How to transfer from Coinbase to Binance

How to transfer from Coinbase to Binance

Robert McDougall 

January 9, 2024

Cryptocurrency

Key Takeaways

  • This guide provides a step-by-step process to transfer cryptocurrency from Coinbase to Binance, including creating a Binance account, finding the deposit wallet address, and completing the transfer on Coinbase.
  • Users transfer crypto from Coinbase to Binance because of Binance's low trading fees, higher liquidity, and access to a wider range of features like margin trading and NFT marketplaces.
  • Coinbase is better suited for beginners due to its user-friendly interface.

Over 100 million users have an account with Coinbase, and it is an excellent exchange for beginners because it is so easy to use. The downside of Coinbase is that it has high transaction fees, and it is isn't particularly built for frequent trading.

Binance on the other hand is a dedicated crypto trading platform, and the largest in the world based on trading volume. Many Coinbase users want to transfer their crypto to Binance so they can trade with low fees of 0.1%, as well as access the variety of features available, such as margin trading, P2P marketplace, NFT marketplace, and more.

In this guide we demonstrate how to transfer your crypto from Coinbase to Binance, with loads of screenshots so you know exactly what to do at each step of the way.

The Process: Transferring crypto from Coinbase to Binance

There are only 5 steps involved in sending crypto from Coinbase to Binance. Here is an overview, followed by our in-depth guide.

     Step 1: Sign up to Binance

     Step 2: Find your wallet address for the deposit

     Step 3: Sign into Coinbase

     Step 4: Enter your crypto withdrawal details

     Step 5: Check that your crypto has arrived in your Binance account

Step 1: Sign up to Binance

If you already have a Binance account, you can sign in and then skip ahead to Step 2.

For those who need to create an account, visit the official Binance website, or the Binance.US website if you are from the USA. Register using your email, phone, Google account, or Apple account.

Complete any KYC verification to confirm your identity before you can use Binance. After that is done, you can continue to Step 2.

Step 2: Find your wallet address for the deposit

The next step is to find the wallet address that you will transfer your crypto to. Along the top of the Binance site, you should see a yellow 'Deposit' button - click on it.

A slide-in menu will appear on the right of your screen (as shown below). Click on 'Deposit Crypto'.

You will be directed to the 'Deposit Crypto' page. You should see a dropdown field where you can select which cryptocurrency you want to deposit. In this guide, we will deposit USDT as an example, so we select USDT.

After you select your coin, you need to select which network. As we want to transfer USDT ERC20 in this guide, we select the Ethereum network for Tether. After you have chosen this, you will notice a crypto wallet address is generated underneath. In our screenshot below this is covered by a blue rectangle for privacy reasons, but on your screen, it will be a long sequence of letters and numbers.

Copy this wallet address so we can paste it into Coinbase in the following steps.

Step 3: Sign into Coinbase

Now we have the wallet address, it's time to sign in to Coinbase. Once you are logged in, click 'Send & Receive' in the top right of the exchange, and we can begin the transfer process from Coinbase to Binance.

Step 4: Enter your crypto withdrawal details

You will see a pop-up on your screen. Check that you are in the 'Send' tab (circled in blue in screenshot below), and not 'Receive'.

Where it says 'Asset', you need to click the dropdown arrow to choose the cryptocurrency to transfer to Binance (see red arrow). After you have selected this, you can type in the amount you want to send, or click 'Send all'.

Underneath the 'Asset' field, outlined in red below, is where you will paste the wallet address that you copied from your Binance account. After you have pasted that, and checked it is correct, click 'Continue'.

Review your transaction details, ensuring you check the amount, the cryptocurrency, desired network, and wallet address. After you confirm all the information is correct, finalize the transfer.

Step 5: Check your crypto has arrived in your Binance account

It can take a few minutes for the transfer from Coinbase to Binance. You can see whether your crypto has transferred by going back to your Binance account. 

Click on Wallet in the top right corner, then click 'Overview', and then you will be taken to the 'Wallet Overview' page, like the one below. In the screenshot below, the balances are hidden for privacy reasons, but in your account it will show the balance. You can check to see if your crypto that you sent has arrived here.

Once your transfer is complete, you can start trading or staking your funds on Binance, as you prefer.

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

To send crypto from Coinbase to Binance doesn't take too long, and often it will be done in less than a few minutes. This can change based on the network congestion and the number of confirmations that Coinbase requires.

How much does it cost to transfer from Coinbase to Binance?

The fees to transfer crypto from Coinbase to Binance is dependant on the network. This will also change depending on the cryptocurrency you transfer, how busy the network is, and what priority is assigned to your transfer.

Advantages of transferring crypto from Coinbase to Binance

Many users transfer crypto from Coinbase to Binance, and you may be wondering if you should do the same. What is the benefit of doing so, and is it worth it? Here are the main reasons why people transfer crypto from Coinbase to Binance:

Higher liquidity 

Binance is the largest crypto exchange in the world based on trading volume, and has a huge user base including massive whales who trade frequently. This means that if you're a high-volume trader and want to place large trades, you won't have to worry about your orders not being executed in time. You will experience much less slippage, and lower spreads compared to trading on Coinbase.

Lower trading fees

Coinbase has really high transaction fees, of up to 4.5% for a single Buy transaction. On Binance, the trading fees are extremely low, at only 0.1%. Moreover, if you pay using Binance's own coin (BNB), you receive a 25% discount, which means the fees are only 0.075% per trade. When you are trading large amounts, you will save a lot when using Binance.

More advanced trading features

Binance is an extremely large crypto exchange with tons of features. You will find margin tradingNFT marketplace, P2P marketplace, crypto lendingstaking, and more. By sending your crypto to Binance, there is so much more to explore.

Earning interest

Binance is one of the best crypto platforms to earn interest. You will find competitive APY, and hundreds of coins to stake, including the most popular ones, such as ETHBNBADAMATICDOTSHIB, and stablecoins. Coinbase only offers a handful of options, and the rates are not as high as you will find on Binance.

Conclusion

It is really easy to transfer from Coinbase to Binance, especially if you use our step-by-step guide in this article. After you have made your transfer, you can start exploring all that Binance has to offer, and trade your coins, or stake them to earn interest

The great thing about Binance is that you can sell your crypto for fiat, and withdraw money directly from Binance. You don't need to send your crypto back to Coinbase if you want to withdraw. Get started now, and sign up to Binance here.


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