Trading methods including day trading and holding are used by Binance cryptocurrency traders. To make the most money, day traders target hourly or daily market fluctuations. Holders keep their digital assets for a long period, intending to sell them during market bull runs to maximize their profit. On Binance, crypto traders occasionally strike it rich and accidentally move funds to a non-custodial wallet that supports the currency in the issue. In such circumstances, it is possible to recover crypto on Binance.
Users of Binance frequently make the error of transferring their funds to the incorrect blockchain network. There are ways to reclaim those assets, even though it generally creates tremendous worry, especially if a large sum of money is involved.
Always confirm the network you intend to withdraw or deposit crypto assets to while using your Binance account to move cash. People can easily mismatch networks if they are not cautious, such as picking BEP-20 when they are meant to select ERC-20. When this happens, you may wind up withdrawing or depositing cryptocurrency on the incorrect blockchain.
You may reclaim your crypto assets on Binance in a few steps if the wallet you deposited supports both the ERC-20 and BEP-20 networks.
ERC-20 vs. BEP-20: What’s the Difference?
Why do individuals have such problems in the first place? The fundamental explanation for this is that various blockchains are intended to interact with different types of tokens. The ERC-20 and BEP-20 token standards define the rules for using a token. They lay forth the procedures for token withdrawals, deposits, and transactions. To put it another way, ERC-20 and BEP-20 are standards that specify how tokens interact with everything on a network, including wallets, smart contracts, and projects.
ERC-20 and BEP-20 are token specifications for distinct blockchains, even though their modes of operation are identical. The ERC-20 token is designed for use on the Ethereum blockchain, whereas the BEP-20 token is designed for use on the Binance Smart Chain (BSC) blockchain.
When You Send Money To The Wrong Network, What Should You Do?
There’s no need to be concerned if you commit this error. Many individuals transmit ERC-20 tokens like Ethereum to BEP-20 or the other way around. We’ll look at three instances where this may happen and what you can do to prevent it.
Recovering Crypto Transferred to the Wrong Networks on Binance
The Binance Smart Chain’s BEP-20 token is a Binance Smart Chain token standard, whereas the Ethereum network’s ERC-20 token is an Ethereum network token. While using popular currencies other than BEP-20 on BSC is typically impossible, pegging popular coins like Eth to Binance makes them viable on the platform.
Traders may send ERC-20 and BEP-20 tokens to the wrong wallet, both on the Binance platform and in third-party wallets such as MetaMask Wallet.
The following three case situations are examined to have a better knowledge of the actions to be taken in recovering crypto transmitted to the improper networks on Binance:
- How to Recover Binance Crypto in a Wallet that Supports Binance Smart Chain and Ethereum?
The BSC and Ethereum blockchains are interoperable, which means they can both be accessed using the same private key. Because of this interoperability, the ERC-20 and BEP-20 may be retrieved when they are moved to any of the blockchains.
If a trader mistakenly transfers an ERC-20 token through BSC, the ERC-20 token will appear on the BSC wallet as a BEP-20 token pegged to ETH.
Steps to Recovery are depicted in pictures to make it easier to understand
Because the address creation algorithm for Binance Smart Chain and Ethereum is the same. When withdrawing tokens to the Binance Smart Chain network, users may choose the incorrect network type by accident.
- Setup of Metamask Using the user’s BSC recovery phrase, import the account into Metamask.
- Change to the Ethereum Mainnet.
- Select “Add Token” from the drop-down menu.
- For example, provide the name of your token.
- After that, you’ll be able to check your token balance.
- You must then make another deposit to Binance.com. Please keep in mind that you must deposit in the ERC20 format.
Token Recovery Methodologies
The following approaches can be used to recover cryptocurrency from Binance:
Assuming you’ve moved your tokens to a wallet that accepts both BSC and Ethereum,
When this happens, the tokens may be sent back to the right network on Binance.
In this situation, recovering your tokens is quite simple. First, make sure the token is enabled in your wallet’s toggle list. For example, MetaMask includes a ‘Add token’ function that lets users browse through all of the coins that are currently accessible. If a requested token is not in the list, the user can import it by entering the token’s contract address.
Two techniques may be used to retrieve your tokens under this category.
1: Binance Bridge
The Binance Bridge is a utility that allows you to switch between blockchains and convert your tokens. Simply link your wallets, such as MetaMask or Binance Chain Wallet, and then select the tokens you want to send. To conduct out this process, you will require ETH for Ethereum gas costs or BNB for BSC gas fees.
2: Manual Recovery
Consider the following example. We’ll attempt to convert BEP-20 ETH to ERC-20 ETH in this section. For petrol expenses, the user will need BNB.
To begin, go to your Binance crypto deposit page and choose ETH as the deposit currency, as well as BEP-20 as the deposit network. It’s important to remember that if you select the wrong network, you’ll lose your money. Once you have ETH in your Binance account, convert it to ERC-20 by withdrawing it to an ERC-20-compatible wallet and selecting ERC-20 as your transfer network. This ensures that your ERC-20 ETH token is successfully sent to your wallet.
If you send tokens to a wallet that supports either BSC or Ethereum, this is the case.
You’ll need the private keys to a wallet that supports both networks in this scenario.
Import your wallet’s private keys into a new wallet that accepts both blockchains to recover your tokens. Depending on the wallet, you can use a seed phrase or a private key. When you transfer a wallet’s private key to another wallet, you obtain access to that wallet’s tokens. You may then use those tokens to perform any action you want. Here’s how to get your tokens back in this category, step by step. For a better understanding, we’ll utilize MetaMask as our preferred wallet.
- Create a new wallet or access an existing one if you already have one by downloading a MetaMask wallet for Android or iOS.
- Make a new user account. You’ll be allowed to import the seed phrase from your old wallet.
- If you already have a MetaMask account, go to the upper right-hand corner and click the extension pin, then your account profile.
- To import a wallet, go to “import wallet” and enter the private key of the wallet that contains the missing bitcoin. Then, to complete the procedure, click “import.” If you have a JSON file, you may also accomplish this by uploading it.
- Add the BSC network to your MetaMask account manually. Go to the MetaMask extension pin and click it. A dropdown menu will appear when you click on it. Locate and choose custom RPC from the list’s button.
- To allow MetaMask access to the BSC, you’ll need to specify specifics like a Remote Procedure Call (RPC) URL. MetaMask may use this URL to access the Binance Smart Chain for information and to request transactions.
- Correctly add the contract token to your MetaMask Wallet. This will let your wallet look for the missing token if it supports BEP-20. Check out BscScan.com for a list of tokens and their corresponding contracts. By clicking on Binance-Peg Ethereum Token, you can view the contract token for ERC-20 ETH transferred to BSC (ETH).
- Make sure you copy the proper contract token and take note of the decimal entry to move on to the next stage.
- From the network drop-down option, select “BSC Mainnet.” After selecting “Add Token,” choose “Custom Token.”
- Enter the Token Contract Address, the Token Symbol, and the Precision Decimals. Let’s utilize ETH to show how this works in practice.
- Token Contract Address: 0x2170ed0880ac9a755fd29b2688956bd959f933f8
- Token Symbol: ETH
- Decimals of Precision: 18
- To confirm, click “Add Tokens.”
- If everything is done successfully, you should be able to view your missing tokens. You can also transfer it back to your Binance account’s BEP-20 wallet address. Furthermore, you have the option of converting it to ERC-20 utilizing the Binance Bridge or manually.
If you’ve sent tokens to a custody wallet or an exchange,
The prospects of retrieving the assets are minimal in such a situation. For help, you’ll need to contact your wallet provider or the exchange’s customer support. While some Custodial wallet providers may demand a fee for private keys, others may supply them for free. You can import the private keys into a BSC-compatible wallet once you have access to them. Most Custodial wallet providers, on the other hand, may refuse to supply you with private keys. They are not obligated to do so in any way.
Thoughts for the End
Due to the interoperability of the two blockchains, recovering BEP-20 and ERC-20 tokens that were moved to a wallet supported by both Ethereum and BSC is feasible. To recover an ERC-20 token from a wallet that only supports BSC, you’ll need to use specialized software like the Binance bridge to transfer the token to an Ethereum wallet. It may be difficult to recover ERC-20 and BEP-20 tokens transmitted to another exchange or a custodial wallet, particularly if the user is refused access to the private key.
One of the most difficult aspects of withdrawing bitcoin from Binance is selecting the appropriate transfer network. But once you’ve figured it out, you won’t be sending your BTC or ETH to the incorrect network for long. Your money is usually SAFU and retrievable with a little effort if you use a basic wallet.
On Binance, depositing and withdrawing funds might be difficult. It’s important to avoid sending tokens to the incorrect network. You will be less likely to make such an error if you grasp the entire procedure. However, there is a significant probability that the assets can be retrieved if a mistake is made.