Despite the excellent user experience offered by Exodus wallet, its users may find that they crave a little more in terms of features and services. Few desktop and mobile wallets are as easy and enjoyable to use as Exodus, but full-fledged exchanges offer more.
Binance cryptocurrency exchange is one of those platforms. Created in 2017, Binance has seen explosive growth in products and services offered and customer numbers.
Even with the late entrance into the cryptocurrency trading scene, Binance quickly became the leading digital asset trading platform.
The remote-first crypto exchange users can now enjoy services including decentralized finance (DeFi), staking, mining, saving, NFT, and lending.
This guide shows you how to move your funds from the Exodus crypto wallet to your Binance exchange account, where the assets have more utility.
Also see Transfer from Exodus to Trust Wallet.
What is Exodus good for?
Exodus is a cryptocurrency wallet currently supporting over 150 digital assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and the leading stablecoins such as Tether (USDT) and USD Coin (USDC), among others.
The wallet is available as a desktop and mobile application with cross-platform hardware integration with the popular Trezor hardware wallet.
The most significant advantage to using Exodus over other crypto wallets is that it has one of the sleekest user interfaces.
Beginners will appreciate the ease of use and how intuitive it is to navigate, buy, and trade crypto assets using Exodus.
When Exodus launched in 2015, it was one among a sea of competition crypto wallets, but six years down the line, it has gradually differentiated itself and proved that maintaining custody of digital assets does not have to be a complex matter.
Over the last couple of years, Exodus has been adding functionality to its wallet service, including complementary apps.
Some noteworthy Exodus apps include the DeFi app through Compound integration, the native exchange app and API integration with popular FTX exchange, sports betting app through the SportX integration and staking of Tezos (XTZ), Cosmos (ATOM), and VeChain (VET) through the Rewards app.
Here are some of the pros of using Exodus:
- It gives you access to a suite of innovative apps such as Compound Finance, SportX betting, staking, and much more.
- Exodus is easy to use, thanks to its intuitive user interface.
- The wallet supports multiple cryptocurrencies across various blockchain networks.
- Exodus users can connect the software wallet to the Trezor hardware wallet for added security.
- Exodus is available as a desktop and mobile app.
What is Binance good for?
Binance is a cryptocurrency exchange launched in 2017 by Changpeng Zhao (CZ) and his team.
Initially, it was based in mainland China but later moved headquarters to Japan and Malta to escape constrictive regulatory provisions. As of 2021, Binance does not have an official headquarters location, a situation that has seen it face backlash from several countries.
When it launched in 2017, the exchange offered crypto to crypto trading pairs exclusively, but over the years, it has expanded its payment methods to support close to 100 different fiat currencies, including the US Dollar, Euro, and GBP.
Besides trading, Binance users can also stake, mine, lend, invest through the Binance LaunchPad platform, engage in derivatives speculation, donate, speculate with non-fungible tokens (NFTs) and make online payments.
Here are some of the reasons why Binance is a great trading platform:
- It is available worldwide except in countries that have expressly banned its operations, such as the United States, Singapore, etc. In the US, Binance has launched a local subsidiary that complies with US crypto regulations.
- It is one of the cheapest platforms to trade crypto, with transaction fees starting from 0.1% down to 0.02%. The exchange also offers a 25% discount if traders use BNB, the native Binance ecosystem coin, to pay their fees, bringing down the fees to a low of 0.015%. The more one trades, the lower their transaction fees.
- Binance is available on the web, desktop, and mobile interfaces, making it easy and convenient for a wide range of users.
- The exchange supports over 400 coins and more than 1,500 markets (trading pairs), which means that there are a lot of assets to be traded.
- Trust Wallet, an independent crypto wallet subsidiary operated by Binance, offers self-custody to those users who prefer to control their private keys.
- Binance has the widest liquidity of all exchanges across most trading markets.
- The exchange is very secure, offering its users a comprehensive suite of security tools to keep their accounts secure, including second-factor authentication (2FA) through SMS, email and authentication apps, whitelisting withdrawal addresses, and the anti-phishing code.
- Binance has insured its customers’ funds through the #SAFU program, which helps reimburse customer funds in a security incident.
Why transfer to Binance?
There are several reasons to transfer your Ethereum coins from Exodus to Binance. Some reasons are subjective, but the most common include:
- To access more utility for your assets. Exodus is a crypto wallet, and even though it has add-on utilities such as trading, staking, and betting, it still does not support ETH2 staking. Binance does. It also supports lending, borrowing, investing, and the ability to spend your Ether tokens through the Binance Pay platform and Binance Card.
- To exchange to a broader selection of cryptocurrencies. So far, Exodus has support for 153 digital assets, but Binance supports over 400. Moving your Ether coins from Exodus to Binance will allow you to trade them for several other coins and tokens than you would otherwise.
- To save on trading fees. Exodus has often been criticized for its high trading fees and the lack of individual control over how much the user pays. This concern was addressed, and Exodus users now can choose how much they want to pay for each transaction. However, using Exodus for trading is still very expensive, and users might want instead to send their Ether coins to Binance, where trading fees are minimal.
- To access advanced trading tools. Active traders need sophisticated tools such as technical charts and fundamental research tools Binance offers, but Exodus does not. Binance has native integration with TradingView charting software, one of the most popular charting tools in the market.
- To convert to fiat currency. Binance has several off-ramps enabling its users to sell their crypto to fiat currency. Exodus wallet does not support converting to fiat.
How to transfer ETH from Exodus to Binance (Step by Step Guide)
To transfer Ethereum coins from your Exodus crypto wallet to your Binance account, you will need the following:
- Ether stored in your Exodus Ethereum wallet; and
- A verified Binance account
Follow the steps outlined below to move your funds from Exodus to Binance.
Step 1 – Access your Exodus Crypto Wallet
Open the Exodus wallet on your favorite device. In our case, we are using the desktop app to make the transaction.
On the Exodus home page, click the [Wallet] button on the main navigation menu, as shown above.
Step 2 – Select Ethereum Wallet
On the Wallet page, locate the Ethereum wallet among the listed assets to the left.
Click on [Ethereum] to open the Ethereum wallet interface. Next, click on the [Send] button to open the transaction dialog box.
Step 3 – Fill in the transaction form.
Provide the recipient’s wallet address, the amount to send, and the fees to pay.
If the fee slider (shown on the third box above) is now visible in your case, click on the settings icon at the top left-hand corner (shown above using the yellow circle.
You must fill in the amount of assets to send on the second box. You can input the amount of Ether you wish to send or fill the equivalent amount in USD denomination.
However, before you can proceed, you need the recipient’s wallet address. To get that, head over to your Binance account.
Step 4 – Access your Binance account.
Log in to Binance using your username and password and navigate to the Fiat and Spot page.
Hover over the [Wallet] button on the top navigation to reveal a dropdown menu, then select the [Fiat and Spot] option.
Step 5 – Select the Deposit option.
On the [Fiat and Spot] page, click on the [Deposit] button to load the crypto asset deposit page.
Step 6 – Select Ethereum.
On the Deposit page, select the coin you want to deposit into Binance by clicking on the [Coin] selector as shown below.
A drop-down list will appear from which you can select [Ethereum] as one of the supported assets.
Step 7 – Select the correct Ethereum Network.
Binance supports three different versions of Ethereum: Original Ethereum (ETH), Ethereum on the Binance Chain (BEP2), and Ethereum on the Binance Smart Chain (BEP20). The three ETH variants represent the same asset but are hosted on different networks.
Whenever you send assets into or out of Binance accounts, it is worth paying attention to which network you are using.
Exodus wallet supports only the original Ethereum (ETH) network (ERC-20) which means, you will need to select the appropriate option to transfer ETH to Binance.
To select the Ethereum network, click on the [Network] selector dropdown option and choose the ERC-20 tab.
Step 8 – Copy wallet address
Binance will provide the appropriate wallet address depending on the network you choose from the previous step. Copy the address by clicking on the copy icon (two rectangles) or click the QR icon to reveal the QR code and scan it using your wallet application (if using Exodus mobile).
Step 9 – Complete transaction on Exodus Wallet
Head back to the Exodus application and paste the Ethereum wallet address you just copied from Binance.
You can include a personal note if you wish below the address form field. Adjust the fee slider to the desired level.
Click the [Send] button to complete the transaction.
Step 10 – Confirm transaction execution.
The Ethereum network will process the transaction, and your Ether coins will be deposited to your Binance account. You can visit the deposit history page on Binance to confirm that the coins have been successfully deposited.
That is the simple process involved in sending Ethereum from your Exodus wallet or your Binance account.
As mentioned earlier, pay particular attention to the network option you select before sending the funds to avoid losing them.
Also, as a security measure, always take a second to confirm that the wallet address you paste to Exodus is the correct one that you copied from Binance.
Check the first and last five characters and if they match, proceed to send the funds.