NEWBIE QUESTION

[manubjj]

Hello, I am trying to avoid the withdrawal fee from BINANCE to PAXFUL to send some USDT, paxful only receive ERC20 USDT, and If I send directly (BINANCE 2 PAXFUL) the fee will be like 3USDT. So I saw that in TRUST WALLET you can receive USDT on ERC20 and TRC20. So I am planning on receive the USDT on TRUST WALLET and then sending them to PAXFUL.

Is my reasoning ok? IF I receive USDT on my TRUSTWALLET via TRC20 can I send them to Paxful via ERC20?

THANK YOU SO MUCH!!

[TGD]

Hello, I am trying to avoid the withdrawal fee from BINANCE to PAXFUL to send some USDT, paxful only receive ERC20 USDT, and If I send directly (BINANCE 2 PAXFUL) the fee will be like 3USDT. So I saw that in TRUST WALLET you can receive USDT on ERC20 and TRC20. So I am planning on receive the USDT on TRUST WALLET and then sending them to PAXFUL.

Is my reasoning ok? IF I receive USDT on my TRUSTWALLET via TRC20 can I send them to Paxful via ERC20?



THANK YOU SO MUCH!!

TRC20 and ERC20 has different blockchain network and they are not connected. So it means your ERC20 can't be swap/send to TRC20 USDT wallet address. TRC20 is built on tron blockchain while ERC20 is on Ethereum blockchain. There is no bridge on that network so don't try to send your ERC20 USDT on your TRC20 USDT wallet address dude.

Why not try XRP if you are that conservative in transaction fee. It will cost less than a 1$ for transaction fee. XRP is available too on paxful.

[manubjj]

Yes, I know that they are different networks, but a multicoin wallet like TRUSTWALLET wont let me send my TRC20 received USDT to the paxful ERC 20 uSDT address??They are the same USDT but placed in different networks?

[hosseinimr93]

Yes, I know that they are different networks, but a multicoin wallet like TRUSTWALLET wont let me send my TRC20 received USDT to the paxful ERC 20 uSDT address??They are the same USDT but placed in different networks?

No, It's impossible to do so in Trust wallet.
I feel you don't know exactly how withdrawals work in exchanges like Binance and non-custodial wallets like Trust wallet.

Binance allow you to select the network when withdrawing USDT. The reason is they are holding your coins in their own wallet and they can allow you to send USDT tokens on any of networks (ETH, TRON, Omni Layer, etc.)

Trust wallet is a non-custodial wallet and you hold your coins in your own wallet and you have full control over your coins. If you deposit TRC20 tokens to your wallet, you will have TRC20 tokens. So, you can only withdraw TRC20 tokens.
Also note that for withdrawing ERC20 tokens from trust wallet or any other non-custodial wallet, you must have ETH in your wallet to cover transaction fee.

[tranthidung]

Hello, I am trying to avoid the withdrawal fee from BINANCE to PAXFUL to send some USDT, paxful only receive ERC20 USDT, and If I send directly (BINANCE 2 PAXFUL) the fee will be like 3USDT. So I saw that in TRUST WALLET you can receive USDT on ERC20 and TRC20. So I am planning on receive the USDT on TRUST WALLET and then sending them to PAXFUL.

Is my reasoning ok? IF I receive USDT on my TRUSTWALLET via TRC20 can I send them to Paxful via ERC20?

THANK YOU SO MUCH!!

You need to know that there are different protocols for Tether USD on ERC-20 or TRC-20. They are issued same by Tether but on 2 different networks with 2 different protocols.

To have a successful transaction, you need to have a match between sender and receiver (on same network and protocol).

• If sender is on ERC-20, receiver should be on ERC-20 too.
• If sender is on TRC-20, receiver should be on TRC-20 too.

Because you want to use Trust wallet, I think you should search for details from Trust wallet and should already read this article Tether (USDT) TRC20 vs ERC20

You can also read the article on Kucoin USDT based on TRC20, ERC20 and EOS

The rule is universal applied because it is based on network protocol. Binance gives you warning for deposit and withdrawals (You can login your account and check it).

On Paxful, when you create your Tether USD address (receiving), you will see the warning

You’ll be charged a network fee of approximately ~0.770597 USDT when you receive Tether in your Paxful wallet. Make sure that the amount you receive is worth more than this fee.
Make sure you’re sending only ERC20-USDT tokens to this wallet address. If you send any other USDT token, you may not be able to retrieve these funds.

The estimated fee above is dynamic (depends on network).

The warning means even USDT or ERC-20 tokens use ETH address, you need to send your USDT to your receiving address on Paxful. If you send ERC-20 tokens to that address, you will lose it. You don't have control of mnemonic seed of that ETH address, and you will lose it if you don't get support from Paxful. I doubt they will with the warning.

[The Cryptovator]

Be careful OP, don't send funds into the cross-network, you will regret later. You should learn about what is custodial and noncustodial wallet. Exchanges act as a custodial wallet and you can swap your fund from there. But you are the owner of the address on the noncustodial wallet where only you will have access to your private keys. Means you can't swap your fund with yourself because all address there are belong to you only. Just don't fall into trouble to save fees. It's better to go straight than regret.

[cryptoaddictchie]

Yes, I know that they are different networks, but a multicoin wallet like TRUSTWALLET wont let me send my TRC20 received USDT to the paxful ERC 20 uSDT address??They are the same USDT but placed in different networks?

Ive never used paxful. But if its like Binance then no problem. Cause Binance support all types of usdt from erc20, trc20, and even omni. This is simple dude, you just need to receive your usdt with same version of blockchain.

Usually it is segregated and you will asked which one you want to use. If its trc20 then obviously you need to click the trc20 version first before send the funds. I like Binance cause I usually transfer usdt from exchange to exchange and best part is used trc20 version no fee literally unlike erc20 and omni.

[Mandarava]

Buddy, if you use Binance then there is another way for you to avoid commission. Buy LTC with this money, and withdraw them from the exchange to any other exchange that allows you to receive the currency you need on your debit card. The commission for these operations will be extremely low. About 0.001 LTC. This is one of the cheapest ways to avoid high commissions today.

And by the way, on many other exchanges, this method will also allow you to avoid high commission fees.

[pooya87]

Buddy, if you use Binance then there is another way for you to avoid commission. Buy LTC with this money, and withdraw them from the exchange to any other exchange that allows you to receive the currency you need on your debit card. The commission for these operations will be extremely low. About 0.001 LTC. This is one of the cheapest ways to avoid high commissions today.

this method only makes sense if there were no trading fees involved in that conversion from bitcoin to the other altcoin or at least if the amount you want to withdraw is small enough that it doesn't cost that much trading fees since this type of fee is a percentage of your volume not a fixed on like the withdrawal fee. there is also the problem that needs to be considered with conversion rates when some altcoins have higher buy price than their sell price (spread) but it is not that common among high volume coins.

[Theoboy]

ERC20 and TRC20 are not likely connected
ERC20 is based in the Eth blockchain while the TRC20 is based on the Tron blockchain. I don't think what your trying to do will be possible
And I will advice you not to try this to avoid missing coins
Before thinking of doing such study the blockchain
Thank you