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.
Gemini is a great choice for many as it still has a large collection of cryptos. US citizens are also fully allowed to use the platform, which is an added plus. They also have exceptional security features.
One of the greatest callouts for Gemini’s security features is that a majority of your crypto is kept offline in a cold storage system. This is one of the safest ways to hold crypto as it limits risk to cryptocurrency hackers.
Whatever the reason may be for wanting to transfer from Binance to Gemini, we will show you how to execute this transfer step-by-step!
The process for transferring your crypto from Binance to Gemini can be completed through 3 steps:
These steps will be described in detail in the paragraphs below!
Gemini enables cryptocurrency investors to buy, sell, and store cryptocurrency. This trading platform is one of the few cryptocurrency trading platforms that has never been hacked as security is the number one priority.
Gemini has also built a reputation as an investing platform with a simple user interface, so it is considered to be beginner friendly in that sense.
As with any crypto trading platform, Gemini does charge platform fees.
Since crypto fees are often complex and vary from crypto to crypto, the list of fees can be found on the official Gemini website.
The process to open a new Gemini account is straightforward and can be completed by following the below steps:
After completing the above steps and uploading the required documentation, you will then submit your verification information for review.
According to the Gemini website, verification typically takes 2-3 business days to complete. If the process is taking any longer you can contact customer support for help.
Now it's time to locate the wallet address within Gemini for the crypto you are looking to transfer from Binance:
Be sure to remember that you can only transfer over the type of crypto that you have selected at this stage.
If you attempt to transfer over a different crypto later during this transfer with that same deposit address, your assets will almost certainly be lost!
Lastly, it is time to send your crypto over from Binance to Gemini:
It is always a good idea to test this out with a small percentage of your crypto before transferring over all your assets. Sometimes it is just better to be safe than to be sorry!
However, be sure to consider the fees associated with Binance first before initiating a transfer.
Since the fees vary from crypto to crypto, you should check out their official website to learn more.