We’re here to guide you through the process of getting your crypto back from Binance Bridge, a simple inter-blockchain asset conversion tool. Additionally, we will also discuss the common mistakes one can make when sending funds.
Some Common Mistakes
If you've been withdrawing from Binance, you've undoubtedly observed that certain coins use different networks to transfer. Even experienced HODLers mistake which blockchain to use.
Essentially, it depends on whether you're utilizing a BEP-2, ERC-20, or BEP-20, token standard.
It's critical to find out what sort of wallet you shared your cryptocurrency to if you send it to the inaccurate blockchain. You have a non-custodial wallet in case you are able to retrieve your seed phrase or private key.
Here are the two common mistakes that you can make when transferring funds, and also the ways of getting your crypto back from Binance Bridge. Before that, let’s take a look at the difference between ERC-20 Vs. BEP-20.
ERC-20 Vs. BEP-20 Vs. TRC-20
The underlying network is the main distinction between the three most prevalent token standards ERC-20, BEP-20, and TRC-20. ERC20 tokens are produced on the Ethereum blockchain, BEP20 tokens on the BSC blockchain, and TRC20 tokens on the TRON blockchain.
All three networks employ the same solidity protocol. Thus, they are generally cross-compatible and interchangeable, with tokens created on one platform available on the others. As the BSC network is interoperable with ERC20 and TRC20, you may use the BEP-20 network to transmit or receive an ERC-20/TRC-20 token.
- Sent Tokens to a BSC & Ethereum Supporting Wallet
You will be able to transfer your tokens to the right network via Binance.
- Sent Tokens to a BSC or Ethereum Supporting Wallet
To import to a wallet supporting both BSC and Ethereum, you will have to access your seed phrase or private key.
- Sent Funds to an Exchange or a Custodial Wallet
For assistance, contact your wallet service provider or the exchange's customer care. It's probable that you won't be able to get your money back.
Sent a BEP-20 or ERC-20 Token to the Incorrect Blockchain
If you transfer a BEP-20 token to Ethereum, or vice versa, the tokens will arrive at the same Ethereum wallet address. Your Ethereum and BSC wallet addresses are similar, and you may use the same key to access both.
Transferring an Ethereum token to BSC, for instance, will result in the BEP-20 token tied to Ether in the BSC wallet address.
Here’s an example to make things clearer. Suppose you’re from BscScan and you picked the BSC (BEP-20) transfer network in your Binance wallet after withdrawing your ERC-20 ETH. These coins now appear on BSC as Binance-Peg Ethereum under the address mentioned earlier.
Thankfully, your cryptocurrency will not have vanished. Now all you have to do is transfer it back to the correct blockchain. Now let’s take a look at how getting your crypto back from Binance Bridge is an easy-breezy process.
Difference between BEP-20 and ERC-20
BEP-20 and ERC-20 are token standards that specify particular technical guidelines and rules for tokens. They control how deposits, withdrawals, and transactions are made. Additionally, these token standards systemize how a token interacts with different projects, wallets, and smart contracts.
BEP-20 and ERC-20 share a lot of similarities in how they function. However, ERC-20 is exclusive to Ethereum and BEP-20 is to BNB Smart Chain. Simply put, even though they have similarities, they belong to different blockchains.
If your crypto tokens are on the wrong network, their usage might not be optimum. For instance, if Ethereum is sent to BSC, it can’t be used in Ethereum dApps and smart contracts.
Getting Your Crypto Back from a BSC and Ethereum Supporting Wallet
To begin, ensure that the token is enabled in your wallet's list. MetaMask provides a 'Add token' option that allows you to browse through all of the coins that are offered. In case a requested token isn't there on the list, you can easily import it by entering the token's contract address.
Now you can apply any of the two approaches for getting back your crypto from "Binance Bridge" and "Manual Method".
Getting Your Crypto Back from Binance Bridge
- Link your wallets (MetaMask or Binance Chain Wallet)
- Choose the tokens that you wish to send
In order to perform this activity, you’ll need ETH for Ethereum gas fees or BNB for BSC gas fees.
Binance Bridge serves as a cross-chaining gateway for crypto tokens, but with interoperability as its primary goal, it also aids in the connection of many different blockchains.
Wrapped tokens or pegged tokens, which are versions of native tokens that may be readily swapped and exchanged during the trading process, can be converted from native tokens.
Getting Your Crypto Back from other Platforms Excluding Binance Bridge
You'll need to transfer your crypto back to Binance, in order to exchange your tokens directly. The Binance spot wallet's deposit network must correspond to the blockchain that your token is now on. You may easily send it to your private wallet as it arrives.
Let's restore Binance-Peg ETH (BEP-20) back to ERC-20 ETH. Check to see if the wallet you're transferring from has enough BNB to cover gas costs.
- On the withdrawal page of Binance crypto, select BEP-20 as the deposit network (BSC) and ETH as deposit currency. Binance won’t be able to retrieve cash if you deposit to the mistaken network.
- Withdraw your ETH to a wallet supporting Ethereum and select Ethereum (ETH) ERC20 as the network of transfer after it has returned to your Binance account.
Your money is now securely on its track to the right blockchain in your wallet.
Wallet Supporting BSC or Ethereum
Move your wallet's private keys to a fresh wallet supporting both the blockchains to regain your tokens. Based on the type of wallet, you can either use a private key or a seed phrase. At the time of transferring a wallet's private key to some other wallet, you’ll gain access to that wallet's tokens. It is then up to you how you’d want to use them.
Here's a step by step account of how you can get back your tokens:
- Log in to your MetaMask wallet. Alternatively, you can make it if you don't have one. MetaMask is accessible for iOS as well as Android users.
- If you're creating a new profile, you'll be provided the choice to replicate the key or seed phrase from your previous wallet.
- If using your existing account, go to the top right and click MetaMask, then your profile.
- Now, select [Import Account], and add the needed cryptocurrency to your wallet's private key. To finish, click [Import]. If you have one, you may also import a JSON file.
- After that, manually add BSC to MetaMask. At the upper center, tap MetaMask, and then the network choice menu. Select [Custom RPC] from below the list.
- To enable MetaMask to link to Binance Smart Chain, you'll need to provide further information. MetaMask can use a URL to get information from BSC's blockchain and send transaction requests.
- Now, go to the MetaMask wallet and add the right token contract. This procedure will enable your BEP-20 compatible wallet to search for the missing token. You may discover an index of currencies and tokens on BscScan.
- To prepare for the subsequent step, replicate the token contract and make sure you do not miss out on the decimal field.
- From the network menu, choose [BSC Mainnet], then [Add Token] and [Custom Token].
- Fill in the Token Contract Address, Symbol, and Precision Decimals.
- Your ETH tokens should now appear in the balance of your wallet. You may then transfer it to the BEP-20 wallet address associated with the Binance account you own. If you want to switch your token to ERC-20, you can utilize Binance Bridge with MetaMask.
The Bottom Line: Binance Bridge 2.0
The Binance Bridge Project is a crucial tool for enhancing blockchain cross-compatibility. In simpler words, it is a great tool for getting your
Tokens and cryptocurrencies can be pegged to be utilized on Binance Smart Chain or Binance Chain by anyone. The number of coins supported will grow over time, resulting in improved liquidity on the Binance Smart Chain.
Binance Bridge 2.0 enables a new mechanism to connect Ethereum-based tokens, both listed and unlisted, to the Binance Smart Chain called BTokens. The most significant change is that you will be able to perform anything straight from your Binance account, eliminating the need for third-party wallets.