MetaMask is a popular cryptocurrency wallet that lets users store their Ethereum. Since users cannot sell or withdraw money from MetaMask, they must rely on another cryptocurrency exchange for the process.
Most users prefer using Binance as their primary cryptocurrency exchange due to the low transaction fee. By using Binance to sell your Ethereum, users can specify the currency that they want to withdraw money in.
In this guide, you will find out everything you need to know about selling your Ethereum and withdrawing money directly to your bank account.
How to Withdraw Money from MetaMask to Bank
Before you can withdraw money by selling Ethereum, you need to transfer the crypto from MetaMask to an exchange like Binance.
Here’s a step-by-step guide to transfer Ethereum from MetaMask to Binance and sell it for fiat money. Then, you can withdraw the amount to your bank account within a few minutes.
Step 1: Create an Account on Binance
The first thing you need to do is register for an account on Binance. Go to Binance or download the mobile app, and click on “Register.”
You will be redirected to a registration page that prompts you to enter a valid email address and create a password.
Remember to choose a strong password since your Binance wallet will contain a significant amount of money after you sell Ethereum as well as your bank details.
Once you accept the terms and service, click on “Create Account.” You will also be asked to verify your identity by entering your real date of birth and current address.
You can also undergo a quick verification by uploading a photo of your ID card.
Step 2: Enter Your Ethereum Address on Binance
For this step, you need to find your Ethereum address on the Binance account. Click on “Wallet” and select “Fiat and Spot.” Open your spot wallet and find “ETH” from the list of cryptocurrencies.
You will see a “Deposit” button right next to the cryptocurrency that you select. Click on “Deposit Crypto” and select “ETH” under the Coin menu. Then, specify the network as “ERC20.”
Now, you will be able to view your own Ethereum address on Binance. Copy this address and save it for later.
Step 3: Transfer the Ethereum from MetaMask
For this step, you need to go back to your MetaMask account and open your wallet. Click on “Ethereum Mainnet” to view your balance and a list of options to choose from.
Since you wish to transfer the Ethereum from MetaMask to Binance, you need to click on “Send.” This option will redirect you to an “Add Recipient” page on MetaMask.
Paste the copied address into the search bar on top of the screen. If it is valid, you will view a tick mark that indicates this.
Now, you will see two further options pop up on the screen, “Asset” and “Amount.” Make sure that you select “ETH” under the “Asset” field since you are transferring Ethereum.
Then, you can specify the amount that you want to transfer to Binance. Once you click on “Next,” your transaction will be under process and will take about 60 minutes to complete.
Step 4: Sell the Crypto on Binance
Now that the transaction is complete, you will be able to view the Ethereum on your Binance account. But how can you withdraw money of Ethereum value to your bank account?
For that, you need to sell the Ethereum on Binance in exchange for fiat money.
Go to the selling page on your Binance account. Under “ETH”, click on “Spend.” Here, you will see an amount field where you can enter the amount of Ethereum that you want to convert to fiat money.
You will also have to specify the currency in which you wish to receive your funds.
When you click on “Continue,” Binance will automatically display a list of instructions to follow to sell the Ethereum.
Step 5: Withdraw Money to Your Bank
Once you have sold Ethereum for fiat money and the amount is available on your Binance account, you can easily withdraw it to your bank account.
Go to your Binance homepage, click on “Wallet” and open your fiat and spot wallet. Here, you can view which cryptocurrencies you have and their respective balances.
When you click on “Withdraw,” you will be redirected to the withdrawal page that guides you about transferring the amount to your bank.
Remember to check the currency again and make sure that you have selected the right one. Then, click on the payment method and select “Bank Card.” Specify the amount that you wish to withdraw and enter your bank details in the given fields.
Upon clicking “Continue,” you will be asked to enter a 6-digit verification code that is sent to your registered phone number. After you successfully complete the verification, your withdrawal request will be confirmed.
Step 6: View Status
Using the “Bank Card” payment option is the most efficient since it only takes a few minutes to make the withdrawal. However, if you selected another option such as SWIFT, it may take a few days to complete the withdrawal process.
During this period, you can click on “Transaction History” option under your fiat and spot wallet page to view the status. Once the withdrawal is successful, a tick mark will appear next to the transaction.
Although it may sound complicated to withdraw money from MetaMask, all you need to do is use a cryptocurrency exchange like Binance to complete the process.
Sell your Ethereum for fiat money and withdraw the amount directly to your bank account.