How to transfer shiba inu from binance to trust wallet

For many crypto traders, nothing beats holding your crypto in a web3 wallet where you own your private keys. While Binance offers a secure custody solution to keep your crypto safe, you may want to experiment with directly holding your crypto assets. If you want to go this route, you should always store your funds in a secure, self-custodial wallet like Trust Wallet. However, don’t forget that once you control your private keys, it’s up to you to keep them safe or risk losing your funds.

Read on to learn exactly how you can transfer your crypto from Binance to your Trust Wallet in just a few steps.

How to Withdraw Funds From Binance

Before you can get started withdrawing your funds from Binance, you will first need to set up Trust Wallet (if you haven’t already).

You can download the Trust Wallet app on your Android or iOS smartphone and complete the simple setup process.

Next, go to Binance.com, log into your account, and proceed to complete your two-factor authentication (2FA) verification. Alternatively, you can also access your Binance account using the Binance mobile app on your phone.

Now, it’s simple to check your Binance account’s wallets to see the digital currencies you hold.

Since the Trust Wallet app allows users to securely store over three million digital assets across 64 blockchains, you should be able to transfer essentially any cryptocurrency you hold on Binance to Trust Wallet with the following steps:

1. Go to your Trust Wallet app and enable the cryptocurrencies you want to receive from the Binance exchange. 

  • To do that, open the app and click on the icon at the top right corner. 

  • Proceed to search for the token you want to receive.

  • Swipe the button next to it to make it visible (as shown below). For the purposes of this guide, we will use BNB.

2. Select the digital token that you want to receive and click on it.

3. Click on the [Receive] button and copy and paste the BNB wallet address. Make sure to carefully check the network you selected. BNB is available on the BNB Beacon Chain (BEP-2) and BNB Smart Chain (BEP-20), which have different types of addresses.

4. Head to your Binance account and click on [Security] from the [Account] drop-down menu.

5. Scroll down to the [Withdrawal Whitelist] section and choose [Address Management] then [Add Address] to add your BNB wallet address.

6. Proceed to fill in the details needed. The address label should be the name of your BNB wallet address.

7. Paste the BNB wallet address copied from Trust Wallet under the [Address] section. Binance.com will automatically match the wallet address you add to the corresponding network to help prevent you from losing your funds.

8. Next, choose the origin of the address. Here, you have two options: Exchange or Wallet. Choose [Wallet], and then [Trust Wallet].

9. Check the [Whitelisted] box and then click on [Save].

10. Binance will require you to complete a security verification process. Once the verification process is successful, Binance will add your wallet address as shown below.

You can add as many addresses as you want.

11. To withdraw your BNB to your Trust Wallet app, click the [Wallet] button on the dashboard and select [Overview] in the drop-down menu.

12. Next, click on [Withdraw] and proceed to click on the [Withdraw Crypto] option on the far right-hand corner of the screen.

13. Select the coin you want to withdraw — in this case, BNB.

14. In the address section, choose the [Select from Address Book] option, add the withdrawal amount, then click on [Withdraw].

15. Complete the 2FA verification process and click [Submit] to complete the transaction.

Remember, you need to have enough BNB in your wallet to cover your network fees.

You can now go to your Trust Wallet app and check your BNB balance. If you tap on BNB, you will also be able to see all recent transfers.

And that’s it! That’s how easy it is to transfer digital currency from Binance to Trust Wallet.

Why Should You Move Your Crypto from Exchanges like Binance to Trust Wallet?

Binance.com and the Binance app provide exchange users with custodial wallets. That means that Binance holds its users’ wallets’ private keys, essentially holding digital assets on behalf of their users.

Some users prefer the responsibility of holding their funds themselves. This gives them direct control over their crypto, but they then need to look after their private keys themselves.

When your crypto is stored with Binance, much of it is held in cold storage. This provides a highly secure storage solution where private keys are never made available online.

Exchanges are often targets for hackers, and you may feel safer handling your assets yourself in Trust Wallet.

Download Trust Wallet today and start transferring your crypto from Binance to Trust Wallet.

You may have just bought some SHIB on Binance, and are looking to transfer it to your Trust Wallet.

Since Trust Wallet supports both the ERC20 and BEP20 versions of SHIB, you are actually able to transfer SHIB using either network!

Here’s a step-by-step guide on how you can do so:

How to transfer SHIB from Binance to Trust Wallet

Here are 6 steps to transfer SHIB from Binance to Trust Wallet:

  1. Go to Trust Wallet and select ‘Receive’
  2. Search for SHIB and select either the BEP20 or ERC20 address
  3. Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance
  4. Select SHIB as the cryptocurrency you wish to withdraw
  5. Enter the details of the transaction
  6. Receive SHIB in Trust Wallet

Go to Trust Wallet and select ‘Receive’

When you are on the homepage of your Trust Wallet, you will need to tap on ‘Receive‘.

Trust Wallet Receive

Search for SHIB and select either the BEP20 or ERC20 address

Trust Wallet will now show you all the tokens that you can deposit onto their platform. You will need to search for SHIB, and it will bring up either the BEP20 or ERC20 version of SHIB.

Trust Wallet Select SHIB

You are able to select either version of SHIB to deposit. After that, you will be able to see the deposit address.

Here is the one for the ERC20 version,

Trust Wallet SHIB ERC20

and this is the one for the BEP20 version.

Trust Wallet SHIB BEP20

Both addresses are actually the same, so it mainly depends on the network that you choose to send SHIB over to Trust Wallet.

This is different from sending SHIB from Binance to KuCoin or Coinbase Wallet, where they only accept the ERC20 version of SHIB, and not the BEP20 version!

Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance

On Binance’s platform, you will need to go to ‘Wallet‘, and then ‘Fiat/Spot‘.

Binance Wallet Fiat Spot

Select SHIB as the cryptocurrency you wish to withdraw

Once you’re there, you can search for SHIB, and then select Withdraw.

Binance Select SHIB To Withdraw

Enter the details of the transaction

On the next page, you will need to enter the details of the transaction.

Binance Withdraw SHIB Details

This includes:

  1. The address you’ve obtained from Trust Wallet
  2. The network that you are using to withdraw
  3. The amount of SHIB you wish to transfer

The most important thing is that you’ll need to select the network to withdraw SHIB to Trust Wallet.

Binance SHIB Select Network

Since Trust Wallet accepts both BEP20 and ERC20 deposits, you do not have the risk of your SHIB being lost. However, the fees for withdrawing on the ERC20 network is much higher compared to the BEP20.

If you intend to save fees while withdrawing SHIB, you may want to use the Binance Smart Chain (BEP20) to transfer SHIB!

Receive SHIB in your Trust Wallet

After confirming your withdrawal, SHIB will be sent from your Binance account to your Trust Wallet account.

What are the fees for sending SHIB from Binance to Trust Wallet?

Since you are able to send SHIB using both ERC20 and BEP20, it is recommended that you send SHIB using BEP20 to greatly reduce your fees.

However, here are some things you may want to consider:

#1 Not all wallets and platforms support the BEP20 version of SHIB

There are not many platforms that allow deposits of SHIB via the BEP20 network. Another alternative apart from Binance and Trust Wallet is Crypto.com.

Crypto.com Deposit SHIB BSC

If you want to deposit SHIB to other exchanges such as KuCoin, OKEx or Huobi, you are only able to use the ERC20 network.

#2 ShibaSwap only supports the ERC20 version of SHIB

You may be thinking of depositing SHIB into ShibaSwap to stake SHIB on the platform. However, ShibaSwap only supports the ERC20 version of SHIB, and not the BEP20 version!

When you are staking SHIB on ShibaSwap, you may want to consider the high transaction fees that you’ll incur!

Conclusion

Transferring SHIB using the ERC20 network is usually quite expensive, due to the network congestion present on the Ethereum network.

Even though Trust Wallet supports BEP20 deposits of SHIB, it may not be the best way for you to withdraw!

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Written by Jane