In this article, we’ll explain what the BEP-20 token standard is and show you how to withdraw BEP-20 tokens to save both time and fees, and share a list of exchanges that support direct BEP-20 withdrawals.
What is BEP-20?
BEP-20 is a token standard on the BNB Smart Chain (former Binance Smart Chain). The BEP-20 standard extends ERC-20 and BEP-2 tokens, providing additional functionality that allows you to move your tokens between different blockchains.
With BEP-20, you can:
Use compatible tokens on different blockchains.
Peg tokens from other blockchains and make them available on the BNB Chain (i.e., pegged Bitcoin as BTCB).
Swap BEP-2 tokens for BEP-20 equivalents (BNB from BEP-2 to BEP-20).
Enjoy only super low transaction fees and a 3-second block time.
For a more detailed look at the BEP-20 standard, check out the Github draft proposal.
How to withdraw BEP-20 tokens
Dozens of exchanges support BEP-20 withdrawals to BSC-compatible wallets, removing the need for manually converting your BEP-2 tokens to BEP-20. By directly withdrawing BEP-20 tokens, you save both time and money (fees), as you entirely skip the step where you would need to convert your tokens to BEP-20.
Make sure the exchange or wallet you are using supports BEP-20 before making withdrawals. If you are not sure, contact the official customer support to double-check.
Withdrawing BEP-20 tokens on Binance.com
For the sake of this article, we’ll explain the process of withdrawing BNB from Binance.com to Trust Wallet. Still, the withdrawal process should be very similar across all crypto exchanges and wallets.
Before you start, you should go to your Trust Wallet (or any other BSC-compatible wallet) and obtain the receiving BSC address. This is very straightforward as all you need to do is open your wallet, select Smart Chain, and click Receive. The address will appear on the screen. Save this address for later, as you’ll need it in step 3 of the following guide.
1. Log in to your Binance.com account. In the right top corner, select [Wallet] and click [Overview].
2. In your Wallet Overview, click [Withdraw].
3. Once you’re in the withdrawal menu, select the coin you want to withdraw (BNB in our case), and enter the withdrawal address (obtained from Trust Wallet). Next, select BNB Smart Chain (BEP20) as the transfer network, and enter the amount you want to withdraw.
4. After selecting BNB Smart Chain as the transfer network, a pop-up screen will appear to confirm that you understand what you’re doing.
5. 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.
6. Once confirmed, you’ll be asked to enter your 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.
By following these steps, you remove the need to manually convert BEP-2 to BEP-20. Once you receive the deposit to your Trust Wallet, you’re free to interact with any supported dApp or project.