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How to transfer funds from Coinbase to Binance

Why would you need to transfer funds from Coinbase to Binance? That’s a good question. Let me clarify those reasons.

Both Coinbase and Binance are top crypto exchanges that have a reliable reputation as a safe place to buy crypto and have millions of users all over the world. However, each of them is unique in some way and has a different set of features.

Coinbase vs Binance

Coinbase has a wide array of services but its main service allows users to buy and sell Bitcoins through a bank account, credit card, debit card, wire transfer, and even PayPal. By using one of those methods you can buy crypto there with a 4% fee (which is a bit high). A perfect place if you are just beginning your career in the world of cryptocurrency and need the most popular coins like BTC, ETH, XRP.

On the other hand, there is another crypto exchange leader called Binance. This platform used to have only crypto-to-crypto transactions with only a 0.1% fee. But that’s not a problem anymore. Binance has recently introduced fiat option to buy Bitcoin and other digital coins.

The exchange has added payment support for 15 fiat currencies including the Swiss franc, Korean won and Australian dollar, as well as the Polish zloty and South African rand, pound sterling, and Russian ruble. Supported fiat currencies will be paired with Binance’s base cryptocurrencies – bitcoin (BTC), ether (ETH), XRP (XRP).

However, it is not as perfect as you may think. If you decide to buy BTC with fiat, you will have to go through a complicated verification process (which is not required for crypto-to-crypto) transactions.

Do you realize why one would deposit from Coinbase to Binance? Exactly! It is much easier to buy the first crypto and Coinbase with a bit higher fee. But hen you can move money to Binance to trade crypto-to-crypto with a lower fee and without the verification step.

If this is what you were looking for, then let me provide you with the detailed steps on how the transferring process.

How to transfer from Coinbase to Binance

Below you can see the step-by-step process to send Bitcoin from Coinbase to Binance.

Sign Up/Log In to your Coinbase account

1. Sign up to create an account on Coinbase

You will need to enter your first and second name, alongside your email address. Coinbase will then send you an email, which you will need to verify.

2. Select your account type: Business or Individual

Upon request, you will be asked to confirm your email address. Once completed, you will be redirected to the startup page, where you will be first requested to confirm whether you want to create an individual or business account.

3. Verify your Phone Number

The next step is verifying your phone number. The reason for this is to create a form of 2-factor identification in order to ensure that your account remains secure. Other 2-factor identification methods are also available, as set out below.

Coinbase will then send you an SMS message containing a unique code, which you’ll need to enter on-screen to verify that you are the rightful owner of the device.

This is absolutely fundamental, as you will need your mobile device to access key account features, such as logging in or withdrawing funds.

4. Set up Payment Method

As you will be asked to deposit funds, you will need to set-up a payment method. Your options will depend on where you are located, although in most cases this covers a debit/credit card and bank account.

You will also be asked to enter the billing address linked to your preferred payment method.

For bank transfers, Coinbase will often set up one or two small transactions to and from your account, in order to verify your account.

For credit cards, a screenshot of the credit card is necessary. Bank transfers in the US can take up to 4 to 5 days to complete, or 1-3 days by SEPA transfers in the EU, while credit and debit card transactions are instant.

Coinbase also allows users to link their Paypal account to the platform, but this can be used for proceeds made from selling cryptocurrency only.

 

5. Verification Process

After selecting “Bank Account,” Coinbase will prompt you to provide verification details for your ID. This is the KYC (Know Your Customer) process, and it’s a common practice for most cryptocurrency exchanges. Gather the required documents and upload them to Coinbase.

6. Confirm Your Payment Method

To conclude the account set-up process, you will need to verify your chosen payment method to confirm you are the true owner. If opting for a debit card, Coinbase will process two small charges from your card. You’ll need to log in to your online bank and confirm the last two digits of these charges.

Alternatively, if opting for a bank account, you need to make a small transfer into the account details specified by Coinbase. Once you’ve done the above, you’re now ready to buy your first-ever cryptocurrency.

Deposit your Coinbase account if necessary

Now that you’re all set-up, click on the cryptocurrency that you want to buy, enter the total USD (or local currency equivalent) amount that you want to purchase, and pay for the transaction with your verified payment method.

The purchase will be executed immediately, meaning that the digital coins will be stored safely in your Coinbase account. Now you have the option of withdrawing them to a private wallet, sending them to another cryptocurrency exchange (e.g. to Binance), or simply leaving them in your Coinbase account to sell at a later date (this option is not recommended for safety reasons).

It’s important to make sure that you are on the right tab of your account to purchase the correct currency. Before confirming the transaction, Coinbase provides you with details of the service fee and the amount of cryptocurrency being purchased in the transaction. Once confirmed, the amount of cryptocurrency that you have purchased will be credited to the relevant Coinbase wallet.

Sign Up to your Binance account

If you don’t already have an account, the first step is to sign up for Binance. All that’s required as far as personal information is concerned is your email address. You’ll need to confirm this email address before being able to log in to the exchange.

If you want to stay anonymous, Binance offers a Limited Account where you can trade without verifying your identity. However, it restricts your trading activity and limits your withdrawals to 2 BTC per day. Unless you’re just trying out the platform for fun, we advise you to create a regular account.

And there is another great feature about Binance – a referral program. You will get a 20% kickback if you sign up for Binance using our referral link. Your cashback will be automatically applied to your account. It sounds like a good way to make some extra money, doesn’t it?

But here is a kicker – you will also save 45% on your trading fees forever. Don’t miss this opportunity!

Once logged into your Binance account, locate the ‘Deposits’ page (under ‘Funds’ in the main menu). After you select the crypto you want to deposit, copy the address shown.

Transfer money from Coinbase to Binance

  • Log into your Coinbase account and click on the ‘Accounts’ tab. Choose the Coinbase wallet you wish to send from—either Bitcoin or Ethereum. (If you’re on mobile then Accounts will be at the bottom of your screen)

  • Click the ‘Send’ button beneath the coin you want to send. Be sure to select the correct wallet type. For example, if you’ve chosen to deposit Ethereum to Binance, make sure to send Ethereum and not Bitcoin.
  • Now copy and paste the deposit address from Binance to Coinbase. Make sure the address was copied correctly!
  • You’ll also need to enter the amount you want to send.
  • Finally, hit Continue and make sure to check all the details of the transaction and then complete the send. Done.

  • Your cryptocurrency will now be transferred from your Coinbase to your Binance account. Just give it 15-30 minutes (or maybe longer at times) and then you can check your Binance account if it has been deposited yet. You can also check your Coinbase for Transactions if it has successfully gone through.

How to transfer Bitcoin

At this point, I’ll assume that you already have accounts on Coinbase as well as on Binance. However, you firstly need to deposit your Coinbase wallet and buy bitcoin. After that, you want to transfer BTC to Binance. So here is a quick overview of your steps based on the detailed information I provided earlier.

  1. Log in to your Coinbase account.
  2. Add funds via bank account transfer, a debit card or wire transfer to fund your Coinbase wallet. Keep in mind that wire transfer is the cheapest method.
  3. Click on the “Buy/Sell” tab at the top. You’ll see a selection of cryptocurrencies outlined in light gray. Choose Bitcoin (BTC).
  4. Select a payment method from the dropdown box below (the bank account you added during setup should show up by default here).
  5. Choose an amount you want to transfer by entering an amount in USD on the left. Coinbase will automatically convert this to your chosen cryptocurrency. You can see a breakdown of the transaction on the right, including the Coinbase fee.
  6. Click the “Buy” button at the bottom. Coinbase will then start the process of withdrawing the fiat funds from your bank account. Your cryptocurrency purchase will take several days to appear in your wallet, so be patient.
  7. Log in to the Binance account, choose “Deposits” from the “Funds” menu at the top of the screen. On the left, you’ll see a dropdown menu that says “Select coin/token to deposit.” Type ‘Bitcoin’, then click its entry.
  8. Binance will generate a wallet address for your BTC coin. Copy the address to your clipboard. Make sure you copy the whole thing and make sure you only send this type of cryptocurrency to the address, otherwise you’ll lose your deposit.
  9. Go back to Coinbase and click the “Accounts” tab at the top of the screen. Scroll down to Bitcoin. Click the “Send” button.
  10. Coinbase will open a small window with the transfer information ready to go. Paste the wallet address from Binance into the “Recipient” box near the top. A green circle means it’s valid.
  11. Choose the amount you want to transfer out of your Coinbase account using the bottom left box. You can enter the amount in USD or in the cryptocurrency itself, and Coinbase will show you the conversion.
  12. Add a note if you want and click the “Continue” button to start the process.
  13. Coinbase will send you a confirmation email to let you know the transfer is taking place.
  14. Once it’s complete, head over to Binance and click “Funds > Transaction History.” You should see your Coinbase transfer here, along with the transferred amount sitting in your Binance wallet, ready to trade.

How to send Ethereum?

Sending Ether coins is pretty much the same as Bitcoin. So I’ll just summarize the process in a few words, assuming you already have ETH coins in your Coinbase account:

  1. Log in to your Binance account and select “Deposits” from the “Funds” menu.
  2. Type ‘Ether’ in the “Select coin/token to deposit” field.
  3. Binance will generate a wallet address for your ETH coin. Copy the address to your clipboard.
  4. Log in to your Coinbase account.
  5. Click the “Accounts” tab, scroll down to Ether, and click the “Send” button.
  6. In the new window paste the wallet address from Binance into the “Recipient” field.
  7. Choose the amount you want to transfer. You can enter the amount in USD or in ETH, and Coinbase will show you the conversion.
  8. Add a note if you want and click the “Continue” button to start the process.
  9. Coinbase will send you a confirmation email to let you know the transfer is taking place.
  10. Check your Binance account to see your Coinbase transfer there.

As you can see, it is quite easy to send ETH between the two exchanges.

Transfer fees

As I highlighted earlier, Coinbase is known for its high fees. The exact amount varies depending on funding method, action, and country of origin, but most users can expect to pay 1-4% when they deposit funds into Coinbase or withdraw into a bank account.

By comparison, Binance charges 0.1% for crypto-to-crypto transactions, and it offers the ability to lower those fees by holding BNB tokens in your account.

Here are a few tips on how to save money when dealing with the exchange transactions:

  • Switch to Coinbase Pro

Move your funds from Coinbase to Coinbase Pro (formerly Gdax). When you create a Coinbase account, you automatically gain access to Pro. Thus, funds can be easily swapped between the two.

However, the Pro transfer process is a little bit complicated as it is designed for experienced traders, after all.

  • Use a bank account

It is always cheaper to use a bank account instead of a credit card. The platform charges 1.5% to transfer fiat from a bank to your account. Using a credit card is faster, but it’ll cost you 4%. Unless you’re in a hurry, stick with bank accounts instead.

How long does it take to transfer from Coinbase to Binance?

The average transfer time is 15-30 minutes. Or maybe longer at times depending on a few factors :

  • Which asset you are transferring and the number of confirmations. BTC has a different number of confirmations compared to ETH, which in turn has a different number of confirmations compared to LTC, and so on.
  • Usually, funds are only 100% available in the exchange if the transaction has been fully processed.
  • Load on the blockchain/network of the asset being transferred. For example, during the end of the 2017 BTC bull run, transactions were taking hours.
  • If the transaction requires manual intervention or review.

Summary

Transferring cryptocurrencies between the two exchanges isn’t as complicated as it seems. Once you complete the initial setup procedures, the rest is a simple matter of moving funds from one wallet to another.

Just take it slow. Stay calm, do your research, and remember this is real money you’re dealing with. Patience is everything when it comes to cryptocurrency investing.

The crypto exchanges are unfortunately the target of frequent hacking attacks because these people know a lot of users keep their money in online wallets. If you need to store them online, do it temporarily!

Transfer summary:

  1. Sign in / get started at Coinbase
  2. Fund your account
  3. Buy crypto
  4. Go to Binance and copy the address you are transferring to (deposit)
  5. Go back to Coinbase, paste the address to make the transaction to Binance