How to Transfer Bitcoin From Coinbase to Binance
For many investors and traders, Binance Australia is the crypto king. In terms of features, trading markets and options, as well as its premium financial management services, Binance has a lot of benefits compared to Coinbase.
In this step-by-step guide, we outline the steps you need to take in order to safely and quickly transfer digital currencies from your Coinbase Australia account and into a new Binance Australia wallet.
How To Send Bitcoin From Coinbase To Binance
Sending BTC from a Coinbase wallet to a Binance Australia wallet can be done in 4 easy steps. Here is a quick breakdown.
- Create a new Binance account using a valid email address and strong password to open a new account with Binance. Complete the mandatory ID verification process by submitting a copy of your Australian passport, driver’s licence, or foreign passport with an Australian Visa.
- Copy your Binance wallet address for Bitcoin by navigating to ‘Deposit Crypto’ and selecting BTC as the asset and network.
- In your Coinbase account, click on ‘Send/Receive’ to open the withdrawal panel and paste in your Binance wallet address. Enter the amount of BTC to send and select a suitable blockchain network. Click on ‘Continue’.
- Confirm Bitcoin deposit to Binance. Review the details including the gas fees and confirm the transaction.
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How to Transfer Bitcoin From Coinbase to Binance – A Complete Guide
Binance is one of the best crypto exchanges in Australia and offers more advanced features and financial management products than Coinbase Australia. For more information on the features that Binance Australia has to offer, you can read our detailed Binance review.
The steps to successfully crypto such as Bitcoin from Coinbase to Binance are detailed in the sections below. In this tutorial, we have used BTC as the asset being transferred.
Step 1 – Creating and verifying a Binance Australia account
If you don’t already have an existing Binance Australia account, then creating a new one won’t take too long. You can choose to do this using a desktop computer or through the Binance mobile app.
To get started with Binance, you will need a valid email address and strong password. Once you create your account, Binance will send a 6-digit code to the nominated email address for account verification purposes.
In Australia, Binance is legally required to collect your basic details in order to satisfy Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements. This is known as the Know-Your-Customer (KYC) process where you need to prove your identity.
To complete this, you can submit a copy of your Australian passport, driver’s licence, or foreign passport with an Australian Visa. If you are using a desktop computer, Binance will give you the option of using your mobile phone to take photos for seamless submission. After entering the details of your nominated proof of identity, Binance will prompt additional information to be submitted including your full name and residential address.
Our Binance Australia account was verified in about 30 minutes which is fairly fast compared to other exchanges where the KYC process can take between 1 hour and 1 business day. After successful verification, enabling 2-Factor Authentication (2FA) is highly recommended to provide yourself with an extra layer of account protection.
Step 2 – Copy your Binance wallet address
Log into your new (or existing) Binance Australia account and click on ‘Deposit Crypto’. Next, use the drop-down menu to select Bitcoin from the list of assets to withdraw from Coinbase. Then select the blockchain network to facilitate the transaction. Since we are transferring Bitcoin in this guide, we selected BTC as the asset and BTC as the network.
Your Binance wallet address is a unique alphanumeric code that needs to be copied and pasted into the Coinbase withdrawal panel. It will appear after you select the asset to transfer and the network to use. You can either click on the ‘copy’ icon or use the Coinbase mobile app to scan the QR code.
Step 3 – Paste your Binance wallet address into Coinbase
Once your Binance wallet address has been copied, log into your Coinbase account and select ‘Send and Receive’ to initiate the withdrawal. The ‘Send and Receive’ button can be found at the top of your dashboard, as seen in the image below.
Clicking on ‘Send and Receive’ will bring up a withdrawal window where several details need to be entered. Selecting the crypto to withdraw is not as intuitive on Coinbase as on other platforms. However, clicking on ‘Pay with’ will present a menu where you can choose the crypto to send to your Binance wallet. As shown in the image below, other information to enter include the value of BTC to send (expressed as AUD).
Once this information is entered, click on ‘Continue’.
Step 4 – Review & confirm the transfer
After clicking ‘Continue’, Coinbase will present a summary of the withdrawal details for you to check including the amount of BTC to send, the gas fees, the nominated network, and the Binance wallet address.
Coinbase Australia charges zero fees for withdrawals of cryptocurrencies. However, a mandatory ‘gas fee’ will apply. This fee is not paid to Coinbase and instead goes to the miners as compensation for the computational power they provide to facilitate the transaction. Although minor in their magnitude, gas fees are influenced by several factors including the coin being withdrawn, network congestion, and the complexity of the transaction.
On the other hand, deposits of cryptocurrencies on Binance can be done free of charge. Depending on the asset being transferred and network congestion, the time taken for the transaction to be completed will vary. In the case of Bitcoin, transfers on the BTC network usually take around 45 to 60 minutes. After such time, the transferred BTC will be seen in your Binance wallet as a ‘deposit’.
Can You Transfer Bitcoin From Coinbase To Binance Australia?
Australian Coinbase customers can easily transfer their Bitcoin to a Binance Australia wallet in just a few steps. Essentially, your Binance wallet address will need to be copied and pasted into the cryptocurrency withdrawal window on Coinbase. other information to complete include the amount of crypto to send (in AUD) and choosing the right blockchain network. No fees will be incurred from Coinbase or Binance, however, a small ‘gas fee’ will apply to facilitate the transaction.
Are There Any Fees To Transfer Crypto From Coinbase To Binance?
Coinbase does not charge any fees for withdrawals of crypto like Bitcoin, and no deposit fees apply from Binance. Instead, a small network fee will apply. The fee is paid to the miners as compensation for providing the computational power to validate the transaction. The fee amount will depend on the asset being withdrawn, the complexity of the transaction, and network congestion.
The Benefits Of Sending Bitcoin From Coinbase To Binance Australia
Binance is a vastly superior crypto exchange over Coinbase due to its range of features and trading markets. Here are some of the benefits that can be obtained by sending crypto to Binance.
- Binance is substantially cheaper than Coinbase. Maker and taker fees on Coinbase start at 0.4% and 0.6%, respectively. Compare this to the 0.1% and 0.1% fees, and traders can instantly get better value for money on Binance.
- Binance has access to significantly better trading liquidity than Coinbase. According to CoinMarketCap, the daily trading volume of Binance is approximately 7.2 times larger than Coinbase. Cryptocurrency trades conducted on Binance will have less price slippage and is therefore more suitable for high-volume trades.
- Binance has better crypto trading features and markets. Binance has 383 coins and tokens, 1,661 trading pairs, and access to spot, margin, and futures trading. Coinbase has fewer supported coins and tokens (237) and trading pairs (601).
- Binance is one of the most secure Australian wallets for storing Bitcoin.
Frequently Asked Questions
Why can’t I send crypto from Coinbase to Binance?
To successfully transfer crypto such as Bitcoin from Coinbase to Binance, you need to ensure that there is sufficient asset funds in your wallet. the withdrawal process on Coinbase be started by clicking on “Send and Receive” where your Binance wallet address will need to pasted. Other critical items to consider include the amount of crypto to send as well as selecting a blockchain network that is supported by Coinbase and Binance.
How much does Coinbase charge to withdraw crypto?
Coinbase does not charge any fees to withdraw digital currencies from its wallet. A small network fee, sometimes referred to as a ‘gas fee’ or ‘mining fee’, will apply. The amount will vary for the asset being transferred out, the complexity of the transaction, and the level of network congestion. For example, the network fee to withdraw Bitcoin and send it to an external wallet may be between 0.0000044 BTC and 0.0002 BTC.
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Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.