Have you found yourself with BEP20 cryptocurrency coins and want to move them to Coinbase but can’t because Coinbase does not accept BEP20 coins, only ERC20?
It can be frustrating!
With some Dogecoin cryptocurrency in Trust Wallet I set out to move these across to my other Dogecoin holding over on Coinbase, so everything was in one place.
Also, as Trust Wallet is a Binance app, and Binance now has suspensions in place too and from UK Bank account as of 2021, it’s not a great place for UK residents (and some other European residents) to hold cryptocurrency.
After hours and hours of research, did I achieve the goal?
It is possible to transfer BEP20 to ERC20 and move BEP20 in trust Wallet to Coinbase as ERC20. BEP20 needs to be transferred to BNB using DEX. The BNB needs to be exchanged to a stable BEP2 coin such as BUSD and into Binance. Buy USD or GBP in Binance, then buy Doge ERC20 and transfer to Coinbase.
If none of the above made any sense, not to worry we’ll walk through the process step by step.
I created this post because I spent so many hours researching this topic and didn’t find an answer. I had to go through the crypto exchange step by step, and I learned some hard lessons on the way that I will share.
After several hours I successfully managed to move my BEP20 Dogecoin (DOGE) from Trust Wallet and get it in to Coinbase as an ERC20 Dogecoin (DOGE).
How to move BEP20 to ERC20 cryptocurrency
I want to start out by saying this post is from a novice in cryptocurrency. Money Boost is not recommending you go out and invest in cryptocurrency – that is your choice.
Investing in cryptocurrency is high risk and you could see your entire investment turn to nothing.
You should never risk more than you can afford to lose.
If though you have BEP20 cryptocurrency in Trust Wallet and want to move these to Coinbase (which have to be ERC20) here are the steps I followed.
To be clear this may not be the quickest or fastest route
Disclaimer: You follow the below steps at your own risk. It’s not a complete tutorial but a guide to help you understand the flow. Cryptocurrency can be lost if something is done incorrectly. This guide does not aim to be complete, but as an instructional guideline.
In Trust Wallet
- Exchange BEP20 (in this case Dogecoin) into Smart BNB
- Exchange Smart BNB to BNB
- Exchange BNB to a stable coin such as BUSD BEP2
- Transfer BUSD from Trust Wallet to Binance
- Buy GBP or USD with your BUSD
- Buy Dogecoin ERC20 with your GBP or USD
- Transfer ERC20 Dogecoin in to Coinbase
- Transfer in the ERC20 Dogecoin
- Wait for the transfer to complete (it can take up to 6 hours)
Once you send the ERC20 Cryptocurrency in to Coinbase you should receive an email from Coinbase confirming the transfer.
At this point panic set in as I could see Dogecoin had been transferred out of my Binance wallet, but it was not in my Coinbase wallet.
The email from Coinbase should contain a link to take you to your account, and a page showing the pending transfer.
At this point you know Coinbase has received your cryptocurrency, and it’s now just a waiting game.
It took just over 1 hour from transfer for the Dogecoin to show in Coinbase.
Fees for moving BEP20 to ERC20
As anyone who has traded or exchanged in cryptocurrency outside BEP20 or Pancake, you’ll notice that ETH fees are extremely high.
At high demand times it can be as much as $30 or £22.
If you have a small holding of crypto you can often negate any profits with fees alone.
But, having been through this process I would estimate the fees to be around $2-$3 BUT it is very difficult for me to calculate this correctly as I actually profited from this process!
I transferred 96 Dogecoin from Trust Wallet and ended up with 101 Dogecoin in Coinbase, after all fees were considered.
This doesn’t include BNB charges in Trust Wallet, but I estimate these to be no more than $1-$2 in total.
I’m not saying this is a way to increase your cryptocurrency be any means.
The increase was fortunate, and against usual practice.
In my bid to transfer from Trust Wallet in to Coinbase I exchanged my coins for different coin types to see what would work and what would not.
For a while the coins were exchanged in to Ethereum. It may be that Ethereum took a small boost whilst I was temporarily holding them, and then as I moved them out into other options, I took with it the small profit.
Risks Involved when transferring from BEP20 to ERC20
The process around Trust Wallet, Binance, Coinbase and other cryptocurrency wallets is that the process is understood by a very few very technically minded people.
It’s not a straight-forward intuitive process by any means.
There are many reports of people losing money during the transfer, and some have lost thousands of dollars or pounds.
The biggest mistake seen time and time again is simply trying to transfer Binance blockchain coins (BEP20 and BEP2) in to an unsupported Coinbase wallet.
Coinbase does not support BEP20 or BEP2, only ERC20.
Therefore, to do the exchange, you have to exchange your BEP20 for BEP2 (and a stable or pegged coin) and then from here move to ERC20 by either a pegged coin or buying a currency such as GBP or USD through Binance, and then buying an ERC20 coin in Binance, and moving that to Coinbase.
It’s as problematic, complicated, frustrating and as problematic as it sounds, plus it comes with a risk of losing all your crypto asset!
Top Tip: If you do decide to try this out, try it with a small amount first and make sure the process works and you’ve followed every step correctly. If you can successfully move a smaller amount, of coins across, the process should work for a larger volume.
Should I move BEP20 to ERC20?
In the UK there are an estimated 9 million people holding cryptocurrency. In the US this figure is close to 63 million residents.
The average holding is less than £500 or $750 but people who invested this much in Bitcoin back in 2004 have seen their small investment make them a multi-millionaire.
Unless there’s a cryptocurrency waiting in the wings ready to soar at any point (like Ethereum or Dogecoin) it will be difficult to make these types of returns.
Taking a $500 (£350) crypto holding in to $1,000,000 would need a cryptocurrency to increase in value by 200,000%!
That’s a lot!
If Ethereum at its current price increased by 200,000% it would be worth $4,600,000 a coin!
This is incredibly unlikely.
On the other hand, if Dogecoin increased by 200,000% it would make each Dogecoin worth $600.
Considering Bitcoin is trading at an average of $45,000 and Ethereum at an average of $2,300, this $600 valuation at least makes it plausible.
Maybe Elon Musk really will send Dogecoin to the moon!
Dogecoin is just an example of course, this is not intended to make people run out and by up Dogecoin. There are hundreds of other alt coins out there now that could do the same, or none of them may do this at all.
Investing in cryptocurrency is a big risk, losses can be heavy. It’s possible to lose everything invested in this volatile trading market.
In Conclusion – Transfer BEP20 to ERC20
It is possible to move crypto currency coins held in BEP20 on Trust Wallet or Binance over to Coinbase, but you must convert these in to an ERC20 crypto coin first!
If you try and transfer a BEP20 or BEP2 coin in to Coinbase you could lose all your cryptocurrency!
Make sure you try and exchange a small amount first, and if this works it will give you the confidence to consider trying a higher volume.