Let's say I'd like to withdraw 1inch from Binance to any sort of crypto wallet. On the Binance fee schedule webpage one finds the following (column names above, screenshot of fees below):
Coin/Token | Full Name | Network | Minimum Withdrawal | Deposit fee | Withdrawal Fee
From what I understand, I can choose between two networks, the BEP20 and ERC20. Now, to carry out the transaction successfully, both the sending and the receiving wallet need to support the chosen network (e.g. the ERC20). (?) I'm wondering because the introduction video of Binance states that funds will be entirely lost, if one tries to transfer on a chain (e.g. ERC20) which is not supported on the receiving end.
As for the fees, I'm not entirely sure whether they are calculated in the transfer-network token, or in the original token:
- 3.86 ERC20 = 0.016551 $ (according to this price converter platform)
- 3.86 1inch = 19.8404 $ (according to coingecko)
This discrepancy is huge, so I'd like to know which of the two will be the actual network payment price.
Moreover, due to this price converter platform I'm pretty sure that 1 ETH is not the same as 1 ERC20, i.e. these are also two different tokens. This question arose because of the following screenshot of ETH - withdrawal fees depicted on the same Binance fee schedule webpage:
In the beginning, I thought the transaction fees were super high, but if I'm not mistaken, as 0.008 ERC20 = 0.000034 $, the actual transaction fees should be quite affordable.
Well, am I missing something here? Thanks in advance for your help.