How To Withdraw BEP-20 Token On Binance
How To Withdraw BEP-20 Token On Binance
When it comes to trading crypto or making crypto transactions, one of the most popular transactions carried out daily is buying of tokens from an exchange and sending them to a DeFi wallet.
According to Statistics comparing the transfer of token by the networks used to send the tokens, of note is the high rate at which BEP20 tokens are transferred from one wallet to another, and this is basically owing to the very low transaction fees on the BEP20 or BSC Blockchain network.
This statistics show that many crypto owners prefer to send tokens using the BEP20 Blockchain network also known as the Binance Smart Chain (BSC).
In this article, my prime focus will be to show you how to send or withdraw BEP20 tokens from any exchange (Binance Exchange in particular), and how to take advantage of the low fees on the BSC Blockchain; using it to transfer purchased crypto tokens from Binance to your DeFi wallet(Trust Wallet).
Before we go straight into that, let me quickly explain what BEP20 tokens are, what is the BEP20 or BSC Blockchain Network.
What Is BEP20 Token?
A BEP20 token is a cryptocurrency token developed on the Binance Smart Chain Blockchain. Therefore, it is named after its native blockchain as BEP20 token, which is now trending the global market mainly in the DeFi platform.
BEP20 is a technical standard that emerged to use for all smart contracts on the Binance Smart Chain for token implementations.
BEP20 token transfers are fueled with BNB; popular and unique for low transaction fee and scalability.
This provides an incentive for validators to include the transactions in the blockchain, as they’ll collect the BNB as a fee for their troubles. Use this link to learn more: https://academy.binance.com/en/glossary/bep-20?ref=122131113
We now have a proper understanding of what BEP20 tokens are; the BEP20 Blockchain or the Binance Smart Chain as it’s popularly known; its uniqueness and why it is the most popularly used Blockchain in the crypto space for transactions.
Let us now focus on the step by step guide on how to withdraw BEP20 token from Binance Exchange.
Step By Step Guide On How To Withdraw BEP-20 Token From Binance to Trust Wealth.
Firstly, you need a binance verified account to withdraw BEP20 Token or to complete a successful transaction and if you are yet to have a verified account feel free to use my link https://www.binance.com/en/activity/referral/offers/claim?ref=CPA_00IL5CXB21 in order to enjoy many benefits such as $100 USDT cashback voucher and more.
Log in to your Binance.com account. In the right top corner, select [Wallet] and click [Overview].
In your Wallet Overview, click [Withdraw].
Once you’re in the withdrawal menu, select the coin or BEP20 token you want to withdraw (BNB as illustrated in the image below),
Enter the BEP20 wallet address you want to withdraw the token into in the withdrawal address column. (This illustration uses Trust wallet as the receiving wallet)
Next, select BNB Smart Chain (BEP20) as the transfer network, and enter the amount you want to withdraw.
After selecting BNB Smart Chain as the transfer network, a pop-up screen will appear to confirm that you understand what you’re doing.
The next steps are the same as with any other withdrawal. A confirmation screen will appear to inform you about the transaction details, such as conversion rate and fees.
Once confirmed, you’ll be asked to enter your Binance verification code to approve the withdrawal.
Your transaction will be processed shortly. The funds should appear in your Trust Wallet balance within a few minutes after the withdrawal confirmation email. Once your funds arrive, Trust Wallet will send you a notification about a successful deposit of your BEP-20 BNB tokens.
Congratulations, you have just withdrawn your BEP20 Token to a DeFi protocol ready to deploy a smart contract.
Should you want to learn more, expand your knowledge or take advantage of juicy opportunities in the crypto space, join the Binance Telegram Group: https://t.me/binancenigeria
Was it a nice read?
If yes, kindly tap the Follow button to get notified of new crypto educational contents as soon as I publish them or if you like, connect with me on read cash via link below: https://read.cash/@Martinsyeah for more informative and educative contents.
Resources: