How to transfer tokens from MetaMask? This guide will explain in greater detail how blockchain transactions work with the MetaMask wallet.
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-coin 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’? Or do you want to send your tokens to another crypto platform?
By continuing to read this guide you will get all the answers you are looking for regarding transactions with MetaMask:
- How to transfer tokens from MetaMask to exchange
- Know what to do to be able to deposit cryptocurrencies
- The options you have on the Binance crypto exchange
How To Transfer Tokens From MetaMask: Summary
In short, below are the necessary steps to transfer any token from the MetaMask wallet. Additionally, you must open a crypto exchange account to be able to perform blockchain transactions. Overall, you have to do the following:
- Open a free account at Binance
- Find the Deposit button(of your token)
- Copy public address of the token to clipboard
- Open MetaMask wallet
- Find your token and click Send button
- Paste token from the clipboard into the field
- Finalize the transaction(on-chain)
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 Binance as an example in this guide, however, you can use the same procedure for any other crypto exchange as well.
Understanding Crypto Deposits and Blockchain Transactions
Think of crypto deposits as placing money into a digital piggy bank when you get cryptocurrencies like Bitcoin or Ethereum. These are stored in a wallet.
Decentralized wallets, such as MetaMask, provide you control. It’s like having your personal safe at home, where you manage your keys and have full authority over your funds.
On the other hand, custodian wallets on exchanges act as traditional bank accounts. They keep your crypto, but you lack complete control. It’s convenient, but risky if the exchange has problems.
Imagine blockchain transactions as sending messages similar to email. Miners act as messengers, confirming transactions. They’re rewarded with fees for their work.
So, when you deposit or send crypto, it’s like adding a message to the blockchain. Wallets and exchanges handle this differently, and fees help transactions get processed. Just remember, wallets give control, exchanges are convenient but risky, and fees pay for processing.
Send Tokens From MetaMask To Exchange(3 Steps)
Again, when you want to transfer tokens from MetaMask using blockchain, 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 Binance 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 Binance
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 Binance.
In short, Binance is a very popular crypto trading platform used on a global scale. On top of that, it has millions of cryptocurrency traders using its platform on a daily basis. In addition to trading and wallet services, Binance 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 holding your crypto account there 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: Get the token Deposit Address
After you have finished the sign-up process at Binance it’s time to use your newly created profile in order to be able to transfer tokens.
Additionally, to be able to use the blockchain to send transactions requires a public key. At this point, you must find the public key in Binance for your requested token. Below are the steps to achieve this on Binance(using my desktop):
- Open Binance and go to Dashboard
- Next, click on Deposit Button(Above in the menu)
- A Fund Your Wallet menu appears. Click on Deposit Crypto
- Type your token in the search bar
- Also, make sure to select the right blockchain network
- A warning message might appear about validator rewards. You can click OK here
- Next, the deposit address is generated by Binance
- Finally, copy this address to your clipboard
Overall, you are done at Binance and the next step will be to go back to your MetaMask wallet to be able to set up the blockchain transfer. Besides, as an example I have used ETH tokens to be able to complete the transfer.
Step 3: Transfer Tokens from MetaMask
Next, go back to your MetaMask wallet, enter your password to log in, and find your token funds.
Consequently, in order to transfer, click on ‘Send‘. Now tap on your token funds and paste the Binance public 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.
As the Ethereum blockchain processes transactions very fast it’s just a matter of seconds waiting before funds arrive in the Binance account. Just make sure that you have received the funds by going to your assets wallet on Binance.
On top of that, Binance will send you a notification message when the Ethereum funds have reached their platform.
Using Your MetaMask Tokens on Binance
Now that you have deposited your MetaMask tokens on Binance, what’s next? In particular, Binance became famous as the world’s most-traded cryptocurrency exchange. So if you want to trade your tokens on Binance then you have a good chance you can find the proper trading pair. On top of that, Binance has lots of liquidity in the order books which allows you to sell your tokens instantly at market price.
Besides trading, Binance offers other financial services to earn additional cryptos. Next a short summary of the possibilities at Binance:
- Binance Ethereum Staking(Stake your ETH and get about 3.98% APR)
- Simple Earn(Deposit any POS token and receive staking rewards)
- BNB Vault(Stake BNB, or add BNB to launch pool for 18% APR)
- Binance Launchpad(Use BNB for getting brand new tokens. Good examples are $SFP, $GMT, or $FET. All went 2x – 10x from launch)
- Binance Earn(Locked staking of POS tokens. Stake DOT, MATIC, SOL or BNB for 4 – 14% APR)
- Binance Futures Trading(Trade 90 contracts with a max of 100x leverage)
Overall, when you decide to use the PRO interface, all the additional options on Binance can be a little overwhelming. Therefore, it’s important to stick to the basics first and start using wallets in combination with simple trading options(Binance Convert).
Related: How to Cash Out BNB From MetaMask
Should you always use Binance if you want to transfer tokens from MetaMask to exchange? Of course not! Also, it is good to know that Binance has problems with US and EU regulators about a valid license and other legal activities.
Meaning, if you are from the USA you can’t use Binance. Also, some countries in Europe(Netherlands, Belgium) are not allowed to create an account here. Therefore, it depends on your local situation where you can use the same procedure for any other exchange to send tokens from MetaMask. Happy investing!
FAQ – How to Transfer Tokens From MetaMask To Exchange
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 Tokens from MetaMask to Bank Account?
To transfer tokens from MetaMask to a bank, you need an external exchange like Coinbase or Binance. In other words, you need to transfer your tokens to one of these wallets outside of MetaMask. Next, will add a bank account as a cash-out option and you are good to go.
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, that you are in charge of your funds and this makes it a safe way to store crypto.
📣Important: List of top Crypto Projects
|🎁 Swapzone: Find the best crypto offer|
|🚀 Bitsgap: Best Automated Trading Bots|
|💲 Nexo: Reliable Crypto Lending Platform and get $25 free Bitcoin|
***To be Profitable in the markets
Disclosure: This post could contain affiliate links. This means I may make a small commission if you make a purchase. This doesn’t cost you any more but it does help me to continue publishing cool and actual content about Bitcoin & Crypto – Thank you for your support!