Crypto traders on Binance apply trading strategies such as day trading and hodling. Day traders prey on hourly or daily market swings to maximize gains. Hodlers hold their digital assets for a long time, potentially selling them during market bull runs to fully maximize the digital asset’s profitability.
Crypto traders on Binance burn the midnight oil, closely monitoring markets trends to profit from crypto sales. All this hard work might go to waste in a flash when the trader transfers their crypto via wrong networks on Binance.
The crypto traders on Binance need to develop keener eyes to avoid withdrawing the coins to wrong networks. Human is to error even with keenness. That said, some crypto traders on Binance may transfer the crypto to another exchange, or a crypto wallet that does not support the a given cryptoasset.
Crypto traders on Binance sometimes get lucky and unintentionally transfer the crypto to a non-custodial wallet that supports the crypto in question. Recovering crypto in Binance is possible in such cases.
Recovering Crypto Transferred to the Wrong Networks on Binance
The BEP-20 token is a token standard on the Binance Smart Chain, while the ERC-20 is an Ethereum network token. While it is generally impossible to use other popular coins other than BEP-20 on BSC, pegging these popular coins such as Eth to Binance render them usable on the platform.
Traders may transfer the ERC-20 and the BEP-20 to the wrong wallet, both within the Binance platform and external wallets like MetaMask Wallet.
A better understanding of the steps to be initiated in recovering crypto transferred to the wrong networks on Binance prompts analysis of the following three case scenarios:
- How to Recover Crypto in Binance Transferred to a Wallet that Supports Both Binance Smart Chain and Ethereum
The BSC and Ethereum blockchains are compatible, thus accessible with the same private key. This compatibility makes the ERC-20 and the BEP-20 retrievable when transferred to either of the blockchains.
For instance, if a trader unintentionally transfers the ERC-20 token through BSC, this will assume the form of a BEP-20 token pegged to ETH on the BSC wallet.
Methods of Token Recovery
Recovering crypto in Binance is possible through the following techniques:
- Binance Bridge
Binance bridge is a tool that allows the cross-chain transfer of digital assets to Binance.
To use this tool to convert the transferred token back to the original token, the trader needs to install a MetaMask and a Binance Smart wallet.
The trader must also have some BNB token to fuel the Binance platform to initiate the recovery.
- Manual Recovery
Manual recovery involves the manual transfer of a token to Binance before transferring back to the original blockchain. Let’s have a look at the recovery steps for a Binance-peg ETH back to ERC-20:
Step 1: Visit Binance Withdrawal Page
- Select ETH.
- Set deposit network to BEP-20(BSC).
Step 2: Convert the ETH to ERC
- Select an Ethereum supported network.
- Finally, set ERC-20 to transfer network.
The manual recovery of ERC-20 from the Binance-peg ETH requires a BNB token for gas fees.
How to Recover Crypto in Binance when Transferred to a Crypto Wallet that only Supports BSC or Ethereum
This scenario dictates that the private key (or the seed phrase in some cases) of the BEP-20 token gets imported to the new compatible wallet. Common wallets used are Trust Wallet, Math Wallet, MetaMask, and Safepal. Recovery of BEP-20 token sent to an unsupported wallet is possible through the following steps:
Step 1: Connecting MetaMask Wallet with BSC
Users who use MetaMask wallet can install BSC, connect these two and switch the connection to BSC to view the BEP-20 token.
Step 2: Transferring the BEP-20 Token to a BSC-compatible Wallet
The Binance user can then transfer the BEP-20 token to a BSC-compatible wallet like Binance Chain Wallet.
Step 3: Installing the Binance Chain Wallet Chrome Extension
If the user has an existing account with Binance Chain Wallet, they should click [I own a wallet] and input the seed phrase and a new password to access the wallet.
Users who prefer opening a new account may do so. They should click [ I do not own a wallet], import the private key from their previous wallet, and paste it into the new wallet. The BEP-20 token will reflect immediately.
However, it is noteworthy that if your original wallet is a custodial wallet, it becomes impossible to transfer the tokens since custodial wallets do not give access to private keys.
- How to Recover Token Transferred to Different Crypto Exchanges or a Custodial Wallet
If you send tokens to a different exchange or a custodial wallet that does not support ERC-20 or BEP-20, the tokens might get lost. Most of the custodial wallet providers do not disclose the private keys to anyone, including the owner.
However, some custodial wallet providers may offer access to the private keys at a fee. In such a case, the BEP-20 token and ERC-20 token transferred to the external wallet can get transferred back to a supported blockchain/ wallet.
Recovering the BEP-20 token and ERC-20 token transferred to a wallet supported by both Ethereum and BSC is possible, thanks to the compatibility of the two blockchains.
Recovering ERC-20 token from a wallet that only supports BSC will require special tools such as the Binance bridge to transfer the token to an Ethereum supported wallet.
Recovering ERC-20 and BEP-20 tokens sent to another exchange or a custodial wallet may prove difficult, especially if the user gets denied access to the private key.
When depositing and withdrawing tokens on Binance, keenness is mandatory to ensure no loss of investment.
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