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A Step-by-Step Guide on How to Withdraw from MetaMask [2024]

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June 24, 2024
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How to Withdraw funds from MetaMask [2024]

 

In this guide, you will learn how to withdraw from MetaMask in 2024, with a step-by-step tutorial. All you’ll need is your digital wallet, and your bank details. This guide will not only walk you through the transaction process but also shed some crucial light on the essential precautions to be mindful of along the way to ensure that your transaction is securely completed.

 

Available Withdrawal Options from MetaMask

Before we dive into withdrawing funds from MetaMask wallet, let’s take a look at the options available to move funds from our MetaMask wallets:

  • Bank Withdrawal: The first option is withdrawing or converting your crypto directly to fiat using the withdrawal-to-bank feature in MetaMask. The rates for converting cryptocurrency to fiat are displayed by your bank and change every 30 seconds. If you find the proposed rates acceptable, you can proceed with the transaction. The bank withdrawal feature also allows users in regions such as the United States to withdraw their funds directly to their PayPal accounts from their MetaMask wallets.
  • Transferring Funds to Exchange Wallets: The withdrawal feature of MetaMask is currently only available in selected regions. If you are outside these selected regions, transferring funds to an exchange wallet and then using the P2P feature on exchanges would be a more viable option.

 

Choosing Between Direct Fiat Withdrawal and Onchain Crypto Withdrawal

Deciding whether to use a Direct Withdrawal Method or an Intermediary Service to withdraw funds from MetaMask depends on various factors, including your location and specific needs.

 

1.  Direct Fiat Withdrawal (Sell Feature):

Best for Users in Supported Regions: This option is ideal for regions where MetaMask’s withdrawal-to-bank feature is available, including the United States, Germany, the United Kingdom, France, India, and Saudi Arabia, among many others. However, some regions are restricted.

Quick and Straightforward Process: If you’re looking for a simple and efficient way to convert your crypto to fiat, this is the way to go.

How It Works: The rates for converting cryptocurrency to fiat are displayed by your bank and update every 30 seconds. If you find the proposed rates acceptable, you can proceed with the transaction.

 

2.  Onchain Crypto Withdrawal (Exchange Wallets):

Ideal for Unsupported Regions: If you’re in a region such as China where the direct withdrawal feature isn’t available, this is your best bet.

More Flexibility in Exchange Options: This method allows you to transfer your funds to an exchange wallet, giving you access to a wider range of currencies and better rates.

How It Works: After transferring your funds to an exchange wallet, you can use the P2P (peer-to-peer) feature on exchanges to convert your crypto to fiat.

 

How to Withdraw from MetaMask to a Bank Account

Fiat money, or any other supported cryptocurrency, can be withdrawn from your MetaMask wallet to a bank account in a few simple steps using the MetaMask “Buy & Sell” feature. However, this feature is not available in countries such as China. Here’s how to withdraw from MetaMask to a Bank Account:

Step 1: First, open MetaMask on your browser.

Step 2: Next, click on the Network icon at the top left to open the “Select a Network” drop-down menu.

Step 3: In the “Select a Network” drop-down menu, scroll and select the network where your cryptocurrency is located.

 

Step 4: Once the network is selected, click on the “Buy & Sell” icon. This will redirect you to the MetaMask Portfolio webpage.

Step 5: On the MetaMask Portfolio page, click on the “Sell” tab on the left side pane.

Step 6: Now click on the “Country” icon to select the country where your bank account is located.

Step 7: Next, enter the amount you want to withdraw.

Step 8: Click on the bottom field to open the list of payment options.

 

Step 9: To withdraw cryptocurrency to your bank, select “Debit or Credit” and then click on “Continue”.

Step 10: You will now see the current prevailing rates and different payment processors such as “PayPal” and “MoonPay” on the left.

Note: The prevailing rates change every 30 seconds to match market fluctuations due to the volatile nature of cryptocurrencies.

Step 11: We will be continuing with “PayPal”, so click on the “Continue with PayPal” button.

Step 12: You will receive a confirmation on your MetaMask wallet. Click on “Confirm” to allow the payment to go through.

The process may take a few moments to complete. After which, the amount will be reflected in your PayPal account. You can then easily transfer the funds to your bank account.

 

Transferring Assets from MetaMask to Exchange Wallets

MetaMask users who don’t have access to the Buy & Sell feature can use the P2P feature of different exchanges such as Binance, OKX, and Bybit.

If you’re thinking of transferring your cryptocurrency to exchanges like Binance or Bybit and then withdrawing it to your bank account, that might not be an option either.

This is because the Buy & Sell feature of MetaMask and adding a bank account to exchanges like Binance go hand in hand. Due to laws and bans on cryptocurrency in certain countries, unfortunately this feature may not be available for everybody.

How to Transfer Funds from MetaMask to Binance

Binance, one of the largest crypto exchanges in terms of volume, offers the P2P feature in almost all regions. Here is how you can transfer your funds to Binance from MetaMask using the MetaMask Send feature:

Step 1: Open the MetaMask wallet on your browser.

Step 2: Click on the “Network” icon at the top left.

Step 3: Select a network from the “Select a Network” drop-down menu.

Step 4: Click on the “Send” icon in MetaMask to transfer funds.

 

Step 5: Paste your deposit address from Binance in the “Address” field.

Step 6: Once the deposit address is pasted, select the asset you want to send in the “Asset” field and enter the amount in the “Amount” field.

Step 7: After adding the asset and amount, the estimated gas fees will be displayed at the bottom. To proceed, click on “Next”.

Step 8: An overview of the transaction will be displayed, including the total amount (amount of asset to be sent + estimated gas fees). To confirm the transaction, click on the “Confirm” button.

Once the transaction is completed and the amount is reflected in your Binance wallet, you need to use Binance’s P2P feature:

Step 10: Open your Binance account on your browser and hover over the “Trade” option in the toolbar.

Step 11: From the Trade drop-down, click on the P2P option to trade your crypto for fiat money.

Step 12: In the P2P window, click on the “Sell” tab and scroll through the different options. While selecting whom to trade with, make sure to check their payment methods and completion rate.

Binance’s P2P feature can be really handy for countries where there are still some restrictions on cryptocurrencies. So, if you have crypto in your MetaMask wallet and face certain restrictions, the P2P method can be a safe and reliable way to convert your crypto to fiat money.

 

Common Mistakes to Avoid When Withdrawing from MetaMask Wallet

When withdrawing from MetaMask, either to your bank account using the Buy and Sell feature or to a crypto exchange wallet, here are some common mistakes that users often make, which can result in losing their money or crypto:

  • Incorrect Address: While entering the crypto address in MetaMask, users often enter the incorrect address. Remember, addresses are case-sensitive. It’s always best to double-check the address before confirming the transaction.
  • Incorrect Network: This is a very common issue. USDT can be sent using the Tron network, Ethereum, Binance, and other networks. If you have selected the Ethereum network in MetaMask, make sure the recipient address is an Ethereum USDT address. Otherwise, you might experience a permanent loss of your crypto.

 

Additional Tips for Withdrawing from MetaMask

Buying or selling crypto can be a bit confusing since it’s a new technology that is continuously developing. Here are a few tips that users can keep in mind while transferring crypto:

  • Network Fees: Network fees differ for each network. For example, if you transfer USDT on the Tron network, the total network fee is 1 USDT, whereas transferring USDT using the Binance Smart Chain will cost only 0.14 USDT.
  • Copying Address: Errors in the address often occur. To avoid this, use the “Copy to Clipboard” feature on mobile or desktops to ensure the address copied is always correct.
  • Gas Fees: Gas fees are not always high; they increase due to network congestion. Try making your transfers at times when gas fees are low. If you want to estimate the gas fees for Ethereum, tools like Milk Road can be utilized.

 

FAQs

Q1. What fees does MetaMask charge for withdrawals?

MetaMask applies gas fees for transactions, and these fees fluctuate depending on the selected network conditions.

 

Q2. What are the daily withdrawal restrictions for MetaMask?

MetaMask does not set specific limits on withdrawals; however, the exchange you transfer funds to may have its own withdrawal limits in place.

 

Mastering MetaMask: Your Essential Withdrawal Guide

Decentralization is at the heart of cryptocurrency, but navigating it can sometimes be challenging, especially when managing funds with a MetaMask wallet. This guide on how to withdraw from MetaMask will help you effortlessly navigate the complexities of MetaMask. Although it may seem tricky at first, MetaMask is an excellent tool for managing and withdrawing your funds, providing substantial benefits once you become familiar with it.

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