Understanding Deposit and Withdrawal Networks on Binance
When withdrawing or depositing coins into Binance is important you use the same as the network on the platform or exchange application you're depositing your coins to or withdrawing coins from, to avoid you losing your funds.
Network selection is dependent on the network the platform or exchange provide.
Let's say the exchange only supports only a certain transfer network you can only transfer to that network. For example: if you want to send BEP2 tokens you can only send to BEP2 address, if it's TRC20 token you can only send or receive to TRC20 address not BEP20, BEP2 and ERC20 address.
These are the transfer networks on Binance:
Screenshot taken by me from:Binance
- ERC20
- BEP2
- BEP20(BSC)
- TRC20
- BTC
ERC20:
ERC20 is a technical standard for smart contracts on the Ethereum blockchain tokens, Also ERC20 has the highest transfer fee, ERC20 refers to the Ethereum network.
ERC20 addresses looks this:
0xe68defd05fe43a89b1dac9dd70c90bd4756ec7c7.
ERC20 tokens:
Wrapped bitcoin (WBTC),Chainlink (LINK),Binance coin (BNB),USD coin (USDC),Tether (USDT) & Dai (DAI) etc.
ERC20 tokens get deposited after 12 network confirmation.
BEP2:
BEP2 is a technical standard for creating and using tokens on binance chain, BEP2 refers to binance chain.also requires both MEMO and address from successful transaction.
BEP2 address looks like this:
bnb136ns6lfw4zs5hg4n95vdthaad8hq5m4gtkgf23.
BEP2 tokens: PancakeSwap(CAKE), Binance coin (BNB), Bitcoin BEP2(BTCB), THORchain(RUNE), Kava(KAVA) etc.
BEP2 tokens get deposited after 1 network confirmation.
BEP20(BSC):
BEP20 is a token developed on Binance Smart Chain, BEP20 refers to Binance Smart Chain.
Note: BEP20 and ERC20 look alike.
BEP20 address looks like this:
0xe68defd05fe43a89b1dac9dd70c90bd4756ec7c7.
BEP20 tokens:
Binance-Peg Ethereum (ETH), Dogecoin (DOGE), Binance-Peg BUSD-T (BUSD-T) Binance-Peg XRP Token (XRP), etc.
BEP20 tokens get deposited after 15 network confirmation.
TRC20:
TRC20 tokens developed on TRON blockchain, TRC20 refers to the Tron network.
TRC20 address looks like this:
TETw7HKiCUzxGutRdBhUesmu9u8Jds6osZ
TRC20 tokens:
TronWallet (TWX),Intergalactic Gold (IGG),TronWeeklyJournal (TRWJ) etc.
TRC20 tokens get deposited after 1 network confirmation.
BTC:
Bitcoin (BTC) has it's own network BTC.
BTC address looks like this:
14gef8xxCyB9kJqrgkgDnL69eowZqA3xmx.
BTC get deposited after 1 network confirmation, until 2 confirmation are made a temporary amount equivalent to your asset will be unavailable to withdraw.