Guide to Transferring Bitcoin from Binance to a Trezor Hardware Wallet

Enhance Security with a Hardware Wallet

You have chosen the best way for self-custody! Moving digital assets from an exchange (Binance) to a hardware wallet (Trezor) means transitioning from "online" storage 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 accessing the Binance app, we need to use Trezor to create a "Receive Address" (receiving 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, which has already been initialized with a Seed Phrase, to your computer and open the Trezor Suite software.

• Bitcoin (BTC)

2.1 Select Account and Click "Receive": Select 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 100% the address on your Trezor device screen.

Reason: This prevents malware that might silently change the address on your computer screen.

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

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

[Additional explanation for beginners]: Each time you click "Receive" on Trezor, the system will always display a new receiving address for you to use. This is a best practice to maintain privacy in crypto transactions. Therefore, don't worry if the address each time is different from the address you used before, as Trezor intentionally generates a new address every time so that no one can know how much coin you have in this wallet in total.

Part 2 (1): Initiating Transfer from Binance (General Steps)

Accessing the "Withdrawal" Page on Binance

• Access the Binance app
• Go to the “Assets” menu at the bottom right to view your digital assets.
• Select “Send” to send Bitcoin.
• Select “On-Chain Withdraw” to send Bitcoin using the Bitcoin Network.
• Select the coin you want to transfer, “BTC”.

Entering BTC Transfer Information on Binance

• Address: Paste the BTC address copied and confirmed from OneKey (verify the first 5 and last 5 characters 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 the "Withdraw" button.

Verifying BTC Transfer Information on Binance

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

Post-Bitcoin Transfer Process on Binance

• Once confirmed, the system will show "Withdrawal Processing," indicating that 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 coin withdrawal from the Exchange has been approved, but it might not yet be transferred to your address and could take about 10-15 minutes.
• Check the transaction status at the "Destination Address" on your OneKey (Hardware Wallet) app to see if you have received the coins.
• On Binance, the transaction status will be "Processing" and will be complete when it shows "Completed" after the transaction is approved by Binance.

Part 3: Confirming Success in Trezor Suite (Hardware Wallet)

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

Initially, the Trezor Suite screen will show the incoming transaction amount (e.g., +13,000 sat). However, notice that this transaction is marked "Receiving BTC" and "Unconfirmed," meaning this transaction is still in process and not yet completed. You need to wait a while until the transaction status changes to "Received BTC" as shown in the example below.

Once your transaction shows "Received BTC" and "Confirmed," it means you have succeeded! Your digital assets are now securely stored in your hardware wallet, under your sole control.