Cryptonomics: How to Withdraw BEP-20 Tokens on Binance Smart Chain

The Binance Smart Chain (BSC) is an evolving ecosystem for Decentralized Finance (DeFi) applications with its own token standard, BEP-20. This guide shows how to withdraw BEP-20 tokens on BSC.

By
Ahamdi Abarikwu
on
May 10, 2021
Category:
Cryptonomics

What Are BEP-20 Tokens?

Though the BSC was designed to complement Binance Chain (BC), the BSC is an independent blockchain. It has its own standard (BEP-20) which specifies the technical standards that enable a token to function in its blockchain. The cheap transaction fees, fast speed, and cross-chain compatibility of the BSC are major reasons why developers are finding the BSC very attractive.

Activity on the Binance Smart Chain is on the rise as more projects get listed. A recent DeFi statistics indicated that the Binance Smart Chain network had more than 108,000 unique active addresses compared to Ethereum's 67,000. From the given statistics it is obvious that many more people are transacting with BEP-20 tokens than Ethereum's ERC-20 tokens.

Anyone interested in the BSC needs to be able to withdraw BEP-20 tokens from the chain. To receive BEP-20 tokens, you need a receive-address from a wallet that is compatible with BSC. Some of the wallets that have support for BSC include: Atomic; Cobo; imToken; MathWallet; Metamask; Trust Wallet; Onto; and TokenPocket. For this withdrawal guide, we shall illustrate using BEP-20 BNB tokens and Trust Wallet. 


How To Withdraw BEP-20 Tokens

Step 1: Log into your Binance account. Access your account by logging into the Binance website. Hover your cursor on the tab, 'Wallet', then click on 'Fiat and Spot' in the dropdown menu. 

Tutorial Images Source: Binance


Step 2: Click on 'Withdraw', then select 'Crypto'. Tap and open the dropdown menu, 'Coin'. Select the crypto you want to withdraw (BNB in our case). 


Step 3: At the right hand side of the screen you will see the parameters for the receiving address. Select the correct network (Binance Smart Chain). 


Step 4: Generate your BSC receiving address. Open your Trust Wallet. Click on 'Receive'.


Step 5: In the Search Bar, type 'BNB' to bring up the options. Select 'Smart Chain'. The receive-address will be displayed. Tap on 'Copy' to copy the address, then paste it in the space for the recipient's address on the withdrawal page. 

Wallet Balances

             

Wallet Address


Step 6: Click the 'Submit' button. A pop-up page will be displayed to ascertain if you are sure you matched the sending and receiving networks correctly. Once you pass the test, submit again. 

Source: Binance 


Step 7: You will see a screen requiring you to confirm the transaction details entered by you. Review the details and if everything is correct, confirm it.

Step 8: An authentication page will come up. Provide the authentication code to prove ownership of the account. Then submit to complete the transaction.

Step 9: Congratulations on a successful withdrawal!


Conclusion

The Binance Smart Chain is a blockchain that stands on its own two feet so to speak, and its BEP-20 standard is becoming increasingly popular among dApps developers. Much of that popularity is because the BSC platform is cross-chain compatible with Ethereum, has very low transaction fees and fast network speed. 

Working with BEP-20 tokens will save you time and cost thanks to these advantages. Now that you understand how to withdraw your tokens, all you have to do is go trade some!

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time.

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