Can you cash out Ethereum on MetaMask? Learn to convert Ethereum to cash from MetaMask by using Coinbase to make a bank transfer.
Ethereum is a decentralized blockchain platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It was proposed by Vitalik Buterin in 2013 and launched in 2015. One of Ethereum’s key features is its ability to support decentralized finance (DeFi) applications, which offer financial services without intermediaries.
In fact, Ethereum has played a crucial role in the rise of decentralized finance (DeFi). In addition, DeFi encompasses various financial applications built on the blockchain, such as lending, borrowing, and trading platforms.
Also, to enter these DeFi platforms to earn profits, users need a Web3 crypto wallet like MetaMask.
MetaMask is a non-custodial decentralized wallet. It means that you own your backup phrase and private keys, thus, you fully control your funds.
On top of that, it is a multi coins crypto wallet that allows you to store several cryptocurrencies(like Ethereum) in the same place.
Additionally, this is a very convenient way to manage your crypto portfolio. However, what to do if you want to sell a part of your crypto portfolio for ‘real cash’? How to do this properly?
By continue reading this guide you will get all the answers you are looking for to cash out Ethereum:
- How to convert Ethereum to Cash with MetaMask
- Know what to do before making crypto withdrawals
- Best alternatives to transfer and swap Ethereum for ‘real‘ money
How To Cash Out Ethereum From MetaMask: Quicktake
In short, below are the necessary steps to cash out Ethereum from the MetaMask wallet. Additionally, I assume you already have an existing Coinbase account and are using MetaMask on a mobile device. Overall, you have to do the following:
- Sent Ethereum from MetaMask to Coinbase
- On Coinbase, sell Ethereum for fiat(USD, EUR, GBP, etc)
- In ‘My Assets‘, choose ‘Cash out all‘ option
- Link your bank account to Coinbase
- Withdraw money to bank account
The steps above are a quick take of the steps you have to follow. Later on in this guide, I’ll go more into detail by including screenshots. Remember that I use Coinbase as an example in this guide, however, you can use the same procedure for any other crypto exchange as well.
Understanding Crypto Withdrawals like Ethereum
MetaMask is a multi-coin wallet and if you are using it on a regular basis then you already know that this wallet can be used on different blockchains. Moreover, besides Ethereum(ETH), Bitcoin(BTC), or BNB, you have several other coins that can be traded or used on different blockchains.
Even though MetaMask has a lot of interesting features, there isn’t a direct option to cash out crypto for money. To do this, you need a centralized exchange like Binance or Coinbase to achieve this.
In other words, you need to withdraw your crypto to another platform first before you can cash out. How to do this properly?
Withdraw From MetaMask Wallet to Bank Account
Again, when you want to cash out crypto from MetaMask by initiating a withdrawal, you need to send your funds elsewhere. Also, to receive the funds in your bank account you must find a platform that supports this.
To continue with this guide, I’ll use Coinbase as a practical example, however, it’s up to you to decide what kind of exchange to use here.
Step 1: Create an Account at Coinbase
First of all, you need to open an account which shouldn’t be a complicated step. On top of that, you can use this link to open a free account at Coinbase.
In short, Coinbase is a very popular crypto trading platform mainly focused on US customers. Also, it has millions of cryptocurrency traders using its platform on a daily basis. In addition to trading and wallet services, Coinbase also offers various other features such as a merchant payment gateway and educational resources for beginners to learn about the world of cryptocurrency.
Remember that crypto exchanges use custodian wallets for holding crypto and are subject to attack by hackers all the time. As a result, security is a top priority for them, and withdrawing to use PayPal requires you to verify(KYC).
In short, an account verification(KYC) process consists of the following:
- Upload official documents(passport, identity card, driving license, or else)
- Take pictures of both sides of the document
- Make a selfie
Step 2: Send funds from MetaMask
After you have finished the sign-up process at Coinbase it’s time to use your newly created profile in order to withdraw money.
The plan you might have is to swap ETH for money so you need to send funds from MetaMask to Coinbase here. How to do this? Below are the necessary steps for Coinbase:
- In Coinbase above, click ‘Send & Receive‘
- Choose Receive tab, and click Bitcoin to search for Ethereum
- In the search bar, type Ethereum and choose Ethereum result
- Background info(*): We are going to use the Ethereum network in this guide. If you are sending ETH from any other then ERC20 token address it will result in a loss.
- Click ok and copy Ethereum address to clipboard
Next, go back to your MetaMask wallet, enter your password to log in, and find your Ethereum funds.
Consequently, in order to transfer, click on ‘Send‘. Now tap on your Ethereum funds and paste the Coinbase Ethereum address from the clipboard into the Send to address field.
Finalize the withdrawal of Ethereum funds from MetaMask by giving the amount of Ethereum and approve the transaction. Again, check if you are using the proper network(in this case ETHEREUM).
Step 3: Receive Ethereum funds at Coinbase
As the Ethereum blockchain processes transactions very fast it’s just a matter of seconds waiting before funds arrive in the Coinbase account. Just make sure that you have received the funds by going to your assets wallet on Coinbase.
On top of that, Coinbase will send you a notification message when the Ethereum funds have reached their platform.
Consequently, the withdrawal process for Ethereum from MetaMask to Coinbase has been finished. Additionally, we are ready to start the withdrawal process to cash out Ethereum on Coinbase.
Step 4: Trade Ethereum for USD on Coinbase
At this point, you can start selling Ethereum for fiat currency(USD, EUR, etc). All you have to do now on the platform is to go to ‘My Assets‘ and choose ‘Buy & Sell‘. It’s all very straightforward.
In the pop-up screen, find Ethereum, also make sure to choose USD as the fiat option and click on the ‘Sell‘ option. Simply enter the amount you wish to sell, click “Preview Sell”, and then hit the “Sell Now” button.
Next, after the platform has processed the transaction(which takes seconds) your wallet will be updated with the amount in USD or EUR.
Step 5: Withdraw Cash from Coinbase to your Bank
Finally, we have reached the level where you can transfer money to your bank account. Now go to your money account under “My Assets”. Next, click on this to view the Cash Out option and select “Cash Out All”.
Click the continue button and a new screen appears that asks you to choose a destination for your cash withdrawal. You have the following options:
- Add a debit card
- Add a bank account
If you just created a new account on Coinbase you have to link your bank account first. Therefore, choose the second option: Add a bank account. (*skip this step if you already did this).
Particularly, the screen for adding a bank account differs and depends on your local situation. As I’m an EU habitant I can only add an EURO bank account here.
However, if you are from the USA or some other country outside the Eurozone, you will be able to add your local bank here.
Next, just follow the steps by adding the necessary details including verifications steps to link your bank account to Coinbase.
Finally, if everything went well you can finalize the withdrawal process and receive the cash within a few days on your bank account!
And this is how to cash out Ethereum from MetaMask to bank account! Enjoy your profits and don’t forget to share this guide if it was helpful 😁
Related: How to cash out BNB from MetaMask
FAQ – How to convert Ethereum to Cash MetaMask
Can You Directly Withdraw Money from MetaMask?
Unfortunately, there isn’t a direct way to transfer your funds from MetaMask to an external bank account. The main reason for this is that MetaMask is connected to a blockchain network and runs autonomously. At the moment, banks can’t deal with decentralized technology or non-custodial wallets.
As a result, it’s necessary to send your funds from MetaMask to a major cryptocurrency exchange to cash out from crypto. In other words, ‘to get money out of my MetaMask’ you need a centralized crypto exchange like Coinbase.
Can I Transfer ETH from MetaMask to Bank Account?
To transfer ETH from MetaMask to a bank, you need an external exchange like Coinbase or Binance. In other words, you need to transfer your ETH to one of these wallets outside of MetaMask. Next, will be to add a bank account as a cash-out option and you are good to go.
Can I Convert ETH to USD with MetaMask?
In short, no there is no option to convert ETH to USD with Metamask. The only alternative you have is to use a stablecoin like USDT or USDC when converting ETH. To do this you can use the built-in swap feature of Metamask.
Is MetaMask Wallet Trustworthy?
MetaMask Wallet provides solid security features, and it doesn’t store any user passwords, data, or seed phrases on its servers. All that information is stored on your device where you’ve installed MetaMask Wallet. Meaning, you are in charge of your funds and this makes it a safe way to store crypto.
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