In this era of the increasing pace of crypto investing, crypto wallets have become a necessary thing to have as a trader. Considering this, various crypto exchanges launched crypto wallets to hold and facilitate the customers who are looking for a wallet to secure their purchased assets. 

Binance Wallet is also a DeFi crypto exchange platform which offers a wallet facility with high-end encryption. You can buy and sell a wide range of crypto assets using the Binance platform and can hold purchased coins in the Binance wallet.

Well! This read is crafted to hone the experience of the Binance Wallet users who just started using it and looking for a way to transfer funds from Binance Wallet to another DeFi wallet.

Look at the Key attributes of the Binance Wallet

In order to use this wallet, you need to create your account on Binance and after that, you can utilize the Binance Wallet by activating it from the “Wallets” section. Once your Wallet is activated, you can begin sending and receiving funds to and from other supported DeFi Wallets. Key attributes:

  • Multiple cryptocurrency support
  • Decentralized Web3 wallet
  • Highly encrypted
  • Address support with SegWit and Bech32 
  • Built-in crypto exchange functionality
  • One of the reliable wallets in the crypto space
  • Allow you to interact with dApps

Step-by-step guidance to transfer funds to DeFi Wallet

Make sure that you have activated the Binance Wallet before proceeding. If you haven’t activated yet, you can do it by exploring the below-mentioned steps, and thenceforth we will move towards the method of transferring funds.

Activate Wallet:

  1. Login to your Binance exchange and open the Wallets page.
  2. Now, tap on the “Overview” choice available in the header.
  3. Scroll down the prompted menu and locate “DeFi Wallet”.
  4. Thenceforth hit the “Activate” button situated next to it.
  5. Tap “Create Wallet” and this is all, your wallet has been created, and you can now set a name for it.

Transfer Funds:

Make sure that you have funded your Binance wallet and then proceed by taking the actions stated right away.

  1. Open your DeFi Wallet and tap on the “Transfer” button.
  2. A list of available coins will be prompted, pick up that you wish to transfer.
  3. Thenceforth hit “Transfer” and fill out the details asked to you further.
  4. Make sure that your inputted details are correct, and hit “Transfer”.
  5. Now, set the amount that you want to withdraw and input the wallet address where you want to transfer the funds.
  6. Hit “Transfer” and transfer details will be prompted.
  7. Check out the information, and if there is no need to make any changes, tap “Confirm”.

Now, you are done and can view the status of your transfer by tapping on “View History”.

The Bottom Line!

Binance Wallet is a decentralized web3 wallet which supports a wide range of currencies and allows its users to hold and manage their cryptocurrencies. Using this read, you can learn how to activate your Binance wallet and send coins using it. Along with this, this wallet also permits you to explore the decentralized world by interlinking with dApps (decentralized apps).

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To conclude, if you ever face the issue of getting your account frozen at the OkEX exchange, first check out if it has been frozen due to the situations covered in the above part of the read. Even after evaluating all the possible situations under which the account gets frozen, if you didn’t find a way out, you can connect with the support team of the exchange and report your query over there. The concerned team will investigate the complete matter and will come back to you with possible resolutions.