Recently with the hype of Crypto, I am back to trading Crypto after 2 years of hiatus. I have been using CoinHako until I decided to try out Binance. Binance is another Crypto trading platform that is not based in Singapore. However, the pros of using Binance are they have a lower transaction fee, 0.1%, and they support many other coins as compared to CoinHako or Coinbase.
Before you send coins between Binance and CoinHako, I am sure you will be worried if your coins will be lost somewhere in the blockchain network. Therefore, this article will guide you through so you will have lesser fear when sending coins for the first time.
After creating an account in Binance, go into Wallet > “Fiat and Spot” > Deposit on Binance’s website (see Fig. 1a). For Binance’s app version, it should be on the first page of the app (see Fig. 1b).
Next, you can select any coin you want to deposit as long as Binance has a wallet for that coin you would like to deposit. I would prefer sending Ethereum (ETH) to Binance as it is faster due to more ETH miners than lesser famous altcoins. Moreover, ETH fees are cheaper than Bitcoin (BTC) based on my observations.
When the first time I sent to Binance from CoinHako, I sent Polkadot. Oh boy, I tell you. It took 9 hours to reach Binance. I thought my coins were lost somewhere in the blockchain. Even the transaction ID cannot be found on Polkadot website itself. Therefore, I recommend you to send only BTC or ETH if you do not want to go into a full panic mode if it has not reached Binance yet.
For example to deposit via ETH, choose ERC20 network which will be faster (see Fig. 1c).
Alternatively, if you really want to deposit other coins, you can google if they support ERC20 network. Else, the safest option is to choose the coin’s own network such as Polkadot’s own network (see Fig. 1d).
After trading or investing in Binance, you would like to withdraw everything or just your profit. For me, I use CoinHako as my gateway to withdraw actual cash back to my bank. Remember, to send coins back to CoinHako, it must be the coins that CoinHako supports (see here as not all coins in CoinHako allows sending/receiving). I would recommend either using DAI or ETH to send coins back to CoinHako. DAI for stability as you might not want your money to fluctuate when waiting for the coins to reach CoinHako. Bear in mind that DAI might take a long time to reach CoinHako. I have not tried it before so I am not sure. I used ETH instead of BTC as the transaction fee is cheaper.
Similar to depositing coins to Binance, to send ETH back to CoinHako, you can use ERC20 network (see Fig. 2). It is very fast as it took less than 15mins to reach CoinHako which includes the confirmation processing time.
Pardon the image on Fig. 2 that showed BTC as I do not have ETH at the moment when writing this post. However, the interface looks similar. You just have to choose ERC20 network and follow the steps accordingly.
Do more research too if you decided to send/receive coins other than ETH or Polkadot (DOT) as they might have other things to take note. For example if you decided to receive USDT from Binance to CoinHako, do note the cons of it. Withdrawing USDT from Binance is more expensive. Besides that, CoinHako do not support converting USDT/USDC to SGD. You have to buy a coin at CoinHako using USDT/USDC then sell it for SGD. This is in fact costlier.
ETH/DAI/Other coins fee: 0.1% (Buy coins at Binance) + Transfer fee for coins sending to CoinHako + 1% (sell coins to SGD)
USDT/USDC: Transfer fee for coins sending to CoinHako + 2% (Buy coins in CoinHako using USDT/USDC then sell for SGD)
I hope today’s post has been helpful to you. Feel free to leave any comments below. You may also send me some tips if you like my work and want to see more of such content. Funds will mostly be used for my boba milk tea addiction. The link is here. 🙂