How to Transfer Bitcoin From Coinbase to Binance

A Simple Tutorial on How to Transfer Coinbase to Binance

Coinbase vs Binance image

Binance is one of the most popular cryptocurrency exchanges in Australia, while Coinbase is the leading exchange platform in terms of global users and trading volume.

While both platforms are great for crypto trades, they each have drawbacks; Binance doesn’t accept deposits in fiat currency, and Coinbase has a limited number of cryptocurrencies to trade with.

This is why traders leverage the benefits of each platform by transferring cryptocurrency between them. If you’d like to transfer bitcoin from Coinbase to Binance, here’s a simple step-by-step guide to help you

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Binance is popular in Australia, whereas Coinbase is more for global traders, so both platforms come with advantages and disadvantages for users. 

Therefore traders like to utilise both so in this step-by-step guide, we show you how to transfer bitcoin from Coinbase to Binance thus enhancing your trading experience.

Make sure to read the following carefully!

How to Transfer Bitcoin From Coinbase to Binance

Step 1: Create a Coinbase Account

Coinbase abides by the strict anti-money laundering policies in Australia, which means that you can’t trade anonymously on the platform.

If you don’t have an account, start by creating one. The process is simple and straightforward, but you’ll be required to provide your personal details, including official names, phone number, and copies of your government id, for verification.

Coinbase will then review your details, and if they are consistent with the documents uploaded, your account will be activated.

Step 2: Deposit Into Your Account

Once your identity is verified, you’ll need to make a deposit to start trading. Coinbase Australia has 2 main deposit methods; bank transfers and debit cards.

Initially, they used to allow credit card deposits, but this option was removed. They also don’t allow prepaid cards that don’t have an associated billing address.

Bank transfer deposits are usually cheaper, but they take a while to reflect on your account. Debit cards, on the other hand, are faster but incur higher fees.

Step 3: Buy Bitcoin

Coinbase offers its users a digital wallet where they can store their crypto. Before you start trading, you’ll be required to indicate your preferred currency, after which Coinbase will give you a wallet that matches it.

As soon as the deposits reflect on your account, you can start buying bitcoin.

Step 4: Go to Your Binance Account

Create a Binance account if you don’t already have one. The process is very similar to Coinbase, so you should have an easier time.

Unlike Coinbase, Binance has an option that allows you to trade anonymously, even though we don’t recommend it. If you don’t verify your identity on the platform, your trading activities will be restricted, and you’re bound by a 2 BTC withdrawal limit.

Step 5: Go to the Deposit Tab on Your Account

Navigate to the deposit section of your Binance account and click on the cryptocurrency you’d like to receive from Coinbase. An encrypted wallet address will be generated for you. Copy it and go back to your Coinbase account.

Step 6: Send Bitcoin to Binance

From your Coinbase account, navigate to the accounts section and search for the digital coins that you’d like to transfer to Binance.

Click on the Send button next to it, after which you’ll be asked to enter the recipient’s address. Paste the wallet address that Binance generated for you, and then click on continue to finalize the request.

Before the transfer is approved, bitcoin miners have to verify it, and this could take anywhere from an hour to several days, depending on how busy the network is.

Transfer process: Coinbase account > search cryptocurrency> click on send > enter Binance wallet address> click on continue

How To Transfer Bitcoin From Binance To Coinbase

If you’d like to transfer your bitcoin from Binance to Coinbase, the transfer process is just as straightforward. Log into your Coinbase account and search for bitcoin. Click on the receive button, and the site will generate a wallet address for you to paste on Binance.

For other cryptocurrencies, ensure that Coinbase supports them before you initiate the transfer.

Transferring Bitcoin From One Crypto Exchange to Another

Binance is a great platform, but here are the top 3 alternatives you should consider for your cryptocurrency trades;

1. Swyftx

swyftx

This platform started off as a concept in 2017, but in 2019, it was officially launched and has experienced steady growth since then.

Swyftx is built on one main goal; to allow Aussies to trade cryptocurrency in a safe and convenient way.

It has a simple interface that’s easy on the eye and a variety of trading options, making it perfect for both novice and expert investors. They also have a mobile app that’s available on both the App Store and play store.

The best part about signing up to this platform is that you receive $10 worth of free bitcoin free, which is great for practice trading before you invest your own money.

Click here to create an account at Swyftx

Swyftx also has a demo account with $20,000 in virtual currency that you can use to emulate real trades and sharpen your trading skills.

This site has more than 250 cryptocurrencies for you to trade with, and they are registered and regulated by AUSTRAC. To protect your account from unauthorized access, Swyftx recommends that you enable 2-factor authentication.

They, however, also implement stringent security measures to ensure your funds are protected.

Swyftx has some of the lowest trading fees in Australia, and their customer support is top-notch, as indicated by their excellent Trustpilot reviews.

Create account at Swyftx here

2. Coinspot

Coinspot exchange

Coinspot is a highly reliable exchange site that is mostly known for its security features. In addition to storing most of its funds in cold storage, it also has an insurance fund named SAFU that ensures investors get paid if a breach ever occurs.

Their website’s design is simplistic and easy to navigate, easing the digital currency management process.

Coinspots has over 260 digital currencies, including the most popular ones like Bitcoin, Litecoin & Ethereum, and some of the lesser-known coins like Monaco MCO and Tael WABI.

You can make deposits through 4 main methods; BPAY, PayID, cash deposits and POLi. The deposits will reflect in your account almost immediately, except for BPAY that could take up to 3 days. Please note that you can only withdraw from this platform using Fiat money.

Create your CoinSpot account here

Coinspots customer support is readily available to assist, and you can reach them through the live chat feature on their site or open a support ticket. They, however, lack phone support, which is highly important in crypto trading.

This exchange is regulated by AUSTRAC and is compliant with KYC rules and AML regulations.

Sign up to CoinSpot

3. eToro

etoro logo

eToro is by far one of the best exchange platforms for beginner investors because it has a variety of features that allow you to practice your trades before making real investments.

This Israeli company was launched in 2006, and since then, it’s become a favourite among many.

Some of its top features include mobile trading on an app that offers a similar experience to the web version. eToro also has a demo trading account with $100,000 virtual money that you can use to learn the ropes of crypto trading.

Unlike most exchange sites, this platform is a multi-asset exchange, and when you sign up with them, you gain access to over 2000 trading assets. They also have no spreads, which is why they have some of the lowest training fees.

Start Trading With Bitcoin Today

Crypto Trading often seems like a lengthy and complicated task, especially when you have to transfer coins from one platform to another.

However, if you follow the above guide, you’ll be in opposition to transfer bitcoin from Coinbase to Binance and vice versa without hassle.

Disclaimer: This article is intended to be used and must be used for informational purposes only. It's important to understand that digital assets are risky, you should always do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.