How to Convert ETH to BNB on Trust Wallet
Binance Coin (BNB) and Ether (ETH) are popular cryptocurrencies following Bitcoin (BTC). Therefore, people from the crypto space keep transferring ETH to BNB regularly.
If you are a Trust Wallet user looking to convert your ETH to BNB, this article will guide you through the process in simple steps.
First, let’s get into Ethereum.
Ethereum (ETH) is widely known for providing developers with a blockchain platform to build their decentralized applications (DApps). This platform is a hub for numerous crypto projects with billion-dollar valuations.
Moreover, Ethereum has played an important role in adopting the crypto industry over recent years. Developers deploy smart contracts to build their DApps with the help of the Ethereum blockchain.
Ethereum changed its consensus mechanism in September 2022. Since then, Ethereum has functions using proof-of-stake rather than proof-of-work. This change provides high network stability and less energy consumption. Moreover, the network also turns out to be more stable and secure.
The native token of Ethereum, ETH, also has a prominent role in developing Ethereum-based projects. The developers and users pay gas fees on gwei, Ether’s smaller unit. The amount of gas depends on the value of the transaction and other Ethereum network conditions. You can use online calculators to determine the gas fee before a transaction.
What is BNB?
Binance is the biggest crypto exchange based on the number of users and the average trading volume. Binance has its native token, Binance Coin (BNB).
Binance launched BNB using an initial coin offering(ICO) in 2017. As a result, the initial launch of BNB was made on the Ethereum network. Binance developed its blockchain, BNB Smart Chain, in 2020. This transition helped Binance to attract more users to its platform.
Post-release of BNB Smart Chain, new crypto projects started developing using this network. Moreover, the low fees also helped gain developers into the Binance ecosystem.
BNB currently ranks as the fourth largest cryptocurrency, with an average daily trading volume of over $600 million. Moreover, there are nearly 160 million BNB tokens in circulation. You can use BNB tokens for trading, borrowing, staking, gifting, and many more. In addition, these tokens can be used to purchase products and services from Binance-supported merchants or businesses.
What is a Trust Wallet?
With more than 25 million users worldwide, Trust Wallet is a popular crypto wallet. You can use Trust Wallet to trade over 4.5 million crypto assets. Moreover, you don’t need to pay any account opening or maintenance fees.
Currently, Trust Wallet also provides a staking option for 12 cryptocurrencies. In this case, along with storing your cryptos, you can also earn staking rewards. These cryptos include BNB, ATOM, VET, TRX, and KAVA, to name a few. Apart from that, you can also store and trade NFTs.
You can also use Trust Wallet to connect directly with decentralized exchanges like UniSwap and PancakeSwap to convert your tokens. Most importantly, Trust Wallet lets you completely own your crypto assets. You can store, trade or swap tokens at your convenience.
Steps to Convert ETH to BNB on Trust Wallet
Before swapping two tokens, it is essential to know that you cannot swap tokens belonging to different networks. If you try to do so, there is a high chance of losing your tokens.
Suppose the ETH token you have is on the ERC20 network; then, you can’t swap it with a BNB token on the BEP20 network. So to swap to a BNB token, you need to have an ETH token on BNB Chain Network.
How can I check my ETH token’s network? It’s simple; let’s get into it.
Once you confirm that your ETH token is in the BEP-20 network, follow the steps mentioned below:
Step 1: Select the ETH token available on your Trust Wallet. Ensure again that it belongs to BNB Chain Network.
Step 2: Now, you’ll receive two options to select. “SWAP ETH” and “SWAP TO BINANCE CHAIN.” Click “SWAP ETH.”
Step 3: Next, select the number of ETH that you want to swap to BNB. Here you can use decimal numbers, also. For example, 0.02 ETH. Once you enter the ETH number, its equivalent value in BNB is also displayed.
Step 4: Before you can swap these tokens, you need to approve your ETH token. To do so, click “APPROVE ETH.”
Step 5: A Smart Contract Call window appears on your screen. This screen includes the sender’s smart contract address and the network fee charged. Here, you’ll see the fees in BNB and U.S. dollars. Then, go through the details and click “CONFIRM.”
Step 6: Once you hit “CONFIRM, ” wait a few minutes to complete the swap.
Finally, you’ll receive BNB tokens directly on your Trust Wallet.
Note: The price of the tokens varies according to real-time market price. So, always check the current price of ETH and BNB before swapping.
Benefits of Using Trust Wallet
The major benefits of using a Trust Wallet are:
User-Friendly: Even for beginners, it is easy to use Trust Wallet. Thanks to their simple user interface.
Mobile App: Trust Wallet app is available for mobile device users. You can install this app from Google Play or App Store. In addition, if you are a new user, you can create a new wallet directly from their app.
Browser Extension: PC users can install the Trust Wallet’s browser extension to access various Web3 DApps. Once you visit a DApp, you can connect your wallet instantly.
Ether and BNB tokens have a good demand in the crypto markets. People from the crypto space keep trading these tokens frequently. Token swap allows people to convert their tokens in a few minutes.
As Trust Wallet is a commonly used wallet, people always prefer to convert ETH to BNB on Trust Wallet. The steps that you need to convert these tokens are described in this article.