Binance and Coinbase are two of the largest exchanges in the world and are currently providing trading services to users in the cryptocurrency market. Individuals can easily acquire, sell, hold and transact a wide range of virtual currencies using these two platforms.
Of course, these two exchanges have many differences and offer different services to users, however, they can be very useful if combined. In this guide, we will share with you how to transfer funds from Binance to Coinbase.
What is Binance
Binance is one of the most popular exchanges in the world because it allows users to buy and sell a large number of digital assets. In the last years, Binance has been expanding and attracting a larger number of users to its platform.
After being launched in 2017, Binance decided to become a leader in the space and offer a wide range of solutions to users rather than just trading services as many of its competitors. Several users are currently trading on Binance and using its futures platform, among other things.
Binance has a large number of trading pairs and tokens that were added in the last few years. Meanwhile, Coinbase handled a lower number of currencies and started to add some more altcoins in the last few years.
If you want to know where Binance is based, read our full guide about it.
What is Coinbase
Coinbase is currently a clear leader in the cryptocurrency market in terms of trading volume and services offered to users. Coinbase is considered to be very easy to use and an intuitive platform for users considering many newcomers use Coinbase as a way to acquire their first coins.
This platform is also considered to be a hub for users that want to trade Bitcoin using fiat currencies. Coinbase has several fiat currencies integrated on its platform, including the U.S. dollar, the European euro and the British pound. Indeed, it handles one of the largest trading volumes in fiat currencies in the market.
Coinbase has been working with just a few cryptocurrencies but in recent times they have added new assets due to increased demand from users. Now Coinbase is offering not only trading pairs related to Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH) but they are also working with other digital assets such as Decentraland (MANA) and many others.
How to Transfer Funds from Binance to Coinbase?
Let’s go to the point of this article: how to transfer funds from Binance to Coinbase? This process is very simple and easy to do. We can do so by opening the Binance exchange and checking that this is the official site of Binance.
We then go to the right side of the screen where you will find the “Wallet” option. If you do not have a Binance account, you can open one in just a few simple steps.
There we need to click on the Spot Wallet option that will pop-up once you place the mouse above the Wallet section. There you will have all the information about the cryptocurrencies that you own. This is the place where you will have to select the coin you want to withdraw to Coinbase.
Let’s suppose that we want to send ETH to our Coinbase account because we consider there is a good opportunity to trade on the Coinbase exchange and get some GBP rather than USDT or other stablecoin on the Binance exchange.
We now need to click on “Withdraw” and select the wallet where we want to send the ETH to. In this case, we will paste the wallet address from our Coinbase ETH wallet. We will also have to share the exact amount of ETH that we want to send to Coinbase.
Once you select all this information, then we can simply move forward by clicking submit. The transaction may take just a few minutes to be processed depending on the congestion of the network. Some digital assets are faster than others, this is why you will realize sending XRP is faster than sending BTC, ETH or even LTC, which is also a good choice for processing transactions.