You may have some crypto assets on Binance’s platform.
However, Binance does not support SGD on their platform!
As such, you’ll need to find a crypto exchange that supports SGD for you to cash out your profits.
One of these platforms is Coinhako, and here’s how you can transfer your crypto to this platform.
Table of Contents
- How to transfer from Binance to Coinhako
- #1 Go to ‘Fiat/Spot Wallet’ on Binance
- #2 Select the cryptocurrency you wish to withdraw
- #3 Enter the details of the transaction
- #4 Go to Coinhako and retrieve the wallet address
- #5 Enter the wallet address on Binance
- #6 Receive the crypto in Coinhako
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How to transfer from Binance to Coinhako
Here are the steps you’ll need to transfer your crypto from Binance to Coinhako:
- Go to ‘Fiat/Spot Wallet’ on Binance
- Select the cryptocurrency you wish to withdraw
- Enter the details of the transaction
- Go to Coinhako and retrieve the wallet address
- Enter the wallet address on Binance
- Receive the crypto in Coinhako
Here is each detail explained in-depth:
#1 Go to ‘Fiat/Spot Wallet’ on Binance
On Binance’s platform, you’ll need to go to ‘Fiat / Spot‘ in the ‘Wallet’ menu.
#2 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 their platform.
However, you can only withdraw currencies that are supported by Coinhako.
If you own certain currencies like VeChain on Binance, you’ll have to swap it to another currency, like Bitcoin.
If Coinhako does not support a certain currency, you would not be able to send that currency over from Binance!
#3 Enter the details of the transaction
There are a few details that you’ll need to enter for each transaction.
- Recipient’s BTC Address
- Transfer network
- Amount of BTC
For the address and the transfer network to use, you can only retrieve these information from Coinhako. We will go into these details later.
#4 Go to Coinhako and retrieve the wallet address
You’ll need to go to Coinhako’s platform to retrieve the address that you should be sending your currency to.
When you are on the desktop platform, you’ll be able to see your wallet.
You’ll need to scroll to the currency that you wish to withdraw, and click on ‘Receive‘.
Coinhako does not allow you to receive certain currencies on their platform, such as:
For these currencies, the ‘Send‘ and ‘Receive‘ buttons will be greyed out.
When you’ve selected the currency of your choice, you will be given an address to send your currency to.
There are 2 ways that you can copy this address:
- Scanning the QR code
- Copying the wallet address
If you’re copying the address from Coinhako, you may want to double check the address before you send your crypto.
If you miss out any number or letter, your crypto will be lost forever!
You can only send a currency that matches the wallet
When you are sending out your crypto, you can only send it to an address that is able to receive that currency.
For example, when you are sending out your Bitcoin, you can only send it to a wallet address that accepts Bitcoin.
If you send it to an address that only accepts another currency, your crypto will be lost too!
You can check the type of network you should be transferring to
You may remember that Binance wants you to select the network you want to use to transfer your currencies.
You can look for the network under the ‘Supported Network‘ tab in Coinhako.
Bitcoin has their Bitcoin network that you can send your funds to.
For most of the other currencies, they should be on the Ethereum blockchain. This means that they would be using the ERC-20 network, just like AAVE.
#5 Enter the wallet address on Binance
You’ll need to paste the wallet address that you’ve copied from Coinhako into Binance.
You may want to double check your wallet address before confirming the withdrawal!
You’ll need to select the network that you want to send your currency with, which is the ‘Supported Network‘ that you saw on Coinhako.
You’ll be able to see the transaction fee that you’ll incur for the transfer too.
#6 Receive the crypto in Coinhako
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 Coinhako.
Once you have received your crypto on Coinhako, you are able to sell it for SGD!
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.
Coinhako a platform that is able to receive 21 tokens on their platform. Moreover, they have a direct SGD trading pair with all of these currencies.
This means that you’ll be able to sell them off directly for SGD!
Even though Coinhako charges a higher fee compared to other crypto exchanges, it may be worth it for this convenience.
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