How to Deposit and Withdraw Cryptocurrency on Binance Using BEP20: A Step-by-Step Guide for Beginners

Are you a beginner looking to learn how to deposit and withdraw cryptocurrency on Binance using BEP20? If so, this guide is for you!

What is BEP20?

BEP20 is a token standard on the Binance Smart Chain (BSC). It is similar to the ERC20 token standard on Ethereum, but it offers lower transaction fees and faster transaction times.

Why use BEP20 on Binance?

Lower transaction fees: BEP20 typically have lower fees than transactions on other networks, such as Ethereum.

Faster transaction times: BEP20 transactions are typically processed much faster than transactions on other networks.

Wider range of tokens available: Binance supports a wide range of BEP20 tokens, so you have more choices when it comes to trading.

How to deposit cryptocurrency on Binance using BEP20

Log in to your Binance account.

Click on the [Deposit] button in the top right corner of the page.

Select [Deposit Crypto].

Select the cryptocurrency you want to deposit and choose the BEP20 network.

Enter the amount you want to deposit and click on the [Deposit] button.

You will be given a deposit address. Copy and paste this address into the withdrawal field on the platform you are withdrawing funds from.

Once you have confirmed the withdrawal, your funds will be deposited into your Binance account.

How to withdraw cryptocurrency from Binance using BEP20

Log in to your Binance account.

Click on the [Wallet] button in the top right corner of the page.

Select [Spot].

Click on the [Withdraw] button next to the cryptocurrency you want to withdraw.

Select the BEP20 network.

Enter the amount you want to withdraw and the address you want to withdraw to.

Click on the [Withdraw] button.

You will be prompted to confirm the withdrawal. Click on the [Confirm] button to proceed.

Your funds will be withdrawn from your Binance account and sent to the address you specified.

Conclusion

Depositing and withdrawing cryptocurrency on Binance using BEP20 is a simple and straightforward process.