🪙Buying USDC 🪙 on Centralizd Exchange & transferring it to MetaMask
Below is a video showing an example of the Nigerian Naira (NGN) currency exchange, but the steps are the same for all countries when buying USDC 🪙 on ByBit and transferring it to MetaMask on the Polygon network.
Create a Binance account at bybit.com and enable two-factor authentication (2FA) for security.
Verify your account with identification documents to use fiat currencies like NGN.
Deposit NGN into your Binance wallet under "Fiat and Spot."
Buy USDT with NGN using the USDT/NGN trading pair.
Convert USDT to USDC on the Binance trading platform.
Withdraw USDC to a secure wallet that supports USDC (ERC-20 for Ethereum-based or compatible with other blockchain-based USDCs).
Please note that transaction fees are subject to change, so it's always a good idea to check the latest fees on the respective platforms.
| Description | Transaction Fee |
|---|---|
Deposit to your Binance account | Varies based on payment method |
Purchase USDC on Binance | Trading fees (typically 0.1% - 0.2% of the transaction amount) |
Withdraw the purchased USDC to your MetaMask wallet address | Withdrawal fees for USDC (e.g., 0.2 USDC) |
Configure MetaMask to use the Polygon (Matic) network | Gas fees for smart contract interactions (e.g., approve transaction) |
Transfer USDC from your MetaMask wallet to your Polygon wallet address | Ethereum gas fees and Polygon network fees |
Interact with decentralized apps on the Polygon network using your USDC | Gas fees for smart contract interactions on Polygon (varies depending on the complexity of the transaction) |
If needed, transfer any remaining USDC back to your Binance account | Ethereum gas fees and Polygon network fees |
If needed, convert remaining USDC to NGN on Binance and withdraw to your bank | Withdrawal fees for NGN (varies based on the method of withdrawal) |
Always double-check the current fees on Binance, MetaMask, and other platforms to ensure accurate cost estimation for your specific transactions.
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