MetaMask is a Cryptocurrency wallet where you can store ETH and other Ethereum-based tokens. You can access your
Ethereum wallet using MetaMask on the mobile app or a compatible Web Browser extension. With Metamask, you can safely send and get Ethereum-based tokens or cryptocurrencies.
MetaMask Swaps is a feature that allows you to find the best exchange rate for Ethereum exchange.
It works by aggregating various DEXs and requires a fee equal to 0.875% of the amount you transact.
MetaMask is a very popular and widely used Crypto wallet. According to a report, over 21 million people used MetaMask Browser Extension in November 2021.
Can You Withdraw Money Directly From MetaMask Wallet?
You cannot directly withdraw money or sell your Ethereum tokens directly from MetaMask Wallet. If you want to withdraw from MetaMask Wallet, you need some cryptocurrency exchange to do it.
You cannot withdraw money directly from your MetaMask Wallet. This is because MetaMask is fundamentally a Crypto wallet that is used to store Ethereum-based tokens or cryptocurrencies and is not capable of managing fiat money on its protocol.
Therefore, the only way to get your money out of a MetaMask Wallet is to first shift your Ethereum-based tokens from MetaMask Wallet to a primary Crypto Exchange.
Along with this, to get fiat money in your bank account, you need a major crypto exchange, where you can transfer the crypto from your MetaMask account.
Binance is one of the most preferred cryptocurrency exchanges. It is the choice of many MetaMask users because of its low transaction fee.
Binance gives the option to its users to choose the currency in which they wish to withdraw their money.
Therefore, to withdraw from the MetaMask wallet, you first need to shift your crypto tokens to Binance or any such exchange and then sell it to receive fiat money.
How To Withdraw From MetaMask Wallet To Bank Account?
If you want to Withdraw from MetaMask Wallet to your Bank Account, then you can easily do so by following the steps given below:
Steps To Withdraw from MetaMask Wallet to Bank Account:
Step 1: Create An Account On Binance
You can download the mobile app or go to Binance on a web browser and select “Register.” Then provide an authentic E-mail ID and enter a strong password.
Approve the terms of service and then select “Create Account.” Then provide your birthdate and address.
For intermediate verification, they can ask you to upload your ID and click your photo. After the completion of the verification process, your account will get ready for use.
Step 2: Find Your Ethereum Address On Binance
Click on Wallet. Then choose the “Fiat and Spot” option.
On opening the spot wallet, you will see a list of cryptocurrencies. Select “ETH” from them.
After this, click on “Deposit Crypto” and fix the coin menu to“ETH.” You also need to indicate the network as “ERC20”.
After all this, you will get to see your Ethereum address. Copy the address URL as you will need it afterward.
Step 3: Send The ETH From MetaMask
Open your MetaMask wallet after entering the password. View your balance by clicking on “Ethereum Mainnet.”
You will get three options in the Ethereum inventory – Buy, Sell, and Exchange. Click on Send, which will take you to the “Add Recipient” page.
Then, paste the address you copied earlier in the search bar carefully and check whether a tick appears.
When the two options “Asset” and “Amount” appear, choose “ETH” under the Asset.
Now, you will be required to mention the amount you wish to transfer to the exchange. Then select “Next” to transfer the ETH to Binance.
The transfer procedure may take around an hour to complete.
Step 4: Sell The ETH On Binance
Once the transfer process gets completed, you will have ETH in your Binance Account. Now, you have to sell it to get the fiat money.
Visit the Binance selling page and select “Spend” under ETH. You will be asked to give the ETH amount you wish to sell.
Then, indicate the currency in which you prefer to have the money.
Then, Click on continue and follow the instructions that appear on the screen to complete the selling process.
Step 5: Withdraw The Money Into Your Bank Account.
After you have sold the ETH and obtained the fiat money, you can effortlessly get it into your bank account with a few steps.
First of all, select “Wallet” on the Binance homepage. Then go to your fiat and spot wallet. All of your cryptocurrencies, along with their balances, will appear.
Then click “Withdraw”. On the withdrawal page, make sure that you have specified the correct currency, for example, dollar or Euro.
After this, choose the payment method option and select “Bank Card.” Then fill all the bank detail fields and enter the amount you want to withdraw. Then, click “Continue.”
Now, a six-digit verification code will be sent to your registered mobile no. Enter that to confirm the withdrawal request.
Step 6: Check The Status
Payment through the “Bank Card” option takes only a few minutes, while other options may take longer.
You can check your transaction status by clicking on “Transaction History” under the “fiat and spot” page of your wallet.
There, you will see a tick-mark in front of the transaction, which will denote its successful completion.
How To Withdraw From MetaMask Wallet To Gcash?
If you want to withdraw the ETH from the MetaMask Wallet to GCASH, then first, you need to have a verified Binance account and a GCASH account.
Now, you have to follow the steps mentioned below:
Note: These steps are for you only if your tokens are in Binance Smart Chain (BSC). These are not valid for other networks like ETH Mainnet.
Step 1: Convert Your Token To USDT
You can swap your tokens using Pancake Swap, Apeswap, and MetaMask. Go for the option that provides you with the highest USDT conversion.
Tokens in USDT are preferred because their prices are nearly similar to the standard USD fiat currency.
Step 2: Generate The USDT Wallet Address
Now, after you have converted your tokens in USDT, go to Binance. Click on “Fiat and Spot.” Then select USDT and then click on ” Deposit.”
Step 3: Send Your MetaMask USDT
Then copy the generated USDT address. After this, transfer your MetaMask USDT to this address.
Step 4: Convert Your USDT To P2P Wallet
From the “Spot and Fiat” wallet, swap your USDT to change it to a P2P wallet. For this open wallet, then select P2P and click on transfer under USDT.
Shift USDT wallet from “Fiat and Spot” to P2P. Then select “Confirm.”
Step 5: Sell Your USDT Who Are Purchasing It In P2P Trading
To sell your USDT to buyers, first Click on P2P trading and select the ‘Sell’ option. Then click on USDT and then select PHP in Fiat. After this, select GCASH as your payment option.
Make sure you are within the minimum and maximum limit of buyers.
Confirm the transaction only if you have received the money in the GCASH.
How To Withdraw From MetaMask Wallet To Paypal?
Steps To Withdraw from MetaMask Wallet to Paypal:
Step 1: Go To Your Coinbase Account
First of all, go to your Coinbase account in your preferred web browser.
Now, hit the profile icon, which you can locate in the top right corner of your screen.
Step 2: Click On Settings
After this, click on the Settings option.
Now click on the Payment Methods option, which you will find in the upper middle of your screen.
Step 3: Select The Add Payment Method Option
After this, you have to click on the Add payment method option.
Now, click on the Paypal account. It is only for withdrawal. If you want to purchase any cryptocurrency on Coinbase, you can’t do so using Paypal.
Step 4: Enter Your Paypal Account Information
Now, enter your Paypal account credentials as asked.
Now, you may be asked for the two-step verification code. Enter it and click on the Verify option. With this, your Paypal account will get linked to Coinbase.
Step 5: Click On Linked Paypal Account
After this, click on the Paypal account option on your screen.
Now, click on the Send/Receive option, which you will find in the top right corner of your screen.
From the new dialog box that will appear, select the ‘Receive’ option.
Step 6: Click On Arrow In Front Of Assets
You will find an arrow in front of the Assets. Click on it, and this will open the list of all cryptocurrencies.
Type the name of the cryptocurrency in the search bar that you want to withdraw. We want to receive Ethereum, therefore, select Ethereum.
Step 7: Copy Ethereum Address
Below Assets, you will get the option to copy the Ethereum address. Click on it to copy.
Now, open your MetaMask wallet.
Step 8: Go To Send And Paste The Address
After opening your MetaMask wallet, go to send and then paste the copied Ethereum address in front of send. To paste, you need to right-click and click the paste option.
Now, enter the ETH amount and click on the next option.
Step 9: Select Confirm
After this, check the gas fee and hit confirm. A black dialog box pops up in the lower right corner to mark the transaction confirmation.
Now, you will get an e-mail from Coinbase. It will notify you about the Ethereum amount you have received.
Step 10: Refresh Coinbase And Check Ethereum
Now, check the received Ethereum on your Coinbase account. You may need to refresh it.
After this, select the Buy/Sell option. You will find this option on the top right corner of your screen.
Step 11: Click Sell
Now to sell the Ethereum, click on the “Sell” option.
Click on the arrow in front of the Sell and then choose the Ethereum cryptocurrency.
Step 12: Enter The Amount For Which You Want To Sell
Now, enter the amount for which you want to sell off your Ethereum.
Now, you have to select the account where you want to withdraw the money. Therefore, select Paypal.
Step 13: Hit Preview Sell
Now, click on Preview Sell. Check all the details carefully.
After this, hit the Sell now button. Now, you will get the message “Successfully sold.”
Step 14: Click On View Transaction
Now, click on the “View Transaction” option to check the transaction.
Step 15: Log In To Paypal And Check The Withdrawal Account
Now, you can log in to your Paypal account. You will see that you received a payment from CB Payments Ltd.
It will be $5 less than the amount you fixed for selling, as $5 would have been deducted as the Coinbase fee.
Why I Can’t Withdraw From MetaMask Wallet?
You cannot withdraw directly from the MetaMask wallet. The only reason behind it is that MetaMask is essentially a cryptocurrency wallet where you can only store your ETH or Ethereum-based tokens. It is not designed for managing or dealing with fiat money.
In other words, you cannot sell your ETH or other Ethereum-based tokens on MetaMask. Without selling the Ethereum-based tokens, the withdrawal of money to the bank account would not be possible.
If you want to sell your ETHwithdraw from MetaMask Wallet, then you first need to shift your ETH to some crypto exchange.
You can cash out the fiat money or withdraw it using any of the available payment options. For example, you can transfer it to your bank account.
In case you are not able to transfer the ETH to any crypto exchange from MetaMask, then try to reset your MetaMask Wallet.
But, make sure you remember your phrase before doing so. If this doesn’t help, then reach out to the MetaMask support team for help.
How Long Does It Take To Withdraw From MetaMask Wallet?
Up to 60 minutes. To Withdraw from the MetaMask wallet, you need to send your ETH to crypto exchanges like Binance or Coinbase. This process will take 30- 60 minutes to complete.
Once you have completed this process, then you have to sell the ETH. Now, this process depends on the gas fee and network congestion and may take either a few minutes or even an hour.
Once you have got the fiat money into your exchange wallet, the time taken depends on the payment option selected.
If you select the ‘Bank Card’ as a payment option, you need not wait more than a few minutes to get the transaction completed.
MetaMask Wallet Withdrawal Fee
MetaMask swaps charge 0.875 % of the total transaction amount as a withdrawal fee. This fee is mandatory and should not be confused with the gas fee.
The gas fee is different from MetaMask fees and varies with the network traffic and time. You cannot skip the gas fee too.
So, as per the MetaMask fee rule, if you buy 100 ETH with a coin change rate of 1, then you need to pay 100.875 Binance USD.
Conclusion
While transferring your ETH from MetaMask to any other crypto exchange, you need to be very careful. While copying and pasting your ETH wallet address, make sure that it is the right one.
You should check the amount of the gas fee properly while carrying out the transactions. Know about the times when gas fee charges are low so that you may not have to bear any huge loss.
Select suitable payment methods and keep your phrases and passwords confidential.
