Managing cryptocurrency safely during long-term investments is an important issue that everyone needs to pay attention to. Besides hot wallets like Metamask, Trust Wallet… which are easy to hack, many major exchanges have also faced FUD like FTX & recently Binance. This makes many investors anxious & worried; what if the exchange collapses one day?
In the world of cryptocurrency, there are many risks, so cold wallets are the number one solution for securely storing and protecting cryptocurrency assets. Due to the mechanism of storing the private key completely offline with hardware security chips, your money cannot be hacked or affected by anyone.
Some of the most famous cold wallets:
Ledger Nano X (LEDGER)
Ledger Nano S Plus (LEDGER)
Trezor One (TREZOR)
SafePal S1 (SAFEPAL)
In this article, I will guide you on how to transfer money (withdraw) from Binance to the Ledger cold wallet, helping you protect your money in the best way.
Preparation step
Download & update to the latest version of the Ledger Live app.
Install applications for each type of coin into the cold wallet through the Ledger Live menu > My Ledger.
Use Ledger Live to connect to the Ledger cold wallet to create management accounts (add account).
Choose the correct network when transferring money.
Depending on the type of account, there will be different networks; you must ensure to select the correct network (blockchain) when withdrawing money to the cold wallet. Your money may be lost if you choose the wrong network. Be careful!
Below are some common networks corresponding to each type of account in Ledger Live:
Bitcoin account: Bitcoin network – used to receive Bitcoin.
Ethereum account: Ethereum network (ERC20) – used to receive ETH & all tokens on the ERC20 network.
Binance Smart Chain (BSC) account: BEP20 network – used to receive BNB & all tokens on the BEP20 network.
Tron account: TRC20 network – used to receive TRX & all tokens on the TRC20 network.
Ripple account: Ripple network – used to receive Ripple.
Cardano (ADA) account: Cardano (ADA) network – used to receive ADA.
Polkadot (DOT) account: Polkadot (DOT) network – used to store DOT.
In summary, when transferring COIN, the Network name & Account name for receiving money are usually the same. When transferring TOKEN, it depends on which network the token belongs to, then you will take the address from the corresponding account.
Token on the ERC20 network – get the Ethereum address to receive.
Token on the BEP20 network – get the Binance Smart Chain address.
Token on the TRC20 network – get the TRX address.
Withdraw money from Binance to the Ledger cold wallet.
Below are the steps to transfer money from Binance to the Ledger cold wallet:
Open the Ledger Live app.
Select the Accounts menu & click on the account you want to receive money.
Click the Receive button to get the receiving address of the Ledger cold wallet.
Select the cryptocurrency you want to receive, then carefully confirm that the address on the Ledger Live app and on the cold wallet MUST MATCH.
Copy the address on Ledger Live after you have verified it is correct. Simultaneously, on the Ledger cold wallet, press the Confirm button & select Approve.
Log in to your Binance account: https://www.binance.com
Select the menuWallets, then select the tabFiat & Spot. Click onWithdraw to perform the withdrawal from Binance.
In the Coin List, select the coin you need to withdraw. Then select Send via Crypto Network.
In the withdrawal information form: Address: paste the address of the cold wallet that you copied from Ledger Live. Network: select the correct network for the receiving address you just pasted (Refer to: Choose the correct network when withdrawing). Amount: enter the amount to withdraw or select Max if you want to withdraw all the available funds.
Click Withdraw to proceed with the withdrawal.
Confirm order: Review the withdrawal information to ensure it is correct, then click Confirm to continue.
Security Verification: Complete the security verifications depending on your account: Passkey, Authy, Email, SMS...
Everything is done, the only thing left is to wait a few minutes for Binance to process the transaction. After the withdrawal is successfully processed, you will receive an email notification from Binance. Check the withdrawal history in the Transaction History section.
To check if the money has been successfully received in the Ledger cold wallet, you just need to access Ledger Live to view it without connecting the cold wallet.
Security note:
Try to withdraw with the minimum amount first; after confirming that the money has been successfully received in the Ledger cold wallet, then send a larger amount.
You must remember to Transfer/receive coins on the Correct network, Correct address, Correct coin type.
The BSC BEP20 network is managed by Binance & usually has few exchanges supporting coin transfers from this network. Therefore, you should prioritize transferring coins back to the original network (the same coin name) to ensure your coins are not affected in case Binance has issues.
=>=> I hope that through my sharing, I can help you better understand how to withdraw coins from Binance to the Ledger cold wallet to protect your assets in the safest way.
