Binance Smart Chain supports EVM compliant BEP-20 standard tokens. You can send and receive transactions with BEP20 tokens using your BNB wallet. If now this statement seems to you a little complicated and incomprehensible, then after studying this article you will no longer have any questions.
So, Binance is one of the largest exchanges in the world supporting and developing its own blockchain – Binance Smart Chain (BSC), which has most recently been renamed BNB chain.
BNB is the main native coin of the network and it is needed to pay commissions when conducting a transaction. All other assets in the BNB chain are tokens of the BEP20 standard. You won’t confuse this standard with anything, as it’s only used here. However, you should be careful when sending your tokens to other addresses!
Your BNB wallet will be considered compatible with other EVM networks, so the address for ERC20 and BEP20 will be no different. In other words, it’s the same address, but you can’t just take and send tokens from BEP20 to ERC20 without interacting with a special protocol – crosschain bridge.
Let’s now move on to the practical part of this article…
There are many cryptocurrency wallets that support BNB chain, but let’s focus on Trust Wallet.
To start using your wallet, you need to create one and here is a quick guide:
– Download the Trust Wallet crypto wallet app
– Log in to Trust Wallet and set a strong password. It will be used when logging into the application, as well as when confirming transactions. I recommend disabling biometric confirmation (fingerprint or face print).
– Read the user agreement and proceed to creating a new wallet.
– Save the 12 words that Trust Wallet will show on the next tab. If you lose access to them, it will be impossible to restore the wallet.
– Wallet will ask you to enter 12 words to make sure you saved separately from the app.
– Your wallet has been successfully created and you are in the main menu of the Trust Wallet application. Please note that not all supported assets are displayed here, but only the main ones – BTC, ETH, BNB…
– In the upper right corner, click on the “+” button to add the token to the main list of assets.
– Search for the token you need, for example USDT and note that each of them has a different standard. Select USDT in the BEP20 network.
– Now that you’ve added USDT to the main list, click on it to go to the inner section.
– Click on the “Get” button to display your address to which you want to send a transaction with the USDT BEP-20 token.
– Copy the address or save the QR code to provide it to the sender.
This is the whole process of setting up your Trust Wallet before you can use it and receive incoming transfers…
Any sender will also interact with their wallet to send a transaction with a BEP-20 token, but instead of a “Receive” button. In the next dialog box, he must indicate the BEP-20 address and the number of tokens he is going to send. Now he needs to confirm the transfer with the password he set in his wallet and pay the transfer fee in BNB.
As you can see, using blockchain wallets is very simple and over time you will quickly get used to it. Be careful when sending BEP20 tokens to exchange addresses! If you choose the wrong network, you may lose your deposit! Be careful – actions recorded in the blockchain cannot be canceled.
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I'm Carina, a passionate crypto trader, analyst, and enthusiast. With years of experience in the thrilling world of cryptocurrency, I have dedicated my time to understanding the complexities and trends of this ever-evolving industry.
Through my expertise, I strive to empower individuals with the knowledge and tools they need to navigate the exciting realm of digital assets. Whether you're a seasoned investor or a curious beginner, I'm here to share valuable insights, practical tips, and comprehensive analyses to help you make informed decisions in the crypto space.