Once you have purchased your first Bitcoin on Coinbase you can send it to your Binance account to be able to purchase other coins. This guide will show you how this is done.
What You Will Need
You will need the following items available before you proceed.
Coinbase account funded with Bitcoin
Binance account
Wallets
Your Coinbase wallet is where your cryptocurrency is stored after you buy it. Each wallet has its own unique address which allows you to send and receive cryptocurrency to and from other wallet addresses. There are five different wallets available to you in Coinbase:
BTC Wallet: This is your Bitcoin wallet
BCH Wallet: This is your Bitcoin Cash wallet.
ETH Wallet: This is your Ethereum wallet.
LTC Wallet: This is your Litecoin wallet.
USD Wallet: This is your US Dollar wallet.
Just like Coinbase, Binance also has wallets for you to store, send, and receive cryptocurrency. All wallets, for the most part, work in the same way. In this tutorial I will show you how to send Bitcoin from your Coinbase wallet to your Binance wallet.
Obtain Your Binance Bitcoin Wallet Address
Log in to your Binance account.
Click on Funds and select Balances.
Type “btc” in the search field.
Click the Deposit button in the BTC row.
After a few seconds your BTC wallet address should appear. Click on the Copy Address button to save this address to your clipboard. You will need this address for the next section.
Send Bitcoin
Log in to your Coinbase account.
Click the Accounts tab.
Click the Send button on your BTC Wallet.
In the Wallet Address tab:
a. Past your Binance wallet address that you copied from the previous section into the recipient address field.
b. Select BTC Wallet in the Withdraw From section.
c. Enter the Amount (in either USD or BTC) to send.
d. Click Continue.
Enter the verification code sent you your phone and click Confirm.
The Confirmation Process
Once you have completed the steps above, the Bitcoin that you sent will have to go through a confirmation process before it arrives in your Binance account. The amount of time the confirmation takes depends on how busy the network is. During this process you should see the following activity.
In the Transactions section of your Coinbase BTC Wallet, you should see the pending transaction.
In the Funds > Deposits section of your Binance account, you should see the deposit confirmation status.
Once the transaction has been confirmed, the status should change to Completed.
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Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
