Tokens

BEP2, BEP20, ERC20, OMNI & TRC20 networks – What’s the difference?

This is a quick topic on BEP2, BEP20, ERC20, OMNI & TRC20 transfer network option that you find on Binance deposit & withdrawal section.transfer network binance

BEP-2 | ERC-20 |TRC-20 | OMNI

A year ago when Binance launched Binance chain they also announced a feature that allows interoperable deposits and withdrawals. Meaning you can deposit an ERC-20 Token to your Binance account and withdraw as BEP-2 Token and vice versa.

For example you can deposit Chain Link or Matic which is an ERC20 token (from Ethereum Chain) to your Binance account and withdraw them as BEP2 token (to Binance Chain).

However the address for both the network is different.

BEP2 – Token on Binance chain starts with bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

ERC20 – Token on Ethereum chain starts with 0x0e806cea8e5beba6df97354ef7f22b66c5a2ce82

Likewise the address for OMNI and TRC20 is also different.

OMNI – Token on Omni layer network starts with 1JKhrVV9EsgSS5crXLBo9BRVXyuHjf2Tcp

TRC20 is a token standard on TRON network and their address starts with TWsVAb9EWAgKdumTD7XoEdkvs7AoyvkgN7

Also BEP-2 address requires the use of MEMO which is not needed for OMNI, TRC20 or ERC-20 deposits and withdrawals. So there shouldn’t much confusion when depositing or withdrawing your tokens.

Even when you input the wrong address the exchange will warn you with the following message.

“The address does not match the currently selected network, it is recommended that you switch to another network.”

Likewise when you are sending coins / tokens from your wallet you’ll get “Recipient address is invalid” error message if you input an incorrect address.

But now things got little confusing for many newbies after Binance launched BSC (Binance Smart Chain) and opened deposit and withdrawal option for BEP20 tokens.

BEP 20 Token

BEP 20 option is now available for major assets like BTC, ETH, USDT, LINK, DOT, DAI, EOS, LTC, XRP, XTZ, BCH, BAND, ADA, ONT etc.

So now when you are depositing or withdrawing any of these coins you’ll be asked to choose the network type.

network type

Once you input your wallet address or the recipients address for withdrawal the exchange will automatically select the network based on the address entered.

But what’s more confusing is that both BEP 20 and ERC 20 share the same address format. Also they’ve listed ETH as ERC20. Hope Binance changes this soon to avoid confusion.

bep20 and erc20

(ETH is neither ERC20, BEP2 or BEP20. ETH is a native coin on its own chain. ERC 20 is a token on ETH chain and BEP 2, BEP 20 is a token on Binance chain and Binance smart chain respectively)

So what is the difference between these two networks, why BEP 20 uses same address as ERC 20 and which one should I choose when transferring ETH or other coins?

Here we’ll not get into the technical specifications of the token standard. Instead we’ll just explain the basics of these network types and give a quick introduction to pegged tokens.

BEP20 Network – Binance smart chain

Binance smart chain is a parallel Binance chain designed to enable smart contracts and it comes with an Ethereum Virtual Machine-compatible environment.

It is never meant to compete with Ethereum or replace ETH. BSC is just an ETH-compatible chain and is designed to give users more options such as fast block times, cheap transaction costs etc.

Users will now be able to transfer the same asset (ERC20 token) in shorter time and at surprisingly low cost (low gas price) on Binance smart chain (BEP20 token). These are called pegged tokens.

Pegged tokens?

Pegged tokens are a type of token that will have its value tied to the original crypto.

For example Chain Link (ERC-20) token will be pegged at 1:1 ratio with Chain Link (BEP-20) token. Not only ERC 20 tokens, but even tokenized versions of Bitcoin, Ethereum, Litecoin, Tether (USDT)  are available on Binance smart chain.

The purpose of these tokens is to allow trading assets on DEXs and benefit from the speed and transactional efficiency of the new blockchain.

These coins and tokens are wrapped and pegged by Binance on 1:1 ratio to the corresponding native cryptocurrency.

On Binance scan explorer you can find the full list of Binance pegged tokens (BEP 20) and their contract address.

Bsc Scan: https://bscscan.com/tokens/label/binance-pegged

bep-20 tokens

These tokens are currently traded on Binance and  Binance DEX. You can transfer to and from Binance.com and can swap it for their native assets anytime.

Also Trust wallet is the only wallet that currently supports BEP20 token standards. Other than that you can enable Binance smart chain on your Metamask wallet which we’ll explain in another guide.

What is the difference between BEP-2, BEP-20 and ERC-20?

Most of the popular tokens today are ERC 20 tokens that are build on Ethereum. If you are quite confused then visit CoinMarketCap and you should be able to figure out whether a token is built on Ethereum blockchain or Binance chain.

binance chain token

ERC-20 is a technical standard for smart contracts on the Ethereum blockchain for tokens.

BEP-2 is a technical standard for implementing and launching tokens on the Binance blockchain.

BEP 20 represents a token standard on Binance smart chain.

This is all you need to understand:

  • ERC20 – Ethereum chain
  • BEP 2 – Binance chain.
  • BEP 20 – Binance smart chain

For example if you choose BEP 20 as network and withdraw your ERC 20 token then the tx will be visible on Bsc scan and not Etherscan. It’s because you withdrew it to Binance chain and not Ethereum chain.

So when depositing or withdrawing make sure to choose the right intended network. Ensure that you use the correct chain that the platform supports.

If you require assistance or quite confused then we recommend you to contact Binance support.

Hope it helps.

Learn More:

What happens if you send Bitcoin to Bitcoin Cash address?

Are Bitcoin address and private keys case sensitive?

Why wallet keep changing BTC address?

Show More

coinguides

We are crypto enthusiasts and our main intention with Coin Guides is to educate people about Cryptocurrency and Blockchain technology. We regularly publish content about Bitcoin, Ethereum, Altcoins, wallet guides, mining tutorials and trading tips.

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28 Comments

  1. Hi, I am very confused. I have just moved over to Binance and love it. I am learning to trade so don’t mind keeping my alt coins in Binance. I brought some BTC and want to move them to my Trezor. When I have done this before from Coinbase and Crypto.com, I have never been asked to pick a network and the fees have been very low.

    Trying to do it with Binance I am asked to pick a network. The top two are very small fees the BTC one is £12 +. When I chose BEP2 it tells me NO. When I chose BEP20 it asks me to confirm and that if wrong I will lose all my BTC.

    Could you help me out here please.

    Des

    1. Since you are transferring it to your Trezor wallet choose BTC as network. BEP2 is Binance Chain and BEP20 is Binance Smart chain which Trezor does not support as of now.

      Always send a small test transaction before you move a huge amount.

      1. HI,

        Many thanks for the speedy advice. So Binance is more costly to get your BTC off of than Coinbase. May go back to them for my main investments and stick with Binance to trade.

  2. Hi Coinguides!

    I have recently bought some various cryptocurrency’s using Binance.com. I am looking to withdraw all the cryptocurrency off my Binance wallet and into my TrustWallet.

    I might be pushing my luck here, but I have tried to ask both Binance & TrustWallet first without any luck!

    So to start can I just check if you happen to know if TrustWallet support the following cryptocurrency coins,

    BCH, ETH, ADA, IOTA, DASH, BNB.

    I am struggling to get a green light regarding IOTA for one when it comes to matching the addresses etc?

    My second question is to do with transfer fees and what can be transferred on what chain/network. I will use ETH as an example, when transferring from Binance to Trust using the ETH network the fee is around $5.00. I have noticed on the TrustWallet app you have the option to select ETH BEP2 alongside the standard ETH. Am I correct in thinking if I select the ETH BEP2 option as a receive address, then select the BEP2 network on Binance.com to send, I will be able to send my standard ETH at a much lower fee than using the actual ETH network to send?

    I noticed a slightly different price between the ETH and ETH BEP2 prices, this confused me a little as to if they are the same coin and so on?

    I want to move my coin soon, but obviously don’t want to risk losing them so I really do appreciate any answers regarding these questions!

    1. Except IOTA Trust wallet supports every other assets you mentioned.
      Yes, same coin / token but different chain. Transfer fees on ETH is quiet higher so you can use the BEP2 Binance network. But make sure to select the BEP2 receiving address on your Trust wallet. Also note that BEP2 transfers require MEMO.
      Always send a small test transaction to see if it arrives.

  3. Hi Coinguides!

    Just want to say thank you for the really quick response and helpful information, awesome work worthy or a newsletter sign up!

    So I just have to work out which coins I can send using the BEP2 network between Binance & TrustWallet! Oh and what MEMO is?!

    Thanks again!
    Chris

  4. I have Ankr ERC20 on my Trust wallet, it seems though I can only exchange Ankr BEP20 within this wallet. Is there a way to convert from ERC20 to BEP20?

  5. I recently purchased some ethereum from binance. I wanted to move them to my Private wallet and I was asked to select from the three networks; BEP2, BEP 20, ERC20. I want the network with low fees and I don’t know which to select.

    1. Don’t transfer based on fees. Make sure the wallet supports the network. Most wallets only have support for erc20.

      1. Hey Mike, I sent binance pegged USDT to my crypto.com USDT address. I didn’t know there was a difference or if it would matter. It’s been 2 days and it still has not arrived in my crypto.com wallet. I’m still waiting for the customer service rep in the chat.
        On bscscan.com it shows that it went through to the address almost immediately too. How do I get these tokens back / what do I do now?

  6. Hello coinguides!
    Very good article! My only doubt is about BEP2 and BEP20, what would be the difference between this two? It’s not completely clear for me. For example if I’m planning to send some cryptos from Binance to Trust Wallet, which obviously supports this two networks, which one would be best to choose? I’ve noticed that BEP2 has lower fees (at least for what I’ve checked), but I don’t know if moving it through BEP20 would be better for some other reason.
    Thanks in advance!

  7. Hi Coinguides,
    I need to remove AAVE from binance because I am a US user. it seems Binance US does not have this coin. I cannot trade AAVE for something else on Binance because of my US restrictions. I would like to withdraw to an ERC20 address but the fees are astronomical (over $50 currently). Is there a way to convert from BEP2 to ERC20 without these massive fees?

  8. Hi.
    I’ve transferred some Chainlink from Binance to Kraken. Used the QR code as address and chose ERC20 as network.
    Shows processed from Binance but still not in Kraken. It’s been 12 hours. Any advice please.

    1. I’m not 100% positive, but I think you might have lost that coin.

      I believe ERC20 network is only for Ethereum coin, I would email both Binance & Kraken for support!

  9. Hi,

    Need help fixing a mistake.

    I sent a BEP20 token from my trust wallet straight to myetherwallet without converting it to an ERC20 token, how can I recover my tokens?

    Thank you.

  10. Hi! I need to send some ETH from Atomic Wallet to Binance. Would it be OK if i use ERC 20 network?
    Thanks!

  11. Hello, i want to transfer my BNB from my binance account to another account that has BNB. Which option should i use to do the transfer please. Thank you

  12. Please I want to send USDT from my Binance account to another Binance account. Which network should I use?

  13. Hello, can someone clarify if I did this correctly. I owned safemoon in Trust Wallet and converted it to BNB smart chain to transfer to Binance.US, I transferred the BNB smart chain to my BNB Binance wallet and chose ERC20 for the deposit address (the only options were BEP2 and ERC20). The transaction was a success and the funds were taken out of my Trust Wallet but I didn’t receive it in Binance. Can my funds be retrieved? Please help me, I heard Binance customer support is nonexistent..

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