Is there a fee to transfer bnb 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.
Fees You Can Trust. Trust Wallet & Binance Smart Chain’s Fee Structure
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.
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.