Metamask requires a simple process to withdraw money from your wallet to your bank account. In this process, you need to move your crypto funds to a centralized exchange from your wallet. Popular examples of CEX that support crypto tokens are Coinbase, Binance, and Kraken. Once you have chosen the appropriate CEX that is available in your country, supports your crypto tokens, and fiat withdrawals, then you need to follow these simple steps:
Step 1: Send Crypto from MetaMask to the Exchange
- Log in to your exchange account.
- Find the deposit address for the specific token you want to transfer (e.g., Ethereum or USDT).
- Copy that deposit address.
- Open MetaMask.
- Click Send.
- Paste the exchange deposit address.
- Select the correct network (e.g., Ethereum, BNB Smart Chain).
- Enter the amount and confirm the transaction.
- Pay the estimated network fees
- Your funds will arrive in your CEX.
Step 2: Sell Crypto for Fiat on the Exchange
- Go to the “Trade” or “Sell” section of the exchange.
- Sell your crypto (e.g., ETH, USDT) for your local currency.
- You’ll now have a fiat balance in your exchange account.
Step 4: Withdraw Fiat to Your Bank Account
- Go to Withdraw or Cash Out on the exchange.
- Choose Bank Transfer, ACH, SEPA, or another supported method.
- Enter your bank details and withdrawal amount.
- Confirm and submit.
- The amount may take one to five business days to complete the withdrawal.
Option 5: Direct Withdrawal for ETH Holders
If you are holding ETH, the native cryptocurrency of the Ethereum blockchain on Metamask, then you can directly exchange cryptocurrency for fiat and withdraw it to your account. The Ethereum Mainnet is the original, main version of the Ethereum network where real-value transactions happen. If your ETH is stored on MetaMask under the Ethereum Mainnet, you can conveniently withdraw or cash out money into your bank account. All you need to do is:
- Move ETH from MetaMask
- Convert it into fiat (like USD, EUR, INR, etc.)
- Withdraw it to your bank account
What to Keep in Mind During the Withdrawal Process?
Crypto transactions are highly sensitive, and they need proper safety measures and precision to complete the process securely and precisely. So, while you’re turning crypto into fiat and making withdrawals, you need to stay alert and observe the following safety measures:
Start with a Test Transaction
- Especially for large amounts, first send a small test amount to ensure that you’re using the right address and the funds arrive properly.
Double-Check Wallet Addresses
- Always copy-paste the deposit address from the exchange.
- Double-check the first and last 4 characters.
- Be cautious of clipboard hijacking malware that may change the address.
Use the Correct Network
- If your crypto is on Ethereum, send it via Ethereum Mainnet.
- If you’re sending tokens like USDT/USDC, confirm the exchange accepts them on that network.
- A mismatch can lead to permanent loss.
Confirm Token Compatibility
- Some tokens, like wrapped versions or bridged tokens (e.g., WETH, BEP-20 tokens) might not be accepted by every exchange.
- You may need to swap them for a supported token like ETH or USDT before transferring.
Use 2FA (Two-Factor Authentication)
- Enable 2FA on both:
- Your crypto exchange account
- Your email account
- Prefer authenticator apps (like Google Authenticator) over SMS.
Verify the Exchange’s URL
- Access exchanges via bookmarked links or manually typed URLs.
- Watch out for phishing sites with similar-looking domains.
Avoid Public Wi-Fi
- Always perform transactions on a secure, private internet connection.
- Public networks can expose you to man-in-the-middle attacks.
Watch Out for Fees
- Ethereum gas fees can be high — always check before confirming the transaction.
- Exchanges may charge additional withdrawal fees for fiat transfers.
Keep Your MetaMask Recovery Phrase Secure
- Don’t share or store your 12-word phrase online.
- Losing it or having it stolen can lead to a total loss of funds.
