Only $1 fee to transfer funds to Polygon/Matic
Updated: 28/5/2021:
- Ascendex raised the withdraw fee from $0,20 to $1
- If you use Ascendex for the first time there is 24 hour lock up after enabling 2 factor authentication (which is highly recommended)
If you want to enjoy the benefits of the Polygon Network but tired of the slow and expensive process to get your funds on the Polygon Network chain? In this short step by step tutorial I will share the cheapest and easiest way(s) to move funds from any chain to the Polygon layer 2 chain.
I am an experienced Yieldfarmer on $ETH, $BSC and $MATIC chains. Due to the high gas fees on Ethereum I moved a big portion of my business to Binance Smart Chain, this made it easier for me to adapt and adjust to opportunities. Since a couple of weeks I’m fully into the layer 2 solution Polygon. If you love the low fees on the Binance Smart Chain then you will be even more in love with the fees on Polygon. Most transactions cost a fraction of a cent. The only downside I found? Moving funds to the Polygon network! There are high Ethereum fees involved and it is a slow process (transaction time is at least 7 minutes). I also checked other options like https://www.xpollinate.io/ but I found that the liquidity was too low to transfer more than $10.
After further digging around and checking several options I found the cheapest way to move funds to the Polygon network. For only $ 1dollars you can move $USDC to Polygon, if you prefer to transfer $MATIC the imo reasonable fee is 2 $MATIC. There are 3 easy steps; Register, Deposit, Withdraw. I will also high light alternative routes. Ofcourse always DYOR!
STEP 1 — Register (no KYC requiered)
First of all you need to create an account with AscendEX (former Bitmax). I highlighted some interesting things about AscendEX.
* No KYC required
* Withdrawal up to 2 $BTC daily without KYC required
* Number 25 exchange at the time of writing
* Multiple chains supported (also Solana, BSC, Polygon, Litecoin, Tron, FIO addresses, etc.)
* I have an account for multiple years now and never had any problems, still DYOR.
* A lot of lowcap crypto’s are listed early here
* note that if you use Ascendex for the first time there is 24 hour lock up after enabling 2 factor authentication (2FA) (which is highly recommended)
STEP 2 — Deposit
Deposit funds to AscendEX, see a list of supported crypto currencies here on Coinmarketcap. Please note that AscendEX only support the Polygon Network for $USDC and $MATIC at the moment of writing (if possible it’s the easiest to deposit one of those, I will cover others crypto deposits too). AscendEX also allows fiat deposit via Bank Card Transfer but I found the rates too high. I prefer fiat onramps via Binance in that case as they give way better value for crypto (I explain a cheap way to transfer funds from Binance to other exchanges at the end of this step). Start with 2a. Deposit crypto or with 2b. Deposit with fiat onramp via Binance.
2a. Deposit crypto
Deposit via ‘my funds’, select the crypto you want to deposit and make sure to use the right Deposit Network. After receiving the funds in your AscendEX account go to STEP 3.
2b. Deposit with fiat onramp via Binance
When buying crypto with fiat on Binance there are a couple of more steps to take.
Click BUY CRYPTO and choose Bank Deposit or Credit/Debit Card
2c. Now select the currency you want and thereafter select your payment method of choice.
2d. When you received your FIAT in your Binance account go to ‘Trade’ and then to ‘Convert’. This is the cheapest way to convert your fiat into crypto. In this case I chose EUR to the stable coin $USDT. I choose $USDT because it is also available on the Tron ($TRX) network which is also supported by AscendEX and only cost $1 fee instead of $20 via the Ethereum network. Now click ‘Preview Conversion’ and complete.
2e. Now go to ‘Wallet’ > ‘Overview’ > and select ‘Withdraw’. Now select USDT Tether US.
2f. Now select Network and choose TRX from the list. Fill in your AscendEX USDT TRX Address (It starts with TJ). Complete the withdraw. *not sure how to find your AscendEX USDT TRX Address? See the explanation at the end of this article*.
STEP 3 — Withdraw to Polygon
Now that you received your funds or added the funds you bought to the AscendEX exchange it’s time to make the withdraw to the Polygon Network. Just follow the steps below. If you deposited $USDC or $MATIC to your AscendEX account start at 3a. If you deposited an other crypto currency to your account start at 3e.
3a. Go to ‘My Asset’ and then to ‘Total Asset’ in the to right corner of the AscendEX exchange.
3b. Click on your ‘cash account’ and select ‘Withdraw’.
3c. Now select $USDC or $MATIC from the Token list.
3d. Now select ‘Matic Network’ and fill in your Matic/Polygon Address. As you can see at the bottom of the printscreen the fee is only $0.20 cents. If you want to withdraw $MATIC tokens this process is similar. Confirm your transaction and enjoy the extremely low fees on the Polygon network.
3e. If you deposited crypto to AscendEX follow the following steps. In this case we Deposited $USDT. As we want to withdraw $USDC to the Polygon Network we need to exchange the $USDT into $USDC.
3f. Go to ‘Trade’ and then to ‘Cash Trading’ and select ‘Standard’. Choose the most right tab ‘USDS’ and search for $USDC. Now buy $USDC with your $USDT and execute your trade.
3g. After executing the trade you can go withdraw your $USDC to the Polygon network. See step 3a. on how to do that.
*How to find my Tron $USDT Deposit Address on AscendEX
First go to ‘my asset’ and then to your ‘cash account’. Select USDT Tether and choose the TRC20 network in the USDT Deposit Network section. Your personal USDT Tron Deposit Address is shown and starts with T.
I hope this information is al clear and helps you to transfer funds to the Polygon Network in the cheapest and fastest way possible atm. If you have any further questions feel free to reach out to me.
I putted my AscendEX and Binance refferal link in this article, it’s much appreciate when singing up via my refferal link or refferal code:
AscendEX: 6TJTX45E
Link: https://ascendex.com/register?inviteCode=6TJTX45E
Binance: 23708592
Link: https://www.binance.com/en/register?ref=23708592
