How to Withdraw from MetaMask
MetaMask is a non-custodial Ethereum-based cryptocurrency wallet that encapsulates several features that investors and developers find interesting. Available as a multi-platform wallet (mobile app and browser extension), it allows users to manage their cryptocurrency portfolio on its user-friendly interface. Despite this, there are questions on how to withdraw from MetaMask.
MetaMask allows users to store, buy, send, and swap a wide range of Ethereum-based tokens (ERC-20 tokens), such as USDC, USDT, and ETH. The wallet also paves the way for developers and crypto users to securely connect to the decentralized web and explore several decentralized applications (Dapps).
Having more than 10 million monthly active users and its support for a variety of non-fungible tokens (NFTs) doesn't just prove its popularity. It also demonstrates its centrality among NFT and Web3 enthusiasts.
Unlike centralized wallets, where users can simply convert their tokens to fiat, Metamask's case is quite different since third-party remittance partners aren't supported on decentralized platforms. This guide explores the most popular way of withdrawing funds from this decentralized wallet to local bank accounts.
How to withdraw from MetaMask to local bank accounts
Being a decentralized wallet, MetaMask users don't have the luxury of directly converting digital assets to cash. However, they can achieve this in several ways, which include withdrawing into a bank account.
To make withdrawals from MetaMask to a bank account, users can follow the steps:
• Besides having a sufficient number of the coins they desire to withdraw, they must check to ensure they have enough Ether (ETH) to cover gas fees. Since MetaMask is an Ethereum-based protocol, it follows that transactions are facilitated by gas fees.
Should there be insufficient ETH, users can use the “buy button” to buy some ETH.
• Search for an exchange that supports the tokens your desire to withdraw. While there are several exchanges to choose from, Binance and Coinbase are highly recommended due to the simple user interface and wide range of crypto assets supported.
It’s mandatory to create an account and meet Know Your Customer (KYC) verification requirements before accessing the features that both wallets provide.
• Send the desired tokens from MetaMask to either Coinbase or Binance. This can be done by copying the selected wallet address URL and pasting it into the “recipient address section” on MetaMask. Ensure to confirm the wallet address before sending the coins. Users may find the images below helpful.
If using Coinbase, click on send/receive to get the wallet address URL.
You may either copy your wallet address URL or simply scan.
Send coins from MetaMask to Coinbase wallet
Enter the desired number of tokens (e.g., ETH) to send
• To get details of the transaction, such as timestamp, transaction hash, or transaction block, you simply visit Etherscan and enter your MetaMask wallet address to view the details.
• Once the coins have been successfully sent to your Coinbase wallet, you can directly convert them into fiats such as the US dollar, Canadian dollar, GB pound, and several others.
• Once this is done, you can withdraw your funds directly to your local bank account.
Since the MetaMask wallet isn't designed to manage fiat currencies, users will need external centralized exchanges to perform withdrawals. Besides local bank accounts, Gcash and PayPal wallets are excellent methods that can be used for withdrawals. It should be understood that these methods attract certain fees.
Author: Lucy Adegbe
Lucy is a crypto enthusiast that finds unique interest in writing as means to not only promote knowledge but also change the world. With focus in crypto and personal finance, she aims to become a respected voice in these industries through writing.