Can i buy bnb on coinbase and transfer to trust wallet

Buying crypto (cryptocurrencies) on Trust Wallet is very costly.

This is because Trust Wallet’s providers charge a very high fee—up to 5%.

Hence, it’s recommended that you buy your crypto from an exchange like Coinbase.

Coinbase charges a transaction fee of $0.99 to $2.99, which is much lower than the providers on Trust Wallet.

After you’ve bought crypto from an exchange, you can transfer it to Trust Wallet.

Then, you can use a decentralized exchange on Trust Wallet like PancakeSwap to swap BNB or Ethereum for another token.

Transferring crypto from Coinbase to Trust Wallet is a straightforward process.

The only prerequisites are having the Coinbase and the Trust Wallet app on your mobile device.

If you haven’t installed the Coinbase app on your mobile device yet, you need to do so.

You can also use Coinbase on your desktop for this, but the screenshots in this guide are taken on the Coinbase mobile app.

How to transfer crypto from Coinbase to Trust Wallet

To transfer crypto from Coinbase to Trust Wallet, you must first copy the crypto’s address on Trust Wallet.

For example, if you want to send Ethereum from Coinbase to Trust Wallet, you need to copy your Ethereum address on Trust Wallet.

Then, open Coinbase and navigate to the crypto that you want to send (e.g. Ethereum).

You can do so by tapping the “reverse” icon on Coinbase.

Then, tap on “Send” and select the asset to send (e.g. Ethereum).

Coinbase will then require you to enter the amount of crypto that you want to send.

Next, you need to provide the recipient’s address.

In this case, you need to paste your crypto’s address from Trust Wallet (that you’ve previously copied) onto the “To” field.

Lastly, tap on “Preview send” followed by “Send now” to transfer your crypto.

Here’s a step-by-step guide on how you can transfer crypto from Coinbase to Trust Wallet:

1. Copy the crypto’s address on Trust Wallet

Trust Wallet Ethereum

To begin with, open Trust Wallet on your mobile device and navigate to your wallet.

On your wallet, you’ll see a list of cryptocurrencies.

This includes “Bitcoin”, “Ethereum”, “BNB”, and “Smart Chain”.

In this step, you need to navigate to the cryptocurrency that you want to receive.

If you want to send other cryptocurrencies, you need to manually add it from the “Manage” page.

To do so, tap on the Settings icon > search for the cryptocurrency that you want to receive/paste its address > tap on the switch to enable it.

Once you’ve enabled it, the cryptocurrency will appear on your wallet.

For example, if you want to send Ethereum from Coinbase to Trust Wallet, tap on “Ethereum”.

Trust Wallet Ethereum copy address

Once you’ve navigated to the cryptocurrency that you want to send from Coinbase to Trust Wallet, you need to copy its address.

For example, if you’ve tapped on “Ethereum”, you’ll land on your Ethereum wallet.

On your wallet, you’ll see four icons including “Send”, “Receive”, “Copy”, and “More”.

Tap on “Copy” to copy your cryptocurrency’s address (e.g. Ethereum).

This will copy the cryptocurrency’s address from Trust Wallet to your clipboard.

You need to paste this address on Coinbase later on.

2. Select the crypto on Coinbase that you want to send

Coinbase reverse arrows

Now, open the Coinbase app on your mobile device.

If you haven’t downloaded the Coinbase app yet, you need to do so from the App Store or Google Play Store.

Alternatively, you can use Coinbase on your desktop.

However, the user interface will be a little different.

Once you’re on the Coinbase app, log in to your account.

On Coinbase, you’ll need to navigate to the sending page.

To do so, tap on the “reverse” icon on the bottom navigation bar.

Coinbase send

After you’ve tapped on the “Reverse” icon on the bottom navigation bar, a navigation menu will open.

On the navigation menu, you’ll see several options.

This includes “Buy”, “Sell”, “Convert”, “Send”, and “Receive”.

Since you’re looking to send a cryptocurrency (e.g. Ethereum) to Trust Wallet, tap on the “Send” option.

Coinbase select asset

Once you’ve tapped on the “Send” option, you’ll land on the “Select asset” page.

On the “Select asset” page, you’ll see a list of cryptocurrencies that you own.

Tap on the cryptocurrency that you want to send to Trust Wallet.

For example, if you’re looking to send Ethereum, tap on “Ethereum”.

If you don’t see the cryptocurrency that you want to send on the page, it means that you haven’t bought it yet.

If that’s the case, you need to buy it on Coinbase first before you can send it to Trust Wallet.

3. Send the crypto by pasting its address from Trust Wallet

Coinbase enter amount

After you’ve selected the cryptocurrency that you want to send via the “Select asset” page, you’ll land on the “Enter amount” page.

On the “Enter amount” page, you’ll see the amount of cryptocurrency that you own in fiat currency.

That is the maximum amount of cryptocurrency that you can send.

On the number pad, key in the amount of cryptocurrency (e.g. Ethereum) that you want to send to Trust Wallet.

For example, if you want to send “$8” of Ethereum, tap on “8” on the number pad.

Then, tap on “Continue” to proceed to the next step.

How to transfer crypto from Coinbase to Trustwallet

After you’ve tapped on “Continue”, you’ll land on the “Select recipient” page.

You may have to tap on “Not now” before you can reach this page.

On the “Select recipient” page, you’ll see a couple of fields including “To” and “Note”.

Firstly, paste your cryptocurrency’s address from Trust Wallet on the “To” field.

You should have copied this address on the first step.

Make sure that you’ve copied the right address from Trust Wallet.

Otherwise, your funds may be lost.

For example, if you want to send Ethereum to Trust Wallet, make sure that the address you’ve pasted is your Ethereum address from Trust Wallet.

Next, you can add an optional note on the “Note” field.

Then, tap on “Preview send” to proceed to the confirmation page.

Send crypto on Coinbase

After you’ve tapped on “Preview send”, you’ll land on the “You are sending” page.

On the page, you’ll see how much crypto (e.g. Ethereum) you’re sending to Trust Wallet.

It also shows the Coinbase fee and the Network fee.

The transaction comes with a network fee, so the total amount of crypto (e.g. Ethereum) that you’re sending might be higher than what you’ve entered previously.

Lastly, tap on “Send now” to send your crypto from Coinbase to Trust Wallet.

The transaction will be usually completed in 30 to 60 minutes.

Once the transaction is completed, you’ll be able to see the amount of crypto that you’ve received on Trust Wallet.

Conclusion

Transferring crypto from one wallet to another is usually a quick and easy process.

However, the transaction might be delayed due to network congestion.

Whenever you’re sending crypto to another wallet, make sure that you’ve pasted the right wallet address.

Otherwise, your funds may be lost.

Further reading

How to Change Your Phone Number on Coinbase

How to Change your Currency on Coinbase

3 Ways to Contact Coinbase

Fees You Can Trust. Trust Wallet & Binance Smart Chain’s Fee Structure...

Alex Lielacher

Published on 17 Nov 2020

Fees play an essential role in the crypto ecosystem as they make up a large proportion of the industry’s company revenues. Crypto exchanges, wallet providers, payment services typically all charge fees to generate revenues.

In this guide, you will learn about the comparatively low fees charged by Trust Wallet and Binance Smart Chain (BSC).

Why Fees Matter

While it may sound obvious, it doesn’t hurt to reiterate why fees matter for crypto users.

It’s simple: the more fees you pay, the lower your returns will be.

  • If you actively trade crypto (without trading discounts), your trading revenues will be affected by trading fees and exchange withdrawal fees.

  • If you regularly spend digital currency on everyday purchases, wallet fees and crypto payment provider fees will increase your transaction costs.

  • If you cash out crypto for fiat currency, you will pay exchange transaction fees that will affect the final amount of cash you will receive.

Fees keep the crypto industry going and are, therefore, a necessity. But high fees are harmful to users and hinder mass adoption.

Fortunately, there are service providers and crypto networks focused on delivering the best possible user experience at the lowest possible fees. Two examples of that would be Trust Wallet and the recently launched Binance Smart Chain (BSC).

What Fees Does Trust Wallet Charge?

Trust Wallet is a market-leading multi-cryptocurrency wallet that enables 5+ million users to securely store dozens of digital assets, interact with Web 3.0 applications via a DApp Browser, and make in-app crypto purchases.

Despite offering such an extensive array of services, Trust Wallet does not charge any wallet fees.

No Wallet Fees

Crypto wallets typically charge a small fee every time you make a transaction. If you are using Trust Wallet, you will not be charged anything for using the wallet.

No Swapping or DApp Fees

Additionally, Trust Wallet does not charge any additional fees for swapping one crypto for another on the in-app DEX or when a user utilizes the DApp Browser to interact with decentralized applications.

Blockchain Network Fees

However, that does not mean using crypto within Trust Wallet is entirely free because cryptocurrencies incur blockchain transaction fees that are paid to the miners (or validators).

Fees vary greatly from blockchain to blockchain.

For example, during times of heightened usage of the Bitcoin blockchain — as we are currently experiencing as a result of the ongoing bull market — transaction fees can be as high as $5 to $10, especially for small transactions.

The same goes for the Ethereum blockchain, which experienced an unprecedented level of usage during the yield farming boom this summer. At some point, Ethereum “gas” fees exceed $10 per transaction, making the network effectively unusable for users in many parts of the world.

So if you are using Trust Wallet to make a payment with bitcoin, interact with an Ethereum DApp, or send a CryptoKitty to a friend, you will incur (unavoidable) network fees.

The good news is that Trust Wallet allows you to set your own network fees for Bitcoin and Ethereum. So for urgent transactions, you can set a higher network fee and for less urgent transactions a lower fee.

Crypto Purchase Fees

Trust Wallet also allows users to buy digital currency using the wallet’s in-app purchase option that connects directly to third-party fiat-to-crypto onramps, MoonPay and Simplex.

For example, to buy bitcoin using Trust Wallet, you access your bitcoin wallet and click the ‘Buy’ button on the top right of the app.

Next, you type in the amount of bitcoin you want to buy (in fiat currency). At this point, the app will choose a suitable third-party provider for the transaction.

When you click ‘Next,’ a web browser will open where you will find the third-party’s crypto purchase service. Follow the instructions and finalize your purchase using your credit or debit card.

Regardless of whether you’re using MoonPay or Simplex to buy crypto, Trust Wallet will not charge any additional fees on top of what the third-party provider charges. While most wallets typically add a fee for credit card bitcoin purchases, Trust Wallet does not profit off its users.

Binance Smart Chain Is Winning on Speed & Fees

Binance Smart Chain (BSC) is a recently launched parallel blockchain to Binance Chain that allows for the seamless creation and interaction with decentralized applications.

As an EVM-compatible blockchain, its primary goal is to provide a much-needed alternative to the increasingly slow and expensive Ethereum blockchain for the burgeoning DeFi market.

Transactions on Binance Smart Chain are processed within seconds (thanks to 5-second block times), while transaction fees are typically in the $0.01 to $0.03 range, making it one of the most competitive smart contract networks in the market.

The reason why BSC’s transaction fees are so much lower than on the Bitcoin and Ethereum networks is because of the consensus mechanism it deploys.

Bitcoin (and Ethereum still) utilize a Proof-of-Work (PoW) consensus protocol that involves miners deploying computing power to solve mathematical equations to secure the network and process transactions.

To maximize transaction fee returns, miners are incentivized to validate transactions with high fees first which creates a scenario where fees start to increase as blockchain usage increases. In some cases, transactions with fees that are too low end up stuck in the mempool for days or are canceled automatically after a period of time.

Conversely, Binance Smart Chain deploys a Proof of Staked Authority (PoSA) consensus mechanism, which involves a system of 21 validators that validate blocks and process transactions. As a result, BSC can achieve much higher transaction speeds at a much lower cost per transaction.

In light of BSC’s low transaction fees, it is not surprising that several DeFi protocols have already launched on BSC while others are considered a move over to the new chain from Ethereum.

The BSC “Fee Holiday”

In addition to Binance Smart Chain’s ultra-low fees, Binance has decided to provide a “fee holiday” for promising projects in the BSC Accelerator Fund.

As part of its newly-launched BUIDL Reward Program for developers building decentralized applications on Binance Smart Chain, the leading crypto company has committed $5 million worth of BNB to the rewards program.

The rewards will be distributed in the form of transaction fee rebates for eligible smart contracts deployed on the BSC network.

The Takeaway

Trust Wallet stands out among its peers because of its zero-fee model that empowers users to reap the full rewards of using cryptocurrency and blockchain applications.

What’s more, Binance is taking a very active approach to ensuring that fees will not hamper the development of a burgeoning DApp ecosystem on its newly launched Binance Smart Chain.

Written by Jane