How to Transfer USDC from BSC/BEP-20 to ETH (and Other Networks): A Binance to MetaMask Journey
Forced to Remove My Assets from a Centralized Exchange: Binance’s Case
Like many others worldwide, I’m sure you’ve faced the conundrum of being off-boarded by a centralized exchange at some point (unless, of course, you’re one of those elusive 2013 crypto aficionados). For me, this off-boarding was a result of regulatory changes that rendered Binance’s exchange services unavailable in Canada.
The silver lining? Binance left my BNB tokens untouched. Though I still had the option to leave my BNB dormant on the exchange, I’m a firm believer in letting my crypto work for me.
Given that I was restricted from using Binance’s Spot or Trading services, I promptly transferred my BNB balance to my Metamask wallet, aiming to purchase some shiny Cosmos (ATOM) tokens. But, as they say, the devil is in the details.
Is Purchasing ATOM with BNB a Thing?
The answer is a resounding ‘yes’…but with a twist. You can buy ATOM using your Metamask wallet funded with BNB. However, your funds get locked in Metamask’s BNB (BSC/BEP-20) network. This means if I harbored intentions of staking my ATOM (for an enticing ~18% APR!) or exploring other dApps on the Cosmos network, the app in question would need to be compatible with the BNB network on Metamask.
And, guess what? Many aren’t.
To sidestep the unpredictability of market price fluctuations, I traded my BNB holdings for USDC, ushering in a new set of challenges.
Moving my USDC from BNB Network to Polygon on Metamask
For those familiar with the intricacies of Metamask, it offers a bridging feature — facilitating the movement of crypto assets between networks. You can access this feature via your Metamask Portfolio.
However, a drawback is that Metamask skims a 0.875% fee from your transaction when bridging directly through their platform — and this applies to many of their services. For some, this might seem minuscule. For frugal users like myself? In this economy? An absolute deal-breaker.
After scouring platforms like DefiLlama and assessing numerous bridging services, I realised I could use the actual service provider Metamask relies on for their quotations: Connext Bridge. When I verified the rates directly on Connext, I was in for a revelation. Check it out.
At the time of writing, Connext Bridge, though still in Beta, proved to be a game-changer. Keep in mind, rates (or gas fees) can fluctuate based on the time of day and current volume on the respective networks. You can view the confirmation of my transaction below.
Here’s the jaw-dropper:
Metamask’s in-dashboard bridge would cost you a staggering 1474.76% more than Connext Bridge. It’s highway robbery.
Navigating the crypto landscape can feel like wandering through a maze. There are twists, turns, and a few unexpected surprises. For those wondering about the ATOM, I got it staked for ~18% APR. Admittedly, I made a few trades using Metamask’s built-in features and took some hits. Hence, the birth of this guide — to ensure you sidestep the pitfalls I stumbled upon :)
Always remember to do your due diligence, and if you come across any shortcuts or hidden treasures, don’t hesitate to share them with the community or reach out if you have any questions.
If this guide lightened your crypto load or saved you from potential troubles, a little shout-out or nod of appreciation is always a boost at
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Quick Friendly Disclaimer:
Just a heads-up: everything I’ve shared here is based on my personal experiences and thoughts. I’m not affiliated with any of the companies or platforms mentioned. Remember, crypto can be a wild ride, so always do your own research and only invest what you’re comfortable losing. Stay safe and happy trading!
