Crypto wallets are important in today’s crypto world since they hold cryptocurrency data. Also, you can spend, send, and receive digital assets with a crypto wallet.
Also, digital currencies can only be found in huge databases called ledgers. All cryptographic exchanges are recorded in a ledger. This ledger is generally known as a “blockchain.”
Unlike an ordinary wallet, which holds real cash, a cryptocurrency wallet technically doesn’t store cryptocurrencies. Instead, they are kept on the ledger, which can only be decrypted with a private key, an advanced form of encryption that lets a user unlock their cryptocurrency.
Your keys show that you control your digital currency and enable you to execute transactions. You will be unable to access your funds if you misplace your private keys. Because of this, you need to make sure your hardware wallet is secure or utilize a reputable wallet service, such as Coinbase or the Metamask wallet.
Coinbase, being one of the oldest and most well-known cryptocurrency exchanges, provides many customers with an easy access point into the cryptocurrency market. So, how can these customers subsequently move their crypto assets to MetaMask?
MetaMask is a good cryptocurrency wallet that lets people store their cryptocurrencies in a safe environment. It’s one of the easiest hot wallets to set up, and it’s ideal for traders who trade cryptocurrencies on a regular basis since it allows them to retain control of their private keys (something exchanges don’t do).
For these people, it can be hard to move cryptocurrency and keep it in a safe wallet. If you’re looking to move any crypto assets from Coinbase to Metamask, here’s how to do it.
What is Metamask Wallet?
For some people, just having the currency isn’t enough. They want to have more, so they try to buy non-fungible tokens, also called “NFTs.” In order to do this, you will need to transfer your currency from your exchange into a specialized wallet. This wallet will double as your login details to the online marketplace from which you want to make a purchase while also serving as your wallet.
For most people, MetaMask is the perfect wallet. Metamask is a crypto wallet that is available for download on Firefox, Chrome, Android, and iOS. Metamask can also connect your regular browser to the Ethereum blockchain by adding an extension to it.
In addition, the Ethereum Blockchain network is a network that facilitates the development of decentralized applications in addition to other types of digital assets. Developers can use this network to write “smart contracts,” which are guidelines for how to make a transaction.
About Coinbase
For many people, Coinbase is their first step into the cryptocurrency industry. It is an easy-to-use exchange that lets people buy Bitcoin (BTC) and learn about the cryptocurrencies they are buying.
Coinbase Global was started in 2012 as a trading platform for cryptocurrencies. Users may buy, sell, and trade over a hundred different tradable digital assets on the site at the present time, including Ethereum, Bitcoin, Binance Coin, etc. On the other hand, Coinbase is a huge company, with over 70 million users and over $255 billion worth of assets now held on the platform.
How to Transfer From Coinbase to Metamask in 2023
Here is a comprehensive, step-by-step guide with images on how to move crypto assets from the Coinbase exchange to a Metamask wallet.
Step 1: Create a Coinbase Account
Open a fresh Coinbase account or enter your current account details to access your existing account. After you log in, you’ll see the main dashboard. Tap the “Send/Receive” button in the dashboard’s top-right corner. Once you know which cryptocurrency you want to move from Coinbase, you can choose it and click “Send” to send it to Metamask.
Step 2: Open Your Metamask Wallet
The next step for people who don’t own a Metamask wallet is to go to the Metamask site and download one. The application is free to download for iOS and Android devices. It’s also available as a Chrome extension for desktops and laptops. You will be asked to set up a new wallet and a recovery passphrase.
Users who already have a Metamask wallet can open the Metamask app by clicking on the appropriate icon. To proceed, please enter your password.
Step 3: Select the Crypto to Transfer
Find the cryptocurrency in question in your Metamask wallet, and then copy its address by clicking the “Copy” button. To send Ethereum, for example, find the Ethereum wallet and then click the “Copy” button to get the Ethereum wallet address for Coinbase.
Step 4: Paste Your MetaMask Wallet Address on Coinbase
Go back to Coinbase and choose the cryptocurrency you want to transfer. Paste the wallet address for the cryptocurrency you want to send that you copied in the previous step. The blockchain network for the selected cryptocurrency will also have to be selected. In the case of Ethereum, the ERC-20 blockchain network should be selected on the withdrawal page, and the Ethereum wallet address should be displayed there.
Step 5: Review the Details of the Withdrawal and Finish the Transfer
Review the details of the withdrawal transaction, like the cryptocurrency and the blockchain network, and then click “Continue” to move on to the next step. Make sure you enter all the information correctly, as a mistake could cause your Coinbase withdrawal to be turned down.
On the next page, you’ll see the amount you want to send, the address of your wallet, and the exchange and network fees that will be taken out. To avoid having your transfer declined due to insufficient money, it is recommended that you transfer more than the required amount. When you click “Send Now,” the transfer will show up in your Metamask wallet address as a “deposit.”
Why Should You Send Your Crypto Assets From Coinbase Exchange to Metamask?
Even though Coinbase has a lot of services that new investors might like, more experienced users tend to use Metamask instead. Why? Here are some of the reasons:
Self Custody
Coinbase is the best place to buy and sell cryptocurrencies, but its operations are centralized. That means that Coinbase has access to each user’s account. Even though this may work for new investors, more experienced users are more likely to use a Metamask wallet. Users are able to maintain complete control over their own digital assets when they make use of digital storage; thus, there is no centralized organization that monitors the transactions made by users of digital storage.
Lower fees
Coinbase fees are pretty complicated. Trading fees on the platform range from 0.5 percent to 4.5 percent of each trade. This is quite expensive for users who want to lower their overall trade costs. It can even make them lose money. As opposed to other platforms, Metamask has a fixed fee of 0.875% for asset swaps. This is used to improve the cryptocurrency wallet.
More assets
Even though the Coinbase Wallet can store and trade more than 5,500 cryptocurrencies, the Metamask wallet can store and trade even more. There are Ether, fungible ERC-20 tokens, and non-fungible ERC-721 tokens, and users may add even more tokens from other blockchain networks. As an added bonus, MetaMask provides access to other decentralized exchanges, like the widely used PancakeSwap and UniSwap.
Customizable
Coinbase only allows traders to trade a certain number of cryptocurrencies at any one time. Metamask is distinct in this regard since it allows users to manually input data. This allows users to manually add their preferred token, store and transfer cryptocurrencies, and earn cryptocurrency interest on a wide variety of coins.
How Long Does a Coinbase-Metamask Crypto Transfer Take?
The time it takes to move money between a Coinbase wallet and a Metamask wallet depends on the crypto and the blockchain that goes with it. According to the most recent statistics, the average time it takes to transfer the most popular cryptocurrencies between blockchain wallets is 6.80 minutes.
There are other things that can influence the speed of a transfer, like how busy the blockchain network is and how many confirmations the receiving wallet needs. Some of the fastest cryptos are Ethereum, Cardano, and Tether, which will take between 5 and 10 minutes to move from Coinbase Exchange to Metamask.
Does a Coinbase Wallet-To-MetaMask Transfer Cost Money?
When moving assets from your Coinbase wallet to your Metamask wallet, there is little cost involved. This is usually called the miner’s fee, and it has nothing to do with the Coinbase service fee. Both are pretty flexible and can charge different amounts depending on when the transfer is started.
Final Thoughts
Centralized cryptocurrency exchanges are good platforms to buy cryptocurrency as well as maintain a portfolio. Despite this, the responsibility for the asset’s safety does not rest with the real owner but rather with a third party. One of the most effective strategies for storing cryptocurrency is to move assets from the Coinbase wallet to a non-custodial storage platform, such as the Metamask wallet. The legitimate owner is fully responsible for the crypto assets stored in the Metamask wallet.
