How To Transfer Bitcoin From Binance To Gemini

Transfer Bitcoin from Binance to Gemini

Do you need to transfer bitcoin out from your Binance account due to recent upcoming closure in your country?  Well I have a simple solution for you.  In this post, I summarize what to do and how it takes to transfer bitcoin from Binance to Gemini.

Why Do I Need To Transfer Bitcoin Out From Binance?

I first mentioned about this risk of holding Bitcoin in Binance in my post on May 2021.   I decided to hold action while assessing the situation further.  However, Binance made an announcement on 13 December 2021.

Binance will withdraw its licensing efforts in Singapore and wind down its digital payment token services in Singapore by 13 February 2022.  All trading on its platform will end in 12 January 2022.  I understand some of Binance operations in other countries are also following this same process soon.

For example, you can read about this news in 9 August 2021 for “Binance to stop derivatives trading in Hong Kong

On Demand Replays | Get 2 Days Of Training - Only $1 This Is What I Did To Transfer My Bitcoin Out

As I have done my research previously, I have chose to setup an account with Gemini.  The other alternative you can explore is Coinbase (which is suitable for small Cryptos Portfolio)

The above setup took me only 15 minutes to complete.  In my country, I can leverage on SingPass to do the necessary verifications.  SingPass is a Singapore government system which acts as my trusted digital identity for all the secure transaction.  In your country, the time needed may vary depending on its regulatory requirements.  So please do cater time for that.

After your account is created, just do the following:

Step 1: I read up the steps in this post on how to do the transfer.  Note that Binance imposed transfer fees while Gemini does not.  Do check out the transfer cost from your Binance account (dependent on the country of operations)

Step 2: I started my transfer from Binance to Gemini at 8:20pm local time today.

Step 3: Gemini received the transfer and proceeded with 3 confirmations on the Bitcoin network at 8:24pm local time.  You can just to have to wait for this.

Step 4: Gemini confirmed the transfer was successful at 8:37pm local time.  I received this notification in my email.

So in total, it took me 17 minutes to complete this whole transfer.  Yours could be shorter.  Fast and Simple.  Just follow those steps.

How to squeeze more profit when transferring bitcoinAdditional Tip When You Transfer Bitcoin

As there is transfer fee imposed when I transfer bitcoin out from my Binance account, I wanted to reduce this fee.

One way I found is to do this transfer only when there is an upward trend in Bitcoin.  I did my check using the free Bitcoin Trading chart from Binance.  Once I see an uptrend in the 15 minutes and 1 hour charts, I started my transfer.  Below is the outcome from that additional step.

For the transfer, Binance charged me S$27.63

However as price of Bitcoin rose by the time I completed the transfer, my portfolio gained S$50.11 within that 17 minutes period.

So nett effect is that instead of paying for the transfer, I got a profitable transfer of gaining S$22.48 (=50.11 minus 27.63).  I know the gain is small but my first rule is always protect my capital at all possible ways.  🙂

This is not a necessary step for you.  I am sharing this is to show what I did to squeeze out more profits.

With all this said, I would like to take this opportunity to wish you a Merry Christmas and Happy New Year! 🎁🎄

Trade Safely.

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