Hi, I would really appreciate a little help… I have been able to succesfully move BTC, Ethereum and Litecoin from Binance to my Trezor T. I have tried to set up a withdrawl address in Biance to move BNB. I have used the ERC20 Network. I am getting a message within Bianance when I try to set the address up in red saying Network Suspended. My question is am I correct in trying to use the ERC20 network to move BNB to Trezor or should I be using BEP20 with Metamask or something similar. Any help / clarity would be very welcome
Binance’s users might easily get confused when choosing the (appropriate) network, being unaware of what they get when a different network is chosen.
It’s important to understand that different cryptocurrencies are running on different blockchains/networks.
Therefore, when sending ETH from Binance, Ethereum blockchain must be chosen, the same applies to ERC20 tokens running on ETH blockchain as well. (Otherwise you get a different cryptocurrency. In this case you would get BEP20 tokens instead of ERC20 tokens.)
Anyway, it is possible to use BSC with Trezor paired to MetaMask. Learn more https://forum.trezor.io/t/metamask-bsc-trezor-one/579/2
Binance no longer support the withdrawal of ERC-20 BNB tokens.
It is either BEP2 (Binance Chain) or BEP20 (Binance Smart Chain).
Both networks are supported by Trezor T firmware though.
You just need to pair your Trezor with 3rd party wallets such as Binance Wallet (for BEP2) or Metamask (for BEP20) in order to access/manage your coins.
Thank you - that makes complete sense now and explains why I was getting Network suspended message when trying to use BNB with ERC20 . Really appreciate your help
Thanks Pavel - the crypto world can be a little confusing for us newbies especially as networks / protocols and terminology is constantly evolving
Hi. I want to send BUSD from Binance to Trezor One. Should I use ERC 20 Network or BEP20 network. Thanks
If you want to keep your funds on Ethereum blockchain use ERC20 standard.
You could also use BEP20 network however keep in mind that BSC is not completely decentralized and any Trezor interface supports this chain so you would have to use 3rd party app such as Metamask in order to manage your tokens.
Thanks a lot @MichalZ . Wanted to use BEP20 network as it offers less fees. Would there be any disadvantages on preferring the BEP20 network over ERC 20
as already mentioned the biggest disadvantage would be the fact that it is basically centralized network thus it is prone to hacks and 51% of attacks and also system failures since network validators are required to be approved by Binance’s internal team.
Also bear in mind that if you would like to send your BEP20 tokens you’d need some BNB instead of ETH as a gas and you won’t be able to sent your tokens in any Trezor interface as it is not supported.
Thanks for your reply. Had one more query- although I cant use trezor interface but when I use it with Metamask safety would be provided by Trezor right as private keys would be stored there
When using suitable third party app you only export your public keys but your private key is always securely kept offline on your Trezor device
ok. I have added BSC network on my Metamask account and also connected with my Trezor one device. But the hardware account that I can see on Metamask is an Ethereum address. How can I use that address to transfer BUSD on the BSC network as its an ETH address?
BSC actually uses the same address format.
Once you set up the network, add a custom contract to get the token listed.
See this post, please
Thanks for your reply. I have added the custom contract on Metamask. Now when I transfer BUSD from Binance to this address using the BSC network will this be stored on the trezor account?
Note, once you decide to spend these tokens, you would need send some BNB to this address first, as BNB is used as Gas for BSC network.