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[Domestic exchange (GMO coin)] to [Binance] | How to send crypto assets

Dec 12, 2022

In this article, we will introduce how to send crypto assets from a domestic exchange (GMO coin), which is often consulted by cryptocurrency beginners, to Binance, which boasts one of the world’s largest handling numbers.

Binance has many users and high leverage, but since Japanese yen cannot be used directly, it is necessary to first purchase crypto assets at a domestic exchange and transfer the purchased crypto assets to Binance.

It’s easy to understand, and it’s explained with images, so please take a look at it.

Also, this article does not introduce how to open an account for GMO coins on domestic exchanges or Binance, so if you do not have one yet, let’s open one first.

About GMO Coin (Domestic Exchange)

GMO Coin is a crypto asset exchange by the major GMO Internet Group that handles 22 types of crypto assets.

The features of GMO coins are as follows.

Features of GMO Coin

  • You can open an account in as little as 10 minutes, so you can start trading right away.
  • Know-how and high security that only a major group can provide
  • Ability to choose a trading method from multiple trading methods
  • Since there are smartphone apps and dedicated PC tools, it is easy for beginners to advanced traders to trade.

GMO coins are explained in detail in articles on recommended exchanges , so please check them out.

About Binance

A cryptocurrency exchange established in Hong Kong in 2017, it is characterized by the world’s leading variety of crypto assets and the large number of users. In addition, due to the large number of users, it is said that the number of transactions is one of the largest in the world.

With that in mind, the main benefits of using Binance are:

Features of Binance

  • Abundant stocks
  • Trade with up to 125x leverage
  • Using Binance’s own token also reduces fees
  • there is an official app

Leverage is a mechanism that allows you to trade many times the amount of margin. In this Binance, trading with 125 times leverage is limited to “BTC/USDT” futures trading only. However, if it is not 125x, you can trade with other crypto assets with leverage, so consider it as an option.

In addition, the unique token BNB issued by Binance has the benefits of discounts on fees by holding it, and no fees by using it for trading.

Binance has various benefits and advantages, but the disadvantage is that it is not approved for use by Japanese residents. In order for Binance to operate as an exchange in Japan, it is necessary to register as a crypto asset exchange business, but as of February 2022, it has not been approved. Therefore, people living in Japan need to remit crypto assets purchased at domestic exchanges to Binance.

How to transfer crypto assets from GMO coin to Binance

I will explain how to transfer crypto assets from GMO coins to Binance.

Roughly speaking, it can be divided into three steps: “acquisition of address, registration of address, and remittance”, but once the address is registered, the first two steps can be skipped, so the procedure is simplified after that.

This time, as an example, we will select BTC as the crypto asset to be remitted. For XRP, the necessary information will change slightly depending on the cryptocurrency, such as “address + memo”, but the flow will not change significantly.

Also, this article does not introduce how to acquire crypto assets with GMO coins, so if you do not have crypto assets yet, please refer to this article.

① Acquisition of Binance address

First, we will acquire the address of Binance, which is the destination of the crypto assets.

After accessing the Binance homepage from here , first do the following operations

  • Click Wallet on the top right
  • Select “Fiat and actual” from the menu that appears

The screen will switch. Next, select the crypto assets you want to receive and click Deposit. From the next operation, the information will change depending on the crypto assets you want to transfer to Binance.

If you click the deposit in the BTC column, the screen will switch again. On the new screen, “currency, network, and address” are displayed.

After confirming that the selected “Currency/Network” is correct, copy the displayed address. This address is required when sending money from GMO coins.

For BTC, for example, make sure the currency is “BTC Bitcoin” and select the network “BTC Bitcoin”. Then copy the address.

② Register the acquired address in GMO coin

Next, access the GMO Coin homepage .

After logging into the home page,

  • Find “Deposits and Withdrawals” from the menu bar on the left
  • Since there are Japanese yen and crypto assets in the deposit and withdrawal items, click “crypto assets”

Proceed with the above flow

Then, the screen for selecting the stock will appear, so please select the cryptocurrency you want to transfer.

We will select BTC this time, but please be careful not to conflict with the crypto assets you chose when you obtained the address on Binance.

After selecting the issue, the menu of “Deposit/Send/Recipient List/Transaction History” will be displayed at the top of the screen, so click “Send”.

The destination list is displayed, but the remittance destination to Binance has not yet been registered. But once you register your address in this step, next time you can easily send money from this destination list.

Follow the steps below.

Click “+ Add New Destination”

Select “other than GMO coin” for address information registration

Next, select “Exchange/Service” as the destination wallet

Select “You” as the recipient

After performing the above operations, the confirmation screen of the information registered in GMO will be displayed. If there is no problem, select “To registration screen of destination information”.

You will then be prompted for information about the destination. Enter the information as follows.

  • For the destination name, use a name that is easy to understand depending on the exchange or person to whom you are sending money.
  • Enter the “copied Binance address”
  • Enter “Other” and “Binance” as the destination name.

Click “To confirmation screen”.

After that, when you move to the confirmation screen, enter the check box and click Register.

Then, you will receive a confirmation email later, so if you open the email and authenticate, the registration will be completed.

③ Transfer from GMO coin to Binance

Once you have registered your address, the rest is very easy.

After logging in to the homepage in the same way as before,

  • Find “Deposits and Withdrawals” from the menu bar on the left
  • Since there are Japanese yen and crypto assets in the deposit and withdrawal items, click “Crypto assets”.

Select BTC in the issue selection, and select “Send” from “Deposit / Send / Destination List / Transaction History” at the top of the screen, and the destination registered earlier will be displayed in the destination list.

If you select a destination that you have already registered,

  • Select quantity to send
  • Authenticate SMS from registered phone number
  • Enter a check in the confirmation items

Perform the above operation and move to the confirmation screen.

If there are no problems on the confirmation screen, click Execute. This completes the steps for sending money. If you want to register another destination, start again from step 1. If you want to send money to the same destination, start from step 3.

In addition, although there is a slight lag between remittance and receipt, you can check the status of “receipt/complete” by clicking on the transaction history and checking the status.

summary

This time, I introduced how to transfer money from GMO coins to Binance.

Basically, remittance is completed in 3 steps, so it is very easy even for beginners.

Also, if the cryptocurrency to be transferred is XRP, etc., there are cases where not only the address but also the MEMO is requested together, but other than that there is no particular difference.

Also, if you enter the wrong address, there is a risk that the crypto assets you sent will be lost, so please be careful.

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