How To Transfer Your Crypto From Binance To Celsius

Last updated on January 5th, 2022

You may have bought some MATIC, BTC or USDT from Binance. Now, you are looking to transfer it to Celsius to earn interest on your crypto.

But how exactly do you go about doing this?

How to transfer crypto from Binance To Celsius

Here are 8 steps you’ll need to transfer your crypto from Binance to Celsius:

1. Go to ‘Menu → Transfer’ on Celsius
2. Select the coin you wish to transfer
3. Copy the wallet address on the Celsius app
4. Go to ‘Fiat/Spot Wallet’ on Binance
5. Select the cryptocurrency you wish to withdraw
6. Enter the details of the transaction
7. Paste the deposit address from Celsius as the destination address
8. Review the withdrawal before confirming the transaction

And here is each step explained step-by-step:

Go to ‘Menu → Transfer’ on Celsius

When you’re on the Celsius app, you would need to go to the Celsius menu and tap on ‘Transfer‘.

Select the coin you wish to transfer

When you’re on this screen, you’ll need to select the currency that you wish to transfer into Celsius.

Copy the wallet address on the Celsius app

After you select a currency, you will be given a wallet address.

Your wallet address is one long string of letters and numbers. It is very important that you copy it letter by letter! If you make any mistake in the wallet address, your crypto will be lost forever!

As such, the best way will be to copy your wallet address directly.

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 ‘Fiat/Spot Wallet’ on Binance

On Binance’s platform, you’ll need to go to ‘Fiat / Spot‘ in the ‘Wallet’ menu.

Select the cryptocurrency you wish to withdraw

Once you are there, you’ll need to select the currency that you wish to withdraw.

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

Enter the details of the transaction

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

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.

Celsius 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 Celsius. I will be choosing the Bitcoin network, since that is the network that Celsius supports.

Enter the wallet address on Binance

You’ll need to paste the wallet address that you’ve copied from Celsius into Binance.

You may want to double-check your wallet address before confirming the withdrawal!

You’ll be able to see the transaction fee that you’ll incur for the transfer too.

Receive the crypto in Celsius

Once the withdrawal has been approved, it may take a while for the transaction to go through.

This really depends on how active the network is at the point of your withdrawal request.

As such, you may need to wait a while before you can receive your crypto on Celsius.

What are the fees for sending cryptocurrency from Binance to Celsius?

The fees that you incur depend on the withdrawal fees that Binance charges for that specific cryptocurrency. Moreover, it also depends on the network that you are using to transfer your cryptocurrency from Binance to Celsius.

You can view the full breakdown of the withdrawal fees for the specific cryptocurrencies on Binance’s website.

There are 2 main factors that determine the fee that you’ll incur:

1. The cryptocurrency that you are transferring
2. The network that you are using to transfer your cryptocurrencies

If you send your funds via the Binance Smart Chain or Binance Chain, the fees that you incur are much lower!

To transfer MATIC from Binance to Celsius, you will need to transfer it via the ERC-20 network. This incurs the highest amount of fees compared to the other supported networks on Binance.

Celsius only supports the ERC-20 version of MATIC.

As such, you can only send the ERC-20 network version of MATIC to Celsius.

If you are looking to send BNB from Binance to Celsius, you will need to send it over via the Binance Smart Chain network.

Celsius only supports the BSC version of the BNB coin.

However, you do not need to worry as Binance will automatically detect that the network which Celsius is using is the BSC version.

Conclusion

When you are sending your currencies from one platform to another, you’ll need to take note of the network fees.

The withdrawal fees on Binance are fixed. This will help you to better know the costs you will incur before making the transfer.

Also, do try to take note of the networks when sending from Binance to Celsius. Although you may want to reduce fees by sending USDT via another network, Celsius only supports the native networks, so you should only be sending ERC20 tokens (except for BNB).

👉🏻 Referral Deals

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

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!

Are you passionate about personal finance and want to earn some flexible income?