How to transfer cryptocurrencies? How to choose the right network? How much is the commission fee of which network?
When sending cryptocurrencies between exchanges, we sometimes encounter strange codes such as erc20, bep2, bep20, trc20. If we do not send them correctly, there may be a risk of losing them forever, so their outline and meaning should be known. Some coins have their own networks. In this case, they can be sent under their own names, and this network must be defined in the opposite exchange. Sometimes we may get confused because a name related to the cryptocurrency we send is not in the options. As an example, let’s take USDT, which is the most transferred unit. USDT can be sent via 5 different methods. Let’s examine these 5 networks:
1.erc20
In this ethereum-based network, transfer fees are generally high, excessive commission is charged, it should not be used unless absolutely necessary, or the commission fee should be carefully examined before using it.
2. trc20
It is tron based. USDT can be transferred cheaply and quickly, but a small number of coins can be sent with this method.
3.bep2
This is the old binance chain network. This existed before bep20. It is used for Binance Dex, which is the decentralized exchange type of Binance. In theory, BNB can also be sent to Binance Chain Wallet from here, but it was not active last time.
4.bep20
This new method has increased the value of BNB considerably. BNBs are quickly sent to the Binance Smart Chain section in the Binance Chain Wallet with a commission of 0.0005 BNB via Bep20, and swap transactions are made on decentralized exchanges through Binance Smart Chain (BSC). Pancake swap exchange has become very popular, especially recently. Such decentralized exchanges are called ‘defi’: decentralized finance. There is no registration etc. required in these defi exchanges because, as the name suggests, they are decentralized. Some bridges can be used to reach them, and BSC is the most used bridge recently.
After entering this defi exchange and connecting the exchange to the binance chain wallet, BNBs are automatically available in exchanges. Since there is no registration and authentication etc. in defi exchanges, all your savings may evaporate in case the stock market crashes, so you should be very careful in pool and farming transactions.
5. omni
It is a method that is not used much anymore and is quite expensive.
If we compare the transfer fees of these five for USDT on Binance
1. erc20: there will be at least 40 USDT pcs and withdrawal fee is 20 USDT
2. trc20: will be at least 10 usdt and withdrawal fee is 1 usdt
3. bep2: there will be at least 10 usdt and withdrawal fee is 1 usdt
4. bep20: will be at least 10 usdt and withdrawal fee is 0.8 usdt
5. omni: will be at least 56 USDT and withdrawal fee is 28 USDT
All deposits are free (deposit fee: 0)
Note: When sending coins, mark the same network on the sending side and the receiving side. For example, if you send USDT from Binance to Coinbase, if you write bep20 on one side and erc20 on the other side, all the money may evaporate. Be aware, I wish you good luck…