Transfering Funds to Another Network

Marvell1

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Quote from: GreatArkansas on April 07, 2022, 08:48:28 PM

Quote from: Tytanowy Janusz on April 03, 2022, 01:39:29 AM

Option 1:
Deposit to CEX (centralized exchange) that support cross chain withdrawals. Most CEX do that. For example binance or even hotbit:

For me, this is a good option for most of the chains these days. I already tried bridge on some networks and used CEX (centralized exchange) as a bridge.
Especially if you are transferring a low amount of funds in the bridge, you will just eat by transaction fees because there are some bridge that the fees are fixed not based on the percentage you bridge.
Another thing to consider is non-user/newbie friendly using bridge platforms, especially if you are that non-techy or newbie on these things, you will find some difficulties.

Most of the market participants will have an account on CEX so to make it simpler and avoid the risk of transfering to another network, CEX is a great option. In addition to transaction fees, when we use the bridge it will be quite difficult for new users because manipulating more steps can lead to confusion and loss of money. I only use bridge platforms when my holding tokens are not listed on CEX.

Xal0lex

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Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

Hello, I'm quite new to DeFi projects and smart contracts, and I'm interested in getting to know more about them. Currently, I've only invested in projects found on the Binance Smart Chain network. My portfolio is consisted of two smart contracts, FTM - USDT and UST - BUSD, which aren't too bad, but there are far better ones in other chains.

My question now is, how do I transfer funds from one network to another? Up to this point, I have a decent sum of money in BUSD and USDT. Due to being a complete newbie regarding this matter, I don't want to mess anything up and end up losing my funds, it's not a banking service, thus, if I do something stupid, there's a high chance that my money is lost on the blockchain.

You should use cross-chain aggregators where you can choose the right bridge to exchange tokens.

You can find a detailed table of bridges here: https://docs.google.com/spreadsheets/d/1jYZOfU2R3PdzRmnY9Nfc4pzerX_YSInNdyhtSj_3oWY/edit#gid=0

You can also use DEX exchanges to exchange tokens. It won't take much time, but it will cost a bit more in commissions because you will have to do more actions to get the final result.

GreatArkansas

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Quote from: Tytanowy Janusz on April 03, 2022, 01:39:29 AM

Option 1:
Deposit to CEX (centralized exchange) that support cross chain withdrawals. Most CEX do that. For example binance or even hotbit:

For me, this is a good option for most of the chains these days. I already tried bridge on some networks and used CEX (centralized exchange) as a bridge.
Especially if you are transferring a low amount of funds in the bridge, you will just eat by transaction fees because there are some bridge that the fees are fixed not based on the percentage you bridge.
Another thing to consider is non-user/newbie friendly using bridge platforms, especially if you are that non-techy or newbie on these things, you will find some difficulties.

NewRanger

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Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

My question now is, how do I transfer funds from one network to another? Up to this point, I have a decent sum of money in BUSD and USDT. Due to being a complete newbie regarding this matter, I don't want to mess anything up and end up losing my funds, it's not a banking service, thus, if I do something stupid, there's a high chance that my money is lost on the blockchain.

some defi project provide brigde and support other chain to staking. without this bridge defi project wouldn't growth on its TVL. developers team will always provide guide to staking via bridge.

Quote from: Ulven on April 07, 2022, 03:07:44 PM

To avoid losing your money from mistake on first time, just try a little amount of coin when you want to transfer it.
It is very recommended to use small amount of coin as a test to confirm that you are doing it right.
Transfering funds between different blockchains will cost us more money, we should be very careful to not lose our money because our own mistake.

testing was an obligation for us while tranferring across chain to avoid big mistake. while we make little mistake , tranferring will not get back and could not be undo.

magneto

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Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

Hello, I'm quite new to DeFi projects and smart contracts, and I'm interested in getting to know more about them. Currently, I've only invested in projects found on the Binance Smart Chain network. My portfolio is consisted of two smart contracts, FTM - USDT and UST - BUSD, which aren't too bad, but there are far better ones in other chains.

My question now is, how do I transfer funds from one network to another? Up to this point, I have a decent sum of money in BUSD and USDT. Due to being a complete newbie regarding this matter, I don't want to mess anything up and end up losing my funds, it's not a banking service, thus, if I do something stupid, there's a high chance that my money is lost on the blockchain.

You can either transfer money across bridges or through a CEX.

E.g. if you want to bridge to Fantom, then you can do so through spookyswap. Alternatively you can just convert everything you have in BNB, deposit to an exchange like Kucoin, and then exchange it to the native token of the other chain you want to farm on.

I think that it's a good idea to chase high yields, but only reasonably. No point in switching it up for a few % as your fees are probably going to rekt you.

Ultegra134

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Quote from: Moeda on April 07, 2022, 02:23:50 PM

Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

Hello, I'm quite new to DeFi projects and smart contracts, and I'm interested in getting to know more about them. Currently, I've only invested in projects found on the Binance Smart Chain network. My portfolio is consisted of two smart contracts, FTM - USDT and UST - BUSD, which aren't too bad, but there are far better ones in other chains.

My question now is, how do I transfer funds from one network to another? Up to this point, I have a decent sum of money in BUSD and USDT. Due to being a complete newbie regarding this matter, I don't want to mess anything up and end up losing my funds, it's not a banking service, thus, if I do something stupid, there's a high chance that my money is lost on the blockchain.

Are you new to the crypto market so you don't understand these ways?
This is something easy to do. Almost all exchanges today have alternatives for withdrawing coins with different networks. In one exchange there are several blockchain networks. We just need to choose which blockchain we want go to.

I joined DeFi investments in February of 2021, for a couple of months at most. Back then, there weren't many networks available (I remember Polygon and one or two others at most). I invested in a couple of successful projects, earning a decent sum of money, but due to lack of time and effort, I hadn't bothered for quite a while. Thus, I was away when all these new networks were founded, and never bothered to investigate further, the BSC network had plenty of opportunities for me so far, so I never thought about switching, till now.

Ulven

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Quote from: SistaFista on April 07, 2022, 11:14:06 AM

To avoid losing your money from mistake on first time, just try a little amount of coin when you want to transfer it.
It is very recommended to use small amount of coin as a test to confirm that you are doing it right.
Transfering funds between different blockchains will cost us more money, we should be very careful to not lose our money because our own mistake.

Great idea well done, any cryptocurrency user should have experience in transferring money across different chains by experimenting with small amounts. That's why our friend can go to work and try different wallets and chains like doing some exercise

Moeda

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Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

Hello, I'm quite new to DeFi projects and smart contracts, and I'm interested in getting to know more about them. Currently, I've only invested in projects found on the Binance Smart Chain network. My portfolio is consisted of two smart contracts, FTM - USDT and UST - BUSD, which aren't too bad, but there are far better ones in other chains.

My question now is, how do I transfer funds from one network to another? Up to this point, I have a decent sum of money in BUSD and USDT. Due to being a complete newbie regarding this matter, I don't want to mess anything up and end up losing my funds, it's not a banking service, thus, if I do something stupid, there's a high chance that my money is lost on the blockchain.

Are you new to the crypto market so you don't understand these ways?
This is something easy to do. Almost all exchanges today have alternatives for withdrawing coins with different networks. In one exchange there are several blockchain networks. We just need to choose which blockchain we want go to.

Ultegra134

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Quote from: SistaFista on April 07, 2022, 11:14:06 AM

To avoid losing your money from mistake on first time, just try a little amount of coin when you want to transfer it.
It is very recommended to use small amount of coin as a test to confirm that you are doing it right.
Transfering funds between different blockchains will cost us more money, we should be very careful to not lose our money because our own mistake.

A few others also noted that, however, I'd like to mention that when I tried using one of those bridges, it was prohibitive to use for small amounts ($10-$20), and would result in over 20-30% loss of funds. I'm not sure, it could be that specific bridge's fault, or because I was trying to transfer BUSD to the Fantom network, and it had to go through a wide range of transactions to actually transfer as BUSD.

SistaFista

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To avoid losing your money from mistake on first time, just try a little amount of coin when you want to transfer it.
It is very recommended to use small amount of coin as a test to confirm that you are doing it right.
Transfering funds between different blockchains will cost us more money, we should be very careful to not lose our money because our own mistake.

Adbitco

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These you got to do for yourself, first is dependant on what place you wishes to transfer your coin. There are many exchanges that supports few chain via their deposit, Binance chain which is known to be BSC. But I want to know if your sending directly to wallet or sending to exchange or withdrawal then it will be more easier to explain.
For withdrawal; you can only send directly to the wallets which supports the coin.
For Deposit; you have to note if your coin is on ETH or BSC, TRC20 and many more before proceeding with deposit. For trusted exchange like Binance if you copied the wrong address it will be warned.

zonefloor

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I suggest you to research this issue thoroughly and transfer over networks. Because a small mistake you make can cause you to lose your entire existence. However, many networks are supported on the trustwallet wallet application and generally allow the use of the same wallet addresses. In this way, you can provide your transfers. However, as I mentioned at the beginning, do not make your transfers without doing your research. Otherwise, you may lose all your money and cause irreversible mistakes.

Ultegra134

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Thank you for all your replies, I appreciate every and each one of them. Currently, I've invested some money in FTM - USDT, on Binance Smart Chain, and I'll potentially try to diversify my portfolio and resort to transferring some funds to Polygon or FTM, if I find something that catches my attention. Generally, I'm trying to be careful, due to DeFi's complexity, meaning that it's completely decentralized, and a single mistake could result in a loss of funds.

Thanks again, your help was appreciated.

ufaiz50

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Usually I look at Youtube to see how it works just like transferring from BSC to Avax network some of them is a little bit complicated and I understand that you don't want to make mistake since a simple mistake can lose your money. If you want to be sure here's what my other method as for example I transfer my BSC token to exchange site such as Binance and from there I sell it to USDT and buy AVAX and withdraw it to AVAX wallet in that way I am sure that I can withdraw it to AVAX network since there is an option there what network would you like to withdraw your coin.

southerngentuk

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I know that there are many cross-chain bridges and you can easily use them even for the first time.

Personally, I've been using spacegate on the coin98 super app recently, and I'm quite pleased that it has a wide selection of cross-chain bridges.

verbakalim

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Transferring funds to different networks on the crypto currency exchanges used does not cause much trouble. The main problem is to transfer your funds from a wallet that you use outside the exchange to another network. In case of an error, your money goes to a wallet belonging to a network that you cannot reach. In this case, your funds will be lost.

Refer to thes.
https://anyswap.exchange/#/router
https://cbridge.celer.network/#/transfer
https://bridge.evodefi.com

PrivacyG

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Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

I don't want to mess anything up and end up losing my funds, it's not a banking service, thus, if I do something stupid, there's a high chance that my money is lost on the blockchain.

Then create a new seed and move a small amount of money to it. Say 5 to 10 bucks. Then attempt swapping these rather than attempting directly with your main wallet.

-
Regards,
PrivacyG

batang_bitcoin

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It's easy and depending to the wallet or exchange where you're going to send it. Like if your USDT is on the exchange it's on bep20 or bsc. You just have to choose in your receiving wallet the right network or chain that you're going to send it and that's automatically going to be received as is on that network. Just make sure that you're sending and receiving from the same network to avoid having any problem like the typical problem of sending on the wrong network.

lousie9

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inter-network exchange is widely available for BSC network you can also do it on bridge or binance platform like https://bridge.evodefi.com/
on the platform it is very easy you just need to enter the wallet that you will use to exchange between networks and there are several choices of networks that you will use making it easier for you to do this even if you are new to exchange between networks, and hopefully this helps you a bit not to lose your money due to wrong move.

Ultegra134

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Quote from: Kavelj22 on April 02, 2022, 06:18:24 PM

Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

My question now is, how do I transfer funds from one network to another? Up to this point, I have a decent sum of money in BUSD and USDT. Due to being a complete newbie regarding this matter, I don't want to mess anything up and end up losing my funds, it's not a banking service, thus, if I do something stupid, there's a high chance that my money is lost on the blockchain.

Yes it's possible to transfer tokens from a chain network to another using the SWAP function in metamask (I can't tell if this option is available on other clients like walletconnect). There are tutorials on how to use this function.
For example, this is a guide on how transfer a token from Binance Smart Chain to Polygon: https://medium.com/crypto-and-defi/how-to-sent-matic-from-bsc-to-polygon-4bcd815ca49e

If you keep safe your private key of the address holding the token (whatever the chain), then you should be safe swapping tokens from a chain supported by metamask to another.

Thank you, generally I'm quite hesitant when making such moves, as I've said earlier, I don't have much experience, and I've always used Binance Smart Chain, thus, I have zero experience with other chains. I've seen a few guides, but wanted to ask the Bitcointalk community first.

Quote from: Tytanowy Janusz on April 03, 2022, 01:39:29 AM

Quote from: Ultegra134 on April 02, 2022, 01:38:27 PM

I don't want to be mean but I think I should tell you that most likely you are not the best DEFI investor if you don't even know how to transfer your founds through chains ... how the hell you think you are experienced enough to say that "but there are far better ones in other chains.".

Now back to your question:

Option 1:
Deposit to CEX (centralized exchange) that support cross chain withdrawals. Most CEX do that. For example binance or even hotbit:

Option 2:
Chose a good bridge and fallow instructions. For example celer bridge or anyswap.

No offense taken, I never considered myself an advanced investor, I'm a mere newbie who has invested in a few smart contracts and made some profit. Nothing more, nothing less. Thanks again.

Topic: Transfering Funds to Another Network (Read 207 times)