Crypto Invest

6 Steps To Transfer From Binance To Blockfi

Binance To Blockfi

Last updated on January 11th, 2022

You may have just bought some cryptocurrencies on Binance, and are looking to earn a higher interest on them.

One such platform is Blockfi, which offers rather high interest rates on a wider variety of cryptocurrencies.

However, how do you go about transferring your cryptocurrencies between these platforms?

How to transfer from Binance to Blockfi

Here are 6 steps you’ll need to take to transfer your crypto from Binance to BlockFi:

  1. Select the crypto you want to deposit on BlockFi
  2. Obtain the deposit address of your cryptocurrency on BlockFi
  3. Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance
  4. Select the cryptocurrency you wish to withdraw
  5. Enter the transaction details and confirm the withdrawal
  6. Receive the cryptocurrency on Blockfi

Select the crypto you want to deposit on BlockFi

You’ll need to select the crypto that you wish to deposit onto BlockFi. First, you’ll need to go to ‘Deposit Crypto‘,

BlockFi Deposit Crypto

and then select the currency.

BlockFi Choose Currency To Deposit

BlockFi allows you to deposit 13 different currencies on their platform to start earning interest.

Obtain the deposit address of your cryptocurrency on BlockFi

After selecting the currency, you will see the address that you’ll need to deposit your crypto to.

BlockFi Fund Deposit 1

You can use 2 methods to obtain the wallet address:

  1. Copy your Wallet Address to your clipboard
  2. Scan the QR code

If you are copying the wallet address, it may be best for you to double check the address before sending!

If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.

This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!

Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance

On Binance’s platform, you will need to go to ‘Wallet‘, and then ‘Fiat/Spot‘.

Binance Wallet Fiat Spot

Select the cryptocurrency you wish to withdraw

Once you’re there, you can search for the currency of your choice, and then select ‘Withdraw‘.

Binance Spot and Fiat Wallet Platform

Binance has over 300 cryptocurrencies on its platform. However, you can only withdraw cryptocurrencies that are supported by Blockfi!

Enter the transaction details and confirm the withdrawal

There are a few details that you’ll need to enter for each transaction.

Binance Enter Details For Withdrawal Coinhako

This includes:

  1. Recipient’s BTC Address
  2. Transfer network
  3. Amount of BTC

There are quite a few networks that you can use to send your crypto from Binance.

Binance BTC Supported Networks

Blockfi does not support the BEP20 network, so you should not be sending your cryptocurrency using this network.

If you send your cryptocurrencies using the wrong network, it will be lost forever.

In this example, I am intending to send Bitcoin over to Blockfi. I will be choosing the Bitcoin network, since that is the network that Blockfi supports.

If you are intending to send other tokens like ETH, LTC or BAT, Blockfi only supports ERC20 deposits of these tokens.

As such, do not send these currencies using another network, such as SOL or BEP20!

Receive the cryptocurrency on Blockfi

After confirming the transaction, it may take a while before your funds will reach your Blockfi wallet.

Since the ERC20 network is rather congested, it may take a while before you will receive ERC20 tokens on Blockfi, such as BUSD or USDC.

Which cryptocurrencies can I transfer from Binance to Blockfi?

Here are the cryptocurrencies that are supported by Binance and Blockfi:

CurrencySupported
By Binance
Supported
By Blockfi
BTC
ETH
LTC
LINK
USDC
GUSD
PAX
PAXG
USDT
BUSD
DAI
UNI
BAT

You are able to send most of the currencies that are supported by Blockfi from Binance, except for GUSD and PAXG.

What are the fees that I’ll incur when transferring from Binance to Blockfi?

Here are some of the withdrawal fees that you’ll incur when withdrawing from Binance:

CurrencyWithdrawal Fee
BTC0.0005 BTC
ETH0.005 ETH
USDT24 USDT (ERC20)
USDC25 USDC
BAT23 BAT

Most of the ERC20 tokens (e.g. USDT) have rather high withdrawal fees. It will be better to withdraw a large amount of cryptocurrency, so that your withdrawal amount will be worth the fees you incur.

Alternatively, you can buy these ERC20 tokens on Gemini and transfer them to Blockfi, as Gemini offers up to 10 free withdrawals a month, even for ERC20 tokens!

Conclusion

Blockfi is a platform where you can earn interest while holding on to your cryptocurrencies.

However, if you intend to transfer ERC20 tokens to your Blockfi account, the withdrawal fees can be quite high.

When you are transferring crypto from Binance, don’t forget to check that you are using the correct network!

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

BlockFi Referral (Earn $10 USD in BTC)

If you are interested in signing up for a BlockFi account, you can use my referral link.

You will be able to receive $10 USD worth of BTC in your BlockFi account!

BlockFi Referral

Here’s what you need to do:

  1. Sign up for a BlockFi account
  2. Deposit $100 USD or more into your BlockFi account
  3. Hold the balance until the next interest paying day (1st business day of each month)
  4. Receive the $10 USD worth of BTC in your BlockFi account

Binance Referral (Receive 5% off your trading fees)

If you are interested in signing up for a Binance account, you can use my referral link.

You will be able to receive 5% off all of your trading fees on Binance!


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