Binance is one of the most loved and trusted exchanges and it is arguably the easiest way to buy ripple, stellar, iota, etc. however, you cannot deposit money directly to your Binance account because it does not accept fiat currency but you can deposit other cryptocurrencies such as bitcoin. The easiest way to get deposit a cryptocurrency to the Binance account is by transferring it from Coinbase, a reputable and popular cryptocurrency app.
The combination of Binance and Coinbase has been quite dependable by the investors. Binance particularly allows the user to choose their own base coin, either bitcoin or ethereum. In addition to this privilege, you are able to choose the best digital coin in terms of a faster transaction settlement time and the coin with the low network fees.
The eligible coins for transfer.
There are only four altcoins that are eligible for transfer. These are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Transferring from Coinbase to Binance.
Before you can start the transfer process, you need to open a Coinbase account and you need to ensure that you are from any of the 32 supported countries. Once verified on Coinbase, you can buy your preferred coin by use of credit cards, PayPal or bank transfers. In this writing, we will look at how to transfer bitcoin, and the same process can be used to transfer the other three coins.
Getting the Coinbase wallet source.
Different coins have different wallets. When transferring bitcoin from Coinbase, you need to create a bitcoin wallet. On the upper left hand side of your laptop, you click on the accounts tab, once there, click on the coin wallet that you want to transfer, in this case the bitcoin wallet as shown in the figure below.
After clicking ‘send’ you will be requested to enter the receiving address.
Generating the Binance wallet address.
Trading on Binance is quite easy. In order to get the Binance bitcoin address, go to your Binance address, click “deposit” under the funds dropdown on the upper right hand corner. Once on that page, you will be asked to enter the keyword of your preferred coin. In this case, enter bitcoin. An address will be generated. You need to copy this address now as this is what you will enter in the Coinbase’s receiver address part.
Finalizing the transfer process.
Now you have all the required details that are needed to transfer the coins to Binance. Go to the Accounts tab on Coinbase, click on the bitcoin wallet, enter amount, and then click send. You will be required to input the Binance bitcoin address that you had generated. While at this point, you will notice that there is a network fee applied. This represents the amount of that you will be charged for the transaction. It is recommended that you should go through the Coinbase fees and fine document.
After this, you are required to enter an additional note. There are some coins that you have to enter an additional note. Otherwise you may end up losing your coins. For instance, you have to add a note for ripple, stellar, Monero, etc. but these coins cannot be deposited from Coinbase.
After completing the transfer, you will be taken to the Coinbase homepage and a pending transaction notification will appear. Within a few minutes the funds will arrive in your Binance account. The transaction may take longer given that Binance has gained a lot of popularity in the recent past and the traffic will cause the slight delay. However, as long as the address entered was accurate, you will have the funds in your account in due time.
You can also check this video to transfer from Coinbase to Binance:
Binance is one of the best exchanges which is know for its low transaction fees. However, it is not possible to buy altcoins on Binance with fiat currency but you can transfer your base currency from Coinbase to Binance. By following the above stated steps, this is the first step towards enjoying your trading experience on Binance.