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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

enter image description here

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:

  1. 3.86 ERC20 = 0.016551 $ (according to this price converter platform)
  2. 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:

Coin/Token | Full Name | Network | Minimum Withdrawal | Deposit fee | Withdrawal Fee enter image description here

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.

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As for the fees, I'm not entirely sure whether they are calculated in the transfer-network token, or in the original token:

The fee is given in either the native currency of the associated network, or, for token transfers, the token itself.

Anything marked as ERC20 is an ERC-20 token on the Ethereum main net. Fees are paid in that token.

Anything marked as BEP20 is an BEP-20 token on the Binance Chain main net. Fees are paid in that token.

The ERC-20 price conversion you have used is unfortunately misleading. There is no "ERC-20 price": ERC-20 is a token standard that tokens - including the 1inch token - adhere to, rather than being a token itself.

What you have pointed to is an ERC-20-compliant token that someone has confusingly named "ERC20".

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  • Thanks for pointing that out. So the unit of the withdrawal fees ALWAYS refer to the original token (in my first example 1inch), i.e. in the aforementioned case of 1inch, withdrawal fees would amount to either a whopping 3.86 * 1inch = 19.53 $ using the ERC20 - network, or just 0.045 * 1inch = 0.23 $ using the BSC - network?
    – Andreas L.
    Mar 19, 2021 at 20:06
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    That's correct. The price difference in this case is a result of how the two different networks - the Ethereum main net and the Binance Chain main net - operate. (Without going into too much detail, the Binance Chain has sacrificed certain aspects of decentralisation - i.e. there are only 21 validator nodes... - for quicker and cheaper transactions.)
    – Richard Horrocks
    Mar 19, 2021 at 20:22

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