Binance is a cryptocurrency exchange that offers a huge range of digital assets and cryptocurrencies to trade. If you are looking for a modern, user-friendly exchange that offers a large number of coins to trade and high liquidity, then Binance is a great option. This is a detailed guide on how to send money from Coinbase to Binance. We will first start by explaining what is Binance and what are its features. Then, we will explain the process of trading on Binance, how to transfer Ethereum from Coinbase to Binance, and, how to buy Binance smart chain coin contracts. And finally, we will explain the process of sending money from Coinbase to Binance. Let’s check it out.
What Is Binance?
Just like you have stock exchanges where you can track and trade stocks of companies even Binance works the same way. But, the difference is that Binance is an exchange for cryptocurrency. In 2017, Changpeng Zhao founded Binance. In the early years, Binance headquarters were in China but later shifted to George Town, Cayman Islands British West Indies. This was done because China had increased restrictions(rules) on the use of cryptocurrency. Meanwhile, in 2017, Binance launched its own cryptocurrencies i.e Binance coin. Likewise, in September 2020, another crypto Binance smart coin was launched. In total, there are 17,827 cryptos on Binance. Further in 2022, it is decided to add 10 new coins on Binance. In January 2019, Binance joined hands with Simplex, a payment processor so that people can buy coins with debit/credit cards.
However, there are many legal issues also involved with Binance. On October 28, 2020, Forbes staff leaked documents where Binance and Binance founded Changpeng Zhao tried to mislead the US regulators. In 2019, Binance was banned by the US government. Therefore, the team created Binance US, a similar platform with over 60 cryptos traded. The US public praised this new platform of Binance. Basically, they wanted to make a profit from crypto investors in the country. In May 2021, Binance was under inquiry for money laundering cases. Besides that, recently Binance’s founder refuses to ban the Russian users stating it is their financial freedom.
How To Buy Binance Smart Chain Coins?
Binance in 2020, had launched Binance smart chain technology in spite of having Binance blockchain. But, the question arises, why was another blockchain or crypto needed in Binance? Well, there were some cons of the Binance blockchain that forced the team to come up with a Binance smart chain technology. They also have a Binance smart chain that supports a low cost, high-speed Defi ecosystem, and many more features. Also, you can store digital assets in Binance smart chain. In 2021, 28.6 million people use Binance in the US and many other countries. Now that you know about Binance smart chain contracts, let’s understand how do I buy Binance smart chain coin contracts. There are many ways to buy Binance smart chain coins on various platforms, we have shown how to buy Binance smart chain coins on Metamask. Let’s check it out.
There are many wallets from where you can buy Binance smart chain coins. Through Trust wallet, Binance smart chain coins can be brought. Here are the following steps to buy Binance smart chain coins on Metamask.
1. “Download” Metamask extension from their website.
2. Select the “Custom RPC” option from the “Networks” dropdown list.
3. Fill in the details that are given below and click on the “Save” button.
Network Name: Binance Smart Chain Mainnet
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 0x38
Currency Symbol: BNB
Block Explorer URL: https://bscscan.com
4. “Transfer” some BNB coins from Binance to your Metamask wallet address.
5. The final step is to “Swap” your BNB coins for BSC coins. You need to go to the Pancakeswap site. Click on “Trade” on the left sidebar. From the Trade option, select the “Exchange” button. Then, connect the Metamask wallet. Enter the amount of BNB you want to buy your BSC coins. Click on the “Select a currency” option and paste the address. Then, click on the “Swap” button and after some redirects, you’ll have your Binance smart chain or BSC coins in your wallet.
How To Buy Coins On Binance?
Binance is one of the largest exchanges in today’s time. There are thousands of the newest coins on Binance. The top crypto coins like Bitcoin, Ethereum, Dogecoin, Tron, Litecoin, Ripple, Shiba Inu coin on Binance. Here are the following steps to buy Crypto coins on Binance in 2022. Let’s check it out.
Debit or Credit Card
- Visit the Binance website. Register yourself and fill in the details.
- Click on the “Buy Now” button that will be in the top section of the page.
- You can select any crypto coin you wish to buy. From various cryptocurrencies, select one of them.
- Enter the amount of USD or any currency in which you wish to spend. Therefore, the system will automatically convert your fiat/ USD currency to cryptocurrency. For eg, if you want to spend $2500 to buy Bitcoin(BTC), you will get 0.065453 BTC.
- Choose the preferred payment system like debit/credit card, Mastercard, Visa, etc. Fill in your card details and check it again.
- Note that you have to confirm within one minute because the amount of Bitcoin will be recalculated as per the current market.
- Finally, after completing the payment, you will get your Bitcoins in your wallet.
The steps remain the same as Debit or credit card. In addition, there are some extra steps in the end. But before that, you should know what is P2P. P2P means peer-to-peer payment. Basically, a seller puts an ad that he wants to sell for eg 0.3226 bitcoins. And coincidentally, you want to buy the same amount of bitcoins. So, Binance will try to match both your requirements and you both will transact with each other. Let’s check it out.
- Go to the Binance website and click on the “Buy now” option.
- Select the cryptocurrency you wish to buy and also enter the amount of USD or Euro or any fiat currency you wish to spend.
- You will be directed to the payment option. Select the “P2P payment” option from various options like WesternUnion, Revolut, Zelle, Gcash, etc.
- The system will match your buy order with the seller’s ad on the market. There will be many sellers who are ready to sell, but the payment system is different so select appropriately.
- Complete the payment procedure and once the seller has received the money, you will get your Crypto coins.
How To Withdraw Coins On Binance?
Withdrawing money from Binance is quite simple, but there are some steps you need to follow. The following are the steps to withdraw coins on Binance. Let’s check it out.
- Firstly, you need to “Log in” to your account on the Binance site.
- Click on the “Wallet -> Overview” option on the right-hand side of your screen.
- Likewise, click on the “Withdraw” option from the top.
- Select the crypto coin you wish to withdraw. For eg, if you have Bitcoin, BNB, and Ethereum in your wallet, you can select either of them. If you select BNB, in the Network option, you will see BEP2 (BNB Beacon Chain) or BEP20 (BNB Smart Chain (BSC)). You can select either of them based on fees and arrival time.
- Enter the “Recipient address” or you can add a new address from the booklist.
- Next, enter the Withdrawal amount and you will see the transaction fees and the final amount that you will receive. You can select from Spot wallet or Funding wallet from where you want to withdraw.
- Check all the details and click on “Withdraw“. As the withdrawal is taking place, just wait patiently.
How To Send Money From Coinbase To Binance?
Just like Binance, Coinbase is also a crypto exchange where one can buy different coins. It was founded in 2012 and is the 2nd largest crypto exchange in the world. There are more than 43 million users that use Coinbase after Binance. Many people have accounts in different exchanges and usually, they wish to transfer money from one exchange to another. Similar is the case with Coinbase and Binance, you can also transfer coins like Ethereum from Coinbase to Binance. Let’s understand how to send money or coins from Coinbase to Binance. Here are the following steps you need to follow. Let’s check it out.
Step 1: Set Up A Coinbase Account
The first step is to set up an account on the Coinbase platform. During the account creation, they will ask you for certain personal details like phone number verification, email address, etc. You can also choose the type of account you want. For instance, you have an option to choose from Business and Individual accounts. Besides that, in Coinbase, you also have to set up a payment option. There are many payment options but the most popular are debit/credit cards or bank transfers. Bank transfers in the US might take 4-5 days whereas debit/credit cards are instant. Once you have selected the payment option, you can deposit some money in your Coinbase account.
Step 2: Buy Some Crypto Coins On Coinbase
The next step is to buy some crypto coins on Coinbase. You have different options to buy coins from like Debit/Credit cards, Bank transfers, Paypal, Euro Bank account, Swift Account. Or else, you can deposit some money in your Coinbase account and buy some cryptocurrencies. If you wish to buy some crypto coins on Coinbase, you need to select the cryptocurrency you want to buy. Enter the amount of USD or Euro, and the system will convert the amount of USD to the number of coins.
Step 3: Send Money From Coinbase To Binance
The last step is to send money or tokens from Coinbase to Binance. The following are the steps to transfer money from Coinbase to Binance.
- “Log in” to your Coinbase account and click on the Accounts tab.
- Select the Crypto wallet from where you want to send the money. For eg, if you have an Ethereum wallet, you can send only Ethereum not Bitcoin. Therefore, choose the wallet properly.
- Click on the “Send” button that will is placed below the wallet.
- Enter the amount you want to send to your Binance account.
- They will now ask for the address. Copy and paste the deposit address of your Binance account to Coinbase. Check whether the address posted is correct.
- Again check all the details and click on the “Continue” button.
- Finally, your cryptocurrency will be transferred from your Coinbase account to your Binance account. It will usually take 15-30 mins for the transaction to complete.
How to Transfer Ethereum From Coinbase To Binance?
Now that you know about Binance and Coinbase, let’s understand how to transfer Ethereum from Coinbase to Binance. The process to transfer Ethereum from Coinbase to Binance is somewhat similar to sending money from Coinbase to Ethereum, but there are some minor changes. Let’s check it out.
- Create a “Coinbase account” and fill in the details.
- Set up your payment option from the given list. Also, deposit some money in your Coinbase wallet.
- Buy some Ethereum coins in your wallet.
- Next, select the “Account” tab on the right-hand side of your screen.
- Select the “Ethereum wallet” and click on the “Send” option.
- Now, copy and paste your Binance address and also enter the number of coins you wish to transfer.
- Click on the “Continue” button and here you go. The process to transfer Ethereum from Coinbase to Binance.
Is Binance Better Than Coinbase?
Absolutely, Yes. Binance and Coinbase, both are the top crypto exchanges in the world. Yet, there are some differences to consider. Thus, talking about Binance, there are 17827 coins whereas Coinbase has over 600 coins on its platform. Whereas, on the basis of fees, Binance has comparatively fewer transaction fees than Coinbase. Binance offers 0.015% to 0.10% fees while Coinbase offers 0.50% fees. When it comes to the UI of both sites, Coinbase is easier for beginners to start with as compared to Binance. But, talking about the mobile app, Binance is much more comfortable than Coinbase.
However, many people debate as to which crypto exchange is the best. Apart from this, there is much more safety on Binance and Coinbase. Because both the platforms are secured by AES-256 encryption. Talking about the overall experience, Binance reviews are much better than Coinbase. Again, it depends upon you as to which platform you wish to use, as both the platforms are safe and secure.
Binance is one of the largest crypto exchanges in the world. Although it faced some critics, Binance is preferred by many people. Apart from various features on Binance, adding new coins has become a prime feature. There are more than 200,000,000 Binance coins available in the future. This article also discusses various ways to buy coins on Binance. Also, it discusses how to buy Binance smart chain coins and transfer Ethereum coins from Coinbase to Binance. Lastly, a brief review on Binance vs Coinbase. We hope that this post has given you some insight into Binance and has answered all of your questions about how to send money from Coinbase to Binance. If you have any questions, the comment section is open for you.
Yes. Binance US is a part of Binance. Actually in 2019, the Binance witnessed a lot of criticisms from the US government. To overcome this ban, the team came up with a new crypto exchange for the US citizens called as “Binance US”. Till now, there are 60 cryptocurrencies traded on Binance US platform.