Hey crypto folks! 🚀 Who among us doesn't get annoyed by waiting for long transaction confirmations or high fees when transferring coins from one place to another? We all do, of course!
However, within the Binance ecosystem, there are features that make the process of transferring coins much faster and cheaper, to the extent that some types of transactions are completely free! Let's understand the topic simply in 2025:
The Binance ecosystem has two main arms here: the BNB Chain (which was previously called Binance Smart Chain) and the internal Binance wallet (Binance Wallet).
1. Speed of the BNB Chain network (when transferring "out" of Binance but on its network):
The BNB Chain network is known for its high speed in processing transactions compared to many older blockchain networks.
* Quick confirmation: Transactions on the BNB Chain are completed and confirmed in just a few seconds (not minutes or hours like other networks during peak times). This makes using decentralized applications (dApps) on it smooth and fast.
* Low fees (Gas Fees): When you withdraw coins from Binance to an external wallet (like Trust Wallet, MetaMask) and choose the BEP20 network (which is the BNB Chain), you pay a "gas" fee that is usually very, very low compared to the fees of the Ethereum network (ERC20) for the same coin.
Summary: Use the BNB Chain (BEP20) network when you want to transfer coins to an external address quickly and at a low cost, provided that this address (the wallet or the other platform) supports receiving this currency on the BEP20 network.
2. Free transactions "internal" in the Binance wallet (the hidden secret for users!) 😎:
This is a feature that many may overlook or may not know its true value.
* Transfer between your wallets in Binance: If you want to transfer coins between your different wallets within your Binance account (like from Spot Wallet to Funding or Futures), this process is instant (Instant) and completely free (Zero Fees)!
* Sending to another user on Binance: The coolest feature! If you want to send coins to a friend or another person who has an account on Binance, you can use the Binance Pay feature or send to a Pay ID or the email/phone linked to their Binance account. This transfer is also instant and completely free!
Why is this free? Simply because these transactions occur within Binance's internal database (Off-chain), and are not recorded on the public blockchain at that moment. Binance updates its internal records, and when the other person wants to withdraw these coins out of Binance, then they are recorded on the blockchain and they bear the withdrawal fee (the On-chain).
In summary, useful in 2025:
* If transferring coins between different accounts on Binance or between your internal wallets: Use Binance's internal features (like Pay ID) and enjoy the high speed and complete free service.
* If transferring coins from Binance to an external wallet or another platform: Use the BNB Chain (BEP20) for the supported coins, and enjoy the speed and very low gas fees compared to other options that may be slower and more expensive.
Understanding the difference between these two types of transfers helps you save a lot of money and complete your transactions much faster in the crypto world!
Did you know about this free transfer feature? And what is the most used network for fast transfers? Share your experiences with us! 👇
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