Crypto Invest

6 Steps To Transfer SHIB From Binance To Coinbase Wallet

Transfer SHIB From Binance To Coinbase Wallet

You may have just bought some SHIB on Binance, and are looking to transfer it to your Coinbase Wallet.

However, one thing you may want to note is that Coinbase only supports the ERC20 version of SHIB and not the BSC version!

Here’s a step-by-step guide on what you can do:

How to transfer SHIB from Binance to Coinbase Wallet

Here are 6 steps to transfer SHIB from Binance to Coinbase Wallet:

  1. Go to Coinbase Wallet and select ‘Receive’
  2. Search for SHIB and copy the ERC20 address
  3. Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance
  4. Select SHIB as the cryptocurrency you wish to withdraw
  5. Enter the details of the transaction
  6. Receive SHIB in your Coinbase Wallet

Go to Coinbase Wallet and select ‘Receive’

On your Coinbase Wallet, you will need to select ‘Receive‘.

Coinbase Wallet Receive

Search for SHIB and copy the ERC20 address

After that, you will need to search for SHIB,

Coinbase Search For SHIB

and then copy the deposit address that is shown.

Coinbase Wallet SHIB

The address that you are copying only supports the ERC20 network, and not the BEP20 (Binance Smart Chain) that Binance supports too.

Even though both the ERC20 and BEP20 deposit addresses start with ‘0x’, they are still separate networks.

If you send SHIB over the Binance Smart Chain to Coinbase Wallet, your SHIB will be lost forever!

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 SHIB as the cryptocurrency you wish to withdraw

Once you’re there, you can search for SHIB, and then select Withdraw.

Binance Select SHIB To Withdraw

Enter the details of the transaction

On the next page, you will need to enter the details of the transaction.

Binance Withdraw SHIB Details

This includes:

  1. The address you’ve obtained from Coinbase Wallet
  2. The network that you are using to withdraw
  3. The amount of SHIB you wish to transfer

Binance may not auto-detect that your Coinbase Wallet deposit address only supports the ERC20 network. As such, you will need to select ERC20 as the network that you’re withdrawing to.

Binance SHIB Withdraw Via ERC20

This is a very important step, and you will need to ensure that you choose the correct network. If you choose to send SHIB via the Binance Smart Chain, it will be lost as Coinbase Wallet does not support this network.

Receive SHIB in your Coinbase Wallet

After confirming your withdrawal, SHIB will be sent from your Binance account to your Coinbase wallet.

What are the fees for sending SHIB from Binance to Coinbase Wallet?

You are only able to send SHIB from Binance to your Coinbase Wallet via the ERC20 network. The withdrawal fees that you pay when transacting on the ERC20 network is usually higher than other blockchains, due to network congestion.

When I tried to withdraw SHIB from Binance, the fees that I needed to pay was around 700,000 SHIB.

Binance Withdraw SHIB Fees

This is actually quite a large amount of money when converting it back to a fiat currency!

As such, it would be best that you perform one transfer, instead of making multiple withdrawals to your Coinbase Wallet. Otherwise, the withdrawal fees can be really hefty!

Conclusion

Transferring SHIB using the ERC20 network is usually quite expensive, due to the network congestion present on the Ethereum network.

Moreover, the Coinbase Wallet does not support BEP20 deposits.

If you intend to hold your SHIB in the Coinbase Wallet, the best way will be to only make one withdrawal, due to the high gas fees!

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