How to Transfer Bitcoin from BinanceTH to a Trezor Hardware Wallet

Enhance Security with a Hardware Wallet

You've chosen the best path for self-custody! Moving your digital assets from an Exchange (Binance TH) to a Hardware Wallet (Trezor) is a shift from "online" to "offline" storage (Cold Storage), which is the highest security standard in the crypto world.

This guide will walk you through each step in detail to ensure your coin transfer is accurate and secure.

Part 1: Preparing Your Hardware Wallet (Trezor)

Before logging into the Binance TH app, we need to use Trezor to create a "Receive Address" first. (If you have other hardware wallet models, you can use them as you prefer, but in this article, I will use Trezor as an example for receiving coins.)

1.1 Prepare Trezor and Create an Address

• Open Trezor Suite: Connect your Trezor device, with the Seed Phrase already entered, to your computer and open the Trezor Suite program.

• Bitcoin (BTC)

2.1 Select an account and click "Receive": Choose the coin account you want to receive (Bitcoin) and click the "Receive" button to generate a receiving address, then click "Show full address" to display the receiving address.

2.2 Confirm on device (Very important!): Trezor Suite will display an address. You must confirm that the address on your computer screen matches the address on your Trezor device screen 100%.

Reason: To prevent malware that might change the address on your computer screen without your knowledge.

2.3 Copy Address: Copy the address you have confirmed from Trezor Suite and keep it ready.

This completes the preparation of the "Receive Address" for Bitcoin.

[Additional explanation for beginners]: Normally, each time you click "Receive" on Trezor, the system will always display a new receiving address for you to use. This is the best practice for maintaining privacy in crypto transactions. So, don't worry if the address each time is different from the address you used before, because Trezor intentionally generates a new address each time so that no one can know the total amount of coins you have in this wallet.

Choosing the Bitcoin Network

1. Select Bitcoin Network (BTC)

If you want to store Bitcoin, you must use only the Bitcoin Network (BTC). This is because Bitcoin on other networks is not real Bitcoin, but Wrapped Bitcoin (WBTC). Therefore, if you want to store actual Bitcoin, you must choose the Bitcoin Network.

2. Select Other Networks

Bitcoin on other networks is not Bitcoin, but Wrapped Bitcoin (WBTC). The question is, what is a Wrapped Bitcoin (WBTC) Token?

The principle of WBTC is to back it with actual Bitcoin, then create WBTC in an equivalent amount to the collateral (though it might not be exactly equal). This is similar to creating stablecoins like USDT and USDC, which are backed by fiat currency to create coins in an equivalent amount.

So, is WBTC Token Bitcoin?

The answer is no, it's not real Bitcoin. To make it easier to understand, WBTC Token is like a gold ticket. When we buy gold, do we want gold or a gold ticket? In the past, gold tickets were useful because they granted ownership and facilitated easy transfers.

Therefore, we need to reconsider our objective for buying Bitcoin. If we intend to use it as collateral for other assets or speculate for short-term gains, then buying WBTC Token is suitable. However, if our goal is to truly hold Bitcoin, we should purchase Bitcoin on the Bitcoin Network.

Common forms

• BEP20 (BSC): BTCB
• ERC20 (Ethereum): WBTC
• Solana: BTC (Wrapped)

3. Choose Lightning Network (LN)

What is the Lightning Network?

The Lightning Network (LN) is a Layer 2 network built on top of the Bitcoin Blockchain (Layer 1), operating on a separate layer (Off-chain) rather than directly on Layer 1.

The Lightning Network was designed to solve the problem of delays in the Bitcoin Blockchain due to massive transaction processing (Scalability Problem), which helps to speed up BTC transfers and reduce fees. It is gaining popularity and is increasingly supported by exchanges.

Since the Lightning network conducts off-chain transactions, it uses what are called Payment Channels. When a payment channel is established, the two contracting parties can exchange coins. By creating a channel and signing transactions that adjust the channel's balance, both parties must sign and endorse all transactions within the channel.

Read more here.

Initiate Transfer from Binance TH

Entering BTC Transfer Information on Binance TH

• Log in to the Binance TH app.
• Go to the "Wallet" menu at the bottom right to view digital asset balances.
• Select "Withdraw" to send Bitcoin.
• Choose the coin you want to transfer, select "BTC".

Entering BTC Transfer Information on Binance TH

• Address: Paste the BTC address copied and confirmed from Trezor (check the first 5 and last 5 characters to ensure they match).
• Network: Select Bitcoin Network or BTC.
• Amount: Enter the amount of BTC you wish to transfer or withdraw.
• Check the fees and the amount of coins you will receive, then click "Withdraw".

Checking BTC Transfer Information on Binance TH

• Check the "Destination Address" again (very important!). If correct, you can click "Confirm".
• Click "Another Verification Method" to verify your identity using your set system. For the easiest and fastest option, select "Touch ID/Face ID".
• Or, if you choose another verification type, select according to your settings.
• Click "Send Code" to request an OTP code via the registered phone number.
• Click "Send Code" to request an OTP code via the registered email.
• Open the Google Authenticator app, enter the code from the "Google Authenticator" app into the "Binance TH" app, and click "Submit".

Post-Bitcoin Transfer Process on Binance TH

• Once confirmed, the system will show "Withdrawal Processing," meaning the transaction is being processed.
• Wait for the system to transfer the coins (approximately 10-30 minutes), then check the transaction status in the "View History" menu.
• If the status shows "Completed," it means the coins have been approved for withdrawal from the Exchange, but may not yet have been transferred to your Address. This might take another 10-15 minutes.
• Check the transaction status at the "Destination Address" on your Trezor app (Hardware Wallet) to see if you have received the coins.
• On Binance TH, the transaction will be in "Processing" status and will be fully completed when it reaches "Completed" status after approval from Binance TH.

Part 3: Verify success in Trezor Suite (Hardware Wallet)

• Status on Binance TH: The transaction will be in "Processing" status and will be completed when it shows "Complete".
• Status in Trezor Suite: Once the transaction is confirmed, you will see the transferred coins appear in Trezor Suite (this may take approximately 10-30 minutes, depending on each exchange and the time).

Initially, on the Trezor Suite page, the incoming transaction amount will appear (in the example, +13,000 sat). However, note that this transaction shows "Receiving BTC" and "Unconfirmed", meaning the transaction is still in process and not yet complete. You need to wait a while until the transaction shows "Received BTC" as in the example below.

Once your transaction shows "Received BTC" and "Confirmed", it means you have succeeded! Your digital assets are now safely stored in your Hardware Wallet, and only you have control over them.