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Wallets Addresses and Networks

Setting up Trust Wallet

If you do not own a wallet which you can use to store your crypto already, please download TRUST WALLET. During setup, save your passphrase in at least three different locations, and keep it safe. If you lose your phone, you can always use the passphrase to recover your coins. If you lose your passphrase, quickly create another wallet and transfer your coins to it, and make sure you keep the passphrase safe this time. If however you lose both your device and your passphrase, your coins will be lost forever, no matter how much is in there. No one can help you when this happens.

Using Different Networks in Trust Wallet

When you open Trust Wallet, some coins are shown by default. These are usually BNB, BTC, ETH etc. When you see BNB (BEP2) and BNB Smartchain (BEP20), you may be confused, unless you already understand networks.

Some coin addresses that are not listed there can also be accessed and enabled via the top right toggle icon. As you search through the coins, for example TETHER USDT, you may see an USDT with ERC20 tag, BEP20 tag, TRC20 tag and BEP2 tag. By default, USDT was issued on the ERC20 network.

  • Any token on the ERC20 network will use Ethereum as gas fee.
  • Any token on the TRC20 network will use TRON TRX as gas fee
  • Any token on the BEP20 network will use BNB Smartchain as gas fee.
  • Other crypto with inscription COIN are in their native blockchain and will use their own coins as fee. Examples are DOGE, Bitcoin, Ethereum etc.

Note that BNB Smartchain is different from BNB BEP2 but both have the same value. For example, you may own BNB BEP2 but cannot use it to pay gas fee for BEP20 tokens, unless you swap the BNB BEP2 to BNB BEP20 Smartchain. You can also not send BEP20 token to BEP2 address.

Buying and Selling Coins of a specific network

To receive Bitcoin on the BEP20 address, the Bitcoin will bear the same value as the native BTC, but can only be sent to a BEP20 address that supports Binance-Pegged Bitcoin. The only advantage to this is in fee savings. ERC20 and BTC networks have the highest fees. BEP20 has a moderate fee usually less than 1usd.

BEP20 Bitcoin will pass through the BEP-20 network rather than through the expensive Bitcoin network. Remember that for every token of Bitcoin on the BEP20 network, an equivalent Bitcoin is saved in a Binance based wallet on your behalf (and this is only but a claim which we cannot verify, but for now, these tokens maintain the same value).

If your aim of buying Bitcoins and other coins are strictly to save them for not too long, and to sell them for profits when needed, you can always use the BEP20 addresses to receive. When placing a buy order, select the BEP20 network and paste your BEP20 address. This will let us know and send you coin which has cheaper network fee to your BEP20 address.

When it is time to sell, you can also request for our BEP20 address and we shall receive your BEP20 tokens which exchanges as the value of its main asset. 

Note that some networks are enabled and disabled intermittently, depending on maintenance, upgrades, or how busy these networks are. Using any network is also as risky as cryptocurrency is. Use with caution. If you plan to save Bitcoin for too long, use the native coin so that you are sure you are in charge of your passphrase, than someone holding the real coin and issuing you a token on its behalf, which might not be honoured in the future.

Always ensure that Nairafinex can buy and sell whatever tokens you wish to transact with us by trying to place an order. There is no penalty for placing an order without making payments to it.

You can use the Bridge feature in Pancakeswap to move a BEP20 token to ERC20, TRC20 and vice versa. See our help page on swapping for more details.

Page published 1 Year ago · 16 May 2021 14:01
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