One of the challenges that come with using multiple smart contract platforms is how to move funds from one to another.
Because different chains support different token standards, you can’t just send a token on one chain directly to another without first converting it to the native coin of the new chain.
For example, Ethereum supports only ETH and ERC20 tokens, BSC supports BNB and BEP20 tokens, smartBCH supports BCH and SEP20 tokens, etc.
To move funds to another chain, you have to first convert your current asset to their native currency like ETH, BNB, or BCH, for Ethereum, BSC, and smartBCH respectively.
Then you can use these native coins to buy any token you want on the new chain.
In this post, I would be sharing with you the top 3 ways to move funds from one chain to another.
Top 3 simple ways to move funds across different chains
You can move funds from one chain to another seamlessly via:
Let’s discuss how to use each of the above ways to move funds across chains below.
1. Centralized exchanges (CEX)
The most popular way to move funds from one chain to another is through centralized exchanges like Binance, FTX, CoinFlex, etc.
The fees tend to be lower and in some cases like on CoinFlex, it’s free.
To move funds to a new chain using a centralized exchange, you must first have an account with that exchange. Then transfer your current asset there for conversion to the native coin of the chain you want to fund.
For example, if your money is in ETH and you want to use it on BSC, you will need to deposit your ETH to your Binance exchange account first.
Then sell the ETH to BNB, and withdraw the BNB to your wallet address on BSC as a BEP20 token.
Better still, you can simply deposit your ETH on Binance and withdraw the same ETH as a BEP20 token to your BSC wallet if that’s what you’re trying to do.
The same applies to any other coin and exchange you use.
Requirements for this to work
It’s not every centralized exchange that lets you move funds from one chain to another.
The following conditions must be present to be able to move funds to a different chain using a centralized exchange:
- The exchange must support the chain you want to move funds to.
- Your current asset (the token you want to sell) must be listed on the exchange.
- You must have an account with the exchange.
If the exchange does not support the crypto asset you have, you must first convert it to one of the coins or tokens it accepts, then fund your account with that.
Top centralized exchanges and the various chains they support
- Binance: Ethereum, Solana, BNB Smart Chain, Fantom, Avalanche, Arbitrum, Polkadot, Binance Beacon Chain (BBC), Polygon, Tezos, NEAR Protocol, Algorand, etc. Binance supports the largest number of chains among all centralized exchanges.
- KuCoin: BNB Smart Chain (BSC), KuCoin Community Chain (KCC), Ethereum, Binance Beacon Chain, Solana, Polygon, Avalanche, Algorand, Polkadot, NEAR Protocol, Tezos, etc.
- FTX: Solana, BSC, BBC, Ethereum, Polygon, NEAR, Polkadot, etc.
- CoinFlex: SmartBCH, BNB Smart Chain
- Huobi: Huobi Eco Chain (Heco), Ethereum, BBC, Solana, Algorand, Avalanche, Polkadot, NEAR, etc.
This is certainly not an exhaustive list of exchanges supporting multiple chains, and these exchanges are constantly adding support for new chains.
So, whatever your favourite exchange is, you can easily check for yourself and confirm which chains they support.
2. Instant swap exchanges
One of the fastest ways to move funds from one chain to another is to use instant swap exchanges. They don’t require registration and support hundreds of blockchains and thousands of coins or tokens.
- Go to the website of your favourite instant swap exchange or use our swap service on this site.
- Select the crypto asset you have now and want to convert and enter the amount you want to exchange.
- Then select the coin or token you want to convert it to. The system will automatically calculate the exchange rate.
- Provide the wallet address where you want to receive the new coin after conversion.
- Send your crypto asset to a designated wallet address.
- Wait for the transaction to complete and receive the new coin in your wallet.
Why use instant swap exchanges
- They require no account registration or KYC like most centralized exchanges do.
- There’s no limit to how much crypto you can swap for another using instant swap exchanges.
- They support more chains and coins than most centralized exchanges.
- They usually, give the best exchange rates sourced from multiple centralized exchanges that they’re connected to.
Click here for a list of the top 6 instant crypto exchanges and swap service platforms you can use to move funds across hundreds of chains.
3. Cross-chain bridges
Cross-chain bridges connect you to two or more chains and help you move funds between them seamlessly.
They are the most decentralized way of moving funds across chains because they’re controlled by a smart contract, and that’s why privacy-conscious users prefer them to centralized or instant swap exchanges.
Popular cross-chain bridges and the chains they connect to
- AnySwap Bridge: Connects you to Ethereum, Avalanche, Arbitrum, BSC, Fantom, Polygon, Moonbeam, Moonriver, Harmony, Optimism, Aurora, Boba, Cronos, OKC, Heco, KCC, Telos, and dozens of other popular chains with support for hundreds (if not thousands) of coins and tokens.
- Polygon Bridge: Connects you to Polygon and the Ethereum mainchain. And allows you to move ETH and over 1700 different tokens between the two chains.
- hop.cash: This is a cross-chain bridge that links the smartBCH sidechain to the Bitcoin Cash (BCH ) main chain. It helps you to bridge your BCH to and from the SmartBCH network.
- Mistswap Bridge: Connects you to over a dozen chains including BCH, smartBCH, Ethereum, BSC, Avalanche, Bitcoin, Fantom, Solana, Polygon, etc. The bridge allows you to swap one token for another and send it to a different chain or send the same token or coin from one chain to another. It’s one of the few cross-chain bridges that combines the features of both centralized and instant swap exchanges with cross-chain bridges.
- PolyBridge: Helps you connect to over a dozen chains including Ethereum, BSC, Ontology, Heco, OKExChain, Polygon, Fantom, Avalanche, Arbitrum, Optimistic, etc with support for hundreds of tokens and NFTs.
Of course, this is not an exhaustive list of cross-chain bridges. You can do your own research (DYOR) and discover a lot more online. But be careful of scams and phishing bridges. Those are designed to steal your money if you connect your wallet to their site.
How to use cross-chain bridges
Each cross-chain bridge has its own specific swap processes and they’re very simple and intuitive enough. All you have to do is follow the onscreen instructions to complete your swap transaction.
However, the following is the general guide to using a cross-chain bridge.
- Go to the bridge website.
- Confirm that they support both the chain you want to move funds from and the one you want to move to.
- Connect the wallet where the funds you want to transfer are stored.
- Select the chain the coin is currently on and enter the amount of the token you want to transfer.
- Select the chain you want to move it to and provide the receiving wallet address.
- Approve and sign the transaction with your wallet and wait for confirmation.
You’re done! Your coin will be credited to the receiving wallet address accordingly.
The major limitation with most cross-chain bridges is that they only allow you to move the same token from one chain to another.
For example, you have ETH on Ethereum main chain and you want to use it on Solana, BSC, Avalanche, Arbitrum, Polygon, etc. A cross-chain bridge will get the job done perfectly.
But if you have ETH on the Ethereum main chain and want to convert it to BCH and move it to smartBCH you have to use a centralized or instant swap exchange discussed above.
Or better still, use a hybrid cross-chain bridge like the MistSwap Bridge discussed above would serve you well.
Conclusion
Moving funds from one blockchain network to another shouldn’t require a degree in blockchain technology for anyone, even if you’re a beginner.
If privacy and centralization are not a serious concern for you, you can use a centralized exchange to move your money across chains.
But if you want to transact under the radar then you can consider using the services of instant swap exchanges and cross-chain bridges.
Whichever method you choose, you’re guaranteed to get your money wherever you want it in under a few minutes.
Which is your favourite method of moving funds from one chain to another? Share with us in the comments section below.
Never walk alone! Join us on noise.cash and Telegram where we talk crypto all day with other passionate and knowledgeable crypto investors.