How long does BNB take to transfer?

How long does BNB take to transfer?

Robert McDougall 

January 9, 2024

Cryptocurrency

Key Takeaways

  • BNB transfers are generally fast, with an average transfer time of 5-15 minutes depending on factors such as network congestion and wallet choice.
  • BNB transactions require different network confirmations depending on the blockchain used: 1 for BEP2, 15 for BEP20, and 12 for ERC20.
  • Transfer time is important for crypto traders because it impacts the speed of executing trades and managing transactions.
  • Troubleshoot BNB transfer issues by checking the entered wallet address, ensuring sufficient BNB balance, monitoring network congestion, and contacting Binance support if needed.

BNB is the cryptocurrency issued by the largest crypto exchange in the world, Binance. You can think of this coin as a utility token that investors use to pay transaction fees of Binance with perks like 25% off spot trading fees. We’ve also seen some holders also use BNB for off-platform services like crypto games and travel payments on select websites.

But, with such an expansive ecosystem, the big question on many investors’ minds is just how long it takes to transfer? Let’s take a closer look at the available data and make some transactions of our own to find out.

Average Transfer Time for BNB

From what we’ve seen, high transfer speed is one of the biggest upsides of using BNB for your transactions. The lowest transaction time for BNB is around just five minutes when you're sending the token from Binance or Trust Wallet.

On the other hand, the time required to send BNB goes up to somewhere between 10-15 minutes if you’re using an external DeFi wallet.

The main thing supporting this low transfer time is the high processing speed of Binance. In our experience, even when the network is strained due to high trading volume, Binance still performs as fast as you’d expect. Though, there is one major factor that determines the speed of BNB transactions - blockchain confirmations.

Blockchain Confirmations

Just like any other crypto asset, BNB requires network confirmations from the blockchain to complete a transaction. The cool thing about BNB is that it can operate on three different blockchains.

The first of these is the BEP2 BNB beacon chain that is primarily used for paying fees on Binance. It is also the fastest chain as BNB needs only one network confirmation to complete the transfer.

A step above that is the BEP20 BNB smart chain that allows you to interact with the many DeFi platforms and dApps built on this blockchain. While using this chain, a BNB transaction would require up to 15 network confirmations to get approved.

The third choice for BNB traders is the ERC20 Ethereum blockchain which is arguably the most popular chain in the world. In terms of BNB transactions, the ERC20 chain requires 12 network confirmations before the transaction goes through.

Understanding Binance Coin Transfer Time

While knowing the average transfer time for BNB sets a baseline for traders to expect, it does not paint the full picture. After experimenting with BNB transfers for a while, we found a few key factors that affect its transfer time. These include:

Network Congestions

BNB is similar to most other cryptocurrencies in this regard where network congestion is directly correlated to transfer speed. So, when more people are trying to transfer their Binance coins at once, it’ll fill up the available network capacity — slowing down each transfer.

Number of Confirmations

As we discussed above, each BNB transaction requires a certain number of network confirmations before getting approved and this number depends on the blockchain used. For BNB transactions, the BEP2 Beacon chain is the fastest as it only requires one confirmation. In comparison, transfers on BEP20 require 15 network confirmations while the ERC20 blockchain approves transfers after 12 confirmations.

Wallet of Choice

Your wallet choice can speed up or slow down the Binance coin transfer speed and the reason comes down to blockchain choice. If you’re transferring your BNB assets between Binance, and Binance-owned Trust Wallet, you can use the fastest BEP2 chain.

Alternatively, if you decide to use a DeFi or non-custodial wallet, you will have to use either BEP20 or ERC20 which will take noticeably longer.

Importance of Transfer Time for Trading and Transactions

Generally speaking, transfer time is a crucial metric for most crypto traders as it has a direct impact on the speed at which they can execute trades. Plus, if you’re making a large number of transactions daily as an active crypto investor, having to wait hours for each transfer can be annoying.

Comparison to Other Cryptocurrencies

At an average transfer time of 5-15 minutes, BNB is not the fastest cryptocurrency on the market. That honor goes to Nano which can be transferred in less than a second. That said, BNB is a lot faster than Bitcoin which takes up to an hour on average. Ethereum is a closer contender with a low average of just five minutes. But, it can also take as long as four hours on the long side.

Troubleshooting Binance Coin Transfer Issues

By all accounts, transferring BNB should be an effortless process for the most part. But, occasionally you might experience abnormally long transfer times or other related issues. For those occasions, we compiled this list of steps to help you identify and resolve the underlying problem:

Incorrect Address or Information

Writing an incorrect address can send your BNB assets to a random wallet, while you wait for the transfer in the correct wallet. This will waste both your time and hard-earned money. So, double-check if you’ve entered the correct wallet address and other information for the transfer before confirming the transaction.

Insufficient BNB Balance

If you attempt to transfer more Binance coins than you actually own, the transaction will be either canceled immediately or after some delay. If this happens, you can try again with a smaller amount, or you can purchase more BNB and initiate the transfer after that.

Network Congestion

Network congestions are a common cause of slowdowns in crypto transactions and there is not much you can do during them. Unless you’re in a hurry to transfer the coins immediately, wait for a time when there is less strain on the network and try again.

We recommend using external tools like BSCscan to get an overview of a network’s current performance and decide the time of transaction accordingly.

Contacting Binance Support

If none of the above-mentioned methods worked for you, contacting Binance customer support is your next best option. They should be able to locate and resolve the underlying issue with your BNB transactions.

Conclusion

Binance Coin (BNB) transactions are relatively fast with an average transfer time of 5-15 minutes. However, it’s important to remember that these averages can change based on a number of factors like network congestion and the wallet of your choice.

We recommend doing more research and thoroughly understanding how Binance coin transfers work. This knowledge will allow you to use BNB more efficiently, so you can spend more time devising trading strategies and less time waiting for transaction completion.


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