Need to withdraw BEP-20 tokens on the Binance Smart Chain? We will show you how.
In this editorial, we will be giving you details on exactly what the BEP-20 token standard is and give you a brief on what you need to do in order to withdraw BEP-20 tokens so you don’t waste any time or any extra money, we will also be sharing an additional exchanges that are able to support direct BEP-20 withdrawals.
WONDERING WHAT BEP-20 IS?
BEP-20 in essence is set up to be a token creating standard on the BNB Chain (formerly known as the Binance Smart Chain). The BEP-20 standard has quite an extensive range and even extends not only to ERC-20 but also BEP-2 tokens, this extensive range is able to vastly improve functionality which then gives you the option to freely move tokens between various blockchains.
Below are the features of BEP-20,
- You have the option of using a compatible token on a different blockchain.
- Tokens from other blockchains can be made available on the BNB Chain (i.e., you can peg a Bitcoin as a BTCB).
- You will be able to Swap a BEP-2 token for a BEP-20 equivalents
- One of the most important features is the extremely low transaction fees and just a hort 3-second block time.
HOW TO WITHDRAW BEP-20 TOKENS
There are more than a few Exchanges that allow BEP-20 withdrawals to be made to a BSC-compatible wallet, Because of this you will not need to manually convert your BEP-2 tokens to BEP-20 tokens. You will definitely end up saving time as well as money since you will no longer need to convert your tokens to BEP-20 but directly withdrawing
Before you use an exchange or a wallet please make sure that it supports BEP-20. If for some reason you are not sure whether it does or does not then you can always get in touch with the customer support of the exchange or wallet and confirm.
Before we show you how to withdraw BEP-20 tokens on Binance , we will be briefly explaining the process of withdrawing BNB from Binance.com to your trust wallet. You should know that the process of withdrawal should be quite similar on most of the exchanges and wallets
One more thing before you start the withdrawal process, you will need to obtain something known as a receiving BSC address and for that you will need to go to your trust wallet or your BSC compatible wallet. This could possibly be one the simpler steps as you will only need to open your wallet; click on Smart Chain and then click on receive. The required address will then appear on the screen. Please don’t forget to save this address, as you’ll need it in step 3 below.
- Once you log in to your Binance.com account. You will need to select the ‘Wallet’ option that’s located in the right top corner, after that you will need to click on ‘Overview’.
- Once you see the Overview of your wallet. Proceed by clicking on ‘Withdraw’.
- You should Be able to see your withdrawal menu, once you locate or identify the coin that you want to withdraw (In this case BNB) click on it, once you do you will need to and enter the withdrawal address that you had acquired from the trust wallet earlier. After that, please select BNB Smart Chain (BEP20) as the transfer network, and then simply enter the withdrawal amount.
- Once you select the transfer network as BNB Smart Chain, once you do you will receive a notification for you to confirm that you know what you are doing.
- After you have confirmed that you know what you are doing, another screen will appear with all the transaction details as a confirmation.
- Once you have confirmed the details of the transaction, the final step is to enter the verification code that you have set up so you can approve and complete the withdrawal.
Once you have completed all these steps the transaction will take a little while longer to be processed. Once it has been processed the funds that you wanted to withdraw will appear in the balance of you Trust wallet after a fee minutes of receiving the confirmation of withdrawal email.
