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How to Withdraw From MetaMask?

Mar 14, 2024

Crypto Withdrawing Conditions on MetaMask

Withdrawal on MetaMask can be understood in two main ways. Firstly, it can refer to converting cryptocurrencies held in MetaMask into fiat money to be reflected in a debit/credit card balance. Secondly, withdrawal can involve transferring cryptocurrencies from MetaMask to another crypto wallet with a different address. MetaMask permits users to execute these actions unless restricted in their jurisdiction. Additionally, MetaMask categorizes swaps as withdrawals and imposes a 0.875% licensing fee on such transactions.

When converting cryptocurrency on MetaMask to fiat money on a credit card, it is termed as “selling crypto.” Sending cryptocurrency to another wallet is known as “sending,” while instant token exchanges are referred to as “swapping.” Let’s delve into the detailed steps on how to carry out these actions effectively.

How to Withdraw Crypto from MetaMask?

The crypto withdrawal process on MetaMask is relatively simple. You will require a crypto address (receiving address) to send the coins to. Here is a step-by-step guide:

1. Log in to your MetaMask wallet by entering your password in the app or browser extension.

2. Locate the two arrows icon at the bottom of the homepage and click on it to access a menu. From the menu, select the “Send” option.

3. Select the account to send money from and input the receiving address below. If you don’t have a receiving address yet, open the wallet you intend to send money to, locate the Receive feature, and obtain the specific address for the cryptocurrency. You can either copy and paste it into MetaMask or use a QR code.

It’s advisable not to write the address manually. It’s crucial to avoid errors when entering the address, as even a small mistake can prevent the money from reaching its destination.

4. The next step involves specifying the amount you wish to send.

5. Verify that all details are accurate. If everything looks good, proceed to release the coins. They will arrive at the receiving address shortly.

The transaction itself does not involve any additional fees apart from gas fees. Before initiating the transfer, ensure that you have enough funds to cover the expenses. Overall, the process is quite straightforward, and encountering difficulties while transferring cryptocurrency from MetaMask to another wallet is unlikely. Pay close attention to the receiving address you input, as any errors in this field could lead to a permanent loss of funds.

If you wish to withdraw a token not present in your MetaMask account, you can utilize the Swap feature following a similar procedure:

1. Click on the two arrows icon and select Swap from the menu.

2. Choose the cryptocurrency you intend to swap.

3. Instead of selecting the desired cryptocurrency in exchange for yours, input the receiving address for the cryptocurrency you wish to acquire. If you don’t have this address yet, navigate to the destination wallet, click on Receive, copy the provided address for the required cryptocurrency, and paste it into the appropriate field in MetaMask.

4. Check the rates and specify the amount of cryptocurrency you want to swap.

5. Review all the provided information, especially the receiving wallet address. Confirm the swap if everything is correct.

Regular swaps usually occur instantly and without charges. However, swaps involving transfers to a different wallet may take slightly longer and incur a 0.875% licensing fee.

How to Withdraw Fiat Money from MetaMask?

MetaMask allows users to convert their cryptocurrency holdings into fiat money. This process involves exchanging your crypto for its equivalent value in fiat currency, with exchange rates updating constantly based on market conditions. Please note that this service may not be available in all countries. If unavailable in your region, you will learn about it while specifying your country and won’t be able to withdraw fiat currency. Additionally, the payment methods accessible to you are contingent on your location.

To withdraw fiat money from your MetaMask wallet, follow these steps:

1. Click on the two arrows icon located at the bottom of the wallet’s homepage to access the menu, and select the “Sell” feature.

2. Next, specify your current location. If this feature is unavailable in your country, you will need to transfer your cryptocurrency to another platform that supports crypto-to-fiat transactions. One common approach is to exchange your crypto for fiat currency on peer-to-peer platforms of centralized crypto exchanges, although alternative solutions exist. If your country is supported, proceed to the next step.

3. Choose your preferred payment method. MetaMask collaborates with various financial platforms that enable crypto-to-fiat exchanges, allowing funds to be sent directly to your credit card. Supported services include Transak, Moonpay, and PayPal. Select your desired method, keeping in mind that the exchange may involve commissions determined by your bank.

4. Double-check all the information you have provided. If everything appears to be correct, proceed with withdrawing your funds.

Cashing out is a rare feature for a crypto wallet and one of the MetaMask’s benefits.

How to Deploy the FRWT Features to the Funds Stored on MetaMask?

To utilize FRWT features without the need to transfer crypto from MetaMask to FRWT and incurring additional fees, take advantage of the fact that both wallets operate on a self-custody basis. Rather than transferring funds from MetaMask to FRWT, you can use the same seed phrase set for MetaMask to access your funds on the FRWT platform.

On FRWT, you can engage in token swapping, purchase cryptocurrencies, connect your wallet to decentralized finance (DeFi) platforms, enhance security with biometric features, PIN, passcode, or set spending limits.

Conclusion

MetaMask offers various withdrawal methods, including transferring crypto from MetaMask to another address via the Send function, exchanging one cryptocurrency for another while sending it to a different crypto address, and cashing out crypto for fiat currency directly to a credit card. The procedures for these actions are generally straightforward, although the process of withdrawing while swapping may be slightly less intuitive.

Always remember to thoroughly verify all addresses used to prevent sending funds to an incorrect address. Additionally, ensure that you are using the correct blockchain for the specific token you intend to send, as many tokens operate on multiple blockchains.

Since our comprehensive web3 wallet, FRWT, operates as a self-custody wallet, you can access your MetaMask funds within FRWT by simply utilizing the seed phrase from your MetaMask wallet.

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