There can be several reasons why people move their cryptocurrencies from one platform to another or from one platform to a wallet (or vice versa). Some might look for better (lower) transaction fees, others would like to keep them securely in a wallet (hardware or software). No matter what your reason is, moving cryptocurrencies can be a tricky job, especially if you’ve never done it before.
So, either you’re planning to move your coins from platform to platform or just want to get a feel for the process in question, the following guide will give you a good look at the matter. Let’s take a look.
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What happens when a transfer is initiated
To guide you through the whole process of transferring coins from point A to point B, we will use the following as an example:
- Currency – AXS (Axie Infinity)
- Point A – Binance platform (current position of Coin)
- Point B. – Coinbase wallet (final destination of the coin)
To put it simply, when you transfer a coin from point A to point B, first leave the platform and then it comes validated by the blockchain (which may take some time) before that ends up at its destination .
Try the transfer for a small amount
Trial transfer of a small amount allows you to learn about the entire transfer process and have a good idea of how long the process will take before the coin is reflected at its destination.
Also, any information entered incorrectly in the process (e.g. destination address, network type, etc.) can cause the loss of coins , or at least annoying recovery. Therefore, it is recommended that you start a test transfer with a small amount of coins.
Ready to transfer some coins? Let’s begin.
Step 1 – Retrieve the destination address
- Open your Coinbase Wallet app and tap the tab you receive .
- Type “AXS” or “Axie Infinity” and then tap the one on the right in the search result.
- Tap the QR code to copy the address of your AXS wallet.
Step 2 – Add the address to the whitelist in Binance
- Go to your Binance app, tap Wallet (bottom right), then tap AXS .
- On the AXS page, tap the button Withdraw (lower left).
- Assuming this is your first time making a withdrawal (transferring cryptocurrencies from Binance), you will first need to add and whitelist the destination address, which is the AXS address of your Coinbase wallet.
- Touch the bookmark-like icon in Address, then tap ” Go to Add ”To start adding and whitelisting your destination address.
- Paste the address you copied from the Coinbase wallet earlier into the field Street address .
- Now you will have to choose the network. For AXS, we will use the network Ethereum (ERC20) . Note: pay attention to the network selection. An incorrect network can result in the loss of coins during the transfer. Click here to learn more about which network to select for your coin.
- Moving forward, tap Origin address so for Guy select Wallet and for Platform select Other and give it a name. For this tutorial, I’ll give it a name self-describing : Coinbase Wallet . When done, tap Confirmation . Note: we chose Type> Wallet because we are transferring to an address in Coinbase Wallet (a software wallet) and not to an address in Coinbase.com (the platform).
- Verify that all information (currency, address, network, and source address) is correct, then tap Save to add and whitelist the address.
- Before the address can be added and authorized, your identity must be verified. Touch Send code to verify both your phone number and email address.
Step 3: Transfer your currency
- Once verification is complete, you will be redirected to the Withdrawals page. This time, touch the pitch Street address select the address you added earlier and tap Confirm.
- The network should be selected automatically, but if not, select manually Ethereum (ERC20) for this transfer. Click here to learn more about which network to select for your coin.
- Touch Amount and enter the AXS amount you wish to transfer to your Coinbase wallet. After making sure everything is correct, tap Withdraw .
- Check all the information again (address, network and amount) and if everything looks fine, tap the button Confirmation .
- Before you can transfer your coin from Binance, your identity must be verified again. So go ahead and tap Send codes again one time.
Step 4: Check his progress
If the verification is successful, you will end up on a page that says ” Withdrawal request submitted “, Like the following. This means that Binance has started processing your transfer request.
When ” Withdrawal request successful ”Is checked, it means your coin has been successfully transferred to your Coinbase wallet. As mentioned above, successful transfer can take anywhere from minutes to hours, sometimes even days, depending on the coin or network used.
In our case, AXS was successfully transferred in less than 10 minutes.
You can also touch ” View history ”To see the progress. When the orange bar of Processing (X / XX) changes to green Completed it means that your coin has been successfully transferred and is reflected in your destination address, in our case, Coinbase wallet.