Last updated on April 6th, 2022
If you have bought some ADA on Binance, you may be looking to send it to your Yoroi Wallet to stake ADA.
Here’s a guide on how you can do so:
Contents
How to transfer ADA from Binance to Yoroi
Here are 3 steps to transfer ADA from Binance to your Yoroi wallet:
- Obtain the ADA deposit address from your Yoroi wallet
- Select ADA as the currency you wish to withdraw from Binance
- Enter the transaction details and withdraw ADA using the Cardano network
And here is each step explained further:
Obtain the ADA deposit address from your Yoroi wallet
The first thing you’ll need to do is to create a Yoroi Wallet.
Don’t forget to keep your seed phrase secure, as this can be used by anyone to access your wallet!
Once you have created your wallet, you will need to go to the dashboard and select ‘Receive‘,
and this will show you the ADA deposit address that you’ll need to copy to Binance.
Your address should start with ‘ada‘, which is a Cardano network address. This is different from ‘0x‘ addresses which are for the ERC20 and BEP20 networks.
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!
Select ADA as the currency you wish to withdraw from Binance
Once you have copied the address from your Yoroi Wallet, you will need to go to Wallet‘, and then ‘Fiat/Spot‘ on Binance’s platform.
Once you’re there, you can search for ADA, and then select ‘Withdraw‘.
Enter the transaction details and withdraw ADA using the Cardano network
The next step will be to enter the transaction details.
After pasting the ADA deposit address from your Yoroi Wallet, Binance should automatically detect that you are sending ADA using the Cardano network.
This is because you are able to withdraw ADA using other networks, such as the Binance Chain (BEP2) and Binance Smart Chain (BEP20). However, Yoroi only supports native ADA sent by the Cardano blockchain.
When you withdraw ADA using either network, you will be sending a Binance-peg version of ADA, instead of the native ADA on the Cardano blockchain.
You are able to add the Binance-peg version of ADA to your Metamask wallet, under the Binance Smart Chain.
If you happen to send ADA using the BEP2 or BEP20 networks to your Yoroi Wallet, there is a chance that your ADA may be lost forever!
Once you have confirmed the transaction, you should receive ADA in your Yoroi Wallet.
What are the fees that I’ll incur for transferring from Binance to my Yoroi Wallet?
Binance currently charges 1 ADA for withdrawals on the Cardano network.
This can be quite high compared to other platforms which allow ADA withdrawals:
| Platform | ADA Withdrawal Fee |
|---|---|
| Binance | 1 ADA |
| Kucoin | 1 ADA |
| Crypto.com | 0.8 ADA |
| AAX | 1 ADA |
| Gate.io | 1.6 ADA |
It may be better to withdraw ADA from Crypto.com, which charges a slightly lower fee!
Conclusion
When you are sending ADA from Binance to Yoroi, you will need to ensure that you are sending it via the Cardano network. You can use this same method for other platforms, such as Crypto.com or Kraken.
If you are sending ADA via the BEP2 or BEP20 networks, there is a chance that your ADA may be lost forever!
Once you have received ADA on your Yoroi Wallet, you will be able to stake it to earn ADA rewards. This is similar to how you would do so using other wallets like Exodus or Daedalus.
Otherwise, you can choose to lend your ADA on Crypto.com and receive interest instead!
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