How to Withdraw From Metamask to Bank Account
Although cryptocurrencies are meant to create a fully decentralized environment, we cannot avoid using fiat money in our daily activities.
If you have funds, tokens, or any kind of currency stored on your MetaMask account, then you probably want to know how to turn crypto into fiat currency, or in other words - cash out.
As you know, many cryptocurrency exchanges offer the possibility to convert the assets on your crypto wallet into fiat money, but is this possible on MetaMask’s wallet?
Continue reading this blog post so you can get all the information you are looking for regarding the following topics:
- How to withdraw from MetaMask to bank account;
- Things you must know before starting a withdrawal transaction;
- Best alternatives to transfer and swap your crypto for fiat currency.
Understanding MetaMask Ethereum Address
MetaMask is widely known as a wallet that operates on the Ethereum Network.
It’s useful for storing Ethereum based cryptocurrencies and other tokens as well.
Each asset and token you store on MetaMask’s service can be managed through the Ethereum Mainnet.
Since it runs in a decentralized environment, you have full access to each token and asset that you deposit on it.
But, if you want to withdraw your funds through a withdrawal process, can you directly do it?
Can You Withdraw Money Directly from MetaMask?
No, there isn’t a withdrawal page on Metamask so you can transfer from it to your bank card or bank account.
It’s necessary to send crypto from MetaMask to a major crypto exchange if you want to get fiat currency on your bank account - there’s no way around it.
MetaMask is essentially a crypto wallet that does not manage fiat money on its platform.
The same happens if, for instance, you want to Withdraw from Trust Wallet to bank account - you must withdraw crypto first, and then turn it into fiat money using the help of an exchange.
How to Withdraw from MetaMask to Bank Account
Now you know it - if you want to withdraw money from MetaMask by starting a transfer transaction process**, you must take the funds out of your wallet account first.**
The method consists of selling Ethereum on a major cryptocurrency exchange, such as Binance, and then withdraw money directly into a bank account.
For practical purposes, we are going to teach you how to perform this transaction in Binance cryptocurrency exchange.
Read Also: Did you know that you can Import Trust Wallet to MetaMask?
If you want to merge an Ethereum address in the same wallet, you can do so! Learn more about the transfer and import process by checking out our related articles.
Step 1: Set Up Your Binance Cryptocurrency Exchange Account
First of all, you need to open a Binance account.
Binance is one of the biggest network crypto exchanges out there - you can transfer crypto, withdraw money, set a payment method for any currency you want, and more.
Go to their official website on your browser and select “Create Account.”
You must set up a strong password, but, more importantly, it’s imperative to verify your account in order to withdraw money.
Security verification is a must in Binance.
So, if you want to check your transaction history, fiat and spot wallet, and other features available on this platform, make sure to check out our Binance KYC Verification blog post.
Step 2: Send Your Funds from MetaMask Ethereum Address to Binance
You must deposit crypto into your newly created Binance profile.
This works better with ETH, since the gas fees and the overall ETH public address are easier to manage.
First, find your Binance Wallet Address on the platform. Make sure that the current address you are about to use is the correct one.
If you don’t have ETH on MetaMask, click “swap” on your token and exchange it.
Enter your MetaMask password, open the coin menu, click “add recipient,” paste your Binance wallet address for ETH, and transfer ETH directly into Binance.
Step 3: Sell Ethereum on Your Binance Account
Confirm that you have received Ethereum into the correct Ethereum address on Binance. Now, you must sell Ethereum for USD, EUR, or another currency.
Go to the Selling Page on Binance and place an order.
Once you have sold Ethereum, the money will appear on your account, and you will be able to withdraw money in no time.
Step 4: Select Binance Withdrawal Methods
The withdrawal methods depend on your linked alternatives.
For instance, if you already have a bank card or a bank account verified on Binance, then you can transfer your money to it right away.
EEA customers can perform instant card withdrawal on Binance, but this requires an extra verification step.
In any case, just go to “Fiat and Spot Wallet,” click “Withdraw,” and start the process. You can always contact the support team if you need more help.
Pro Tip: We have already written a complete guide that shows you how to Withdraw from Binance to Bank Account.
In case you are struggling in this step, then we highly recommend you to check our guide for further assistance.
Step 5: Receive the Money on Your Preferred Payment Method
Finally, you just need to wait for the money to arrive into your bank account.
That way, you have successfully withdrawn funds from MetaMask to your bank! It sounds tricky, but it’s actually pretty easy.
Let’s go through the process one more time:
- Get ETH on your MetaMask address;
- Set up a centralized exchange account (it can be Binance or another one - it’s your choice);
- Get your Binance Ethereum address and send ETH from MetaMask to Binance;
- Start the bank withdrawal procedure from Binance to your linked bank;
- Received the fiat funds directly into your account.
And this is how you cash out on Metamask! For more awesome MetaMask content, you can always rely on us, GrowFollowing!
How to Withdraw From Metamask to Bank Account FAQ
Can I Withdraw ETH from MetaMask Wallet to Coinbase?
Yes, you can! We used Binance in this guide for practical purposes, but this same procedure can also be done on Coinbase as well.
Is MetaMask Better than Trust Wallet for Decentralized Applications?
Both MetaMask and Trust Wallet are trustable software wallets for keeping your assets. Managing Decentralized Applications is effortless on both platforms.
You can get more useful insights about this by checking out our MetaMask vs. Trust Wallet article.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.