The first thing that I did after I signed up with Binance was to learn how to buy crypto on the exchange and also how to withdraw crypto from Binance to Coins.ph. I also did the same when I signed up with other exchanges such as Kucoin, Gate.io, and Crypto.com.
My main reason is that I want to know how easy/hard it would be to get my money out in case I don’t want to invest in crypto anymore.
By the way, before we continue, please be informed that this is not a piece of financial advice and I’m just sharing with you guys my journey in investing and trading crypto. If you need financial advice on any type of investment, please consult a professional financial advisor.
And also, always Do Your Own Research (DYOR) before making any financial transactions to protect yourself and your hard-earned money from unnecessary stress and losses.
Anyway, let’s get back to the topic, shall we?
Photo by Colin Watts on Unsplash
Why I Withdraw Crypto from Binance to Coins.ph?
Withdrawing crypto from Binance to Coins.ph is not the only option in taking out your crypto from Binance. One of the most common ways is to sell your crypto via P2P on Binance and get your Philippine Peso via GCash, PayMaya or any other approved payment methods.
I’m not keen (yet) on selling crypto on P2P that’s why for the time being, I withdraw my crypto from Binance to Coins.ph.
Coins.ph is also not the only wallet/exchange in the Philippines where you can transfer your crypto from Binance. However, it’s the only one that I have an account with.
I’ve read online that GCash might soon be offering crypto services in the future (rumor?). I don’t know yet if it’s confirmed but I’m hoping that it is because I use GCash a lot and it would be easier if I could transfer from Binance to GCash.
I will probably just write another post once this service becomes available.
How to Withdraw Crypto from Binance to Coins.ph
As of the time of writing, you can only transfer four kinds of crypto to Coins.ph and these are:
- Bitcoin (BTC)
- Etherium (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
Among the choices, XRP has the cheapest fee (as of the time of writing). It might change though in the future so always check for some updates online.
If you are an XRP holder, then all you have to do is to transfer XRP from Binance to Coins.ph.
However, if you are not an XRP holder like me, the first thing you have to do is to convert the crypto that you want to withdraw to XRP. Please keep in mind that applicable trading fees do apply.
For example, if you exchange Matic to XRP then you will have to pay a trading fee on Binance (usually around 1%).
Once you have XRP then here’s the step-by-step process on how to transfer XRP from Binance to Coins.ph.
Please note that the screenshots and steps below are based on using the Binance Mobile App and Coins.ph Mobile App (Android) taken as of the time of writing.
1. The first thing that you have to do is to log in to your Binance account and go to your Spot Wallet and click on XRP.
2. Afterward, tap on ‘Withdraw’ which you can find at the bottom part of your screen. It will then ask you for the following information – Address, Network (Auto-populated), Tag (will appear after you pasted the Address), and of course the amount of XRP you wish to transfer.
3. To get these details, you will have to log in to your Coins.ph app. Afterward, tap on XRP and then tap on ‘Receive’. Once you have tapped on ‘Receive’ a pop-up will appear with a reminder ‘Always include your destination tag’. Tap on ‘Show my XRP Address’ to see your XRP address and your destination tag.
4. By this time, both XRP Address and destination tag should be shown on your screen. You won’t see a big smiley face though hahaha, I just covered my address QR Code in this screenshot using the smiley face.
5. Copy your address on Coins.ph using the ‘Copy’ icon that you can see on the right side of that address. Toggle to your Binance Mobile App and paste the address. Again, you will only see the ‘destination tag’ field on Binance App AFTER you have pasted your XRP Address.
6. After pasting the address, toggle back to your Coins.ph app and copy the ‘destination tag’ and paste that to the ‘Tag’ field on the Binance app (screenshot of Binance App showing ‘Tag’ is available above). The ‘Network’ will auto-populate and should say XRP.
7. Enter the amount that you want to transfer. And click on Withdrawal.
8. Binance will ask for security information before you can proceed to withdraw. And these include codes that are sent to your mobile, email, and Google authenticator. This will vary depending on how you have set up your security options on Binance.
9. After putting in the required information, just proceed with the withdrawal. And that’s it. It will usually just take a minute or two. It’s really fast.
I have only tried it thrice and it didn’t take me more than two minutes to receive XRP. Again, this is based on my personal experience and I only withdraw small amounts of XRP. Delays might happen of course depending on a variety of factors (possible issues on the Binance app or possible issues on the Coins.ph app).
You will receive a notification on your phone from Binance saying that the Withdrawal is successful. Likewise, you will also receive a notification from Coins.ph that you have received XRP.
How to Convert XRP to Philippine Pesos
Now that you have received your XRP from Binance, you have the option to convert it to Philippine Pesos. To do so, all you have to do is to tap on XRP and then ‘Check Prices’.
And then you will see the options Buy and Sell. Tap on ‘Sell’ if you wish to convert your XRP to Philippine Pesos.
Enter the amount that you wish to convert and then ‘Slide to convert’. It will then convert your XRP to Philippine Pesos and you will see your PHP balance on your Coins.ph account. That’s it!
Final Thoughts and Some Important Reminders
Here are some important reminders and some information that you need to know about when doing this process:
1. Whenever you transfer crypto from and to crypto exchanges, crypto wallets, etc, always do a trial transfer first, especially if it’s your first time. When I first did this, I did a trial transfer of $10 worth of XRP from Binance to Coins.ph.
2. Please note that there is a transaction fee when withdrawing XRP on Binance. I don’t know if it varies on the amount that you’re withdrawing. But in the past, I have withdrawn $10 – $170 and I was charged 0.25 XRP per withdrawal. Coins.ph do not charge for receiving XRP.
3. Always be sure that the ‘Address’ and the ‘Tag’ are both correct. If there’s any mistake, then you will lose the money that you are transferring.
4. Coins.ph is not an exchange, it’s more of a mobile wallet with limited crypto services (buying and selling 4 crypto – BTC, ETH, XRP, and BCH). The ‘spread’ might not be the best especially if you’re going to transfer a large amount of money. Please do your own research before you transfer a large amount of money. As I have mentioned above, some people opt to sell their crypto on Binance via P2P instead.
5. Crypto prices fluctuate a lot. So this means, while you are transferring XRP from Binance to Coins.ph, its price is constantly changing. Having said that, the amount in USD of your XRP might be higher or lower by the time you receive it on Coins.ph.
6. Information I shared above might change by the time you see this as mobile apps are constantly updating, prices change and processes change, so always check Binance and Coins.ph for updates.
7. Crypto adoption and development are continuous. There might be better options to withdraw your crypto in the future so always be on the lookout as well.
Update as of July 19, 2021:
Coins.ph has just recently announced that they have added three new cryptos:
In case you missed it, USDC, Chainlink, and KNC are now available on https://t.co/ehQWvZjBQo!
*In order to access the new tokens, please update your app to the latest version.
Download the Coins Wallet app now for FREE: https://t.co/2SCxIQMzWd pic.twitter.com/hlMzDoAyqJ
— Coins.ph (@coinsph) July 19, 2021
Michael Louie says
Thank u! Impressive! Good details..
Thrifty Hustler says
Thanks for the comment.
If I have USDT, is it cheaper to just withdraw USDC?
Thrifty Hustler says
USDC withdrawal might be more expensive (transaction fee to miners) compared to XRP because it’s an ERC-20 Token. But perhaps in the future, Coins.ph will have more tokens that might have lower transaction fees than XRP.