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In this guide, we’ll break down everything you need to know about withdrawing your cryptocurrency from MetaMask and converting it into fiat currency.
Can I withdraw my cryptocurrency from MetaMask to my bank account?
At this time, MetaMask does not allow users to swap cryptocurrency to fiat currency or give users the option to link their funds to a bank account.
If you wish to convert your crypto to fiat currency, you will need to first transfer your cryptocurrency to a centralized exchange like Coinbase or Gemini.
How to withdraw your cryptocurrency from MetaMask
Let’s walk through a step-by-step process on how to transfer your cryptocurrency out of MetaMask and convert it to fiat currency. It’s important to note that the exact steps may vary based on the exchange that you’re using.
1. Open your MetaMask wallet extension, and hit the blue button labeled ‘Send’.
2. Next, you will see a prompt asking you for the public address you’d like to transfer your cryptocurrency to.
3. You should log in to your exchange to see the address you can use to receive your crypto assets. You should be sure you have the right address before you execute the transfer. Typically, your exchange account will have different wallet addresses for different blockchains. You should use the wallet address associated with Ethereum and ERC-20 tokens.
4. Once you’ve transferred your cryptocurrency to your exchange, you can exchange your crypto for fiat currency.
How much does MetaMask charge to withdraw?
MetaMask does not charge a fee to withdraw your cryptocurrency. However, you will need to pay relevant blockchain gas fees for transferring your cryptocurrency to another wallet or exchange.
What withdrawal network does MetaMask use?
By default, transactions made on your MetaMask wallet are verified by and executed on the Ethereum mainnet. This applies when you transfer your cryptocurrency out of MetaMask.
Can the IRS track my MetaMask transfers?
If you’re using a third-party exchange to convert your cryptocurrency into fiat currency, it’s likely that your transfers can be tracked by the IRS.
Major exchanges issue 1099 forms to customers and the IRS that detail taxable income. In addition, exchanges like Coinbase and Kraken have handed over customer information to the IRS after being served a John Doe Summons.
Additionally, it’s important to remember that transactions on blockchains like Ethereum are publicly visible and permanent. The IRS has worked with contractors to crack down on crypto tax fraud.
For this reason, it’s important to keep track of all of your MetaMask transactions for tax purposes.Today, over 400,000 crypto investors use crypto tax software like CoinLedger to automatically keep track of their gains, losses, income, and transfers between wallets with the click of a button. This makes tax reporting extremely easy at the end of the year.
You can connect your wallet and get started with a free CoinLedger account today.
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