When you hold crypto on an exchange, it's the exchange that creates and manages accounts on your behalf and controls your private keys.
With Ledger, you create your own crypto accounts and control the private keys.
In this article, we explain step-by-step how you can withdraw crypto from Binance to your Ledger wallet.
Let’s get started.
Log in to your Binance account
- Go to Binance.com and log in to your account.
- In the top menu bar, select Wallet → Fiat and Spot.
- Click Withdraw.
- Enter the crypto you want to withdraw.
- Enter the amount.
Now it’s time to generate your Ledger deposit address. But before doing so, you first need to select the correct network.
What is a network?
The network is another term for blockchain. Crypto assets run on networks. In fact, some crypto assets can run on multiple networks. Before withdrawing your crypto from Binance, you need to know which network it runs on. You should withdraw your crypto to Ledger wallet using a supported blockchain.
Selecting the correct network
In most cases, Binance automatically matches the address to the correct network.
However, you should always double-check that the correct network is selected before withdrawing your crypto. The network selected on Binance needs to match the one selected in the Ledger Live app.
A simple rule of thumb is to always select the coin's native network. For example:
- BTC → Bitcoin network.
- ETH → Ethereum network.
- BNB → Binance Smart Chain network.
- ETC → Ethereum Classic network.
- DOT → Polkadot network.
Things, however, can get complicated. For example, with CRO—the native coin of the Crypto.org and Cronos chains—you need to be extra careful. Or USDT (Tether) that can run across a variety of blockchains.
Generate your Ledger deposit address
Don’t have an account yet?
If you follow the steps listed above, an account will be automatically created for you. Once that’s done you’ll land on the Address page.
- Open the Ledger Live app.
- Navigate to the left sidebar menu and click Receive.
- Select the same crypto you selected on the exchange.
- Select the same network you selected on Binance. If the network isn't listed, then Ledger Live doesn't support it yet.
- Connect and unlock your Ledger device. Your deposit address will be displayed.
QR code will appear. Click Copy address.
Verify your deposit address
Ledger Live app can provide deposit addresses without a Ledger device. These addresses, however, are unverified and may not be secure. If you choose to use unverified addresses, you do so at your own risk.
⚠️Trust your device: only trust the display of your Ledger device. Now it’s time to verify that your deposit address is correct and matches the one displayed on your device.
Compare the address you copied from the Ledger Live app with the one displayed on your Ledger device. Does your Ledger device display the same deposit address as the Ledger Live app?
Now that you've verified the address, paste it into Binance's Address field and confirm that it matches the one in Ledger Live.
Optional: To avoid repeating this step, you can also add the verified deposit address to your Binance address book:
- Navigate to Settings → Contact.
- Click Add contact.
- Enter the network, name, and address.
- Click Save.
All set.
Finalize withdrawal
Pro tip
Send a small amount first and verify that the transaction was received before sending larger amounts.
- Once you’ve verified it, go back to your Binance account and paste the deposit address in the Address field. Ensure that the address you pasted is the same as the one that was displayed on your Ledger device.
- Click Withdraw.
- Go through the 2-FA authentication.
Wait until the transaction is processed. Blockchain networks take different amounts of time to process transactions.
You’ve taken control of your private keys and your crypto. Welcome to the world of self-custody.