How to transfer ETH to Optimism ETH using Trust Wallet? This guide, explains the entire process from Binance to Trust Wallet and vice versa.
Trading advanced cryptocurrencies like Ethereum are quite complicated these days. Moreover, trading these cryptocurrencies isn’t about going to a centralized exchange like Binance or Coinbase anymore.
Nowadays crypto has evolved into a multichain ecosystem with more than 100K(!) digital currencies divided over different blockchain platforms. As the majority of these tokens aren’t listed on the major exchanges you have to enter the DeFi space to be able to trade(swap) them.
A common way to do this is by using ETH and transferring it over a bridge to the blockchain platform of your interest.
One of the platforms you’re most likely going to be bridging to is Optimism, a layer 2 crypto that functions on top of Ethereum. You’ll likely want to bridge your crypto to Optimism because the platform offers much lower fees and faster transactions.
By continuing to read this guide you’ll learn the following for getting ETH to Optimism ETH:
- Withdraw ETH to Optimism by using Binance
- How to install Trust Wallet
- Get ETH off Optimism and on Ethereum Mainnet
Withdraw ETH To Optimism using Trust Wallet: Quick Take
In short, below are the necessary steps to get Ethereum(ETH) from Binance to Optimism by using Trust Wallet. Additionally, I assume you already have a Binance account and are using a mobile device. Overall, you have to do the following:
- Login on your Binance App
- Install Trust Wallet on your device
- Create a new wallet and write down the recovery phrase(key)
- Add Optimism ETH to Trust Wallet
- Transfer ETH from Binance to Optimism ETH
The steps above are a quick take of the steps you must follow. Later on in this guide, I’ll go into more detail by including screenshots. Spoiler: using Binance withdrawals within the Trust Wallet App, are the fastest and most easy to follow exercise!
Why use Trust Wallet
First of all, Trust Wallet is a beginner-friendly solution for those who want to know more about DeFi, NFTs, and storing coins in general. Especially, the idea of having control over a wide array of tokens in the palm of your hand makes it very appealing.
Also, Trust Wallet is famous for using several dAPPs including PancakeSwap, AppolloX, WazirX, or LooksRare(NFTs). For example, if you want to trade your BUSD tokens on a DEX you can use Pancakeswap to swap any token for BUSD. All this will be executed on the underlying BSC blockchain network.
Trust Wallet and Binance Withdrawals
Why use Trust Wallet for Binance withdrawals? Usually, when you want to send tokens away from the Binance exchange it takes some extra work. For instance, you have to use two apps at the same time(Binance and external wallet) and switch between them. Overall, the withdrawal process isn’t very convenient that’s why Trust Wallet integrated the Binance withdrawal process.
In other words, when using Binance withdrawals with Trust Wallet, the entire task can be done from within the App. In my opinion, this is a great step forward and prevents the following:
- Crypto withdrawals are risky and not refundable
- No more copy/paste long codes(public keys)
- No need to use the QR and switch between Apps or devices
Finally, using Binance withdrawals within the Trust Wallet App is a new feature. In addition, with this feature, there’s no need to worry about putting in the right address. It’s all done automatically for you.
(*) Unfortunately at the time of writing, withdrawing Optimism ETH to Trust Wallet isn’t integrated with Binance. Meaning, that for doing withdrawals with Trust Wallet you still need to copy/paste public keys and switch between Apps.
Don’t worry too much about this. Later on, I’ll go into more detail on how to get ETH to Optimism step by step(including the necessary screenshots).
How to Setup Trust Wallet
At the beginning of this guide, I explained to you briefly the process of creating a wallet on Trust Wallet. In this section, I’ll guide you step-by-step and also explain how to add the ETH Optimism token to Trust Wallet in order to receive funds. Here we go 😁:
- Go to the Trust Wallet homepage.
- Click the icon to download the app for your device.
- Open the app.
- Tap Create a new wallet.
- Check the box and tap Continue to accept the Terms of Usage.
- Take note of your recovery phrase.
- It’s important to keep this safe because anyone can use it to access your wallet.
- It’s not possible to take a screenshot of this screen.
- Tap Continue.
- Re-enter the recovery phrase to verify it.
- Tap Continue.
|❗ TIP – A good option for securing your recovery phrase is to use a stainless steel crypto wallet that can survive about anything, from fire to acids, and lasts more than 20 years.|
Withdraw ETH from Binance To Trust Wallet
Getting ETH on Optimism by using the centralized Binance exchange is a very cheap way to bridge the Optimism blockchain network. Besides, it must be clear that you need some ETH funds available in your exchange wallet. If you don’t have ETH funds yet, buy some at the exchange or deposit ETH to the exchange.
In addition, to proceed with the ETH transfer, below are the steps you must follow:
- Make sure you are logged in at your Binance account
- Open Trust Wallet App
- Tap on Manage Tokens
- Enter ETH in the search bar and choose toggle blue
- Tap Done
- Next, tap Optimism ETH in the Tokens list
- Tap Receive button
- An image with a QR-Code appears, copy the ETH address to the clipboard
- Now switch and log in to the Binance App
- Find your ETH funds and click ‘Withdraw‘
- Choose the Send via Crypto Network option
- Paste your ETH address from the clipboard in the Address field
- Make sure to choose the Optimism One network here
- Finally, enter the amount of ETH and click Withdraw
To finalize the transaction you have to do one extra step where a PIN will be sent to your e-mail address. Use this code sent to your e-mail to finalize the withdrawal. The entire withdrawal on the Optimism network should last a few minutes(1 to 5). Additionally, Binance will send a notification when the withdrawal has been processed.
Finally, at this point, you are all set to use ETH tokens on Optimism and you can switch back to the Trust Wallet app.
How To Get ETH Off the Optimism Network(And on Mainnet)
First of all, there are several platforms in DeFi that offer a bridge to get ETH from Optimism to Ethereum Mainnet. So if you don’t favor centralized exchanges(like Binance) then you should try to find one of them.
However, bridges can be slow, risky, and they are expensive. As a result, Binance can help you out if you are a beginner in DeFi. Overall, to move ETH from the Optimism network to the Ethereum Mainnet using Trust Wallet, follow these steps:
- Login to Binance to bridge between Optimism and Ethereum Mainnet
- Send Optimism ETH tokens from Trust Wallet to your Binance account, selecting the Optimism network.
- Once on Binance, your ETH will be on the Optimism network.
- Withdraw your ETH from Optimism Binance to an external wallet, like Trust or MetaMask, choosing Ethereum Mainnet.
Finally, these steps ensure a smooth transition, allowing you to access your ETH on the Ethereum Mainnet using your preferred external wallet.
Conclusion: Withdraw ETH to Optimism using Trust Wallet
Trust Wallet is a popular option for crypto traders who want to access the DeFi space. In this guide, I have explained to you the steps you have to take to withdraw ETH to Optimism by using Binance.
Moreover, the combination of crypto withdrawals from Binance to Trust Wallet is a very convenient process that only takes a few minutes. Also, with funds available on Trust Wallet you can access any DeFi platform where you simply have to connect your wallet to the preferred blockchain network.
Can I Withdraw From Binance To Trust Wallet?
Users can now transfer crypto assets from their Binance Crypto Wallet to their Trust Wallet app without any fees except for the gas fees, or needing to scan/input a wallet address.
How Long Does It Take To Send ETH to Optimism?
In this guide, I explained the withdrawal process between Binance and Trust Wallet. Withdrawing ETH to Optimism usually takes a few minutes and Binance will notify you when the transaction has been processed.
What Are the Transaction Fees For Sending ETH to Optimism by Using Binance?
Overall, transaction fees on the Ethereum blockchain must be paid in ETH tokens. However, fees are very low where sending Optimism ETH to Trust Wallet is about 0.00035 ETH.
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