Guide to Withdrawing Coins from Binance to Ledger Cold Wallet

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To safely manage cryptocurrency during long-term investment, it is crucial for everyone to pay attention to security. Besides the issues with hot wallets like Metamask and Trust Wallet being prone to hacks, recently, many major exchanges have also faced FUD, such as FTX and recently Binance. This has caused many investors to panic and worry about what to do if an exchange collapses.

In the world of cryptocurrencies, which is fraught with risks, cold wallets are considered the number one solution for securely storing and safeguarding your crypto assets. Due to the security mechanism of storing private keys entirely offline with hardware security chips, your funds cannot be hacked or tampered with by anyone.

Some of the most well-known cold wallets are:

• Ledger Nano X (LEDGER)
• Ledger Nano S Plus (LEDGER)
• Trezor One (TREZOR)
• SafePal S1 (SAFEPAL)

In this article, Tonraffles will guide you on how to transfer (withdraw) funds from Binance to a Ledger cold wallet, helping you to safeguard your assets in the best way possible.

Preparation Steps

1. Download & update the latest version of the Ledger Live application.
2. Install the necessary applications for each type of coin on the cold wallet through the Ledger Live menu > My Ledger.
3. Use Ledger Live to connect with your Ledger cold wallet to create management accounts (add account).
4. Select the correct network when transferring funds.

Depending on the type of account, there will be different networks. You must ensure you select the correct network (blockchain) when withdrawing funds to the cold wallet. Your funds could be lost if you choose the wrong network, so be careful!

Here 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 and all tokens belonging to the ERC20 network.
• Binance Smart Chain (BSC) Account: BEP20 network – used to receive BNB and all tokens belonging to the BEP20 network.
• Tron Account: TRC20 network – used to receive TRX and all tokens belonging to 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 and the receiving account name are usually the same. When transferring TOKEN, you will use the address in the appropriate account depending on the network the token belongs to.

• ERC20 network tokens: use the Ethereum address to receive.
• BEP20 network tokens: use the Binance Smart Chain address.
• TRC20 network tokens: use the TRX address.

Withdrawing Funds from Binance to Ledger Cold Wallet

Below are the steps to transfer funds from Binance to the Ledger cold wallet:

1. Open the Ledger Live application.
2. Select the Accounts menu and click on the account you want to receive funds in.

1. Click the Receive button to get the receiving address of your Ledger cold wallet.
   
2. Select the cryptocurrency you want to receive, then carefully verify that the address on the Ledger Live application matches the address on your Ledger device.
   
3. Copy the address from Ledger Live after verifying it is correct. On your Ledger device, press the Right button and select Approve.
   
4. Log in to your Binance account: https://www.binance.com
   
5. Select the Wallet menu, then choose the Fiat & Spot tab. Click on Withdraw to initiate the withdrawal from Binance.

1. In the Coin List, select the coin you want to withdraw. Then choose Send via Crypto Network.
2. In the withdrawal form:
   
   • Address: Paste the address of your cold wallet that you copied from Ledger Live.
   • Network: Select the correct network for the receiving address you just pasted (Refer to the section: Select the correct network when transferring funds).
   • Amount: Enter the amount to withdraw or select Max if you want to withdraw all available funds.
     
3. Click Withdraw to proceed with the withdrawal.
   
4. Confirm order: Review the withdrawal information to ensure it’s correct, then click Confirm to continue.
   
5. Security Verification: Complete the security verifications depending on your account: Passkey, Authy, Email, SMS…
   
6. Once done, wait a few minutes for Binance to process the transaction. After a successful withdrawal, you will receive a notification email from Binance.
   
7. To check if the funds have been successfully received in your Ledger cold wallet, simply access Ledger Live to view without needing to connect the cold wallet.

Security Notes:

• Try withdrawing a small amount first. Once you have confirmed that the funds have been successfully received in your Ledger cold wallet, then proceed with sending larger amounts.
  
• Always ensure to transfer/receive coins on the correct network, to the correct address, and of the correct coin type.
  
• The BSC BEP20 network is managed by Binance and is often not supported by many exchanges for transferring/receiving coins from this network. Therefore, it is recommended to prioritize transferring coins on their native networks (same name as the coin) to ensure your funds are not affected in case of any issues with Binance.