How to Transfer Bitcoin, Ethereum, Litecoin and More from GDAX to Binance
GDAX exchange is one of the most prominent cryptocurrency platforms on earth. A need to transfer Bitcoin or any cryptocurrency to a recipient on Binance can arise at any time. It is expected that the processes for sending Bitcoin to Binance from GDAX is well understood by ever cryptocurrency trader. You can get a good grip of the procedures by reading through the rest of this tutorial.
Part 1: Open a Binance account
Binance exchange is open to new account opening from countries across the globe except where national laws restrict such. China is an example of a country whose citizens are prevented from opening an account on Binance.
Anyone who has an email address is eligible to open an account on Binance exchange by following the procedures. After you complete your registration procedures, you only need to click on the verification link in your inbox to activate your account.
Here is the signup procedure:
- Go to Binance homepage
- Locate the registration tab and click on it as shown in the image below
- After the click, the registration link will be displayed
- Complete the entries and provide a login password
- Where a referral code is available, add it in the space provided
- Agree to the terms and conditions of Binance by checking the box as shown below
- Submit your entries by clicking on the ‘ register ‘ tab
- Go to your Email inbox to click on the account creation confirmation link
- Add a phone number to your account profile to activate transaction notifications
- You can also activate the 2FA by Google to raise your verification level
- After you complete the processes above, a code will be set by SMS to your phone
- Provide the code by entering it on the tab provided
- The Google 2FA is activated by scanning the barcode on your account profile
- You will then have to enter the code generated on your mobile phone on the GA profile for verification purposes
- You will have to upload your ID to the profile page to complete your verification process.
Part 2: Which cryptocurrencies can you send to Binance?
Having completed part 1 above, you are ready to move on to the next step of getting your Binance account funded. You can add Bitcoin on Binance by using other exchanges or private wallets to fund your account.
280 cryptocurrencies are supported by Binance, and they include the likes of LTC, BTC, ETH, BCC, BNB USDT, and others. The list continues to grow by the day.
There are 117 trading pairs for Bitcoin, 114 for Ethereum, and 6 for USDT. The spread of pairs makes it possible for many cryptocurrencies to be deposited on Binance exchange. The few that are not supported have to be converted to the supported currencies before they are usable on the platform.
Every cryptocurrency has a unique wallet address and no two tokens share the same wallet address. ETH cannot be sent to BTC wallet as this will lead to a missing transaction.
Lean more about Binance from this article: Binance Review: How does it work? Is it Safe and Legit to Use?
Copy Your Binance Wallet Address
Before you can send Bitcoin to Binance, you need to copy the Biitcoin Wallet address by adhering to the following steps:
- Go to Binance homepage
- Log in to your account on the exchange
- Navigate to the ‘ funds’ tab and click on it
- The Balances, Deposits, Withdrawals and Trade history tabs will be displayed
- Identify the deposits tab and click on it
- A drop-down menu will appear to your left -hand corner of the screen
- Choose the currency you are depositing
- Locate its row and click on the associated deposit tab
- A wallet address will be displayed , but, preceded by the token symbol .You will have LTC for Litecoin and ETH for Ethereum
- Using ‘CTRL C’, carefully copy this wallet address.
More details on how to locate your wallet address for each cryptocurrency are explained in Binance tutorial for beginners.
Part 3: How to Transfer Bitcoin from GDAX to Binance
Since the cryptocurrency to be sent are in your GDAX exchange account, the Binance wallet address of the cryptocurrency has to be copied.
After copying the address using “CTRL C”, paste it in an email and send such to the expected sender. If you are sending the cryptocurrency yourself, you should:
- Get to the GDAX homepage
- At the top of the page, locate the ‘trade’ tab
- Click on the tab
- Select the pair of your choice under the menu ‘select product’
- For BTC, you can select BTC/ETH
- Click on withdraw link at the top-left corner
- Select the associated wallet address tab for the currency
- ‘CTRL V’ the earlier copied address on your clipboard for your Binance wallet
- Enter the amount you are withdrawing
- Hit the submit tab.
Transaction Processing Duration
Every token is processed based on the expected turnaround time. This waiting time has to elapse before the transferred cryptocurrency will show up in your Binance account. The withdrawals or cryptocurrency sent to your recipient wallet can only show up after the confirmations are completed as follows:
- BTC requires 30 minutes for the average of 3 confirmations
- BCH requires 10 minutes for the average of 6 confirmations
- ETH requires 12 minutes for the average of 50 confirmations
- LTC requires 30 minutes for the average of 6 confirmations
Check Your Transaction History
On GDAX, your transaction history can be confirmed on your account page.
- You need to click the currency tab to the left of your screen
- You then can click the tab for transfers on the right –hand top corner of the page
- This is where you can view your transaction history to confirm the status of your sent tokens.
Learn more about GDAX from here: Gdax Review 2018: Is Gdax safe? | Beginner’s Guide
The video link below shows how to transfer Bitcoin from GDAX to Binance
As a prominent exchange, GDAX accounts for a sizeable number of transactions in the cryptocurrency space across the globe. You can enhance your trading efficiency by mastering how to complete transfers to other exchanges like Binance.