If you haven't seen my other article before attempting this I'd recommend reading it: How to - add multiple Binance Smart Chain networks to Metamask
Metamask first supported Ethereum (ERC-20 token) as a method to pay for gas fee's on the Ethereum network.
As the title clearly states, you can also store, send and receive BEP-20 tokens using the Binance Smart Chain in Metamask. Which if used correctly can help save you a lot of money when dealing with tokens that can be sent on the BSC network rather than Ethereum.
- Same wallet address as your Ethereum wallet
- You pay fees using BNB (Binance Coin)
- Example below shows a saving of 30.8% using the default average fee selected
The key is to make sure you switch to the BSC network and then send yourself some BNB using the address shown in your wallet once switched. I'd recommend checking my post linked above to add multiple networks for ease of use.
1: Switch to BSC mainnet and find your token, in this example SXP and select the token.
2: Select 'Send'
3: Next screen (Send to) you can see the To input box for your other wallet. Make sure you input a supported BEP20 wallet for example if you have a Binance account you can select the same token in Binance and select BEP20 to see the address supported for that token in the deposit screen. Once your wallet has been pasted and the green tick icon shown, hit 'Next'.
4: The below screen will be shown with the amount blank, hit 'Use Max' or input desired amount as below, hit 'Next'.
5: Now this is where it gets interesting, see the default fee shown as $0.13208 below. Select 'Edit' next to the network fee section.
6: Standard practice of course if you're not in a rush you can select 'Slow' bringing the cost down to $0.07404. However we'd like to see the lowest possible, select 'Advanced'.
7: The next screen you can see the current gas limit and Gas Price have automatically pulled in. However if you check, GWEI? That shouldn't be there, we're paying BNB. I assume Metamask do support BNB but haven't yet done the work to tailor the app for BSC use. I checked at the time as well and the current GWEI was 66.
8: I've found any value below 20 seems to cause an error, don't worry if you accidentally do yourself, doesn't affect anything. Below insert 20 and hit 'Save'.
Edit March 2nd 2022: Now you can set the gas to 10, saving more. Limitation has been lowered by MetaMask.
9: Final step for this article.
On the summary page you can now see the fee has dropped down to $0.04002.
This isn't a substantial saving for those of us fortunate enough to not be so bothered about a 'small' amount. But if you intend on saving wherever possible (me) you will see the savings soon add up. If you're staking in a BSC pool right now and plan to stake or claim multiple times a day this will for sure help you out.
As BSC is a PoS - Proof of Stake network transaction times are always super fast and low in fee's. I found the lowest fee possible didn't make much of a notable difference, we're talking 10 seconds of less.
More info on the Binance website covering BSC.
Happy savings on the BSC network!
I'll continue doing a few more like this, hard to try cut them down in size so let me know if there's too much. : )
Signup and get 10% commission kickback.
Coinbase Earn invites:
Earn up to $43 BAND / Earn up to $50 COMP / Earn up to $50 EOS / Earn up to $46 XLM
Own land, develop your own game and characters.