Updated 2/3/2018 for new Binance layout!

WARNING!

Do not send anything other than the token specified for an address when withdrawing to another exchange. Example:  Only send ETH to the Coinbase or GDAX ETH wallet, do not send any other tokens. Even though it is an Ethereum wallet  they do not support anything else being in this wallet!  This will result in a loss of your funds. 

If you have your own personal Ethereum wallet, then you can send other tokens to the same ETH address.  Please read this guide to understand wallets and their compatibility.  

IMPORTANT:  Converting Crypto to Cash

Binance does not currently allow you to sell your crypto for a fiat currency.  This means you will want to withdraw your crypto  to an exchange like Coinbase, GDAX, BitStamp, etc. that allows you to sell for fiat and then withdraw to your bank account.

If you are planning to use Coinbase, check out this guide on how to avoid their fees.  For an overview of the flow of crypto  to fiat currency, check out this article.

Binance Exchange

While Binance is a reputable cryptocurrency exchange, some might prefer to keep their tokens in their own personal wallet.  This is considered safer because an exchange could potentially shut down at any time.  It’s also a nice feeling to have them in your own wallet and know they are fully in your possession.  Check out the YouTube version of this guide too!  

Please note the following example goes through withdrawing an Ethereum based token, but the process is the same for other tokens.  You just need to make sure the token you are sending is compatible with the wallet that will be receiving it!

If you do not have an account with Binance, please consider using my referral link!  And if you need your own personal wallet, check out this guide for an Ethereum wallet and this guide for a NEO wallet.

 

Steps to withdraw from Binance

1. Go to the Binance website and login

2. Select the “Funds” tab and click “Withdrawals

Binance Withdraw Option

 

3. Find the token you want to withdraw by using the drop down list and searching for it.  In this example I am using the NEO token, so I clicked on NEO when it popped up.

Binance search for coin and click for withdraw options

 

4. There are 2 ways you can do this part.  If you click the drop-down at the “Withdrawal Address” field and select “Use New Address“, it will save the address for later use.  It also provides a “Label” field so you can give a name to the address.  I am not worried about saving this address, so the only difference in the following steps is not filling out a “Label” field.

Fill in the “Withdrawal Address” field (1) with the wallet address you want to send to, and the “Amount” field (2) with how much you want to withdraw. Then click “Submit” (3).

NEO Note:  NEO must be sent in a whole number, you cannot send fractions.  Also notice there is no transaction fee for withdrawing NEO.  This could change in the future, but right now that is money saved!

Binance withdraw details

The only thing left to do is complete any security measures that pop-up.  They will also send an E-mail to confirm the transaction, so be sure to check for that. The “History” section beside the “Withdrawals” section you just filled out should update and will also mention the status.  As you can see, it’s letting me know an E-mail was sent.

Binance withdraw status

 

Summary

Binance is a great exchange with a good reputation and a lot of liquidity.  They also take security very seriously, so you can feel safe leaving funds on here.  Read more about them in my Binance review post, or check out the KuCoin review for another great up-and-coming cryptocurrency exchange. 

169 Comments

  1. Suneel

    Hi Chris. I’m new to crypto. I invested in some coins (ADA, XRP, XVG, IOT, TRX, POWR, XLM, ETH, FUN, SNT, TNB) in Binance. But now I want to withdraw them for BTC or USD. What is the procedure to do? I have Coinbase/GDAX account. Is this account any way useful to withdraw the coins from Binance? Please provide your suggestion. Thanks in advance.

    Reply
    • Chris McCoy

      Hi Suneel,

      The best option here would be to sell those coins for BTC on Binance. Once you only have BTC left, you can send it over to your Coinbase/GDAX BTC wallet. After the BTC is on Coinbase/GDAX, you can sell it for USD. I’d recommend using GDAX because it is a lot cheaper. Check this article out on using GDAX to avoid the Coinbase fees: https://www.blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      The only exception to the above would be ETH. Since Coinbase/GDAX has an ETH wallet, you could just withdraw the ETH as-is. However, the more withdraws you do, the more fees you end up paying.

      Hope that helps and let me know if you have any questions!

      Thanks,
      Chris

      Reply
  2. Tim Shifflett

    Hello Chris, How long does it take to withdraw LTC from Binance to my Exodus wallet?

    Reply
    • Chris McCoy

      Hey Tim,

      It should be fairly quick, but there are times where it can vary greatly. There were times where an ETH transfer took a few minutes from Binance, and other times the same type of transfer took over 1 hour. I’d say if you do not have it in your Exodus wallet within a few hours it might be worth contacting Binance support. Also double check the right address was used when the withdraw was entered just in case.

      Thanks,
      Chris

      Reply
  3. Randy Tetterton

    Chris, I am having a problem withdrawing my Lumens from Binance. I log in with Google 2FA go thru all the steps as instructed but when the 2FA comes up after clicking on submit at the end and I put in code is says invalid tag every time without fail. Been trying for the last couple hours and does same thing everytime. Help….Randy

    Reply
    • Chris McCoy

      Hey Randy,

      I have not heard of that issue before, but I do know 2FA issues with Binance seem to be very common. The only other one I remember involved resetting/adjusting the timezone. The error message for that one was “binding error” though. In case it helps: https://support.binance.com/hc/en-us/articles/115003785171-Google-Auth-2FA-Bindling-Failure

      Most other people I have seen with issues said it started working again after a few hours. I’d try again and then reach out to them in a chat channel if it still doesn’t work.

      Thanks,
      Chris

      Reply
  4. Tony C

    Thank you once again for what seems to be very immense knowledge on crypto currency

    Tony C

    Reply
  5. Tony C

    Chris,

    I took your advice and I am getting a ledger nano S, and as I was looking into it everybody said to buy directly from Ledger not somebody else, so I ordered it from Ledger directly, but it doesn't ship until March 27.
    So my question is can I make a paper wallet for any crypto currency?

    Tony C

    Reply
    • Chris McCoy

      Hey Tony,

      Great move and ordering from Ledger is as safe as you can be. From what I know you should be able to because it’s really just storing the keys on a physical document. Here is a wiki on paper wallets that goes into detail: https://en.bitcoin.it/wiki/Paper_wallet. Even though they are talking about Bitcoin, it should be similar, if not the same, for the other cryptos.

      Thanks,
      Chris

      Reply
  6. Crysta

    how do you convert coins?

    Reply
    • Chris McCoy

      Hey Crysta,

      Converting is really selling one coin for another. If you had NEO, but wanted TRX, you would need to sell the NEO for BTC and then buy TRX. Note that you could replace BTC with anything else that TRX trades against.

      Hope that helps!

      Thanks,
      Chris

      Reply
  7. Allen Dion

    Hello Chris, I have MEW for my ETH and you stated that TRX can also be stored on it also? How about the following coins/tokens: XVG, XRP

    Reply
    • Chris McCoy

      Hello Allen,

      Verge and Ripple do not operate on the Ethereum blockchain, so you will need separate wallets for each one. I have not personally used the Toast wallet, but it seems like a lot recommend it for XRP. Verge has some wallet options on their homepage that are probably really good: https://vergecurrency.com/#wallets

      Hope that helps!

      Thanks,
      Chris

      Reply
  8. Pe

    I bought funfair 160 units but withdrawal fee to my wallet is 143 units . Is that normal fee or i missing something ? By the way i am new to this .

    Reply
    • Chris McCoy

      That comes out to around $7, which seems to be pretty common for Binance. Your best bet is to buy enough to where it’s not a huge percentage of your holdings or just keep them on the exchange. Hopefully Binance re-adjusts some of their withdrawal fees though!

      Reply
  9. Tony C

    Hi there, I am very new to all of this, my question is what is the best wallet to store different crypto currency’s in to keep them protected?

    Thanks Tony

    Reply
    • Chris McCoy

      Hi Tony,

      That will depend on which cryptocurrency you want to move off of the exchange. Cryptocurrencies are specific to a blockchain, similar to how applications are specific to an operating system. If you wanted to move ETH and XRP off of an exchange, you would need 2 different wallets because ETH and XRP operate on different blockchains. If you wanted to move TRX and ETH off an exchange, you could use the same wallet because they both operate on the Ethereum blockchain. Just be careful when using a wallet on an exchange because they use separate wallets for each cryptocurrency, even if they are on the same blockchain.

      Hardware wallets (like the Ledger Nano S) are the safest and support multiple cryptocurrencies, so they tend to be the best route.

      Hope that helps and feel free to let me know which cryptocurrencies you want to store and I can probably recommend a specific wallet!

      Thanks,

      Chris

      Reply
      • Tony c

        Thank you for the very best response Chris.
        Some of the crypto currency’s are ripple, tron, kin, PAC, dodge coin.
        Is there one wallet whether online or off that would hold them all plus other various ones?
        Tony C

        Reply
        • Chris McCoy

          Unfortunately that kind of wallet does not currently exist. A lot of projects are working on blockchain interoperability, which could allow for that in the future. Wallets that are ‘multi-asset’ like Exodus provide a few wallets in one application. It does make it easier, but they still don’t support everything.

          The Ledger Nano S has support for Ripple, Dogecoin, and Ethereum. Since Tron and Kin operate on Ethereum, the Ledger Nano S is ok for them. The only one that would not be compatible is PAC. I am not familiar with PAC, but this is their homepage based on the link on Coin Market Cap: http://paccoin.net/. They have a wallet section, so you could try that.

          If you don’t want the hardware wallet, MyEtherWallet is the go-to for an Ethereum wallet (https://blockchaindk.com/2017/11/04/create-ethereum-wallet-with-myetherwallet/). You will be able to send your Tron and Kin to it. A lot of people recommend Toast wallet for XRP (https://toastwallet.com/), haven’t used them myself, but it’s on the sidebar in the Ripple subreddit. Not familiar with the Dogecoin wallets, but found this on Reddit: https://www.reddit.com/r/dogecoin/comments/4yts6h/start_here_for_much_wallet_wow/. As mentioned above, you can try the PAC coin website for their wallet.

          It can get overwhelming, but that’s the nature of the beast right now. Hope it helps!

          Reply
          • Tony c

            Thank you for all your insight, it is very helpful

  10. Shea

    Chris,

    Unfortunately I read all of this after completing my withdrawal….but I am going to ask anyway and hope the answer is not what I think it is….FYI this thread/site has been the most helpful so thank you in advance, I will make this as short and simple as I can.

    I had TRX on binance. Finally decided to count my losses and withdraw. Though I understand the process of not being able to send TRX to coinbase, I did it anyways without thinking, well I actually assumed if I was doing something wrong it would not allow me to send.

    So I sold 100% of my TRX, went to withdraw, and I sent it to my Coinbase ETH wallet address. There was no error message, nothing at all, actually when I look at my withdrawals on binance it says “completed”. This was about 2 hours ago, So my point/question is…Where the heck is my money? It is no longer on binance, and my ETH wallet on coinbase is empty. I do not really understand how this would even be allowed to happen if my money is legitimately no longer attainable. I am able to click and view links on binance that take me to etherscan, which is pretty much just showing me the transaction….I am so confused and could use some help and/or an explanation. If my money is really not going to show up in my Coinbase ETH wallet, is there a way I can get it back into binance to withdraw correctly…If I even did anything wrong….Anything helps!!!! Sorry I know I said I would keep it short….lol

    Reply
    • Chris McCoy

      Hi Shea,

      Glad it has been helpful!

      This is where it can get confusing. An Ethereum wallet can hold any token created on the Ethereum blockchain. The ETH wallets on Binance, Coinbase, etc. are Ethereum wallets. However, they have to integrate individual coins into their platforms, which is why you see varying coins listed on different exchanges. The ETH wallets on Coinbase and Binance are the exact same, but they choose which coins they will integrate into their platform. Since Ethereum wallets are not actually registered to an individual, there is no real way to tell if a transaction is going to an exchange wallet, personal wallet, etc. Essentially, exchanges have a ‘middle-layer’ between the user and the blockchain you are interacting on, which is why they pick what they will offer.

      If you were to create an Ethereum wallet on MyEtherWallet, you could send any Ethereum based coin to it and be fine. The reason it’s ok here is because you are given the private key to the wallet. This allows you full control of the wallet, so you can add/send/deposit any Ethereum token from/to it. Exchanges do not give you the private key to the wallet, which is why you can only deposit what they specify. In this scenario, there is no ‘middle-layer’ since you are interacting directly with the blockchain the wallet is on.

      For more insight into wallet differences I would recommend this article: https://blockchaindk.com/2018/01/16/cryptocurrency-wallet-compatibility-basics/.

      Unfortunately you are at the mercy of the exchange at this point. The only thing to do would be to reach out to Coinbase support and see if they can help :/. Sorry it’s not the answer you wanted to hear!

      Reply
    • Marvin Carter

      Do I send altcoin to BTC address on coinbase? Or sell for BTC and complete transaction that way?

      Reply
      • Chris McCoy

        Hi Marvin,

        Sell for BTC and then send BTC back to Coinbase. You could also sell for ETH, BCH (Bitcoin Cash), or LTC since Coinbase offers wallets for each of those. Exchanges are more explicit in what can go to their wallets, so never send something that does not match the wallet name.

        Hope that helps!

        Reply
  11. carlos

    Hello Chris,

    I have 1,000 car vertical as tokens in my Ethereum wallet. I bought some car vertical coins
    in an exchange. If I decide to withdraw all my coins from the exchange, can I send the coins
    to the Ethereum wallet and put them together with the tokens?

    This is driving me crazy!

    thank you

    Reply
    • Chris McCoy

      Hi Carlos,

      Yep, since the car vertical tokens are Ethereum based you can send them to your Ethereum wallet. This is assuming it’s not an exchange ETH wallet, but an Ethereum wallet you created yourself on a platform like MyEtherWallet.

      If you have other tokens on the exchange, you just want to make sure they are Ethereum based. For example, you would not be able to send ARK to an Ethereum wallet since it resides on it’s own blockchain.

      Hope that helps and let me know if you have any other questions.

      Thanks,
      Chris

      Reply
      • carlos

        Thank you Chris,

        So, tokens are in reality coins, one and the same.

        They are just named differently for the ICOs and the
        trading platforms.

        So when I withdraw the car vertical coins and send them
        to my ethereum wallet, they will join the 1000 tokens already
        in my ethereum wallet?

        THank you

        Reply
        • Chris McCoy

          Yep, I don’t think the community has come to a consensus on exactly what to call this stuff yet. Tokens/Cryptocurrency/Coins/Cryptoassets have all been used to refer to the same things.

          Correct, it just adds to your balance of that coin. Similar to making multiple deposits into a bank account or buying stock multiple times in a brokerage account.

          Reply
          • Carlos

            Thank you Chris!

  12. Myra

    I’m very new to this, so please forgive me if my question is simple. I brought some altcoins on Binance and trying to understand the values in the deposit and withdrawals tab. What do each column mean next to the altcoins I purchased… for example Ripple… is the total balance and available balance columns (because they reflect the same amount) how much I made and can withdraw & sell? Is the BTC value column how much I purchase the coins for? Thank you for your time.

    Reply
    • Chris McCoy

      Hello Myra,

      Great question, the column descriptions are below:

      Total Balance – Total number of the specific altcoin you own. This includes coins that might currently be in a transaction that hasn’t executed yet. In your example it matches the available balance because none of the coins are currently in a transaction.

      Available Balance – Number of altcoins that are not currently tied up in a transaction/order. For example, if your total balance shows 100 and your available balance shows 50, you would only be able to withdraw/sell/etc. 50 of that coin because the other 50 are already tied up in a transaction.

      BTC Value – Amount of BTC you could receive if you sold all of your coins at the current market price of that coin. If you have 10 coins worth 0.1 BTC each, the BTC Value column would show a 1.0 because selling all 10 at 0.1 BTC would get you 1 BTC.

      Hope that helps and let me know if you have any other questions!

      Thanks,
      Chris

      Reply
      • Myra

        Hi Chris,

        Thank you for your quick response, Just to make sure….the BTC value column is the amount of USD that I would receive for that particular coin if I wanted to sell and transfer USD into my bank account and not the total and available balance column? To know exactly how much a coin is worth in USD, do I plug into the bitcoin calculator the BTC Value or total and available balance amt?

        Reply
        • Chris McCoy

          No problem Myra. The BTC value is the amount of BTC you would receive. Then you would need to sell the BTC for USD to be able to withdraw it to your bank account. Note that Binance does not offer fiat currency options, so you would need to convert to BTC, and then send to an exchange like Coinbase to sell the BTC to USD.

          To see the value, you would plug in the BTC Value amount into a bitcoin calculator. My personal recommendation is to use a portfolio tracker like CoinTracking. It will show you the USD value of all of your holdings. Check out this review I did here for more info: https://blockchaindk.com/2017/12/29/review-cointracking-cryptocurrency-portfolio-tracker/

          The flow is AltCoin -> BTC -> USD.

          Reply
          • Myra

            Hi Chris,

            I get it! Thank you so very much!

            Take Care

  13. Marc

    Hi Chris, how do I withdraw 1 NEO on Binance now? Its telling me to please enter an integer. I’ve tried entering 1.025 but the submit button remains unhighlighted. Thanks

    Reply
    • Chris McCoy

      Hi Marc,

      You can just enter 1 in that case. Since there is no fee you don’t have to add anything extra. Bittrex is different because they would take a fee out, so you would need to enter something like 1.025.

      Let me know if that worked!

      Thanks,
      Chris

      Reply
      • Marc

        It worked. Thanks for your help & for the quick response. I appreciate it!

        Reply
        • Chris McCoy

          Awesome, glad it worked!

          Reply
  14. Alpesh

    Hello! I am trying to move my XLM from the Binance account to the wallet. I followed the steps such as going to the withdraw section, put the wallet address, enter the 2FA key from google authenticator. But, keeps on saying google “2FA key fail.” I trying to log out from the Binance account and logged in several times, the 2FA key works that time but, its just not working while withdraw. Can you please help me with that?

    Thanks!
    Alpesh

    Reply
    • Chris McCoy

      Hi Alpesh,

      I have not experienced that issue before, but I came across this thread on Reddit that should help. https://www.reddit.com/r/binance/comments/7iceev/attention_issues_with_2fa_please_read/

      I also read a couple of other threads where they tried again a little later and it worked, so I would give it a try again today and see if it resolved itself.

      Let me know if those help, I’d be interested to know what the cause is!

      Thanks,
      Chris

      Reply
      • Alpesh

        Thanks Chris, I will try that to see if it works! I appreciate!
        Alpesh

        Reply
  15. Kamila

    Hi Chris

    I came across your forum because I signed up with Binance to invest in XRP. In my history of transacted funds it shows I have LTC. However, when I go to purchase XRP in Basic Exchange it says BTC balance of 0. How can I buy XRP with the LTC in my Binance account or buy BTC with my LTC to buy XRP? Does any of that make sense?

    Thanks

    Reply
    • Chris McCoy

      Hi Kamila,

      Binance does not offer LTC as a base pair, so you would need to exchange it for BTC or ETH to buy XRP. Exchanging is really just selling 1 coin for another. In this case you will be selling your LTC for BTC. This will credit your account with BTC and then you can buy XRP. Check out this guide for selling: https://blockchaindk.com/2017/12/22/sell-on-binance/

      Hope that helps and let me know if you have any other questions!

      Thanks,
      Chris

      Reply
      • Kamila

        Ok I can see how that works!!! And once I sell it, is the BTC just credited to my transactions? or is there another step to take?

        Reply
        • Chris McCoy

          Yep, once the order is filled the BTC balance will increase. Then you should be able to go over and buy XRP

          Reply
          • Kamila

            Thank you sooooo much!!!! Your timeliness and willingness is amazing!! Keep it up for the little guys in this “game”! Anything I can do to return the favor, review, referral? You’ve literally taken so much stress away from me with this! Thanks again!

          • Chris McCoy

            No problem and I’m glad it helped! Haha, appreciate the kind words. This space has gotten a lot of attention and it can be very confusing/risky, so I’m just trying to prevent people from having bad experiences! All I ask is pass the site on to anyone that has questions about the crypto space :). Have a great weekend!

  16. Alex

    Chris,

    Is there a way to withdraw coins from the exchange and hold the value on Binance (i.e. sell coin value off so I can hold off making further investment without being subject to market fluctuation) if that makes sense? Is that where a wallet comes into play? Thanks

    Reply
    • Chris McCoy

      Hey Alex,

      I’m giving an example that might give some clarification, but let me know if I misunderstood your question. Withdrawing is similar to pulling cash out of your bank account. The value would leave your bank account (balance goes down) and then your wallet would have cash in it. If you deposited the cash back to the bank, your bank account would then go up in value (balance goes up). The dollar could lose/gain value regardless of where you keep it, so the only way to avoid market fluctuations is to not hold the asset at all.

      A wallet really only protects you from an exchange being shut down or hacked.

      Let me know if that helped or if you have any other questions.

      Thanks,
      Chris

      Reply
      • Alex

        That did, Thanks!

        Reply
  17. Kaushik

    Hey Chris,

    The informations you’ve provided so far has been greatly useful!

    I have a question to ask. How do I change any altcoin in Binance to BTC(or any other coin that Coinbase supports) to exchange the coins to real money?

    Reply
    • Chris McCoy

      Hey Kaushik,

      Thanks and glad you find it helpful!

      You will need to sell the altcoins for BTC or one that Coinbase supports. Check out this guide for selling on Binance: https://blockchaindk.com/2017/12/22/sell-on-binance/

      Once you have converted them you can send to Coinbase or GDAX to sell for cash. Check out this article to avoid the high fees of Coinbase: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      Hope those help and let me know if you have any questions!

      Thanks,
      Chris

      Reply
    • jessie

      hi there,

      i don’t think this has been covered: i understand correctly that i can only put (for example) BTC from binance back into my coinbase wallet. but what if i want to withdraw a small alt coin that is just losing value? I have a coin that is tied to BTC, and when i try to trade 100% of it to BTC it says the value is too low.
      is that saying that i actually need to buy MORE of my failing alt coin in order to convert it to BTC, and thus go back into my coinbase?
      i hope this makes sense! i’m dealing with small values, so hopefully that is relevant to some others people.

      Reply
      • Chris McCoy

        Hi Jessie,

        Yep, you are correct. The Coinbase BTC wallet will only accept BTC. Binance sets minimum amounts for trading, so you would need to buy some more of that alt coin before being able to sell it. However, Binance is known to leave ‘dust’ after selling a coin so you may always have some tiny fraction in your wallet. They are working on fixing this, but not sure when it will be fixed.

        Binance also has a minimum amount for withdrawals as well, so watch out for that. I know a couple weeks ago they only allowed 0.5ETH ($500 at the time) or more to be withdrawn.

        Hope that helps and let me know if you have any other questions!

        Thanks,
        Chris

        Reply
        • Jessie

          thank you so much chris — you’re so good at explaining this stuff clearly!:-)

          Reply
          • Chris McCoy

            Not a problem and glad it’s helpful!

  18. Bill Perry

    Hey Chris, thanks for all the incredible help. I went to GDAX, having heard about their lower fees. I wanted to move LTC over to Binance, so I set it up and hit “Sell.” Then my LTC was GONE and nowhere to be found – Not on GDAX, Coinbase, Binance or my bank account. Where is it? Can I recover it? Should I have hit “Withdraw” instead of “Sell,” and what’s the difference? I sent a couple of support requests but this was days ago and no response, and my money hasn’t appeared anywhere. I did find a place on GDAX showing I sold it, but not where!

    Reply
    • Chris McCoy

      Hey Bill,

      Appreciate it and glad you find it helpful!

      I’m assuming you found the “Fills” section, which would show orders that have been completed. The pairing that the order is under is what you would have received in exchange for your LTC. For example, if your order is showing under the “LTC/BTC” pair, you received BTC for your LTC. In this case, switch to one of the BTC products on GDAX and you should see a balance of BTC.

      Selling means you are exchanging for something else on that exchange. In the example above, you would be selling your LTC for BTC. Withdrawing means you are pulling something off of the exchange, similar to withdrawing cash from a bank account. Check out this guide for withdrawing from GDAX: https://blockchaindk.com/2017/12/26/make-gdax-withdrawal-cryptocurrency-fiat-currency/

      Let me know if that helps or if you have any other questions!

      Reply
  19. Jeremy

    Hello Chris,

    I had some ZEN that I traded for BNB on Binance. I withdrew this to my Coinbase address using the Binance app from my phone.

    The TxReceipt Status says “Success”. What I did was, I copied my Coinbase deposit address and confirmed the transaction on the email link. I’m not seeing my deposit on Coinbase and my funds in Binance have been withdrawn. Where is my coin? The transaction information from the Ethereum Block Explorer say that the From Address is Binance and the To Address “Contract (Binance Token)”. The value in the transaction information also says zero.

    Reply
    • Chris McCoy

      Hey Jeremy,

      You will need to reach out to Coinbase. Coinbase only supports ETH, BTC, BCH, and LTC. Sending anything other than that normally results in a loss of funds.

      Even though the Coinbase ETH wallet is an Ethereum wallet, their front end is not built to support other Ethereum tokens. They could technically send them since they have the private keys to the wallet address, but that falls on their policies and stuff.

      Reply
  20. brooke

    I had a question as well. I bought some XML and Verge (BTC) last night on Binance. I bought too much and I want to distribute some back to BTC so I can get other coins I want on Cryptopia. Im trying to send it back to my coinbase BTC wallet and withdraw from Binance and everytime I do the withdraw process from Binance it tells me its a withdraw address error afterI do the 2FA code. I am doing exactly as video describes. Do you know what my issue could be? I am still fairly new and still learning. But am stumped on my issue.

    Reply
    • Chris McCoy

      Hello Brooke,

      Have you already sold your extra XML and Verge (XVG) back to BTC? Or are you trying to send XML and XVG back to Coinbase?

      Thanks,
      Chris

      Reply
      • brooke

        trying to send XML and XVG back to coinable

        Thanks,
        Brooke

        Reply
        • Chris McCoy

          Those cannot be sent to Coinbase since they only support BTC, ETH, LTC, and BCH. Luckily it gave an address warning otherwise your coins might have been lost forever.

          XML and XVG need to be converted to one of the coins that Coinbase supports before sending back to them.

          Thanks,
          Chris

          Reply
          • brooke

            oh wow. ok so I need to sell back to BTC on Binance before I send them to coinbase? Got to love being a newbie. Thank you Chris

          • Chris McCoy

            Correct, sell them back to BTC and then send them over to Coinbase. Haha, we have all been there! It’s a lot to keep track of once you move past Coinbase into other exchanges and coins.

  21. COCO

    Hi Chris, great article and I’ve read a lot of the comments too; very informative.

    Side note: I find it really great that you take the time out to respond to everyone’s questions, even if we’re all asking similar questions.

    So my question: I recently brought some $XRP, $NEO,$NEO, $ETH on Binance and I wanted to withdraw them. Reading the comments above I understand i need a different wallet for $NEO (currently using Blockchain) as the underlying technology is different to $ETH. So would it be best for me to have 2/3 wallets (which should cover all the major currencies and Alt coins or just create a paper wallet for all of them?

    Also, withdrawing my coins doesn’t mean i sell them correct, i’m just removing them to a different ledger? Say I wanted to buy more once certain currencies hit a particular target price, how easy would it be to transfer the coins back into Binance?

    Appreciate you taking the time to reply.

    Reply
    • Chris McCoy

      Hi Coco,

      Appreciate that and glad you are finding it helpful!

      I think keeping to just the wallets you need is easier for tracking and maintaining. Based on what you recently bought, you would need 3 wallets. Those 3 would cover a lot of additional coins though, especially since the bulk of alt coins are on the Ethereum blockchain. NEO is having a lot of ICOs this year, so I believe we start to see a lot more NEO alt coins as well. After you have those 3 wallets, just add wallets as needed. As an example, if you decided to buy ARK, you would open a 4th wallet since it would not be compatible with an XRP, ETH, or NEO wallet.

      Correct, withdrawing is really just transferring to another account. It’s pretty easy to transfer back to Binance too if you wanted to buy more later. The process will vary slightly depending on what you send back to Binance, but it’s similar to withdrawing from Binance in the sense that you just need to provide the address you are sending to. NEO for example can only be transferred in whole numbers, it is not divisible. ETH can be transferred in fractions though.

      To get an idea of the process for sending back to Binance, I would check out the this guide on depositing into Binance: https://blockchaindk.com/2017/12/21/how-to-deposit-into-binance/ Then this guide shows how to send ETH from an Ethereum wallet: https://blockchaindk.com/2017/11/03/send-eth-tokens-using-myetherwallet/

      Let me know if that helps or if you have any other questions!

      Thanks,
      Chris

      Reply
      • Coco

        Appreciate the quick response. I’ll review the comments below where I believe you have recommended $ETH and $NEO wallets.

        Thank you.

        Reply
        • Chris McCoy

          Anytime, and yes, both of those wallets will cover a lot of alt coins. Note that XRP needs it’s own wallet though.

          Thanks,
          Chris

          Reply
      • Velvete

        Hi

        Very informative site. I read your tutorial regarding withdrawing from Binance, but I’m still a little perplexed.

        I purchased some currency on Binance using ETH, but I don’t really want it. Would I need to sell it or withdraw it? If I withdraw, can I withdraw to my ETH wallet on Binance, or do I have to withdraw to Coinbase, using my Coinbase ETH wallet address?

        If you wouldn’t mind, what are the steps in order to do this. Whilst I found sending ETH to my Binance wallet straightforward, I can’t seem to grasp how to do it the other way around.

        Many thanks.

        Reply
        • Chris McCoy

          Hi Velvete,

          Thanks and glad you find it helpful!

          I would sell it if it’s not something you want to hold. If you sell it back to ETH, you can withdraw to Coinbase using your Coinbase ETH wallet address. This guide covers making a deposit on Coinbase: https://blockchaindk.com/2017/12/24/make-coinbase-deposit/

          If you do decide to keep it, you can withdraw it. However, the ETH wallets on Coinbase and Binance only allow you to send ETH to them. They do not support additional tokens sent to those addresses and you are likely to lose the funds.

          Let me know what crypto you are wanting to withdraw and I can provide some better guidance because the withdraw steps change based on what crypto it is.

          Thanks,
          Chris

          Reply
          • NWWoman

            I’m curious. Given the congestion on the Ethereum blockchain, why not opt for an LTC conversion for transfers? I avoid BTC and Eth when moving — unless wanting something in ED — because I’ve never experienced any speed or cost issues when using LTC. I don’t hold LTC, btw.

          • Chris McCoy

            Note that I am not a tax advisor and the whole crypto -> crypto taxable event stuff in the US needs to be discussed with a tax professional. If you don’t consider crypto -> crypto a taxable event then you can disregard my points.

            That is an option, just depends on the situation. If someone wants to hold ETH, going to LTC on one exchange, sending it to another, and going back to ETH creates 2 extra taxable events (for US residents). If done quick enough, there might not be any gains, but it is something to be aware of. You would also end up paying trading fees a couple of extra times compared to leaving as ETH and transferring.

            If you simply wanted to cash out quickly to USD, then converting to LTC, sending to Coinbase, and selling for USD would be fine. You would still potentially create an extra taxable event because LTC is not a base pair, so you would have to convert to ETH/BTC/etc. and then convert to LTC.

            The Ethereum network has been running smoothly recently though and https://ethgasstation.info/ is a great site to check current transaction times and costs. Exchanges are sometimes the cause of delays/costs too, so it’s not always the network that is the issue.

  22. Bill Perry

    Hi Chris – (seems my question got deleted somehow so please forgive if a repeat) – Thanks SO MUCH for saving us all thousands of dollars, you’re great! A couple of q’s – You refer a lot to an ETH-supported wallet. Are you saying that we need different wallets for different coins? I thought we only needed one for any. Then I need ten different wallets? Second, is BNB on Binance believed to be a worthy investment in and of itself or just good for the fee discount? Lastly, I’m not investing much, and all I have is on Coinbase and Binance. I understand there’s a miniscule risk of the site crashing, but if I should use my own wallet it sounds then like all transactions – buys, sells, transfers – get a whole lot more complicated. I wouldn’t know how to do it. You thoughts? Many thanks in advance.

    Reply
    • Chris McCoy

      Hi Bill,

      Not a problem, I have to approve comments first because there are a lot of bots posting random content, so it can take a bit for it to show up here. Glad this has been helpful! Being in a wild west of sorts I think it’s very important to have some helpful information.

      Check out my response to Ira, it’s right above (or maybe below) this one for an in-depth answer on the wallet question. The short answer though is that it depends on what coins. If you wanted to send GNT, ETH, and ZRX to a wallet you could just use 1 Ethereum wallet since they are all Ethereum based tokens. If you wanted to send NEO and ETH to a wallet you would need a separate wallet for each since NEO is not an Ethereum based coin, it is specific to the NEO blockchain.

      I can’t give investment advice, so take this as personal opinion. My understanding is the big benefit of BNB is the fee discount. I don’t trade enough to utilize that, so I don’t think it fits my type of portfolio. However, if you think Binance will stay the top exchange, I could see more people buying and holding it which could drive the price up.

      Yeah, it comes down to what you are comfortable with. I have had a personal wallet get compromised, so I would have been better off to have kept stuff on an exchange. However, some people have lost funds on an exchange, so risk both ways. I personally think Coinbase offers the best peace of mind because they have insurance on their digital assets. They will not cover a loss if someone gains access to your account and takes stuff, but they will cover for a lot of other losses. The next best security is with hardware wallet (reviews on those coming soon). It does get a lot more complicated because if you have BTC, ETH, and NEO, you will need 3 different wallets. A hardware wallet can support all 3, but they are technically still separate wallets since each would have it’s own address assigned to it.

      Let me know if that helps or if you have any other questions!

      Thanks,
      Chris

      Reply
  23. ira lande

    Hi Chris and thanks for the great help! Question on wallets – You refer a lot to ETH wallets. I thought a wallet accepts any coin. Do I have to buy different wallets for different currencies?

    Reply
    • Chris McCoy

      Hi Ira,

      The short answer is that it depends. As an example, an Ethereum wallet can hold Ethereum based tokens (ZRX, GNT, SNGLS, CFI, etc.), but not NEO based tokens (RPX, GAS, NEO, etc.). There are hundreds of Ethereum based tokens and lots of NEO tokens, so it would depend on which ones you want to send to a wallet. The more in-depth answer is below:

      Wallets are a tricky subject, and I plan to have a nice overview article soon that talks about the differences. Each coin resides on a blockchain and can only be used with wallets that are compatible with that blockchain. Think of it like an Apple computer and a Windows computer. A program you download for an Apple computer cannot be installed on a Windows computer and vice versa. However, each type of computer can have hundreds of programs. Ethereum is one blockchain and has hundreds of coins. NEO is another blockchain and has hundreds of coins as well. The Ethereum coins are not compatible with the NEO blockchain, and vice versa.

      Wallets are specific to their blockchain. While you may see ‘multi-currency’ wallets like Exodus, it really just gives you a bunch of separate wallets in one place like an exchange (Binance) does. As an example, if you wanted to send BTC and ETH to your Exodus wallet, you would still need to complete 2 separate transactions to 2 separate wallet addresses. It just gives the added convenience of opening 1 program to look at both wallets.

      Please note though that exchanges typically only support the specific coin they reference for an address. As an example, Coinbase gives you an ETH wallet, but they will not support anything other than ETH sent to the address. You could technically send another Ethereum token to this wallet since it is an Ethereum wallet, but they will not support it and you will likely never get your tokens back.

      Let me know if that makes sense or if you have any other questions. It can be a complex subject, but it’s extremely important as it’s easy to lose funds if mistakes are made with wallets!

      Thanks,
      Chris

      Reply
  24. sanat

    hi chris ,

    lame question pardon me. if i buy trx with btc or eth it can still be stored in myetherwallet rite? irrespective of buying method? thanks

    Reply
    • Chris McCoy

      Hi Sanat,

      It’s a really good question. That is correct, it doesn’t matter how you purchase it, it’s all about the token itself. Trx is an Ethereum based token, so it can be stored in your MyEtherWallet wallet.

      Thanks,
      Chris

      Reply
  25. JIten

    Hi. Thanks for this post. I wanted to know I see you wrote “While Binance is a reputable cryptocurrency exchange, some might prefer to keep their tokens in their own personal wallet. This is considered safer because an exchange could potentially shut down at any time.” What does this mean exactly? Is there a wallet we need to keep the token in? Also I use the website Einstein Exchange. Have you heard of that website? Any thoughts on it? It accept to buy crypto from credit card and also withdraw to your bank account. Thanks

    Reply
    • Chris McCoy

      The most classic example is Mt. Gox: https://en.wikipedia.org/wiki/Mt._Gox .

      People stored their BTC on Mt. Gox and then they shut down out of the blue, claiming 850,000 BTC were missing and likely stolen. Although not as common anymore, an exchange could also be shut down by a government at any point in time. If you have funds on the exchange, they will likely get frozen or potentially lost forever. You have no control over those situations and are at the mercy of the exchange.

      If you keep your funds in your own wallet, it’s like carrying cash around. The only way you would lose access to it is if you lose the private key and password. This puts a greater liability on yourself because there have been stories of a persons computer crashing and then their private key is gone forever. Hardware wallets are probably the best option because the private key is stored on an encrypted USB and also has a seed phrase to recover in case the device is every damaged/lost/stolen.

      In the end it’s all about what you are comfortable with and understanding the associated risks with each method. I have not heard of Einstein Exchange before, but they do seem to be a newer exchange. I also couldn’t find them on CoinMarketCap’s list of exchanges (or at least the top 171). I would just be very careful and keep a close eye on Reddit or their social media for anything fishy. BitStamp and Coinbase also allow for purchases from credit cards (at least Coinbase does) and withdraws to your bank account. They have been around for a long time and have a solid reputation. Personally, I would consider those first if they are options for you.

      Thanks,
      Chris

      Reply
    • Indy

      Hi Chris I have some qsp in the wallet in binance I want to withdraw what is the cheapest and quickest way for me to withdraw it to thanks

      Reply
      • Chris McCoy

        Hi Indy,

        If you want to keep QSP and are just looking to move it off of the exchange you will only have the regular withdraw option. There isn’t really a cheaper/quicker alternative for just needing to move from the exchange to a personal wallet.

        If you are wanting to cash out of QSP let me know and I can provide more guidance on that.

        Thanks,
        Chris

        Reply
  26. brian

    Chris … I am trying to WD TRON and send to my Exodus or Coinbase but it states that I should ONLY send Etherium to the address. Can you clarify???

    Reply
    • Chris McCoy

      Hey Brian,

      Yes, do not send Tron to either of those wallets. Although both have an Ethereum wallet, their front ends are only built to handle ETH and no other tokens.

      If you create your own private Ethereum wallet you would be able to store Tron, ETH, and other Ethereum based tokens in it with no issues.

      Let me know if you have any other questions.

      Thanks,
      Chris

      Reply
      • brian

        THANKS for all your help

        Reply
        • Chris McCoy

          Anytime, always happy to help!

          Reply
    • BRandon

      Hello chris and how can we make a private etherum wallet? And where?!

      Reply
      • Chris McCoy

        Hey Brandon,

        The easiest and most reputable place is MyEtherWallet. This guide goes over creating one: https://blockchaindk.com/2017/11/04/create-ethereum-wallet-with-myetherwallet/. The biggest difference between a private wallet and a wallet on an exchange is that you actually hold the private key of the wallet. The private key is what allows you to transact with the wallet and have full control over it.

        Thanks,
        Chris

        Reply
  27. Lisa

    hello chris,
    thank you for your great service! : )

    I would kindly ask for you help:
    I would like to buy the PAC coin with my ethereum from binance and registered myself at yobit.net to do so.
    I never send ethereum from binance to other providers and heard that we should be really careful with the wallet adresses (otherwise its possible to loose the amount).

    question:
    can you explain me how I can send ethereum from binance to yobit?

    thank you so much
    Lisa

    Reply
    • Chris McCoy

      Hello Lisa,

      Appreciate that and glad you find it helpful!

      Yes, you always want to be very careful when transferring funds because if they go to the wrong address they are likely gone forever :/. For depositing to YoBit:

      1. After logging into YoBit, go to the “Wallets” tab
      2. Search for “ETH” and then click the “+” sign under the “Deposit” column
      3. If it does not show any address, you will need to click the “Obtain new address” button
      4. The address it gives you is what you will use for the “Address” field in step 4 of the Binance withdrawal tutorial. You can copy and paste it, but double/triple check it. I’ve heard stories of people thinking they copied the right address and it being the wrong one!

      Note that I was unable to obtain an address for YoBit, so their system might be experiencing a lot of traffic right now. I’ll try back a little later.

      Let me know if that helps or if you have any other questions.
      -Chris

      Reply
      • Lisa

        Thank you so much for the help…and yes it seems that yobit seems to be pretty busy right now: “No free addresses for such currency. Please try again in 2 minutes.” everyone seems to try to buy the small coins right now on this providers : ) will try it again later

        Reply
        • Chris McCoy

          No problem, and that was the message I got too. Same here, let me know if it works!

          Reply
  28. Mohita

    Chris!

    To answer your question: “Are you wanting to move it to sell for cash? Or just prefer to keep it on Coinbase?”

    I would want to transfer in my ETH Wallet in coinbase so that the amount is my BankAccount

    Reply
    • Chris McCoy

      If you have more than 0.5ETH on Binance then you just need to enter an amount equal to 0.5 or above 0.5. Otherwise it will be stuck on Binance until they lower the minimum, or you could send more ETH to Binance to make it over 0.5 and then withdrawal to Coinbase. Those are really the only options to get it back to Coinbase :/

      Reply
      • mohita

        Got It !!

        Thanks Chris for all the information.

        Reply
        • Chris McCoy

          Anytime Mohita, always happy to help!

          Reply
  29. Stuart beare

    Hi Chris. You’re doing an awesome job with the information here and the tutorials. I have XRP, TRX and XLM on Binance. Came in through Coinbase to Gdax to Binance. What is the best way to withdraw? I can’t see how you can get them changed to BTC or ETH within Binance. Is there a wallet app available that will take them all? What do you suggest is the best way to manage them? Thank you and best wishes Stuart

    Reply
    • Chris McCoy

      Hi Stuart,

      Appreciate that! If you are wanting to cash out, you will need to sell them on Binance for BTC or ETH. Selling is essentially ‘converting’ them, and this guide for Binance covers it: https://blockchaindk.com/2017/12/22/sell-on-binance/

      The Ledger Nano S hardware wallet has support for XRP, XLM, and TRX. These can be kind of pricey, but they are very secure and that alone pays for itself. I had a wallet get compromised and wish I would have had the hardware wallet. You can find a link on my sidebar to the Nano S!

      It really depends on what you are most comfortable with. Binance is the #1 exchange by volume, so they are reliable and pretty secure. I prefer Coinbase/GDAX just because they are US based and have insurance on your digital assets, as well as USD. The hardware wallet will be the most secure out of all though because you are in full control of it.

      Hope that helps!
      Chris

      Reply
      • Stuart

        Many Thanks Chris … it does. So you’re using Coinbase/Gdax as your BTC/ETH wallet. Do you mind me asking which exchange you find best for vast array of coins available? Best wishes. Stuart

        Reply
        • Chris McCoy

          The exchange that seems to have the biggest selection is Cryptopia (list of trading pairs here: https://coinmarketcap.com/exchanges/cryptopia/). I can’t personally vouch for them, but I am seeing more people recommend them. They also have a decent amount of volume, which is a good sign. Bittrex and Poloniex have a good selection too, but they have been slow to add new ones recently. They also de-listed some that the SEC might deem a ‘security’.

          Thanks,
          Chris

          Reply
  30. Mohita

    HI Chris!

    In Binance when i withdraw ETH and hit the Max which is mentioned in the Amount field it gives me an error “Minimum withdrawals not enough” Also when in that field when i keep a specific amount it gives an error “Not Enough”. Could you help me with that.

    Reply
    • Chris McCoy

      Hi Mohita,

      I just checked and it looks like the minimum amount to withdraw ETH is 0.5. If you are trying to withdraw less than 0.5 ETH they will not let you. I’m hoping they adjust that because it’s a pretty steep minimum (~$500). I checked their minimum for a Bitcoin withdraw and it is only ~$34 worth.

      Unfortunately, the only way to withdraw for now will be to withdraw 0.5 ETH or higher. I’m assuming they will lower this at some point, but no timeline on how long it could take, and there is the potential they leave it as-is :/.

      Thanks,
      Chris

      Reply
      • mohita

        Hi Chris.

        Sorry to question again. But when I keep the Amount 500 in the filed it hows me an error “Not Enough” and this happening to me since last two days. Any particular reason it does not let me go through.

        Reply
        • Chris McCoy

          Not a problem and that message typically means you don’t have enough in your account to withdraw. If your ETH balance is less than 500 that message will pop up. Just to confirm, are you trying to withdraw ETH or another cryptocurrency?

          Reply
          • mohita

            Thanks Chris for replying.

            Well I am trying to withdraw ETH and transfer to my Coinbase ETH Wallet.
            Sure by now you know I am a beginner. Thanks for being so patient-full with me.

          • Chris McCoy

            Anytime! It’s a lot of stuff to learn, but you will pick it up quickly.

            Are you wanting to move it to sell for cash? Or just prefer to keep it on Coinbase?

  31. Tony

    Hey Chris,

    Just stumbled on your site and I’m not even sure if I read the whole article yet, but I got a lot of useful info from the comments. I noticed a lot of people talking about withdrawal fees on binance so figured I’d chime in. I was also annoyed by the high fees, but XRP is currently being charged 0.25 as a fee. That’s not bad (less than $1.00 USD). Only downside is there is a minimum withdrawal of 22 XRP. Either way, good for people to know if they are looking to move things around (rather than withdrawal to fiat).

    Thanks – I’m going to check out some of your other articles as well!

    Reply
    • Chris McCoy

      Hey Tony,

      Thanks and glad you found the info useful! It’s nice to have lots of comments because there are so many different situations that can occur with this stuff.

      That is good to know. I could see converting to XRP and then using BitStamp to cash out. NEO is another one and has 0 transaction fees (for now), but I don’t know of any exchange that would cash it out.

      Reply
  32. mARV

    Maybe a stupid question but is there and easy way to compute how many shares of verge it would take to equal lets say $1500?

    Reply
    • Chris McCoy

      It’s a great question and I think the easiest way would be to use CoinMarketCap to find the current USD price per verge if the exchange you are using doesn’t provide the USD price. Then just do 1500/[price per verge].

      As an example it’s currently listed at ~$0.18 (https://coinmarketcap.com/currencies/verge/). 1500/0.18 = ~8,333. It won’t be exact, but gets you very close.

      Hope that helps!

      Reply
  33. Kathy

    I have TRX in Binance and I was going to move it to Coinbase but Coinbase says move only BTC otherwise funds will be lost. I’m totally newbie! Can I move it or should I get a wallet?

    Reply
    • Chris McCoy

      Hi Kathy,

      Nope, Coinbase only accepts BTC, LTC, ETH, and BCH.

      Wallets have their benefits because you are in full control of the funds, whereas an exchange could get hacked or shut down at a moments notice. However, being in full control of the funds also means you have to be extra diligent in protecting it because there is no ‘support’ line. Tron is an Ethereum based token, so you could setup a wallet through MyEtherWallet. Here is a guide for that: https://blockchaindk.com/2017/11/04/create-ethereum-wallet-with-myetherwallet/

      If you wanted to send the TRX to Coinbase to convert to cash, you would need to sell it on Binance for BTC or ETH, and then you could move the BTC or ETH to Coinbase.

      Hope that helps!

      Thanks,
      Chris

      Reply
      • Kathy

        You’re the best! Thank you so much for answering my question. There are so many moves in this economy moves to buy moves to sell moves the store… We need crypto brokers just to handle all of this!

        Reply
        • Chris McCoy

          Thanks Kathy and I completely agree! It can be extremely confusing until you’ve done it a few times, but even then it is very tedious. That’s not a bad idea, I might look into it 🙂

          Reply
  34. Nicole

    How long does it take for the transaction to go form binance to Coinbase?

    Reply
    • Chris McCoy

      Hey Nicole,

      It can vary depending on what cryptocurrency is being withdrawn (BTC generally takes longer than ETH). Networks have been much slower lately due to the increase in traffic, but I would think it should at least be pending in Coinbase within a few hours.

      Reply
      • JASON

        when withdrawing from Coinbase to USD(your bank account) what are the taxes involved? Capital gains?

        Reply
        • Chris McCoy

          As a disclaimer, I am not an accountant and this is not tax advice. It is highly recommended to seek a professional accountant for this subject.

          This is a hot topic and the general consensus from what I have read is that tax events are triggered on crypto < -> crypto and fiat < -> crypto. Either way though, the tax events are treated as capital gains, so you have short term and long term gains. I highly recommend using a platform that helps with tracking these. My personal favorite is CoinTracking. More detail about them can be found here: https://blockchaindk.com/2017/12/29/review-cointracking-cryptocurrency-portfolio-tracker/

          Reply
      • alex

        hey i submited a withdrawal and everything was confirmed on my end. the email. i entered the receiver address and the amount. now on binance is showing PROCESSING for about 1 hours. i sent ethereum, and no tix number yet. am i having a problem or is normal for this to take this long

        Reply
        • Chris McCoy

          Hey Alex,

          The exchanges and networks have been swamped recently, so right now that seems to be normal. I would give it a few hours and then check back.

          Thanks,
          Chris

          Reply
          • alex

            hi, thanks for your reply. it went trought after 6 hours but cant use it now because my exchage website is down. bnummer.

          • Chris McCoy

            No problem, and yeah the networks have been struggling. It used to be minutes to receive things. It will work itself out in time though!

  35. John

    Hey Chris!

    Great info all around! Noob here…. I’ve been on Coinbase since June but am new to Binance and GDAX. I just sent ETH coins to Binance today to buy some XRP, TRX, and XLM. My question is, can I withdraw XRP directly to my BTC or ETH address on GDAX even tho they are different coins? Or do I have to convert ripple to say ETH on Binance first before I can send it there? I don’t currently have any other wallets besides what’s on coinbase. You may have answered this above but I wanted to clarify what I’m trying to do in my own words lol. Thanks in advance!

    John

    Reply
    • Chris McCoy

      Hey John,

      Thanks and glad you find the info helpful!

      You would need to convert the XRP to one of the Coinbase supported coins (ETH, BTC, LTC, or BCH). The same would apply for TRX and XLM. It’s always good to clarify, this space has no refund mechanisms so mistakes can be costly!

      Also note that even though Coinbase has an ‘Ethereum’ wallet, they only support ETH. If you create your own private Ethereum wallet you would be able to send Ethereum based coins to it, not just ETH.

      Hope that helps!

      Chris

      Reply
  36. Ed

    Chris,

    This morning I withdrew two transactions of TRX. I sent it to my etherium coinbase wallet address using two different addresses. NOW, i did not hit the “new address” tab in binance. I just copied and pasted the coinbase address in to the binance address so i could get it back to my coinbase account. the transactions have been completed and I click on the “check” tab in the binance history and it takes me to this estherscan.io place where it shows my transactions. its been 4+ hours and it still hasnt showed up in my coinbase etherium wallet. I am scared that I did something terribly wrong and lost my money. Am I right?

    Reply
    • Chris McCoy

      Hey Ed,

      I would contact Coinbase support and see if they will send your TRX tokens back to Binance or to a private personal wallet (such as MyEtherWallet). Although they provide an Ethereum wallet, they do not ‘support’ other tokens. The TRX are definitely in that address, but their system is not setup to display and handle them on the customer side.

      The safest bet is to use a personal wallet for Ethereum tokens because you will control the private key and can use a service like MyEtherWallet to send and receive all of the different Ethereum tokens. Let me know if you decide to go that route and I would be glad to help out.

      Thanks,
      Chris

      Reply
  37. MIKE

    Hi Chris,

    Appreciate all the responses you give with great detail!

    I have a coinbase account. Recently sent some BTC to binance and invested in TRX and XRP. When I’m ready to sell and withdraw to USD via coinbase, would you recommend converting to ETH or BTC? Not sure if there are less fees with one of those options.

    Thanks,
    Jon

    Reply
    • Chris McCoy

      Hey Jon,

      Thanks and glad its helpful!

      ETH will typically have faster transactions and cheaper fees, so that is what I would recommend. Just note the recent increase in the price of ETH makes it an expensive withdraw fee from Binance (I think 0.01ETH, so almost $10). The real money saver is using GDAX to sell to cash: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      Hope that helps!

      Reply
  38. Camden

    Chris…amazing article. I have a question. I started off with LTC on Coinbase and joined Binance for more options to buy into. I currently have some good amounts of XRP and TRX. Now, for me to sell some of the TRX or XRP, do I need to SELL back to LTC or even BTC before I can send back to Coinbase to withdraw to my bank account? Appreciate the help. Thank you.

    Reply
    • Chris McCoy

      Hey Camden,

      Thanks, glad you found it helpful!

      Yep, you nailed it. It will be easier to trade back to BTC, otherwise you would need to go TRX -> BTC -> LTC. I would recommend sending back to GDAX though and selling through them. It’s run by the same company, so you actually already have an account there. The main reason to use them is that the fees are much cheaper, and transfers between Coinbase and GDAX are instant/free. This guide goes over avoiding the Coinbase fees: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      As a side note, there is an exchange that allows you to convert XRP to USD. The exchange is BitStamp, but I have not personally used them yet. I will be doing guides on XRP and BitStamp this weekend though, so more to come on that!

      Reply
      • camden

        Never thought about the GDAX. have heard about it. but with that process…even tho owned by CoinBase…the verification process done again with the bank account situation or all under the one roof no need for that,.

        so does not matter with GDX or CoinBase, Binance can be sent to either (just GDAX is lower fees and easier process). thanks again

        Reply
        • Chris McCoy

          No need to do verification again. The bank account(s) setup on Coinbase are already options on GDAX, except for debit/credit cards. GDAX is basically reading everything from Coinbase, they just have a different interface.

          Exactly, you can send to either one and will be good to go. Anytime!

          Reply
  39. Wen

    Hey Chris,

    I’m new to this crypto currency.

    If a person pays with credit card to purchase bitcoin on coinbase and transfers it to Binance, how do you get the money out on a withdrawal, where does that withdrawal go, and more importantly, how do you change that to actual USD?

    Thanks so much!

    Reply
    • Chris McCoy

      Hey Wen,

      Welcome to world of the Crypto!

      In the situation mentioned, you would need to withdraw a cryptocurrency back to Coinbase (BTC, ETH, LTC, or BCH). Then you will be able to sell that back to USD and withdraw it to your bank account.

      Check out this article to get an overview of converting from cryptocurrency to USD: https://blockchaindk.com/2017/12/18/convert-cryptocurrency-to-fiat-currency/

      Also, to avoid fees on Coinbase, I would use GDAX. GDAX is run by the same company, so you will actually have an account there already. Here is a guide on avoiding the Coinbase fees: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      Hope those help and let me know if you have any questions.

      Thanks,
      Chris

      Reply
      • WEN

        HI Chris,

        Thanks so much for responding. This also applies if the original purchase was made with a credit card? I was so confused as to why Coinbase let’s you purchase with a credit card without a withdraw option. Just don’t quite understand how you could cash out a credit card payment option.

        Is the original credit card payment option considered fiat too?

        Thanks again!

        Wen

        Reply
        • Chris McCoy

          Hey Wen,

          Not a problem and correct. You will need to link a bank account to get cash out. They do have a USD wallet, so you could still sell while waiting for your bank account to be connected and keep the cash there. Then you just withdraw from your USD wallet to your bank account once its linked.

          Yeah, the credit card purchase would be considered paying fiat for a cryptocurrency. They just make the conversion on the back end, so you don’t see the ‘cash’ being deposited and then converted in that situation.

          Reply
          • Wen

            Hi Chris,

            Thanks for confirming. It would absolutely horrible to find out that your purchase with a CC can’t be converted to cash once you cash out!

            Hope you don’t mind. I’m sure I’ll have more questions!

            Best,

            Wen

          • Chris McCoy

            Anytime! Haha, that would not be good at all.

            Feel free to contact me through E-mail from the Contact page too if you have a question that isn’t covered by any particular guide.

            Thanks,
            Chris

      • WeN

        Hi Chris,

        Oh, sorry…one more question. GDAX currently let’s you set up an account, but the camera does not work, meaning I can’t send to GDAX. I have tried multiple times to take a picture of myself. Is there any way to contact them?

        Best,

        Wen

        Reply
        • Chris McCoy

          Hey Wen,

          No worries, and I would check this link to contact them: https://support.gdax.com/customer/portal/emails/new . I haven’t had experience with issues on GDAX, but others have had issues with pictures. They tend to be very picky.

          Thanks,
          Chris

          Reply
  40. Lars

    Hi Chris,

    How does it works…

    I have invested in 5 diff. coins at Binance with XXX/BTC. If I want to sell all five and withdraw to Coinbase i bought from, what about the value of the BTC then.
    Exmaple I have bought at Coinbase on the 29/12 and if i witdraw one year later the value of BTC is much lower, would my profit i acheived on Binance then be gone?

    Hope you understand 😉

    BR, Lars DK

    Reply
    • Chris McCoy

      Hey Lars,

      The profit would be gone in USD (or another fiat currency) terms, but your BTC amount would be the same.

      Example: Let’s say you started with 0.5 BTC and sold the 5 coins for 1 BTC today. Your profit would be 0.5 BTC, which would currently be worth $7,500. If you left it until next year and Bitcoin drops to $10,000, you would still have your 0.5 BTC in profit, but now it’s worth $5,000.

      Let me know if that makes sense!

      Thanks,
      Chris

      Reply
  41. Justin

    Hi Chris
    Thank you for this review your experience is much appreciated. I have only $500 worth of bitcoin and am interested in crypto exchanging, hoping to create some profit. I have read many reviews about exchanges all have many negative rather than positive. I guess this is human nature, to complain when things go wrong, yet not to comment when things go well. Many reviews tell how it is difficult to remove their coins from the exchanges, often not having enough coins in their accounts to meet minimum transaction fees. etc.
    Does Binance have any minimum withdrawal limits?
    eg. can i withdraw $10 sending it directly to my Electrum wallet address?
    If you think Binance is not very good for a novice like myself can you reccomend another exchange i should use that has a lot of alt coin options.
    Ps I am in England UK and find it difficult to convert my BTC to actual fiat cash because of UK regulation and having to use SIPA transfer. So i have ordered a Cryptopay.me debit visa card. Do you have any experience of the Cryptopay.me card?
    Thank you for your reply in advance
    Regards Justin

    Reply
    • Chris McCoy

      Hey Justin,

      Thanks and glad you find this information helpful!

      I agree that people tend to leave negative reviews much more often than positive reviews. That is a valid issue with Binance because the withdrawal fees are somewhat steep. I checked a few tokens yesterday and it would cost between $6-$8 just to withdraw them. There is no minimum withdrawal limit as long as you have enough to pay the withdrawal fee. Binance also leaves ‘dust’ when you sell tokens. Dust being an amount so small that you can’t place a sell order for it, and not enough to meet the withdrawal fee. It’s normally pennies though, so more obnoxious than anything. Other than those 2 issues, Binance is a very good exchange. Lot’s of liquidity, great security measures, and pretty good about adding new tokens.

      The only other exchange I would have recommended is Bittrex, but I think they recently suspended new account openings. They operate in the US and have been tightening their operation, so they aren’t adding new tokens as often anymore. Might still be worth checking out though. An up and coming exchange is KuCoin. They have been extremely fast at adding new alt coins. Here is an overview of the KuCoin exchange so you can get an idea of them. They are going through some growing pains, but they went from ~$5Mil a day last in volume last month to over $100Mil as of the past couple of days, so I give them a little slack when the site is slow.

      No experience with Cryptopay, but I would be very interested to hear about your experience with it when you get it. That is a hot topic in this market, so I have been following a few of the projects (TenX, TokenCard, etc.). Do you use Coinbase/GDAX for converting to fiat?

      Thanks,
      Chris

      Reply
  42. Chrystle

    First of all, I would like to say Thank You to Chris McCoy for all your answers and insights. You have been extremely helpful for newcomers like myself.

    I do have a question that hopefully you can help me with. When looking at BINANCE and going to my account under History …. how do I find how much I paid for each transaction (SALT)? Is there somewhere where it tells me what I paid for it (or is there a conversion formula we have to use to figure out by using their price)? Also, vice ‘ versa….(conversion formula for the USD price before selling it) I would like to know what the conversion of something is before I send it back to my Coin Base acct.

    Also do you have a twitter account people can follow you on? You are pretty knowledgeable and helpful in a “user friendly” kind of way…..Thank you again!! Happy New Year!

    Reply
    • Chris McCoy

      Hi Chrystle,

      Appreciate the kind words and glad you find this information helpful!

      Binance does not offer a view of how much an order is worth in USD terms. However, there are some tracking applications that will do this for you. My personal favorite being CoinTracking (review here: https://blockchaindk.com/2017/12/29/review-cointracking-cryptocurrency-portfolio-tracker/). CoinTracking lets you upload the “Trade History” report from Binance and then it will calculate everything in USD terms. The free version is limited to 200 trades, so if you are a light trader this account will be fine. The specific report in CoinTracking is called “Trade Prices” and shows USD and BTC values for every trade.

      Yep, Twitter account is here. It mainly has bounty Tweets now, but I am transitioning away into more helpful information. Hope this info helped and let me know if you have any other questions! Happy New Year!

      Reply
  43. ammar

    Is it possible to buy any other currency from litecoin apart from BTC, BNB, ETHEREUM?

    Reply
    • Chris McCoy

      It is, but not on Binance. Cryptopia is the only exchange I have seen with LTC as a base pair, so that will have the most choices. I have not used Cryptopia before, so I would check out a couple of reviews first. There are some other exchanges like Poloniex that let you trade LTC for XMR, but that only gives you 1 additional choice.

      Here is a list of Litecoin trading pairs: https://coinmarketcap.com/currencies/litecoin/#markets

      Reply
  44. SEAN

    Hey David,

    Thank you sharing, found it very helpful and informative. Quick question….I bought some TRX on Binance this morning and plan on sending it to MEW, but the transaction fee to be charged is like 100.00 at the moment. That almost half the TRX I own….This is crazy!!!! Am i missing something or is this normal?! If that is the case, I will have to buy more TRX just to make it worthwhile sending it to MEW.

    Reply
    • Chris McCoy

      Unfortunately that fee is correct at the moment. I’m hoping they adjust a lot of their fees down since most tokens have gone up a lot. I checked ChainLink, ETH, and a couple other Ethereum tokens and they ranged from $6-$8.50 in transaction fees from Binance :/

      Reply
      • SEAN

        WOW! Thanks for confirming it for me. I will keep it on the exchange for a short while (until I can buy more), then move it. I know the risks involved, but I’m not willing to lose 100 TRX right now. Cheers buddy.

        Reply
        • Chris McCoy

          Not a problem and I am right there with you. Binance has a good reputation and seems to take security seriously, so it’s definitely one of the better ones to leave stuff on. Cheers!

          Reply
          • David

            Your answers are helpful. However, I’m still a bit confused. Are the fees shown in dollar amount or percentage of the transaction value or number of coins charged? ie: Tron is $100 fee or 100% fee or 100 coins? Thanks

          • Chris McCoy

            Fees are shown in coins. In the example of Tron, 100 TRX are charged as a withdraw fee. They typically adjust them when prices rise a lot. 100 TRON was cheap a month ago, but now its a lot to pay for a transaction fee.

  45. anon

    They are now requiring 2FA for any kind of withdrawal. Bad for business.

    Reply
    • Kurt

      Hey Chris I wasn’t able to withdrawal my lumens tonight cause the 2 step Auth kept failing. Saying wrong code or tag. Is this a problem happening on binance?

      Reply
  46. Ben

    I traded coins, the coins \i sold are still sitting in my wallet. Can i transfer say NEO/BTC from Binance to Coinbase?

    Reply
    • Chris McCoy

      Hey Ben,

      Coinbase accepts BTC, so you can transfer the BTC from Binance to Coinbase. Coinbase does not accept NEO though, so you would need to convert it to one of the coins Coinbase accepts (BTC, ETH, BCH, LTC).

      Your BTC Coinbase address can be found by going to the accounts section and then clicking the “Receive” button for the BTC Wallet. In-depth guide on depositing into Coinbase can be found here: https://blockchaindk.com/2017/12/24/make-coinbase-deposit/

      Hope that helps and let me know if you have any other questions.

      Reply
  47. Kautilya

    I want to convert cryptocurrency ripple into canadian or us dollars and withdraw in my bank account or someway to encash it.

    Reply
    • Chris McCoy

      Hello Kautilya,

      From what I have been reading, BitStamp has XRP/USD pairs. This means you would be able to sell your XRP directly to USD without needing to convert to BTC/ETH/etc. first. BitStamp is a top 10 exchange based on volume, so they are quite popular and have a lot of liquidity.

      Hope that helps!

      Reply
  48. David

    Chris, I am having trouble with transferring BNB and CND into my MyEtherWallet. This question is basic but where do I find the address for these two tokens in MyEtherWallet to put into Binance. I apparently mistakenly sent some BNB to the Owners address for BNB and they are GONE. I also tried the address shown under the symbol on the Add a Token page but Binance gave me a message that said “illegal address”, so I’m doing something wrong I learned one hard lesson with BNB that I don’t want to repeat. I also went through a Video of setting up the Wallet on Palm Beach Confidential and it seemed to be saying that all ERC Tokens in the Wallet can be sent to the Wallet using the same main address, is that correct, it doesn’t seem logical.
    Thank you, David

    Reply
    • Chris McCoy

      Hey David,

      Wanted to leave my response here in case it helps someone else reading the site. You are able to send the tokens to the same address, as long as they are on the Ethereum blockchain, which CND and BNB are. As an example, check out this random address I found: https://etherscan.io/address/0x17bc58b788808dab201a9a90817ff3c168bf3d61 . If you click the “view tokens” box on the right side you can see that this one address has a lot of different tokens, including ETH. All of the tokens are allocated to this 1 address.

      I think of it like a physical wallet that can hold gift cards. A gift card is specific to a company, but you can keep lots of them in the same wallet.

      -Chris

      Reply
      • Juli

        I have the same problem with myetherwallet.
        do not let me move the crypto. it shows me still the voice:
        “Withdrawal adrress error”
        What is for problem?

        Reply
        • Chris McCoy

          There are 2 things I would check.

          1. Double check the address and make sure there isn’t a space at the beginning or end
          2. Check and make sure it is an Ethereum based cryptocurrency. Feel free to reply with the cryptocurrency name and I can find out for you if needed

          Let me know if that helps!

          Reply
          • Tom goulthorp

            Hi mate new to all this and am wanting to withdraw my stellar and trx.. around 1400 USD worth. But keep on binance and reinvest. Do I have to withdraw from my binance to my coinbase wallet then send the Bitcoin back to binance? Any help would be much appreciated.

            Regards, Tom

          • Chris McCoy

            Hi Tom,

            Nope, you can sell the XLM and TRX on Binance for BTC, so there is no need to withdraw them. Check out this guide on how to sell on Binance to trade them for BTC.

            Let me know if that helps or if you have any other questions.

            Thanks,
            Chris

Trackbacks/Pingbacks

  1. Binance crypto cashback offer February 2018 – reach4iran - […] How to Withdraw Cryptocurrency From The Binance Exchange […]

Leave a Reply