It was only a couple of months ago when I started utilizing various non-custodial wallets. And for today, I’m here to share with you the step-by-step process on how to withdraw Harmony One tokens from Binance to my Harmony One browser extension wallet.
$One (Harmony) is one of the few tokens that I have kept since I started my crypto journey last February 2021. Sadly, I was not able to take advantage of the better staking returns on the Harmony One Staking Dashboard because I was not confident enough to take my crypto out of Binance.
As a newbie back then, I felt very intimidated in using the Harmony One Staking Dashboard not because it’s difficult to use (because it isn’t), but simply because my confidence level in making transactions out of Binance is quite low during that time.
By the way, before we continue, please be advised that this is not financial advice and should not be treated as such. I’m just basically sharing my crypto journey on this blog.
If you wish to invest in anything such as real estate, stocks, and cryptocurrencies, please consult a financial advisor. And also, please Do Your Own Research (DYOR) especially on cryptocurrencies because it’s a highly volatile market.
Anyway, let’s continue with the topic, shall we?
Harmony announced that they will be sunsetting their browser extension wallet and will be using Metamask for the meantime until the launch of 1Wallet. I will update this post once 1Wallet details become available.
1/ As @Harmonyprotocol works relentlessly to bring more features to the 1Wallet, we have decided to sunset the Harmony Wallet Chrome extension with an end-of-life date of April 15th.
More about the update 👇https://t.co/EkSxSPeF3v
— Harmony 💙 (@harmonyprotocol) February 28, 2022
Why Deposit $One Tokens on Harmony One Wallet
Before we proceed with the step-by-step guide on how to withdraw $One tokens from Binance, I’d like to share some of the reasons why I have decided to transfer my $One tokens from Binance to the Harmony One browser extension wallet.
Higher Staking Yield
My main reason is, of course, a higher staking yield. I invested money because I wanted to earn more money and staking, in my opinion, is one of the low-risk ways (relatively) to grow my crypto holdings.
If you’re not familiar with staking, it’s like putting your money on a Time-Deposit Account wherein it will be locked for a certain period of time and it will earn interest.
Actually, Binance also has this option, but after seeing the yields on the Harmony One Staking Dashboard, I have decided that it’s worth the effort to transfer my $One tokens.
Help Improve Decentralization
If you believe in a particular crypto project then I think that it’s worth supporting the project in any way you can. And one way of supporting Harmony is by staking your tokens with their validators.
Usually, I go for the delegators that are in the Top 11 – 20 that can provide the highest possible returns, lowest possible commission, and has a 100% uptime level.
More Control Over Your Crypto Asset
By holding and staking your assets outside a centralized exchange (CEX), you gain more control over your tokens. I’m sure that you’ve already heard the phrase “Not your keys, not your coins.”
Another reason why I have decided to transfer my $ONE tokens is that withdrawal of $ONE on Binance is not always available.
There was a time when I wanted to try out a protocol in the Harmony ecosystem and I couldn’t withdraw my tokens out of Binance because it was suspended (possibly due to updates etc).
So, to ensure that my $One tokens are always available for me to use, I’m just going to keep them on my Harmony One browser extension wallet.
By the way, if you don’t have the browser extension wallet yet, I recently wrote an article on how to install it. You can read about it here.
How to Withdraw Harmony One Tokens from Binance
Now that I have shared with you the reasons why I’m transferring my $One tokens from Binance, I’m going to share with you the step-by-step guide on how to do it.
The first step is of course to log in to your Binance account.
Binance is the main exchange that I use. Please bear in mind that if you’re using a different exchange then the steps might be a bit different (but very similar in some ways).
Since Binance is also logged in on my mobile phone, whenever I access Binance on my laptop I just log in using the QR code.
Once you’re logged in, go to ‘Wallet’ and then go to ‘Fiat and ‘Spot’ and you will see your $ONE tokens. If you don’t see your $One tokens, then perhaps you have saved them or staked them on Binance.
If it’s on Binance Flexible Savings, then you will have to redeem first the number of $ONE tokens that you want to withdraw before you can withdraw them from Binance.
If you have staked your $One tokens and you want to withdraw them, then you’ll have to ‘Redeem’ them first. By the way, when you ‘Redeem’ early your staked tokens, keep in mind that your staking rewards will be forfeited.
Once your $ONE tokens are in your Binance Spot Wallet, then just click on ‘Withdraw.’ It will then ask you for your Harmony One Wallet address (where it will be deposited) and the Network address.
You can get your Harmony One Wallet Address on your Harmony One browser extension wallet.
Login to your Harmony One Wallet to see the wallet address.
Just click on the alphanumeric phrase below your account name and it will be copied on your clipboard.
Paste the Harmony $One wallet address on the withdrawal page of Binance.
As I have mentioned earlier, ‘Network Address’ will automatically be provided. Typed in the quantity of $One tokens that you want to withdraw and then click on ‘Withdraw.’
A pop-up will appear confirming the transaction and asking you to double-check the wallet address. If you’re sure then just click on ‘Continue.’
Personally, I always check the first and last four digits of the address before I confirm any withdrawal transaction.
After you click on continue, it will then ask you for some security information such as OTP, Email code, and Google Authenticator codes. This will vary depending on how you set up your Binance security.
Provide that information and then continue with the process.
A pop-up will appear that the transaction has been processed and then another pop-up will appear that it’s waiting for approval.
Click on ‘Complete’ and you’re done.
Usually, the transaction is really fast unless there’re some issues with Binance or some congestion on the Harmony network.
For this particular example, it took just a minute or two for my deposit to appear on my Harmony One Wallet.
Ain’t that easy.
Final Thoughts and Some Important Reminders
As I have mentioned earlier, it took me some time before I started transferring my tokens to non-custodial wallets such as Harmony One Wallet because I wasn’t confident enough to do so.
Crypto is a new thing for almost all of us and trying new things can really be intimidating sometimes.
If you’re not comfortable in any way transferring your tokens out of the exchange that you’re using, then I suggest that you take some time to learn more about the advantages and disadvantages of doing so before you do it.
There are many available tutorials online that can guide you on how to use various crypto applications.
And also, be always careful because phishing websites are starting to grow in the crypto space. Always make sure that you are on the correct website before you start to download anything.
If this is the first time that you will be withdrawing a token, I suggest that you do a test withdrawal first by sending a small amount on your Harmony One Wallet. I always do this in almost all first-time transactions.
By the way, as I have mentioned earlier, one of the reasons why I transferred my $One tokens is to try a variety of apps in the Harmony ecosystem.
I will share next time how I stake on $One tokens on the browser wallet and other DeFi processes that I will try in the Harmony ecosystem in the future. I will link them all here once they become available.
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