Suppose you want to trade tokens on the Binance Smart Chain network using DEXes like Pancakeswap or maybe you just want to store BEP20 tokens. Using any other network will make you lose your funds. After successfully adding the network, Metamask will automatically switch to the new network. You can see that BNB is the standard currency used instead of ETH. Note that the wallet address remains the same, whether it’s for Ethereum or BSC.
All you need to do is find the necessary information and go through the process again. Adding Binance Smart Chain (BSC) network to your MetaMask mobile application is just as easy. MetaMask is the trading software development services software development most popular crypto wallet on the planet.
You simply need to change networks in MetaMask to switch between them, allowing you to view your tokens or issue transactions. Binance Smart Chain (BSC), rebranded as BNB Chain in 2022, has gained traction as an Ethereum alternative due to the low transaction costs and high speeds. BSC is equipped with Ethereum Virtual Machine (EVM) and smart contracts to support non-fungible tokens (NFTs) and Ethereum applications. You can also repeat this process for other centralized crypto exchanges crypto wallets like Trust Wallet or Coinbase Wallet.
Step 3: Add BSC Network Information
If everything has been entered correctly, you will see that the balance displayed in your MetaMask will change from ETH to BNB. To access Binance Smart Chain through MetaMask, you need to customize the settings by following some key steps. Keen on helping others navigate the complicated, and sometimes, confusing world of crypto through easy-to-understand articles, designed for non-techies like me. Once you click the Confirm button, the transaction is irreversible.
Adding Binance Smart Chain to MetaMask
For this, you simply need to click on your account address (on MetaMask) and it will be copied to your clipboard. To change your MetaMask mainnet network, you need to open the extension or mobile application. Then click on the “Ethereum Mainnet” by default, or, if you have already added another network such as “Binance Smart Chain Mainnet” click on that. Simply go to your exchange, pick “Withdraw crypto” from your wallet, and select BNB as your coin. Launch the Metamask app on your mobile device and tap on the menu icon at the top-left corner of the screen.
When you’re using MetaMask to withdraw your BNB tokens, you always have to withdraw them as BEP20 tokens. If you withdraw them as BEP2 tokens, they will not function as you want them to even if you don’t lose them. For example, if you want to use them in dApps, they won’t work because they don’t have that functionality. There’s Binance which is the cryptocurrency exchange and also where the whole journey started. It has a US-based site, Binance.us which is still a cryptocurrency exchange, just on a lesser scale than the international version.
We’ve also made sure to explain each and every step so that even if you are a total beginner you’d know what to do. As you already know, there are many use cases for adding the Binance Smart Chain network to MetaMask. DeFi stands for decentralized finances, which is a term used to describe companies that look to provide open, permissionless, interconnected financial services. These services are usually lending and borrowing crypto, as well as other crypto-oriented banking services. Once you enter all the necessary information, you just need to click on “Add” at the bottom.
Mainnet (this is the one you are probably looking for)
You will be asked to accept the undertakings – these are just here to remind you that if you select the wrong network, your assets will be lost. Be sure to double-check that only the BSC network has been selected. Once you’ve successfully set up your MetaMask (MM) wallet, you can access it on the top right-hand taxes on bitcoin i mined years ago how to convert paypal to bitcoin corner of your screen.
This will open a completely new window in a new browser tab. Furthermore, before clicking on that, make sure you log in to your MetaMask wallet account. Once you open the website, proceed with the next step in our guide.
Open the wallet and click on the three dots on the top-right corner of the screen. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
MetaMask is in the process of improving the networking switching experience. As of v12.0, you will no longer have to manually switch between networks reasons the bitcoin price could continue to grow while connected to multiple dapps at the same time. This feature is currently available in Extension only. Essentially, you need to grab your wallet address from MetaMask (see here), then paste this in as the receiving address when withdrawing. Make sure you select BSC as the network and that your withdrawal is in BEP-20 format.
- DeFi stands for decentralized finances, which is a term used to describe companies that look to provide open, permissionless, interconnected financial services.
- Don’t be fooled by the Ethereum logo – we tune into the BSC testnet.
- Once you’ve successfully set up your MetaMask (MM) wallet, you can access it on the top right-hand corner of your screen.
- When you create one, you’ll be given this secret backup phrase.
- Before adding the mainnet, you can also try to add the testnet.
- Since the BEP20 token is similar to both BEP2 and ERC20 tokens, its compatible with both.
If you accidentally sent BEP20 tokens to an Ethereum network or vice versa, then your funds are as good as gone. Be sure to keep your passwords and recovery /seed phrase in a secure location that only you (and maybe your loved ones) know. MetaMask has been the gateway to the vast Ethereum universe. However, with minimal effort, anyone can set it up to direct transactions to the Binance Smart Chain.
Binance Smart Chain uses a Proof of Staked Authority (PoSA) algorithm instead of the Proof-of-Work algorithm that makes gas on Ethereum so volatile. PoSA is a modified version of Proof-of-Stake which requires users to stake their identity and reputation instead of tokens. Or it’s also possible that you already use the MetaMask wallet and don’t want to go through the trouble of creating another software wallet. Whatever your reasons may be, there’s a completely easy way to do it. The unpredictable nature of gas on Ethereum might be driving people to seek out alternatives. But it’s still the most popular blockchain when it comes to NFTs.