How to Send Crypto from Coinbase to MetaMask
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Coinbase has grown into one of the most popular cryptocurrency exchanges today, giving its patrons the ability to trade virtual assets like Bitcoin and Ethereum. However, many investors are now looking to store their acquired assets in stand-alone, self-custody wallets which offer more security, complete control over your crypto assets, and the ability to directly interact with decentralized applications.
An increasing number of users are, thus, turning to the popular crypto wallet, MetaMask, to store their digital assets and buy cryptocurrency across different networks.
The process of transferring cryptocurrency from Coinbase to MetaMask can be tricky, though, especially if you are new to the crypto space. In this article, we will present you with a simplified overview of how to send cryptocurrency from Coinbase to MetaMask - from setting up your Coinbase account to creating the MetaMask wallet and transferring the funds from one wallet to the other.
What is Coinbase?
Coinbase is a well-known crypto trading platform for those looking to invest in cryptocurrency or use it for making payments. It is more than just a typical cryptocurrency exchange, though. Coinbase is a digital trading powerhouse that users can access to explore various options to trade digital assets and purchase well-known cryptos like Bitcoin, Ethereum, and Solana using straightforward and user-friendly tools. So even if you do not want to use Coinbase wallet, you can still take advantage of the vast catalog of tokens and currencies available on the exchange.
How to Open a Coinbase Account
Coinbase is one of the most popular and trusted cryptocurrency exchanges in the world, and it offers several benefits to its users. To get started with your Coinbase account, you will need three things:
- A government-issued ID
- A working phone number for SMS verification
- Proof that you are at least 18 years of age
Opening a Coinbase account is a straightforward process that can be completed in a few simple steps:
Step 1: Account Registration
The first step is to load up the Coinbase website. You can access the registration page by clicking the ‘Get Started’ button. If you are using Coinbase for the first time, you must provide your full name, email address, and state address and create a password. Review the terms and conditions, and mark the checkbox on accept. To complete your registration, proceed by clicking ‘Create Free Account’ and you will be redirected to the next page.
Step 2: Account Verification
The next step involves the verification of your identity. Click on the profile slot and hit the verify button. You will be redirected to a page where you have to upload or scan your driver’s license or ID card where your full legal name is visible. After the submission is complete, Coinbase will start the process of verifying the credentials you have provided.
Step 3: Adding a Payment Method
New users must set up a payment method to carry out transactions and make deposits or withdrawals. Coinbase supports multiple payment methods, such as bank transfers, debit or credit cards, PayPal, Google Pay, and Apple Pay.
Step 4: Complete the Purchase
Once you have completed depositing funds into your new Coinbase account, you will be able to purchase any of the cryptocurrencies that are present on the platform. Click on the buy/sell tab and select the digital currency you want to trade. You will have to select the amount you want to buy and tap the adjacent ‘Complete Purchase’ dialogue box to complete the process.
What is MetaMask?
MetaMask is one of the leading crypto wallets based on browser integration to form a popular gateway into Web3, decentralized applications, DeFi, and NFTs. It functions as a browser plugin that operates as a decentralized, non-custodial Ethereum-based wallet. Once the wallet has been installed, users can collect Ethereum or ERC-20 tokens and trade from any Ethereum address via the MetaMask extension.
MetaMask wallet can also be connected to dApps on the Ethereum blockchain network and users can use their credit on crypto casinos and decentralized games. It can also be a starting point for users venturing into the world of decentralized finance to access DeFi apps such as Compound and PoolTogether.
How to Set Up a Metamask Wallet for Receiving Crypto from Coinbase
Setting up a MetaMask wallet is a simple process that can be completed in the following four steps.
Step 1: Download the Extension
Visit the MetaMask website and download the official MetaMask extension.
Step 2: Create the Wallet
Once the extension has been installed in your browser, click on it and the start-up page will appear. Hit on the ‘Get Started’ option and then the ‘Create a Wallet’ on the next tab.
Step 3: Select Password
Now you must select a password that should be at least eight characters long. A password with a combination of lowercase letters, symbols, and numbers is recommended to make your password stronger and more unique.
Step 4: Record Backup Phrase
After you’ve read and agreed to the Terms of Service, click ‘Create’ to create your password. MetaMask will display your 12-word backup phrase to you. This sentence must be noted down carefully, with the words recorded in the exact sequence as they appear on your screen. If you ever lose access to your device, this phrase will be required to retrieve your funds, so save it somewhere secure.
Step 5: Backup Phrase Confirmation
Confirm your backup phrase on the following page by entering the words in the same sequence as previously stored. Once finished, click ‘Confirm’. You are almost finished with the MetaMask setup. Click ‘All Done’ on the last page to instantly log into your new MetaMask account, ready to receive digital assets from your Coinbase account.
Transferring Crypto from Coinbase to Metamask
The following steps describe in detail everything you would need to do to transfer funds from Coinbase to MetaMask.
Step 1: Select the Currency
After logging into your Coinbase wallet, go to the main dashboard. Click the send/receive button on the dashboard. From your holdings, choose which cryptocurrency you would like to send.
Step 2: Open Metamask and Copy Address
On the MetaMask extension under your account name, you will see your wallet address in the format of “0x12r45… 6HJ9”. Copy this address.
Step 3: Paste the Address in Coinbase
Return to Coinbase to the page where you picked the crypto that was to be transferred. Copy and Paste the MetaMask wallet address of the chosen crypto in the box for the recipient’s address. The blockchain network on which the selected cryptocurrency is present will also need to be selected.
Step 4: Review Details
You need to review all the transaction details before proceeding to the next step. Ensuring all the details are correct is essential, as false or incorrect details could lead to a Coinbase withdrawal rejection. On the next page, you will find the transfer amount, wallet address, transaction fees, and network and gas fees displayed. Click ‘Send Now’, after which you can see the funds shown as a deposit on the MetaMask wallet.
Can I Send Tokens and NFTs from Coinbase to MetaMask?
Certainly! The process for transferring other crypto assets besides cryptocurrencies is quite similar. The only difference is that you must select a token or NFT when you click send/receive. Some popular tokens transferred across the platforms include ERC-20 Tokens: Uniswap, Chainlink, and BasicAttenionToken.
Benefits of Transferring Crypto from Coinbase to MetaMask
As already mentioned at the start of this post, Coinbase is a popular cryptocurrency trading site used by thousands of crypto users all across the world. However, its centralized management prevents it from providing users with the same level of privacy as MetaMask. While this configuration might be appropriate for rookie investors, expert users prefer to use a MetaMask wallet. MetaMask enables users to maintain complete control over their digital assets because no third party is involved in keeping track of a user’s transactions.
Moreover, trading on Coinbase is limited to the crypto assets the platform carries, which can be a major damper for more seasoned traders. MetaMask is different and more convenient with its manual import option. Users may manually add their preferred token as well as store, transfer, and earn crypto interest on various currencies in this manner.
Additionally, for those trying to lower their total trading expenses, Coinbase fees are relatively complicated and high. It has the potential to diminish their total earnings. When assets are switched on MetaMask, a flat 0.875% fee is applied. This is a clear advantage for those who engage in trading activity often.
Centralized crypto exchanges are ideal for purchasing Bitcoin and other cryptocurrencies, and managing an investment portfolio. However, the asset’s security is in the hands of a third party rather than the actual owner. One of the best ways to store your digital assets is to transfer them from Coinbase to a non-custodial storage tool, such as the MetaMask wallet.
Transferring cryptocurrency from Coinbase to MetaMask is a quick and easy process that takes only a few minutes. With low transaction rates and rapid transfers, this technique is ideal for anybody using DeFi, NFTs, or other Ethereum-based apps. Always double-check your wallet address before transmitting cash, and remember to keep your seed phrase safe. Following these steps will help you in protecting the safety and security of your digital assets.
The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.