In this comprehensive guide, I will walk you through the process of how to send Bitcoin from Binance to Coinbase. By the end of this article, you will have a clear understanding of the steps involved.
Quick Guide
- Open Coinbase and grab your Bitcoin address by navigating to send/receive
- Copy the Bitcoin address
- Open your Binance mobile app and navigate to where it says “Withdrawal”
- Select “Bitcoin” and enter the amount you wish to send to Coinbase
- Paste the Coinbase address
- Preview and click on “Withdraw BTC”
- Your Bitcoin will appear on Coinbase after about an hour or so.
Infographic
Check out the detailed guide below for more:
Steps to moving BTC from Binance to Coinbase
I assume you already have a Binance account with BTC in it and that you already are a Coinbase user.
If not you will need to register for one and verify yourself.
Depending on your location you may need to share your social security numbers, upload an ID, and upload a proof of address such as a utility bill.
Step 1: Find your Bitcoin address on Coinbase
I recommend you use the Coinbase website because that way you can grab the QR code of the address with your phone later while using the Binance exchange app.
Navigate to coinbase.com and click on where it says send/receive in the top right.
A pop-up screen will appear with a QR code and a long string of characters underneath.
This is your Bitcoin address.
You can either copy the long string of numbers to paste into Binance in the next step or you can leave your tab open so that you can scan the QR code with your phone’s camera.
- Make sure you select Bitcoin and not Bitcoin Cash or some other cryptocurrency. If you try to send Bitcoin to the wrong cryptocurrency you could lose it. For more on the difference between the two read What is the Difference Between Bitcoin and Bitcoin Cash?
- When you click on the send/receive button the first time Coinbase will prompt you about two things. The first will be a warning to make sure you choose the correct crypto coin. The second will ask you if you want to enable instant transfers. Instant transfers allow you to send crypto to other Coinbase users via email or phone number instantly and with no transaction fees.
- The steps are similar on the mobile app and on both Coinbase and Coinbase Pro. In both instances, you need to find the receive button and follow the same steps.
Step 2: Send your Bitcoin from Binance
Open the Binance app and navigate to the portfolio tab at the bottom right. You can also visit the Binance website but using your phone you can scan the QR code which leaves less margin for careless errors compared to copy-pasting the address.
Next, click on the Withdraw button and select Bitcoin from the coin list. If you don’t see Bitcoin there search for it in the search bar.
Next, enter the amount of Bitcoin you wish to withdraw to Coinbase.
Now enter the send address.
Here you can paste the address you copied from Coinbase or you can scan the QR code on your desktop by clicking on the little square icons to the right of the input field that I have circled in red below.
Next preview your withdrawal. Doublecheck that all details have been entered correctly and that you are ok with the fee.
You may be prompted to verify the transaction using two-factor authentication (2FA) and clicking on a confirmation sent to your email address
How to transfer BTC from Binance to Coinbase Wallet
Sometimes people confuse Coinbase with the Coinbase wallet. Coinbase Wallet is not a centralized cryptocurrency exchange.
Instead it is a crypto wallet where you can store your crypto and participate in Web3 and DeFi. You can find out more about the differences between the two here: What Is the Difference Between Coinbase and Coinbase Wallet?
If you are looking to move BTC from Binance to Coinbase Wallet then follow these instructions
- Like before you need to find your BTC address on Coinbase Wallet. To do this open the wallet app on your phone and navigate to where it says “Receive” in the top right.
- In the search bar search for Bitcoin and click on it when you find it
- A new tab will show you your Bitcoin address. Stick with the default SegWit option as Binance also supports and it results in lower fees. SegWit is just an upgrade to the Bitcoin blockchain that made validating transactions more efficient.
- Copy the address
- Open your Binance app and click on withdrawal
- Select Bitcoin and paste the Coinbase Wallet address
- Your BTC should appear in your wallet within the next hour or so.
Why Transfer Bitcoin from Binance to Coinbase?
Here are some common reasons people move Bitcoin from Binance to Coinbase
- Dollar withdrawal: Binance.us has been under close scrutiny by the SEC and has paused U.S. dollar withdrawals and deposits. So if you want to cash out you need to move your Bitcoin to another exchange such as Coinbase and then sell your Bitcoin for U.S. dollars. Other popular crypto exchanges include Kraken, Gemini and Crypto.com. Also check How to transfer money from coinbase wallet to bank account.
- Diversification: with crypto, it’s always better not to have all your eggs in one basket. Some people prefer to store their crypto across wallets and exchanges to diversify the risk. If that is your incentive then check out Coinbase Vaults: What Is a Coinbase Vault and Is It Any Good for Storage?
- Personal preference: Binance has a busier user interface with more features. Coinbase is more minimalist and also has phone support which Binance does not. Also, Coinbase is a publicly traded company which adds more gravitas to Coinbase.
Will my Bitcoin be safer if I move it to Coinbase?
While Binance has been under intense scrutiny by the SEC in the US your digital assets are not necessarily the safest on Coinbase either.
Having said that both Coinbase and Binance have some kind of insurance policy against getting hacked.
For example, Binance has a Secure Asset Fund for Users (SAFU) that is worth more than $1Bn at the time of writing.
But keeping your funds on crypto exchanges is not safe.
Unlike banks, crypto exchanges are not protected by the Federal Deposit Insurance Corporation (FDIC) in case of bankruptcy.
To guard against this risk you are better off sending any large holdings of crypto to a wallet or a Coinbase vault.
In general, the safest place to store your crypto is offline in a hardware wallet.
Because cold storage devices are not connected to the internet they are much harder to hack.
The risk with cold storage is that you lose the device.
The other alternative is to use what’s called a hot wallet.
A hot wallet is a software wallet in the form of a mobile app or Chrome extension.
Hot wallets are more susceptible to getting hacked but they have the benefit that you don’t needi to worry about losing a physical device. Plus they are free.
Some popular hot wallets are
- Coinbase wallet
- Trust Wallet
- Atomic Wallet ( UPDATE: Atomic Wallet got hacked)
Does Binance charge me any fees for sending my Bitcoin to Coinbase?
Binance won’t charge you any trading fees for moving Bitcoin to your Coinbase account.
However, they do need to charge you network fees which are used to reward miners who validate transactions on the blockchain.
These depend on network congestion but usually insignificant.
FAQs
Can I move my crypto from Binance to a wallet?
Yes, Binance allows you to freely move your digital coins from Binance to any wallet. You will need to pay networks fees to blockchain validators or miners but these should be a small amount.
How do I receive BTC in Coinbase?
To receive BTC navigate to where it says send/receive on Coinbase's website. You will need to have a verified account to receive Bitcoin. Copy the address which is a long string of characters and numbers and send it to the person who wants to send you BTC. They will in turn paste it into the send field of their wallet or exchange. The sender needs to select the same network as your receive address.
Is Coinbase wallet safer than Coinbase?
Coinbase wallet is considered safer because you have self custody of your private keys. Of course this also means that if you lose your keys no one can get them back for you.
How long does it take to transfer crypto to Coinbase?
Transfer times depend on how many transactions a blockchain can process. Tokens on layer 2 solutions such as Polygon and Arbitrum transfer almost instantly. Slower blockchains such as Bitcoin usually take up to 45 minutes though sometimes they can take more than 24 hrs. If your transfer is pending more than 24hrs reach out to Coinbase's support team
How do I withdraw Bitcoin from Binance?
To withdraw Bitcoin from Binance navigate to the Binance app and click on withdrawal. Select Bitcoin from the drop down and paste the address of where you want to send your Bitcoin to.
Can we send bitcoin from Binance to Coinbase?
Yes you can send Bitcoin from Binance to any wallet or crypto exchange including Coinbase. To do so find your Coinbase BTC address under send/receive and paste it into the Binance withdrawal address.
Why is Binance BTC fee so high?
Binance does not charge any trading fees for withdrawing Bitcoin. If you see a high fee during a withdrawal it may be due to network congestion. If you are not in a hurry try in a few days.
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