How to Transfer Crypto From Binance to Sender Wallet
For many crypto traders, nothing beats holding your crypto in a web3 wallet where you own your private keys. While Binance offers a secure custody solution to keep your crypto safe, you may want to experiment with directly holding your crypto assets. If you want to go this route, you should always store your funds in a secure, self-custodial wallet like Sender Wallet. However, don’t forget that once you control your private keys, it’s up to you to keep them safe or risk losing your funds.
Read on to learn exactly how you can transfer your crypto from Binance to your Sender Wallet in just a few steps.
How to Withdraw Funds From Binance
Before you can get started withdrawing your funds from Binance, you will first need to set up Sender Wallet (if you haven’t already).
You can download the Sender Wallet app on your Android or iOS smartphone and complete the simple setup process.
Next, go to Binance.com, log into your account, and proceed to complete your two-factor authentication (2FA) verification. Alternatively, you can also access your Binance account using the Binance mobile app on your phone.
Now, it’s simple to check your Binance account’s wallets to see the digital currencies you hold.
Currently, Sender Wallet app only allows users to securely store digital assets in the NEAR blockchain, but Sender will support more blockchains in the future so stay tuned. You can transfer essentially any cryptocurrency on the NEAR blockchain you hold on Binance to Sender Wallet with the following steps:
1. Go to your Sender Wallet app and enable the cryptocurrencies you want to receive from the Binance exchange.
- To do that, open the app and click on Receive on the main page. You can also set the amount of NEAR you would want to receive.
- You can also choose from the Assets list for the digital token that you want to receive. For the purposes of this guide, we will use NEAR.
2. Select the digital token that you want to receive and click on it.
3. Click on the Receive button on the bottom and copy and paste the NEAR wallet address.
4. Head to your Binance account and click on Security from the Account drop-down menu.
5. Scroll down to the Withdrawal Whitelist section and choose Address Management then Add Address to add your NEAR wallet address.
6. Proceed to fill in the details needed. The address label should be the name of your NEAR wallet address.
7. Paste the NEAR wallet address copied from Sender Wallet under the Address section. Binance.com will automatically match the wallet address you add to the corresponding network to help prevent you from losing your funds.
8. Next, choose the origin of the address. Here, you have two options: Exchange or Wallet. Choose Wallet, and then select Others and fill in Sender Wallet.
9. Check the Whitelisted box and then click on Save.
10. Binance will require you to complete a security verification process. Once the verification process is successful, Binance will add your wallet address as shown below.
You can add as many addresses as you want.
11. To withdraw your NEAR to your Sender Wallet app, click the [Wallet] button on the dashboard and select Overview in the drop-down menu.
12. Next, click on Withdraw and proceed to click on the [Withdraw Crypto] option on the far right-hand corner of the screen.
13. Select the coin you want to withdraw — in this case, NEAR.
14. In the address section, choose the Select from Address Book option, add the withdrawal amount, then click on Withdraw.
15. Complete the 2FA verification process and click Submit to complete the transaction.
Remember, you need to have enough NEAR in your wallet to cover your network fees.
You can now go to your Sender Wallet app and check your NEAR balance. If you tap on any assets, you will also be able to see all your recent activity.
And that’s it! That’s how easy it is to transfer digital currency from Binance to Sender Wallet.
Why Should You Move Your Crypto from Exchanges like Binance to Sender Wallet?
Binance.com and the Binance app provide exchange users with custodial wallets. That means that Binance holds its users’ wallets’ private keys, essentially holding digital assets on behalf of their users.
Some users prefer the responsibility of holding their funds themselves. This gives them direct control over their crypto, but they then need to look after their private keys themselves.
When your crypto is stored with Binance, much of it is held in cold storage. This provides a highly secure storage solution where private keys are never made available online.
Exchanges are often targets for hackers, and you may feel safer handling your assets yourself in Sender Wallet.
Download Sender Wallet today and start transferring your crypto from Binance to Sender Wallet.