Apr 22, 2021
Beginner Tutorial — Transferring Funds from Binance US to Binance Smart Chain Network for Use on Harvest Finance
Disclaimer: This is a guide on how to use various interconnected systems including Harvest Finance. Utilizing these systems entails various degrees of risk, including the potential for total loss of your deposit due to system failures and/or hacks. THIS IS NOT INVESTMENT ADVICE. All users should understand the entirety of risk involved before using any new system or product.**
This tutorial is for users located in the United States who are trying to access the recently released Binance Smart Chain contracts on Harvest Finance.
This tutorial assumes you have completed the following tasks before starting.
- You have already registered with Binance US
- You have verified your identity on Binance so you can withdraw your funds
- You have bought BNB and waited the necessary 10 days required to withdraw the BNB
- You already have an ETH MetaMask wallet
In order to transfer funds from Binance US to Harvest Finance, you must first withdraw the funds to the Binance Chain Network and then transfers those funds to the Binance Smart Chain Network. Once your funds are on the Binance Smart Chain Network you can finally deposit them to Harvest Finance and take part in the yield farming revolution (with much cheaper gas fees)!!
- Using the Braver Internet Browser or the Google Chrome Internet Browser install the Binance Chain Wallet.
2. Open the Binance Chain Wallet Extension within Brave or Chrome.
Select “I own a wallet”. This will ask you to import an existing wallet. Use the seed phrase tied to your ETH network MetaMask wallet and create a password. After importing your wallet your Binance Chain Wallet is set up and ready for funds to be transferred from Binance US to your wallet.
3. Now go to the Binance US website, sign in, and select Withdraw
Within the “Coin: dropdown select BNB (My balance says 0 but yours should not). Next, make sure that the “Select Withdrawal Network” is set to “BEP2”. This is the network for the Binance Chain Network. Now open up the Binance Wallet Extension and make sure you are on the “Binance Chain Network”. The network you are on will be located in the top middle of the extension. **MAKE SURE YOU ARE NOT USING THE TESTNET NETWORK** You will need your wallet address from the Binance Chain Network to withdraw your BNB from Binance. Copy your address from the Binance Chain Network. Your address will begin with “bnb”. If it does not start with “bnb” make sure you are on the Binance Chain Network. Copy and paste this address into “Recipient’s BNB Address” on Binance US. Be sure to double-check that the address matches the one from your wallet. Finally, enter the amount you wish to transfer from Binance US to your wallet and click submit. After submitting, the transfer from Binance US to your Binance Chain Network could take several minutes.
4. Transfer BNB from Binance Chain Network to Binance Smart Chain Network
The BNB should now be on the Binance Chain Network and located within your wallet. Now switch to the Binance Smart Chain Network and copy your address. Your address on the Binance Smart Chain Network begins with “0x”. Next switch back to the Binance Chain Network where your BNB is currently located. Click on send and paste your Binance Smart Chain Network address, the one that begins with “0x”. A notification will appear under the address box that states, “Note: Cross Chain Transfer to Binance Smart Chain”. Select the amount of BNB you wish to transfer and then press send. This transfer may also take several minutes from Binance Chain Network to Binance Smart Chain Network.
5. The funds are now transferred from Binance US to your Binance Smart Chain Wallet which can be used to deposit funds on Harvest Finance
If you have configured the Binance Smart Chain Wallet on MetaMask you should use this wallet to deposit your funds onto Harvest Finance. Some users have reported having trouble depositing funds using the Binance Chain Wallet.
If you do not the Binance Smart Chain Network configured on MetaMask you can follow this guide to set it up.
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