Last updated on October 9th, 2022
If you’re looking to send cryptocurrencies from one crypto platform to another, the fees can be rather expensive.
This is especially so if you’re using the ERC20 network, which is really congested!
An alternative network that you can use is the TRC20 network, which has much lower fees. Here’s how you can deposit cryptocurrencies via the TRC20 network to Binance:
Contents
Does Binance accept TRC20 deposits?
Binance accepts deposits via the TRC20 network for cryptocurrencies such as TRX, USDT, JST and WINK. You will need to find a platform that is able to perform withdrawals using the TRC20 network to deposit to Binance.
How to deposit TRC20 tokens on Binance
These are the 5 steps to deposit using the TRC20 network on Binance:
- Buy a cryptocurrency on a platform that supports the TRC20 network
- Go to Wallet → ‘Fiat and Spot’ on Binance
- Select the cryptocurrency that supports the TRC20 network on Binance
- Obtain the TRC20 deposit address from Binance
- Send your cryptocurrency from the platform to Binance using the TRC20 address
Here is each step explained in-depth:
Buy a cryptocurrency on a platform that supports the TRC20 network
The first thing you’ll need to do will be to buy the cryptocurrency on a platform that supports the TRC20 network.
Here are some of the cryptocurrency exchanges that allow you to make TRC20 withdrawals:
When you are withdrawing cryptocurrencies from these platforms, there may be other networks that you can use. It would be good to double check that you’re using the TRC20 network when making a withdrawal!
Go to Wallet → ‘Fiat and Spot’ on Binance
On Binance’s platform, you will need to go to ‘Wallet‘, and then ‘Fiat/Spot‘.
Select the cryptocurrency that supports the TRC20 network on Binance
After that, you can select one of the 4 cryptocurrencies that can be deposited to Binance via the TRC20 network. In this case, I will be using USDT, which is the most popular cryptocurrency on this network.
After selecting the cryptocurrency of your choice, select the ‘Deposit‘ button.
Obtain the TRC20 deposit address from Binance
For these cryptocurrencies, there may be multiple networks you can use to deposit to Binance.
For example, you are able to use 5 different networks to deposit USDT to Binance. This includes:
- Binance Chain (BEP2)
- Binance Smart Chain (BEP20)
- ERC20
- SOL
- TRC20
As such, it is important to select TRC20 as the network you’d like to deposit your funds.
This will give you a TRC20 deposit address so that you will be able to receive the funds on Binance.
By sending USDT via the TRC20 network, this will help to reduce the withdrawal fees that you incur!
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Send your cryptocurrency from the platform to Binance using the TRC20 address
Once you have obtained the deposit address, you can withdraw the cryptocurrency from the platform of your choice to Binance.
The most important thing would be to ensure that you are sending your cryptocurrencies using the TRC20 network.
If you use another network to send your cryptocurrencies (such as ERC20 or SOL), your crypto may be lost forever!
Is the USDT that I have on Binance the TRC20 or ERC20 version?
The USDT that you own on Binance is not native to any network, such as TRC20 or ERC20. Your token balances from multiple networks will be aggregated into one balance on Binance, as they are all held off-chain. It will only matter when you are making an on-chain withdrawal of USDT from Binance, where you’ll need to select which network you wish to use to withdraw.
On some platforms such as Trust Wallet, your funds in USDT will be segregated based on the network which you use to deposit.
In this case, Trust Wallet has separate balances for the different networks that you can use to deposit USDT, including:
- ERC20
- TRC20
- BEP2
- BEP20
- POLYGON
- SOL
However, for Binance, it does not matter which network you used to deposit USDT. In the end, your entire USDT balance will be a combination of all of the different networks, and it does not matter which one you’ve used before.
If you search for all of your balances, you will see that there is only one USDT balance, and it is not split up to the different networks.
As such, it will only matter when you are withdrawing USDT from Binance. Only then will you need to decide which network you wish to use to withdraw USDT.
It is recommended that you use the TRC20 network, as your fees will be much lower! However, you’ll also need to consider that the platform that you’re withdrawing to can accept TRC20 deposits too.
Conclusion
Binance allows you to deposit cryptocurrencies using the TRC20 network. This is particularly useful for USDT, as you’ll save on the ERC20 withdrawal fees.
Furthermore, it does not matter whether you’ve deposited USDT to your Binance account using the TRC20 or ERC20 network. Your total USDT balance is a combination of your deposits from the different networks.
The type of network will only matter when you want to withdraw your funds from Binance!
If you would like to withdraw funds from your Binance account to other platforms like KuCoin, you can check out my guide here.
Otherwise, you can check out my guide on which wallets support the TRC20 network.
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