BNB is a token that is used for settling fees on Binance, and to reduce commissions in certain other products by Binance. It was one of the top performers in the last few years, mainly because of the increasing functionalities that were added to the token. It was used as a ticket for several airdrops and rewards on Binance, and also as the primary token of exchange in BSC projects.
Due to all these reasons, BNB became one of the most transferred assets. However, many investors still can't quite understand the right way of sending the tokens or how long it takes to transfer BNB from the Binance ecosystem to external wallets, such as TrustWallet. This guide explains how long it takes for BNB to transfer, what factors influence the transfer speed, and tips on how to send BNB faster.
What is a BNB Transaction?
Over time, BNB has grown from being an exchange-centric token to one of the most popular investment choices for many. But the most vital role recently for the token has been as the coin of exchange in the Binance Chain. Investors constantly look to buy or interact with several Defi or blockchain-based platforms using BNB. For this, the token needs to be sent from one place to another. The time required to transfer BNB can depend on several factors that we will explain.
How Long Does It Take to Transfer BNB?
Transferring BNB from one place to another can be quite quick compared to most of its counterparts. The transaction speed to complete 1 block takes approximately 3 seconds. However, this isn't the exact time taken to complete a transaction. On average, a BNB transfer will take around 5 minutes to complete when sent from Binance Exchange or Trust Wallet. Although, the time required may increase to around 10-12 minutes if the BNB tokens are being sent from an external wallet. In short, Binance products transfer BNB tokens faster when compared to other leading crypto exchanges or wallets. Among the other two, centralized exchanges have quicker transfer speeds when compared to a Defi Wallet.
How Do BNB Transactions Work?
BNB transfers operate on three main networks. There is BEP2, which is the BNB Beacon Chain, the BNB Smart Chain and the last option is ERC20 via the Ethereum network. Binance Smart Chain or BEP20 is the BNB token used to interact with all types of Defi protocols on the chain. The Beacon Chain, however, is used solely in order to pay fees on the Binance exchange. However, the BEP2 token can be changed to a BEP20 token easily.
The Ethereum Network is a popular medium for sending BNB tokens from one place to another. As mentioned above, it is the network confirmation that determines the speed at which tokens can be transferred primarily. Binance supports the three aforementioned chains, and has the following network confirmations:
|Binance Chain||Number of Confirmations|
|BEP2 (BNB Beacon Chain)||1 Network Confirmation|
|BEP20 (BNB Smart Chain)||15 Network Confirmations|
|ERC20 (Ethereum Chain)||12 Network Confirmations|
What Affects the BNB Transfer Speed?
Ideally, the BNB transfer speed is affected directly by the exchange or wallet used. But some aspects that may affect the speed of a normal BNB transfer include:
- The number of blockchain confirmations. Confirmed transactions are those that have been included in a block. Therefore, the payment can be processed after confirmation, as it would be officially verified and recorded. If the blockchain confirmations on a particular exchange for transfer are higher than usual (this isn't a fixed number), then the transaction too may take longer. Lower BNB blockchain confirmations mean lower transfer times.
- Network congestion. There are various networks that can be used to facilitate the transfer of tokens. However, there may be a huge number of transaction requests processing at a time, which could cause the network to slow down. For instance, if the transaction requests on the Ethereum chain are very high and the user has selected it as the transfer medium, then BNB tokens may take longer to reach the destination.
- The network stopped withdrawals. Transfers can be suspended by the chain, if there is any chance of a hack or exploit that could end with users losing their funds. This is common sense hackers aim to exploit bugs on several blockchains and drain funds. Thus, if a user is trying to send BNB tokens and the network detects a hack or bug exploits on its chain, then transfers will be immediately suspended. So, the user may have to wait longer or might even have their transfer request canceled midway. Funds, however, will not be lost in this case.
- Non-Custodial Wallet Transfer. While this may be a negligible difference, the transfer could take longer if the user is sending BNB tokens from a decentralized platform. Centralized exchanges can cater to transfer requests quicker than non-custodial wallets. Thus, a transfer from the Binance exchange to another centralized exchange may be faster than one made using a decentralized wallet like Metamask.
Is BNB the Fastest Cryptocurrency?
BNB is one of the fastest cryptocurrencies to send when compared to several other top tokens. For instance, the Binance Smart Chain that supports BNB can carry out 300 transactions per second. It is impressive when put up against options like Ethereum which can only facilitate around 15 transactions in a second. However, there are several other cryptos with a much faster transfer time than BNB. For example, the transfer speed of Solana is 3400 TPS (Transaction Per Second) by comparison.
Can You Speed Up a BNB Transaction?
There is no guaranteed method to voluntarily or manually speed up a BNB transaction. However, taking care of certain aspects during a transaction could help the user lower the time required to get their BNB tokens to the desired destination. Some of these actions include:
- Increase the gas fee. This is a rather simple method to ensure that the BNB transfer is quicker. On some blockchain networks, the user can determine gas fees by themselves. The validator will have to process transfers of several other users at the same time. Higher fees will simply act as an incentive for the respective validator to give the user’s transfer a better preference. This way, increasing the gas fee could help with the transfer speed for BNB.
- Choose the right medium of exchange. Various exchanges have different transfer times. Depending on the blockchains and capacity of the exchange or wallet, the time of transfer may also reduce or increase. Ideally, a reputed centralized exchange with high liquidity will be able to transfer assets easily and more quickly as compared to a decentralized wallet. Thus, choosing the right medium for transferring BNB tokens could also help in reducing the time required.
- Avoid transferring during peak times. It may be a requirement to transfer their BNB tokens as soon as possible. But for those who are not in a hurry, and can wait to transfer their tokens, this method can be helpful. Blockchain aggregators like BSCscan record transactions in real-time. It provides the data for a user to understand if the blockchain is crowded. Subsequently, the user can look for a time when there is no evidence of blockchain congestion and then make the transfer. This will not only make the transfer quicker but can also help the user avoid having to pay a higher fee.
- Choose the right blockchain network. This is vital if the user has to send funds instantly and cannot afford a delay. On every major exchange that hosts the BNB tokens, there will be several options for blockchain networks that are supposed to carry out the transfer. Choosing the right chain will be detrimental to the speed at which BNB tokens reach the destination.
Frequently Asked Questions
Yes, BNB or any cryptocurrency transfers can be halted in centralized exchanges indefinitely. This could be because of some problems faced by the blockchain, exchange wallet maintenance, or even controversial reasons like a massive selloff.
A limit on every asset is placed by almost every exchange available in the space currently. Binance has, similar to every other token, also put a maximum transferable amount for BNB. Currently, this limit is set at tokens worth $8 million.
ERC-20 was extended to create BEP-20, which inherits almost every feature that ERC-20 consists of. The Binance Smart Chain uses BEP-20 as its primary token standard, so all BSC tokens comply with BEP-20. Thus, while it may be similar to an extent, using tokens interchangeably is not possible.
In summary, the average time to transfer BNB using Binance or Trust Wallet is approximately 5 minutes. However, if using an external wallet or a different crypto exchange, the transfer speed is slightly longer at 1- to 12 minutes. As such, the fastest way to transfer BNB tokens is within the Binance ecosystem.