BNB Vs BSC On Crypto.com - What's The Difference? | Financially Independent Pharmacist (2024)

Last updated on June 14th, 2022

If you are looking to deposit or withdraw BNB from your Crypto.com App, you may have noticed that you are given 2 different networks to use: BNB and BSC.

How are these 2 networks different, and which one should you be using?

Here’s a guide to explain all you need to know:

The difference between BNB and BSC on Crypto.com

The Crypto.com App allows you to withdraw BNB using 2 options: BNB or BSC. If you withdraw using BNB, you are withdrawing using the Binance Chain (BEP2). However, if you withdraw using BSC, you are withdrawing using the Binance Smart Chain (BEP20).

Here is a further explanation of these 2 networks:

BNB refers to the Binance Chain (BEP2)

When you are using the BNB network when depositing or withdrawing BNB, it is actually referring to the Binance Chain (BEP2).

If you are depositing BNB to the Crypto.com App, you will need these 2 details:

1. BNB deposit address
2. BNB memo

The deposit address for a BEP2 address will usually start with ‘bnb‘, as shown here.

It is important for you to copy the details of both the deposit address and the memo. If you miss out on the memo, you may not be able to receive BNB in your Crypto.com App!

You can find out more about the memos here.

As such, you will need to send BNB from a platform that supports the Binance Chain (BEP2).

The same process applies if you want to withdraw BNB from Crypto.com using the Binance Chain (BEP2). You will need to obtain the deposit address and the memo from the platform that you wish to transfer BNB to.

VUSA vs VUAA vs VUAG vs VUSD Vangua...

VUSA vs VUAA vs VUAG vs VUSD Vanguard S&P 500 ETFs: Differences Explained

BSC refers to the Binance Smart Chain (BSC)

If you choose to withdraw BNB using the BSC option, you will be withdrawing BNB using the Binance Smart Chain (BEP20).

When you are depositing BNB using the BSC network to Crypto.com, you will only need to note down the BEP20 address.

This is different from the Binance Chain deposit address, as a memo is not required for a BSC deposit address.

The BSC deposit address also starts with ‘0x‘, which is different from the BNB (BEP2) address. This is similar to the ERC20 deposit address that you will have on Crypto.com.

As such, do not send your BNB using the BEP2 network to a BEP20 deposit address!

If you want to withdraw BNB from Crypto.com using the Binance Smart Chain (BEP20), you will just need to obtain the deposit address from the platform you’re withdrawing to.

What are the withdrawal fees using BNB and BSC on Crypto.com?

In general, Crypto.com charges a much higher fee for BNB (BEP2) withdrawals compared to BSC (BEP20) withdrawals of BNB.

Here are the current fees for BNB withdrawals as charged by Crypto.com:

The fee for withdrawing BNB via the Binance Chain (BEP2) is 4 times as expensive compared to using the Binance Smart Chain (BEP20)!

To view these fees, you will need to select the gear icon on the Crypto.com App homepage,

and scroll all the way down to view ‘Fees & Limits‘.

After selecting ‘Withdraw Crypto‘ as the fees you wish to view, you can scroll down to BNB which brings you this fee table.

You may want to note that only the Crypto.com App allows BNB withdrawals, but not the Crypto.com Exchange. This is because the Crypto.com App and Exchange are actually 2 different platforms!

What platforms support both BNB and BSC withdrawals?

If you are looking to transfer BNB between platforms, here are some of them that support both the Binance Chain (BEP2) and Binance Smart Chain (BEP20):

All of these platforms support both networks. As such, it is important that you select the correct network when sending BNB between Crypto.com and any of these platforms!

If you send BNB using the BEP2 network to a BEP20 address or vice versa, your BNB may be lost forever!

Conclusion

Crypto.com allows you to deposit or withdraw BNB using 2 networks: BNB and BSC. BNB actually refers to the Binance Chain (BEP2), while the BSC refers to the Binance Smart Chain (BEP20).

When you are looking to transfer BNB between these 2 platforms, it will be good to double-check:

1. The network that you are using to withdraw
2. The deposit address that you are withdrawing to

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Crypto.com Referral (Get up to $25 USD worth of CRO)

If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.

We will both receive $25 USD worth of CRO in our Crypto Wallet.

Here’s what you’ll need to do:

1. Sign up for a Crypto.com account
2. Enter my referral code: ‘x2kfzusxq6‘
3. Stake enough CRO to unlock a Ruby Steel card or higher

The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.

You can read more about the referral program on Crypto.com’s website.

Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)

If you are interested in creating a Crypto.com Exchange account, you can use my referral link and enter the code “x2kfzusxq6“.

Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!

Here are the amounts that you’ll need to stake to receive the bonuses:

If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.

You can read more about this referral program on Crypto.com’s website.

Do you like the content on this blog?

To receive the latest updates from my blog and personal finance in general, you can follow me on my Telegram channels (Personal Finance or Crypto) and Facebook.

Are you passionate about personal finance and want to earn some flexible income?