Title: Guildelines on binance transaction Post by: Mr.suevie on March 31, 2023, 08:35:43 AM I have been using binance app for buying and selling of coins but I just have one challenge with this app here in my country although I don't know if its because am not too familiar with the whole app because I can't seem to find an option where I can move the coins (btc,usdt) to a non custodial wallet like electrum. I can only see an option where I can send the coins to another binance users which is not what I want to do. So l just guidelines on how I can transfer my coins from binance to electrum wallets
Title: Re: Guildelines on binance transaction Post by: Oshosondy on March 31, 2023, 08:41:22 AM It is not hard to do.
Which app are you using? Is it the desktop or mobile app? Or you are using the web? I am using Android not iOS but they are similar. Which one are you using to access Binance? Title: Re: Guildelines on binance transaction Post by: OmegaStarScream on March 31, 2023, 08:44:09 AM Open your app -> from the bottom, select 'Wallet' -> Spot -> from 'Balance' select BTC -> Withdrawal, you will then get this dialog asking you to choose whether you want to send to another Binance user or via Crypto network. Choose the latter:
https://i.imgur.com/War9OHS.png You then just have to paste your Electrum address and the amount you to withdraw. Title: Re: Guildelines on binance transaction Post by: Mr.suevie on March 31, 2023, 08:53:29 AM It is not hard to do. Am using binance app on my android Which app are you using? Is it the desktop or mobile app? Or you are using the web? I am using Android not iOS but they are similar. Which one are you using to access Binance? Title: Re: Guildelines on binance transaction Post by: Oshosondy on March 31, 2023, 08:56:35 AM Am using binance app on my android Follow what OmegaStarScream said, it is correct. Make sure you send to bitcoin, the address start with 1, 3 or bc1. Any other ones are altcoins which are just sidechains. Open your app -> from the bottom, select 'Wallet' -> Spot -> from 'Balance' select BTC -> Withdrawal, you will then get this dialog asking Or better still, do this: Open your app -> from the bottom, select 'Wallet' -> Spot -> withdraw -> select the coin and the image OmegaStarScream posted would be seen. Check and recheck the address you are sending to, make sure it is correct. Title: Re: Guildelines on binance transaction Post by: PX-Z on March 31, 2023, 09:45:34 AM Always remember when it comes to an exchange platform, for transferring your assets to any wallet regardless you own it or not, you will always use the "Withdraw" feature of the exchange.
Even sending to binance user address is through withdrawal as well, the difference is binance can check if the wallet is a binance wallet so there's no withdrawal fee will be deducted. Title: Re: Guildelines on binance transaction Post by: Mr.suevie on March 31, 2023, 10:15:49 AM Thanks for the update senior.That's why they say knowledge is power, I never knew it's this simple to actually send coins off binance app. But the charge rate is very high for sending of BTC
Title: Re: Guildelines on binance transaction Post by: OmegaStarScream on March 31, 2023, 10:21:37 AM Thanks for the update senior.That's why they say knowledge is power, I never knew it's this simple to actually send coins off binance app. But the charge rate is very high for sending of BTC You can always convert your BTC to another crypto that has low withdrawal fees in Binance, send that OKX.com, and then trade it back to BTC and withdraw it from there. Using the lightning network would be preferred, but even the on-chain fees are better than binance's. Just don't use other networks (BSC, ETH etc.) if it's cheaper. See this[1]. [1] https://bitcointalk.org/index.php?topic=5420769.msg61281800#msg61281800 Title: Re: Guildelines on binance transaction Post by: rat03gopoh on March 31, 2023, 04:35:44 PM But the charge rate is very high for sending of BTC That is the consequence of withdrawing bitcoins from the exchange, those fees are determined by the exchange. And there is no idea of reducing the fee, the only thing is you have to find a trusted trader outside the platform who is willing to trade Bitcoin on binance for bitcoin on-chain.Title: Re: Guildelines on binance transaction Post by: jrrsparkles on April 01, 2023, 01:16:50 PM But the charge rate is very high for sending of BTC That is the consequence of withdrawing bitcoins from the exchange, those fees are determined by the exchange. And there is no idea of reducing the fee, the only thing is you have to find a trusted trader outside the platform who is willing to trade Bitcoin on binance for bitcoin on-chain.Title: Re: Guildelines on binance transaction Post by: khaled0111 on April 01, 2023, 08:24:02 PM Other members already explained how to withdraw your coins from binance to an external wallet (on-chain transaction).
Now that you know how to do that, you need to be careful when choosing which network to use! Usually, binance will automatically select the right chain based on the provided address but you need to double check it before withdrawing. Better be safe than sorry. |