6 Steps To Transfer SHIB From Binance To Crypto.com

Last updated on January 3rd, 2022

You may have just bought some SHIB on Binance, and are looking to transfer it to your Crypto.com App.

Since Crypto.com supports both the ERC20 and BEP20 versions of SHIB, you are actually able to transfer SHIB using either network!

Here’s a step-by-step guide on how you can do so:

How to transfer SHIB from Binance to Crypto.com

Here are 6 steps to transfer SHIB from Binance to Crypto.com:

1. Go to the Crypto.com App and select ‘SHIB’
2. Select either the BEP20 or ERC20 address to deposit SHIB on Crypto.com
3. Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance
4. Select SHIB as the cryptocurrency you wish to withdraw
5. Enter the details of the transaction
6. Receive SHIB in your Crypto.com App

Go to the Crypto.com App and select ‘SHIB’

You’ll need to access your crypto wallet on the Crypto.com app.

This can be done by tapping on the central icon and going to ‘Crypto Wallet‘.

If you don’t have any SHIB in your Crypto.com wallet, you’ll need to scroll down to find the currency.

You can use the search function to find SHIB, as there are quite a lot of currencies available on the app!

After that, you can click on ‘Transfer‘ and then Deposit.

Select either the BEP20 or ERC20 address to deposit SHIB on Crypto.com

Crypto.com will show you the address that you can deposit to using the ERC20 network,

as well as the Binance Smart Chain (BEP20) network.

Both addresses are actually the same, so it mainly depends on the network that you choose to send SHIB over to Crypto.com.

This is different from sending SHIB from Binance to KuCoin or Coinbase Wallet, where they only accept the ERC20 version of SHIB, and not the BEP20 version!

Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance

On Binance’s platform, you will need to go to ‘Wallet‘, and then ‘Fiat/Spot‘.

Select SHIB as the cryptocurrency you wish to withdraw

Once you’re there, you can search for SHIB, and then select Withdraw.

Enter the details of the transaction

On the next page, you will need to enter the details of the transaction.

This includes:

1. The address you’ve obtained from Crypto.com
2. The network that you are using to withdraw
3. The amount of SHIB you wish to transfer

The most important thing is that you’ll need to select the network to withdraw SHIB to Crypto.com.

Since Crypto.com accepts both BEP20 and ERC20 deposits, you do not have the risk of your SHIB being lost. However, the fees for withdrawing on the ERC20 network is much higher compared to the BEP20.

If you intend to save fees while withdrawing SHIB, you may want to use the Binance Smart Chain (BEP20) to transfer SHIB!

Receive SHIB in your Crypto.com App

After confirming your withdrawal, SHIB will be sent from your Binance account to your Crypto.com App.

What are the fees for sending SHIB from Binance to Crypto.com?

Since you are able to send SHIB using both ERC20 and BEP20, it is recommended that you send SHIB using BEP20 to greatly reduce your fees.

However, here are some things you may want to consider:

#1 Not all wallets and platforms support the BEP20 version of SHIB

There are not many platforms that allow deposits of SHIB via the BEP20 network. Another alternative apart from Binance and Crypto.com is Trust Wallet.

If you want to deposit SHIB to other exchanges such as KuCoin, OKEx or Huobi, you are only able to use the ERC20 network.

#2 ShibaSwap only supports the ERC20 version of SHIB

You may be thinking of depositing SHIB into ShibaSwap to stake SHIB on the platform. However, ShibaSwap only supports the ERC20 version of SHIB, and not the BEP20 version!

When you are staking SHIB on ShibaSwap, you may want to consider the high transaction fees that you’ll incur!

Conclusion

Transferring SHIB using the ERC20 network is usually quite expensive, due to the network congestion present on the Ethereum network.

Even though Crypto.com supports BEP20 deposits of SHIB, it may not be the best way for you to withdraw!

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