Here's how to make the switch from exchange to wallet...
As one of the most popular and established cryptocurrency exchanges,Coinbase acts as an accessible way into cryptocurrency for many users. But how can these users then transfer their cryptocurrency to a MetaMask wallet?
MetaMask is an efficient crypto wallet that allows users to store cryptocurrencies in a secure ecosystem. It is one of the simplest hot wallets that can be set up easily and is best for users who trade crypto daily, while also giving them the freedom to hold their own keys, which exchanges do not.
For such users, it can be quite overwhelming to transfer cryptocurrency and store it in a secure wallet. So, here's a guide on how to transfer cryptocurrency from Coinbase to Metamask.
How To Transfer Cryptocurrency From Coinbase To MetaMask?
To transfer from Coinbase to MetaMask, you should follow these steps.
Log in to your Coinbase account.
Log into your MetaMask account and click on three dots that read "buy and send".
Each cryptocurrency has its address, so make sure to send yours to the correct address. Eg: Make sure you’re sending Bitcoin to a Bitcoin address, and Ethereum to an Ethereum address.
Copy the MetaMask wallet address on the clipboard.
Paste the address into the wallet address field on Coinbase (confirm the wallet address before sending).
Enter the amount of crypto that you wish to send. It is advised to test the feature out first by sending a small amount.
Once done, click on the Complete button to finish the transaction.
Your transaction may take a bit of time to process (depending upon the amount of congestion that Coinbase or MetaMask may encounter during peak hours.)
How long does it take to transfer from Coinbase to MetaMask
According to MetaMask, it'll take up to 10-15 minutes maximum for a transfer to reflect in your MetaMask account.
How To Transfer NFT From Coinbase To MetaMask
MetaMask is extensively used as a leading crypto wallet to store NFTs
While users may explore other wallets to buy NFTs, when it comes to storing NFTs, the majority of the users prefer MetaMask to store NFTs for a longer duration.
Here's how users can transfer NFTs from Coinbase to their MetaMask wallets:
Go to your NFT tab in your Coinbase wallet
Select the NFT you wish to transfer
Click the send button.
Paste your metamask address (ENS)
Confirm the transaction.
Coinbase to MetaMask fee
As per the official website, Coinbase charges a nominal fee "For transactions on cryptocurrency networks (i.e., transfers of cryptocurrency off the Coinbase platform), Coinbase incurs and pays network transaction fees (e.g., miner’s fees).
The fee is usually calculated based on estimates of the network fees and varies depending on multiple factors including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.
Go to the Coinbase Wallet extension, click Show Wallet address > QR code. Open the MetaMask mobile app, and tap Send > QR code and scan the Coinbase Wallet extension QR code in your web browser. Enter the amount of crypto you'd like to send and select the asset. Complete the transaction.
Your choice between Metamask and Coinbase Wallet should depend on your specific needs, such as the type of cryptocurrencies you wish to manage, your usage of dApps, and your level of concern for security and privacy. For Ethereum enthusiasts and frequent dApp users, Metamask is undoubtedly preferable.
You can transfer crypto from one Coinbase user's primary balance to another user's primary balance without any charges. For transactions on cryptocurrency networks (i.e., transfers of cryptocurrency off the Coinbase platform), Coinbase incurs and pays network transaction fees (e.g., miner fees).
The transaction fee for sending ETH from Coinbase to MetaMask should cost around $1.00. This is because Coinbase uses a gas price oracle to estimate the amount of ETH needed to send your transaction.
How do I transfer my existing ETH and tokens to MetaMask? You can send ETH and tokens from another wallet to a new MetaMask account. Simply copy your new MetaMask public address and go to your existing wallet or exchange to send funds to your new wallet address.
Other important factors to consider when researching alternatives to Metamask include user interface and user experience. The best overall Metamask alternative is Zengo Wallet. Other similar apps like Metamask are Coinbase Wallet, Trust Wallet, Exodus, and Coinomi.
Yes. MetaMask is a trusted crypto wallet used by more than 30 million people worldwide, with security features like encryption, Blockaid, and seed phrases. It is, however, a hot wallet, and is best used in combination with a compatible hardware wallet.
The MetaMask transaction fee of 0.875%Gas on the destination network, which is generally covered by the bridge provider. Fees to liquidity providers and validators, who relay transactions across networks. Price impact, which relates to available liquidity and how the bridge will affect it.
Coinbase has excellent security measures to ensure its users' funds are safe. However, we recommend moving your crypto assets off any exchange into a self-custodial hardware wallet.
Primary balance. Coinbase offers our cash and Hosted Cryptocurrency balance service free of charge, allowing you to store your cash and supported cryptocurrency at no cost. We don't charge for transferring crypto from one Coinbase user's primary balance to another user's primary balance.
1. Greater control and security: By transferring your cryptocurrency to a personal wallet, you have full control over your private keys and can secure your funds with additional measures like multi-factor authentication.
How Long Does it Take to Send ETH from Coinbase to Metamask? To send ETH from Coinbase to MetaMask should take about 10 minutes, but it depends on the Ethereum blockchain network congestion at the time when you go to send Ethereum.
Coinbase Wallet's mobile app offers a more intuitive and user-friendly experience. Transaction Fees: Consider the cost of transactions, as MetaMask's fees may be relatively higher than Coinbase Wallet's.
All interests in Digital Assets we hold for Digital Asset Wallets are held for customers, are not property of Coinbase, and are not subject to claims of Coinbase's creditors. As owner of the Supported Digital Assets in your Digital Asset Wallet, you shall bear all risk of loss of such Supported Digital Assets.
When you use a linked bank account (ACH) to buy crypto or add cash to your account balance, the funds are placed on hold and won't be immediately available to send or cash out. Think of this like depositing a check to your bank account and having to wait for it to clear before you can remove the funds.
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