of your ID is clear and matches the information in your account, verification will be completed in mere minutes.
When transferring crypto assets out of Binance, you will need a place to send them to.
In this case, the location is going to be your Coinbase wallet. Each wallet has a specific address.
This address can be found in Coinbase quickly and easily:
Always double check to make sure you are sending cryptocurrencies to the correct wallet type.
If you send Bitcoin to an Ethereum address, for example, it will likely be lost forever.
Now that you have a Coinbase account and completed verification, you are ready to perform the transfer. Remember, it is imperative that whatever coin you are transferring matches the wallet that you copied from Coinbase.
Before going through the steps to initiate the withdrawal, you should be aware of applicable fees. Each crypto has its own fee and minimum set by Binance.
For example, if you were transferring Cardano (ADA) through the Cardano network, the minimum transfer would be 10 ADA and the fee would be 1 ADA.
Be sure to take a look at Binance's fee schedule to understand applicable fees before executing your transfer.
Here's how to send crypto from Binance to Coinbase:
Transferring crypto is actually a simple process; however, it is important that you ensure the details and understand applicable fees as you cannot undo a transfer.
Once you have a verified Coinbase account, you will be able to transfer from Binance to Coinbase in a matter of minutes.