Guide to Transferring Bitcoin from Binance to a OneKey Hardware Wallet

Table of Contents

Part 1: Preparing Your Hardware Wallet (OneKey)
1. Prepare OneKey and Create an Address
2. Click "Receive"
3. Confirm on the Device (Very Important)
4. Copy the Address
Part 2: Initiating a Transfer from Bitkub (General Steps)
Choosing the Bitcoin Network
1. Select Bitcoin Network (BTC)
2. Select Other Networks
3. Select Lightning Network (LN)
Initiating a Transfer from Bitkub
Go to the "Withdrawal" Page on Bitkub
Entering BTC Transfer Information on Bitkub
Identity Verification Before BTC Transfer on Bitkub
Part 3: Checking the Transaction on the OneKey App

Enhance Security with a Hardware Wallet

You have chosen the best path to Self-Custody! Moving your digital assets from an Exchange (InnovestX) to a Hardware Wallet is a shift from "online" storage to "offline" (Cold Storage), which is the highest security standard in the crypto world.

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

Part 1: Preparing Your Hardware Wallet (OneKey)

Before transferring Bitcoin from the exchange to the hardware wallet via the Binance app, we need to use OneKey to create an "Address (receiving address)" first. (If you have other hardware wallet models, feel free to use them, but in this guide, I will use OneKey as an example for receiving coins.)

1. Prepare OneKey and Create an Address

Open the OneKey App. Connect your OneKey device, with a seed phrase already created, to a computer or another device such as a smartphone or tablet. Then, open the OneKey App on the desired device.

2. Click "Receive"

Select the coin account you wish to receive (Bitcoin).
Click the "Receive" button to generate a receiving address.
Select the coin you wish to receive, choose "BTC."

3. Confirm on the Device (Very Important)

The OneKey App will display an address. You must verify that the address on your computer screen matches the address on your OneKey device screen 100%.

This is to prevent malware from changing the address on your computer screen without your knowledge.

4. Copy the Address

Copy the confirmed address from the OneKey App. This completes the preparation of your "Address (receiving address)" for receiving Bitcoin.

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

Choosing the Bitcoin Network

1. Select Bitcoin Network (BTC)

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

2. Select Other Networks

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

The principle of WBTC is to collateralize real Bitcoin and issue WBTC in an equivalent amount (in reality, it might not be exactly equal). This is similar to creating stablecoins like USDT and USDC, where fiat currency is collateralized to issue an equal amount of coins.

So, is WBTC Token Bitcoin?

The answer is no, it's not real Bitcoin. To simplify, WBTC Token is like a gold certificate. When you buy gold, do you want real gold or a gold certificate? In the past, gold certificates were useful because they granted ownership and facilitated easy transfers.

Therefore, we need to reconsider why we are buying Bitcoin. If we intend to collateralize it for other assets or speculate in the short term, then buy WBTC Token. But if we want to hold real Bitcoin, then buy Bitcoin on the Bitcoin Network.

Common forms:

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

3. Select Lightning Network (LN)

What is Lightning Network?

The Lightning Network (LN) is a Layer 2 network on top of the Bitcoin Blockchain (Layer 1). It operates on a separate layer from Layer 1 (Off-chain).

The Lightning Network was designed to address the scalability problem of slow transaction processing on the Bitcoin Blockchain. It makes BTC transfers faster and reduces fees, and its adoption is growing with increasing exchange support.

Lightning Network transactions are off-chain, using payment channels. Once a channel is established, two parties can exchange coins. By creating a channel and signing transactions that adjust the channel's balance, both parties must sign all transactions within the channel.

Initiating a Transfer from Binance

Go to the "Withdrawal" Page on Binance

Open 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 wish to transfer, “BTC.”

Entering BTC Transfer Information on Binance

Address: Paste the BTC address copied and confirmed from OneKey (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."

Identity Verification Before BTC Transfer on Binance

Re-verify the “Destination Address” (this is very important!). If correct, you can click “Confirm.”
Click “Another Verification Method” to verify your identity using your set system. For the easiest and quickest option, choose “Touch ID/Face ID.”
Alternatively, if you prefer other verification methods, select as configured:

Click “Send Code” to request an OTP via your registered phone number.
Click “Send Code” to request 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.”

Process after Bitcoin transfer on Binance

Once confirmed, the system will show "Withdrawal Processing," meaning the transaction is being processed.
Wait for the system to transfer the coins for a while (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 might not yet have been transferred to your Address. It may take another 10-15 minutes.
Check the transaction status at the "Destination Address" on your OneKey App (Hardware Wallet) to see if you have received the coins.
On Binance, the transaction will be in "Processing" status and will be completed when it shows "Completed" after the transaction is approved by Binance.

Part 3: Checking the Transaction on the OneKey App

Status in the OneKey App: Once the transaction is confirmed, you will see the transferred coin balance appear in the OneKey App (this may take approximately 10-30 minutes, depending on the exchange and timing).