MetaMask, the world’s largest crypto wallet (and internet browser extension) finally introduced a way for users in the United States, Europe and the United Kingdom to quickly convert their crypto holdings into fiat currency (USD, GBP, UK).
Through the new “Sell” feature, MetaMask users are presented with real-time options, similar to how it works with Venmo or Cash App, to convert their Ethereum holdings (ETH) into their preferred fiat currencies – assuming that they are available in their region. All they have to do is go to MetaMask and access the Portfolio section of the platform.
This new feature comes just five months after MetaMask launched a feature that allows users to buy crypto using fiat from their bank accounts, PayPal, and debit/credit cards.
With over 22 million users, MetaMask has remained a leading crypto wallet that is (for the most part) quite navigable for those who have some basic knowledge or experience in the crypto landscape.
It’s worth noting that the new “Sales” feature is limited to some state restrictions in the US, UK and certain parts of Europe. However, MetaMask says it has future plans to expand this service to more regions to better serve its global user base, according to its blog post.
How to “Cash Out”
To use the new “Sell” feature, MetaMask users must:
- Connect their MetaMask wallet to portfolio.metamask.io.
- Click on the ‘Sell’ tab to start the process.
- Select their region.
- Choose the token and network they want to sell (e.g. ETH on Ethereum).
- Select a fiat account destination that is available in their location (for example, a bank account or PayPal balance).
- Enter the amount of cryptocurrency they want to sell (e.g. 0.5 ETH).
- Real-time quotes from various available providers are presented.
- Users can select one provider to continue with.
- They are securely redirected to the provider’s website to sign up and link their fiat account, then sent back to MetaMask Portfolio.
- Users can select ‘Send ETH to’ [Provider]’ to initiate the transfer from their wallet to their fiat account.
- Confirm the transaction in their MetaMask wallet.
As with crypto transactions, MetaMask users also have the option to track the progress of their order in the “Sell” tab, subject to processing times depending on the chosen provider. Depending on the user’s financial institution, it may take several days for the funds to reach the user’s bank account.
The payout costs
It’s also worth noting that MetaMask users now have to factor in two fees when cashing out crypto: the gas fee for network transactions, and a transaction fee for providers like Moonpay. In a US demonstration, a withdrawal of 0.05 ETH resulted in about 8% of the total amount being used for transaction fees. These charges may vary depending on the user’s location and available recording partners.
Editor’s note: This article was written by a staff member of nft now in collaboration with OpenAI’s GPT-3.