I’m new to crypto and finding the different networks and token types confusing.
I believe that moving ETH from Binance to Metamask requires my Metamask wallet to be on the custom Smart Chain, which I have done, and to transfer using the ERC20 rather than BSC network. If that’s incorrect, please let me know!
When my ETH arrives in my wallet, however, can I connect and trade on a DEX like Uniswap or 1Inch, or do I have to stay on the Smart Chain? I assume it’s as straightforward as changing over to the Mainnet, but I’m not sure if I need to use a bridge or stay on Smart Chain instead.
You can withdraw from binance to metamask using regular eth mainnet, that is what you want to do. Then once your tokens have arrived you can use swap platforms like you mentioned or our built in swap feature.
Literally every guide and tutorial I’ve seen regarding Binance suggests that you have to be connected to Smart Chain. And I hear so many stories about lost tokens that I was paranoid about using the wrong protocol.
No problem just make sure you select the correct option for eth mainnet network when doing the withdraw on binance. It can be kind of confusing how they’ve named different networks on there.
I thought the whole point of Trust Wallet and Metamask linking up was to be able to transfer BEP20 coins from TW to MM and then on to Uniswap or MATIC? Seems like you can’t because you can’t transfer from BSC to ETH Mainnet on MM. You may as well just transfer your coins from Binance Exchange as ERC20 tokens direct to Metamask ETH Mainnet and pay the huge gas fees. I can’t for the life of me see what the point is in having the Smart Chain Network on Metamask. Am I missing something? Can someone put me in the picture before I waste any more time on this seemingly pointless exercise??
No need to get confused. Everything is available on the internet.
The main thing is, there are blockchain networks like ETH, BSC, Polygon, xDAI, HECO, Fantom, and several others. There are stable coins like USDT, USDC that get pegged usually into every network. There are network bridges to transfer tokens from one network to another. Though, there is also another way with exchanges like Binance.
CryptoTrackers is right, If you look into Network Bridges you will find solutions for moving your tokens from one network to another. They tend to come with Minimum Fees though, so not very useful for small amounts