BEP-20 is a token standard that increases the availability of ERC-20 and BEP-2 tokens on the BNB Chain. Thanks to BEP-20, tokens can be transferred between different blockchains and offer additional functionality for much more.
What is BEP-20 Address?
BEP20 is a token standard used for tokens on the BNB network. BEP-20 address is used for token transactions to be made over BNB.
BEP-20 is a blueprint for how a token can be spent, who can spend it, and was created with the aim of extending ERC-20, one of the most common ETH token standards in the market. Since the ERC-20 and BEP-20 address formats on the Ethereum chain are similar, it is common to accidentally send tokens as BEP-20 to the Ethereum address. The BEP2 and BEP20 formats of many cryptocurrencies are not traded or supported on other exchanges. Therefore, Ethereum’s own network should be preferred when shooting on other exchanges other than Binance.
Token Withdrawal with BEP-20 Address
With the BEP-20 address, token withdrawals are carried out using similar steps with almost all crypto exchanges and wallets. If the token withdrawal is sampled through TrustWallet, it can be completed as follows:
- After logging into your Binance account, select Wallet from the top right corner and click Wallet Summary.
- In the Wallet Summary, click the Withdraw tab.
- When you enter the withdrawal menu, select the coin you want to withdraw, enter your withdrawal address from TrustWallet, select BNB Chain as the transfer network and enter the amount you want to withdraw.
- After selecting BNB Chain as the transfer network, a pop-up screen will appear to test your BSC information and verify that you are aware of your transaction. Click Submit after passing the test.
- The next steps are the same as for all other withdrawals. A confirmation screen will appear with information about the conversion rate and fees, allowing you to review the transaction information once again.
- After confirming the transaction, you will be asked to enter your verification code to confirm the withdrawal.
Exchanges Supporting BEP-20
There are other cryptocurrency exchanges that support the Binance BEP-20 address. These exchanges support shots of the format, making it even easier to join the BSC Ecosystem:
- Binance UK
- bitmart
- BKEX
- Bitwell
- bithumb
- Gate.io
- HitBTC
- hotbit
- MXC
