Cryptocurrency market and networks have increased popularity and adoption across the globe over a short period. With different cryptocurrency exchanges available, traders may prefer to use different exchanges at varied times. Different trading platforms provide unique benefits to the user hence the need to acquire skills on the transfer of currency from one account to another. We are going to examine the transfer of crypto from Binance to coinbase and vice versa
The process of transferring crypto from Binance to Coinbase and vice versa is quite easy. Key to note is that a fee is charged for the transfer to take place. The step-by-step guide is provided below.
How to Transfer Crypto from Binance to Coinbase
This begins with a login to the Coinbase and Binance platforms and setting up a transfer.
- Go to coinbase, click “sign up” button of you do not have an account yet to create one or simply click “sign-in”.
- Go to whichever currency you will be transferring (e.g. BTC in this case) and click receive tab. A wallet address will appear with a specification that only Bitcoin (BTC) should be sent to that address. This is because sending any other digital asset would result in permanent loss.
- Click on show address.
- Copy the address carefully to avoid any error
- Go to Binance account and Click on Funds then click on balances.
- Click on withdraw against the currency to be transferred to coinbase. (i.e. BTC in this case)
- Paste the copied address on the BTC withdrawal address barcode. Ensure to double-check that it is the same address.
- Enter the amount of currency to transfer and click the submit button
- Enter the authentication code as requested and press submit. The authentication is done through an SMS code or googles authenticator code, then confirmation is done by clicking on the sent Email.
- Activity will be seen in the BTC wallet in the coinbase account and eventually, the transfer will be completed.
Running a Test
It is quite scary to transfer a huge sum of currency from one platform to another. It is advisable to transfer a small amount in the first attempt as a test to the withdrawal process. This precautionary measure aids in getting familiar with the platform as you watch the transfer go through and see the time taken to complete the transaction. It is imperative to contact support in the transaction takes longer than 24 hours.
What Currencies can be transferred from Binance to Coinbase?
At the moment, there are limited transferable cryptocurrencies from coinbase to binance include Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Any other currency that is not supported by the two exchanges cannot fly. Importantly, the currency being transferred have to be the same hence the transfer of different currencies have to be done separately.
If you have another currency stored on Binance and would like to transfer it to Coinbase, the only possibility is to spend it on transferable currency before trading it.
Both Binance and Coinbase use two-factor authentication to protect the user account. The authentication by mobile phone code or google authenticator followed by Email confirmation protects the account from unauthorized transactions.
Extra safety measures could be taken by taking screenshots in every step. The screenshots may come in handy if the transfer takes too long as a proof to the support team.
Why a Pending Transaction?
Normally, transactions will appear in the account almost instantly but will show as “pending” until there are enough network confirmations. The number of confirmations varies with the digital currency. Coinbase runs its digital currency nodes that communicate with the rest of the network and any transaction sent is broadcast to the rest of the network for confirmation.
Nevertheless, sometimes the nodes lose sync with the rest of the network for a short period of time causing the transaction to remain in pending state for a longer period than normal. This period is usually less than an hour and the transaction eventually goes through.
Usually, there is no need for panic if you can get access to your bitcoin. Sometimes delays are in an indication that the new platform has a high level of scrutiny to ensure that no third party entities can access your blockchain.
Crypto marketplaces are evolving rapidly, something that makes trading easier as we move in the cashless society. Most cryptocurrency exchanges offer a limited number of coins but this has not been a limitation to trading since traders can transfer funds from one wallet to another and fund their trading accounts. Binance and Coinbase are great trading platforms and the ability to transfer currencies between the two platforms allows the traders to benefit by maximizing on the unique features of the two platforms.