Last updated on January 3rd, 2022
You may have just bought some SHIB on Binance, and are looking to transfer it to your Trust Wallet.
Since Trust Wallet 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 Trust Wallet
Here are 6 steps to transfer SHIB from Binance to Trust Wallet:
- Go to Trust Wallet and select ‘Receive’
- Search for SHIB and select either the BEP20 or ERC20 address
- Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance
- Select SHIB as the cryptocurrency you wish to withdraw
- Enter the details of the transaction
- Receive SHIB in Trust Wallet
Go to Trust Wallet and select ‘Receive’
When you are on the homepage of your Trust Wallet, you will need to tap on ‘Receive‘.
Search for SHIB and select either the BEP20 or ERC20 address
Trust Wallet will now show you all the tokens that you can deposit onto their platform. You will need to search for SHIB, and it will bring up either the BEP20 or ERC20 version of SHIB.
You are able to select either version of SHIB to deposit. After that, you will be able to see the deposit address.
Here is the one for the ERC20 version,
and this is the one for the BEP20 version.
Both addresses are actually the same, so it mainly depends on the network that you choose to send SHIB over to Trust Wallet.
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.
- The address you’ve obtained from Trust Wallet
- The network that you are using to withdraw
- 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 Trust Wallet.
Since Trust Wallet 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 Trust Wallet
After confirming your withdrawal, SHIB will be sent from your Binance account to your Trust Wallet account.
What are the fees for sending SHIB from Binance to Trust Wallet?
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 Trust Wallet is Crypto.com.
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!
Transferring SHIB using the ERC20 network is usually quite expensive, due to the network congestion present on the Ethereum network.
Even though Trust Wallet supports BEP20 deposits of SHIB, it may not be the best way for you to withdraw!
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