Nowadays, it’s easier than ever to use cryptocurrency on different platforms on the internet. MetaMask, Trust Wallet, and Binance are just a few of the tools facilitating crypto operations online.
Speaking of Binance and MetaMask, many have wondered how to use the Binance BEP2 and BEP20 tokens with MetaMask for convenience. So, Today’s topic is how someone can use their Binance tokens (BEP2 and BEP20) on MetaMask. If you don’t have a wallet on MetaMask, don’t worry. We’ll guide you through the steps you have to follow.
What are BEP2 and BEP20 tokens?
Before we explain the deal with the BEP2 and BEP20 tokens mentioned above, we should clarify a few things. Binance’s first blockchain was launched in 2019 and was named Binance Chain.
Three years later, in 2022, this blockchain was rebranded to BNB Beacon Chain, now having 11 validators which means it is a little bit more centralized than before. The second blockchain released by Binance – Binance Smart Chain, as it was named in 2020, recently rebranded to BNB Smart Chain and can handle 22 active validators at a time. Fun fact: “Binance” was shortened to “BNB,” which stands for “build ‘n build,” considered by the CEO of the company as the perfect description as he said, “Build the community, and let the community build, build ‘n build.”
Now, we see 2 BNB blockchains, BNB Beacon Chain and BNB Smart Chain. Each of these two has its specific token, BEP2 for the first and BEP20 for the second.
BEP2 vs BEP20 Tokens
BEP2 is Binance’s native currency and is only compatible with Binance blockchains. BEP20 is made after the Ethereum ERC-20 token standard, which makes the ETH smart contract compatible.
The biggest advantage of these two tokens is that they both have a very low gas fee compared to the one on the Ethereum network.
However, the wallets they can be stored on are different. For example, BEP2 is accepted on the following wallets: Binance Chain Wallet, D’CENT wallet, Trust Wallet, SafePal S1 Wallet, Ellipal Titan, and TokenPocket Wallet. But, when it comes to BEP20, you can only use MetaMask, Ledger Nano X, and Math Wallet.
Unfortunately, the last three wallets mentioned are not BEP2 compatible.
How to add BEP20 tokens on MetaMask?
As we said before, only BEP20 can be added to MetaMask. In order to do that, you first need to have a MetaMask wallet created. If you don’t, here’s how you can do it:
– Open Chrome and go to extensions;
– Tap on the “Add to Chrome” button;
– After the installation is done, open the wallet and click on “Get Started”;
– You have two options; if you already have a wallet on MetaMask on your phone or another device, click on “Import Wallet”; if not, tap on “Create a Wallet”;
– You will be given a secret recovery phrase, and you must keep it safe at all costs. If you lose it, all of your tokens will be lost forever;
Now that you’ve set up your wallet on MetaMask, let’s see how we can add BEP20. Follow these steps:
– Open MetaMask and go to the settings page;
– On the bottom, you’ll see the networks;
– Click on “Add a new network” (“custom RPC”);
– In the open fields, add the info below:
- Network name: BSC Mainnet
- URL RPC: https://bsc-dataseed1.binance.org/
- ChainID: 56
- Token: BNB
- URL of the explorer: https://bscscan.com/
– Tap on “Save,” and here you go. You have successfully configured your MetaMask wallet for BSC.
! Be careful. Now, the main network has remained on BSC, meaning you can only add BEP20 tokens and not ERC20. You have to send tokens within the same blockchain because if not, you’ll lose your token forever.
Swap BEP2 tokens to BEP20 before sending to MetaMask
I hope you got it this far into the process. However, remember that you can’t add BEP2 to MetaMask. In order to solve that issue, all you need to do is swap your BEP2 tokens to BEP20 (sending tokens from BC to BSC).
First, you must ensure that your token’s project has enabled their BEP20 matching token. If the connection is made, you can add Binance Smart Chain to MetaMask. Then you need to get in possession of BNB and other “Peggy Coins” on Binance.com. After that, withdraw the tokens from the wallet. Make sure you selected the right token and also the right “Transfer Network”: BEP2 – BC, BEP20 – BSC. Use the correct “Recipient’s Address.” When doing this, Binance helps you by handling the bridge for you. You essentially retain a tally of a specific token in your account; its BEP2/BEP20 status isn’t realized until you decide when to withdraw it. Add the details from the previous section (the ones with “network field”, URL RPC, etc.), press save, and that’s it.
All the information in this article does not represent legal or financial advice for your digital assets. The cryptocurrency market is a volatile one, and you have to be aware of the risks you are exposing yourself to while trading. The article presents general information which can be used if necessary. It is best for you to do your own analysis based on the situation you are dealing with.
Sidenote: To better understand what MataMask can do for you, we recommend you check our article on How to add Polygon to MetaMask. These are just a few of the things you need to know about MetaMask to use it to its full potential.