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Withdrawing ETH as BEP20 (to circumvent high ERC costs). Good idea?

Hello, I’m sorry because I know this subreddit is inundated with posts related to ERC/BEP issues and people mistakenly sending the wrong kind to their wallet. The amount of those posts have made it hard for me to find an answer to this question, if somebody can enlighten me:

I don’t want to pay $7.50 to withdraw my ETH to my Trust Wallet so I’m thinking of withdrawing as BEP20. I am planning on HODL for long term and in a best case scenario I make a decent amount off it. I understand that I wouldn’t be able to use the full extent of ETH this way, and I might want to get involved in staking later on.

In this case, would I just be able to deposit it back into Binance and withdraw it again as ERC-20 without a problem?

I also saw someone say that since it would be pegged as BEP20, it could technically be affected by any issues that might come up with Binance and hacks. I’m not sure how far-fetched that is, but it sounds like it shouldn’t necessarily affect me unless Binance goes completely under.

Am I on the right track with this?

I appreciate any help!

What do you think?

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2 Comments

  1. Hi. Yes, you would be able to deposit it back to Binance and withdraw it as ERC-20. I have done that and works.

    And yes it can be affected by Binance issues and hacks but that is quote unlikely i.e. the risk is pretty small. And since 7.5$ is too much for you to pay for withdrawal I assume we are not talking about a large ETH amount so the risk is negligible IMHO.

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