Although cryptocurrencies are meant to create a fully decentralized environment, we still can’t avoid using fiat money in our daily activities yet. MetaMask is an industry-leading crypto wallet that allows you to store ETHereum based cryptocurrencies among other tokens.
And if you have funds, tokens, or any kind of currency stored in your Metamask wallet, you probably want to know how to convert crypto to fiat currency (or cash out) at some point in time. Let us teach you exactly how to withdraw money from MetaMask to Binance in this step-by-step guide.
How to Withdraw Money from MetaMask?
MetaMask, as we already know, is one of the top crypto wallets. You can either install the mobile application or use the browser extension. Through MetaMask, you can get access to your ETHereum wallet. Unlike non-custodial platforms however, you cannot convert your cryptocurrencies to fiat currency on MetaMask itself.
You will have to send your cryptocurrency to a centralized exchange like Binance to sell it, before you’re able to withdraw money to your bank account.
MetaMask to Binance
Create an Account on Binance
As mentioned earlier, to withdraw from the MetaMask, you first have to sell your cryptocurrency through a centralized exchange, which in this case is Binance. To create an account at Binance:
1. Go to the official website of Binance and register your account to proceed.
2. Here, you will have to input your email address, along with a strong password.
3. Follow further authentication steps to complete the process of creating an account.
4. Authentication occurs in two steps, i.e., basic and intermediate. Complete the process, and then you can access further options on Binance.
Enter your ETHereum Address on Binance
After completing the extensive verification steps for creating an account on Binance, copy your ETHereum address from your MetaMask wallet and send Ethereum to Binance. Here is what you need to do:
1. Click on the Wallet option, which is located right next to Fiat and Spot.
2. It will lead you to the Fiat and Spot wallet, where the details of your cryptocurrency balance are displayed.
3. Next, scroll down and look for the option of ETH.
4. Once you find it, click on the option of Deposit.
5. Go to the Deposit Crypto page next.
6. On the Coin Menu, set ETH as the option.
7. Next, from the Network Menu, you need to click on ERC20.
8. Once you do it, it displays the ETHereum address.
9. Copy the URL displayed there using the icon right next to it.
Send the Crypto from MetaMask to Binance
Sending Crypto from MetaMask to Binance is the core step to withdrawing from MetaMask. Follow the guidelines below:
1. Once you have copied your ETHereum address from the previous steps, you need to open your MetaMask Wallet.
2. Enter your MetaMask password, which displays your Wallet.
3. On the top, there is a network option of ETHereum Mainnet, click on it.
4. It displays three options there that are Buy, Send, and Swap. Above these three options, you will also see your ETHereum balance.
5. Click on the center option, i.e., Send.
6. It directs you to the Add Recipient page.
7. Enter the ETHereum address here that you copied earlier.
8. There is an option of Search, public address (0x), or ENS here.
9. Paste the address in this field.
10. It directs you to the Sending page, where you will also see a green tick at the top of the page. It ensures that you entered the right address.
11. Fill in the fields of Asset and Amount.
12. Enter the ETHereum amount you want to send.
13. Below is a rectangular box with the option Next on the right side, click on it.
14. And that is it. Wait for up to thirty minutes as your ETHer is sent to Binance.
Selling Your Crypto on Binance
Now that you have sent your cryptocurrency from MetaMask to Binance, you need to sell it to withdraw money from Binance to your Bank account. Follow these steps:
1. On Binance, navigate to the Sales page.
2. Look for the Spend menu and select the option of ETH here.
3. Enter the ETHereum amount you want to sell on Binance.
4. Next, select the Fiat currency that you wish to receive. You can do it from the Receive option.
5. Once done, click on Continue to sell the ETHereum for a Fiat currency you chose with a further pop-up prompt on the screen.
Withdraw Money from Binance to bank account
This takes us to the last step. To withdraw, here is what you need to do:
1. Click on the Wallet option next to Fiat and Spot, which leads you to the Fiat and Spot wallet.
2. It shows you the Fiat currency balance here.
3. Tap on Withdraw, which leads you to the Withdraw money page.
4. Follow the prompts to receive the Fiat currency in the bank account.
5. To withdraw, choose the currency you want in the Currency menu.
6. Choose the mETHod of payment from here.
7. Now, enter the amount of received currency in the Amount field.
8. Add a New Card if you are doing it through the Bank Card. Enter all the relevant information required.
9. Next, click on Continue.
10. Follow some verification steps to enter a security code of 6 digits sent to your phone.
11. Complete the verification, and you will see a pop-up for Order Submitted.
12. It takes a few minutes before your fiat currency is transferred to your bank account, and that is it!
Summary
We hope you are now aware of how to withdraw money from MetaMask to your bank account with the use of Binance. It is important that you send your ETHereum or whatever cryptocurrency into the Binance wallet to be sold, in order to get the fiat currency for withdrawal to your bank account. Several exchanges allow you to do so, but we are simply using Binance for the purpose of this article to guide you through.
