Here’s a guide on how you can do so:
How to transfer ADA from Binance to Huobi
Here are 3 steps to transfer ADA from Binance to Huobi:
- Obtain the ADA deposit address from Huobi
- 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 Huobi
The first step you’ll need to do is to obtain the ADA deposit address from Huobi.
On Huobi’s platform, you’ll need to go to ‘Exchange Account‘.
Once you’re there, you can search for ADA, and select ‘Deposit‘.
This will show you the ADA deposit address, that you’ll need to copy to Binance.
Select ADA as the currency you wish to withdraw from Binance
Once you have copied the address from Huobi, 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 Huobi, 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, Huobi 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.
Once you have confirmed the transaction, you should receive ADA in Huobi.
What are the fees that I’ll incur for transferring from Binance to Huobi?
Binance currently charges 1 ADA for withdrawals on the Cardano network.
This can be quite high compared to other platforms which allow ADA withdrawals:
It may be better to withdraw ADA from Crypto.com, which charges a slightly lower fee!
If you are sending ADA via the BEP2 or BEP20 networks, there is a chance that your ADA may be lost forever!
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