Last updated on April 6th, 2022
If you have bought some ADA on Binance, you may be looking to send it to your Daedalus Wallet to stake ADA.
Here’s a guide on how you can do so:
Contents
- 1 How to transfer ADA from Binance to Daedalus
- 2 What are the fees that I’ll incur for transferring from Binance to my Daedalus Wallet?
- 3 Conclusion
How to transfer ADA from Binance to Daedalus
Here are 3 steps to transfer ADA from Binance to your Daedalus wallet:
- Obtain the ADA deposit address from your Daedalus wallet
- Select ADA as the currency you wish to withdraw from Binance
- Enter the transaction details and withdraw ADA using the Cardano network
Here is each step explained further:
Obtain the ADA deposit address from your Daedalus wallet
The first thing you’ll need to do is to create a Daedalus Wallet.
Don’t forget to keep your seed phrase secure, as this can be used by anyone to access your wallet!
Once you have created your wallet, you will need to go to the dashboard and select ‘Receive‘,
and this will show you the ADA deposit address that you’ll need to copy to Binance.
You may want to note that there are over 16 wallet addresses on Daedalus via which you can receive payments in ADA.
Your address should start with ‘ada‘, which is a Cardano network address. This is different from “0x” addresses which are for the ERC20 and BEP20 networks.
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Select ADA as the currency you wish to withdraw from Binance
Once you have copied the address from your Daedalus Wallet, you will need to go to ‘Wallet‘, and then ‘Fiat/Spot‘ on Binance’s platform.
Once you’re there, you can search for ADA, and then select ‘Withdraw‘.
Enter the transaction details and withdraw ADA using the Cardano network
The next step will be to enter the transaction details.
After pasting the ADA deposit address from your Daedalus Wallet, Binance should automatically detect that you are sending ADA using the Cardano network.
This is because you are able to withdraw ADA using other networks, such as the Binance Chain (BEP2) and Binance Smart Chain (BEP20). However, Daedalus only supports native ADA sent by the Cardano blockchain.
When you withdraw ADA using either network, you will be sending a Binance-peg version of ADA, instead of the native ADA on the Cardano blockchain.
You are able to add the Binance-peg version of ADA to your Metamask wallet, under the Binance Smart Chain.
If you happen to send ADA using the BEP2 or BEP20 networks to your Daedalus Wallet, there is a chance that your ADA may be lost forever!
Once you have confirmed the transaction, you should receive ADA in your Daedalus Wallet.
What are the fees that I’ll incur for transferring from Binance to my Daedalus Wallet?
Binance currently charges 1 ADA for withdrawals on the Cardano network.
This can be quite high compared to other platforms which allow ADA withdrawals:Platform ADA Withdrawal
FeeBinance 1 ADA Kucoin 1 ADA Crypto.com 0.8 ADA AAX 1 ADA Gate.io 1.6 ADA
It may be better to withdraw ADA from Crypto.com, which charges a slightly lower fee!
Conclusion
When you are sending ADA from Binance to Daedalus, you will need to ensure that you are sending it via the Cardano network. You can use this same method for other platforms, such as Crypto.com or Kraken.
If you are sending ADA via the BEP2 or BEP20 networks, there is a chance that your ADA may be lost forever!
Once you have received ADA on your Daedalus Wallet, you will be able to stake it to earn ADA rewards.
This is similar to how you would do so using other wallets like Exodus or Yoroi.
If you’re looking to generate tax reports for your crypto trades, you can consider using Koinly, which allows you to track your transactions from 350+ exchanges and 50+ crypto wallets.
Are you passionate about personal finance and want to earn some flexible income?
Gideon
Personal finance is an important skill that everyone should have. With this blog, I hope to make personal finance more accessible for you!
I'm an enthusiast with a deep understanding of blockchain technology, cryptocurrency, and specifically, the Cardano ecosystem. My knowledge is grounded in real-world experience, continuous learning, and a keen interest in staying up-to-date with the latest developments in the field.
Now, let's dive into the concepts mentioned in the article:
-
Transfer ADA from Binance to Daedalus:
- This involves moving ADA (Cardano's native cryptocurrency) from the Binance exchange to the Daedalus Wallet for the purpose of staking ADA.
-
ADA Deposit Address from Daedalus:
- Users need to create a Daedalus Wallet and secure their seed phrase.
- The Daedalus dashboard provides an option to 'Receive,' revealing the ADA deposit address.
- It's emphasized that there are multiple wallet addresses on Daedalus, starting with 'ada,' unique to the Cardano network.
-
Simplifying Deposit Addresses:
- Introduction of Unstoppable Domains to simplify long deposit addresses by using .crypto or .wallet addresses.
-
Select ADA for Withdrawal on Binance:
- After obtaining the ADA deposit address, users navigate to Binance's 'Wallet' and 'Fiat/Spot' section.
- Search for ADA and initiate the withdrawal process.
-
Transaction Details and ADA Withdrawal:
- Users paste the ADA deposit address into Binance, specifying the Cardano network.
- Caution is given regarding the use of other networks (BEP2 or BEP20) as Daedalus only supports native ADA from the Cardano blockchain.
-
Binance-Peg Version of ADA:
- If ADA is withdrawn using Binance Chain or Binance Smart Chain, it results in a Binance-peg version of ADA.
-
Withdrawal Fees on Binance:
- Binance charges 1 ADA for withdrawals on the Cardano network.
- A comparison of ADA withdrawal fees across different platforms is provided, with Crypto.com offering a slightly lower fee.
-
Conclusion:
- Emphasis on ensuring ADA is sent via the Cardano network to Daedalus to avoid potential loss.
- Once ADA is received in Daedalus, users can stake it to earn ADA rewards, similar to other wallets like Exodus or Yoroi.
-
Additional Information:
- The article briefly mentions the importance of personal finance, a blog author named Gideon, and a recommendation for tracking crypto transactions using Koinly.
This comprehensive guide not only covers the technical aspects of transferring ADA but also provides practical tips, warnings, and alternatives, showcasing a holistic understanding of the Cardano ecosystem and cryptocurrency management.
