Crypto investors have a lot of options when it comes to trading platforms. Some well-known and user-friendly ones include Binance or Coinbase, but many people want the ability to transfer their accounts from one exchange service to another.
Transmitting funds from one crypto trading platform to another is not complex and can be done quickly. But note that some experts recommend you first transmit your assets into a wallet under control, so they have more firsthand blockchain data for an exchange should things go haywire.
Step 1: Have an Active Account on Both Exchange Platforms
To ensure the safety of your funds, you must have an active account on both Binance and Coinbase with equivalent wallets before sending any cryptocurrency.
Coinbase and Bimay oblige the user to give more detailed identifying data to meet local laws with the regions as conditional aspects. Unverified Binance accounts will have limitations in trading activities, and withdrawals and are typically not advised except if the user wants to experience trading with no further effort.
Both exchange platforms will possibly ask you for two-factor authentication (2FA) setup for more security.
Step 2: Find Your Wallet Address
Once you’ve set up your Coinbase and Binance accounts, it’s time for the fun part. First, choose which cryptocurrency coin or token will be sent from/to each exchange platform by selecting them.
To begin, head over to your Coinbase Dashboard and click the assets tab, where you have an overview of your entire cryptoassets on the exchange. Then, click the asset you want to transfer to your Binance account.
Check and verify that Coinbase has the asset you want to transfer.
Once you have verified the existence of the asset you wish to transfer on Coinbase and Binance, select the “Send / Receive” button in the upper right-hand corner.
It will then open a new dialogue box with selections for sending and receiving cryptoassets.
Click the “Receive” tab. You will be given a caution from Coinbase to be sure to click on the right digital asset. Sending a cryptoasset to a wallet address for another asset will usually result in the loss of your funds.
Step 3: Send Your Assets from Binance
You must be logged in to your Binance account if you want further access.
First, go to the “Fiat and Spot” section of your Binance wallet and click the option to “Withdraw.” You may be brought to the “Withdraw Fiat” tab, to change it to crypto, easily select “Withdraw Crypto” in the upper right corner.
Once again, you will be required to choose the cryptoasset equivalent to the Coinbase wallet you want to send to.
When selected, paste the Coinbase address into the withdrawal address section. And then verify the wallet address is similar to the one you copied from Coinbase. From there, you can enter the amount you want to withdraw.
Confirm the amount and then select “Withdraw.”