What is a network and how do I know what one to use?
What is a network?
A crypto network is another way of saying a blockchain.
You have cryptocurrencies like Bitcoin that operate on their own blockchain then you have tokens that operate on top of other blockchains like USDT which operates on top of Ethereum and other blockchains, including Binance smart chain, Polygon, Fantom, AVAX and many more.
Having a token that operates on multiple networks (blockchains) is where things can get easily confusing, especially if you're unsure what network you need to use.
This article is designed to assist you in identifying what network to use when sending and receiving crypto to and from Easy Crypto.
How do I know what one to use?
With Easy Crypto, the network your crypto is sent on is displayed on the wallet entry screen during the buy order process.
When using a wallet or exchange, you should be notified of the network that the token will be sent on. Below is Exodus wallet showing Ethereum as the network for the USDT send screen.
It is critically important to use the right network when you buy, sell, and swap cryptocurrency - otherwise, your funds may be irretrievably lost.
If you are at all unsure what network to use, please contact the Easy Crypto helpdesk and we can advise.
For buy orders, we can send crypto on multiple networks, you can read more about this here.
This should be considered as an extra for experts, if you're unsure, please just follow the golden rules below.
- For Bitcoin orders, use the Bitcoin network - simple :)
- For Ethereum and ERC-20 tokens, use the Ethereum network.
- Do not use Sidechains or non-native chains. For example, you can send BNB on Binance Chain, but you cannot send Ethereum on Binance Chain.
- We do NOT support wrapped tokens.
For sell and swap orders, we cannot accept crypto on other networks, so please ensure you select the correct network when sending us crypto. See the golden rules above.
If you use the incorrect network, send a cross-chain transaction or if you do not include a memo, destination tag or note when asked to, we may not be able to recover your funds.
If we can recover the funds, note that:
- A 500 USD or 5% recovery fee, whichever is higher, will be charged by the exchange the recovery is being requested through
- Orders less than $800 in total value will not be recovered
Easy Crypto takes no responsibility for any buying, swapping, or selling orders that are, delayed, lost, or irrecoverable due to the incorrect network being used, or if a memo/ tag was not included with the transaction when it was required.