Hi It's Unicorn~~

 

 

Four things you have to understand before using virtual wallet to transfer

 

1. What is a cryptocurrency wallet?

 

If you want to use Binance wallet to transfer or deposit/withdraw digital currency, you must know what is cryptocurrency wallet first. Cryptocurrency wallet is a digital wallet for deposit, send, and receive cryptocurrency. You cannot process cryptocurrency without the wallet. It’s like the connection between bank accounts and fiat currency. However, most wallets do not have the function of buying and selling cryptocurrency (only the function of depositing), so you only can trade cryptocurrency via the exchange.

 

There are built-in online wallets on the platform of most exchanges, and it’s also called exchange wallets. Here we recommend you to transfer cryptocurrency from exchange wallets to your own wallet(cold wallet or hot wallet) after you complete the trading. It’s safer to protect your assets.  

 

 

2. What is the "network" in wallet transactions?

 

The network usually refers to the public blockchain, which means anyone with an Internet connection can send transactions to it. Some of the largest, most known public blockchains are the bitcoin blockchain and the Ethereum blockchain.

 

Binance Wallet supports the following types of networks for the transfer transaction.

 

✓ BEP2 refers to the Binance Chain.

✓ BEP20 refers to the Binance Smart Chain (BSC).

✓ ERC20 refers to the Ethereum network.

✓ TRC20 refers to the TRON network.

✓ BTC refers to the Bitcoin network.

Source : Binance

 

Different network will also incur different fees. Basically, we recommend you to choose BEP2 network, which withdrawal fee is relative lower. However, different currencies will incur different fees when they correspond to different networks. The price of the BEP2 network is usually lower, but you are better to check it on Binance's official website first.

 

Source : Binance

 

3. What is the MEMO/TAG?

 

Due to some networks are public network, such as BEP2 or EOS, so you must fill in the remarks MEMO/TAG when transferring funds to recognize user’s transfer address.

 

4. What are the deposit, withdrawal and transfer of Binance Wallet?

 

There are two types of wallet transfer transactions: Deposit and Withdraw.

Here are the differences between the two as follows:

 

Deposit: Transfer cryptocurrencies from other exchange wallets to Binance Wallet.

Withdraw: Transfer cryptocurrencies of Binance wallet to other exchanges wallets.

Transfer: Refers to the internal transfer in Binance Wallet. There is no handling fee for internal transfer.

 

 

You must confirm the following things when you use the wallet transfer.

 

1. Wallet/platform compatibility: You have to check the platform support the withdrawal network or not, or your cryptocurrencies may lose.

 

2. Make sure that the address and amount are correct before deposit and withdrawal: If you enter a wrong message, you may lose your cryptocurrency. Pay attention to the deposit and withdrawal addresses.