Coinbase is one of the popular trading platforms in the crypto space. The exchange allows users to trade thousands of digital assets, including Bitcoin and Ethereum. However, investors looking to store their assets in a stand-alone wallet turn to the popular cryptocurrency wallet provider Metamask.
This guide details how to safely transfer crypto such as Bitcoin or Ethereum from Coinbase to Metamask. The fee structures, features, and usability of both platforms will also be discussed as these are important to know before sending crypto between wallets.
How To Transfer Crypto from Coinbase to Metamask - Quick Guide
The process to withdraw cryptocurrencies from Coinbase and transfer to Metamask can be completed in 5 steps. We have outlined these steps below.
- Open the Coinbase account and on the dashboard, click on the "Send/Receive" button to start an asset transfer to Metamask.
- Create a new Metamask wallet. The App can be downloaded to a mobile device or on a desktop as a Chrome browser extension. Follow the on-screen prompts to set up seed recovery and wallet password.
- In the Metamask wallet, find the crypto asset to be transferred and click on the "Copy" icon to obtain the wallet address for that asset.
- In the Coinbase wallet, select the asset to transfer, paste the Metamask wallet address that was copied in Step 3, and select the blockchain network.
- Review the transaction details, including the fees incurred, and confirm by clicking "Send Now". The transaction will be seen as a 'deposit' in the Metamask wallet.
Can You Transfer Crypto from Coinbase to Metamask?
Coinbase users can easily move their digital assets from the platform to Metamask, however, there are some important things to be aware of. The first is the coin to be transferred, the network on which the transfer will take place, and the recipient's Metamask wallet. Investors must ensure that the right blockchain network is chosen in the MetaMask account. There are no fees to transfer crypto from Coinbase to an external wallet, but a standard blockchain fee will apply.
For instance, when transferring Binance Coin (BNB) or assets hosted on the Binance Smart Chain (BSC), users must first switch the network to BSC. Once this is done, the wallet will generate a wallet address for that network. Changing the network can be done via a third-party service like Chainlist or manually inputting the new blockchain's data.
Are There Fees to Transfer Crypto from a Coinbase Account to Metamask?
Coinbase does not charge any fee for users to send digital assets such as Bitcoin to an external cryptocurrency wallet. However, Coinbase users would be charged based on the current network congestion when the trade is placed. The actual fee incurred is called a network fee.
How Long Does It Take To Send Crypto From Coinbase To Metamask?
The transfer time between Coinbase and Metamask wallets varies on the cryptocurrency and the associated blockchain. The average transfer speed between wallets is 6.80 minutes for the major crypto assets according to the latest data. There are other factors that can affect the transfer speed which include blockchain network congestion and the number of confirmations required by the receiving wallet. Ethereum, Cardano and Tether are examples of the fastest cryptocurrencies which will take 5 to 10 minutes to transfer from Coinbase to Metamask.
Why Should You Transfer Crypto from Coinbase to Metamask?
Although Coinbase offers various services that newbie investors would be interested in, more advanced users lean more toward Metamask. Why? Here are a few reasons below:
- Self custody. Coinbase is a leading crypto trading platform but is centralized in its operation. That means the exchange has access to every user’s account. While novice investors may be comfortable with this arrangement, advanced users are more comfortable using a Metamask wallet. Digital storage allows users to retain full control of their digital assets, meaning there is no central entity that keeps tabs on a user’s transaction.
- More assets. Although the Coinbase Wallet supports 5,500 plus digital assets, the Metamask wallet supports the storage and trading of even more digital assets. This includes Ether, ERC-20 (fungible), and ERC-721 (non-fungible) tokens, and users can add more from other blockchain networks. In addition, MetaMask is a gateway to popular decentralized trading platforms like PancakeSwap and UniSwap.
- Lower fees. Coinbase fees are quite complex. The platform charges trading fees ranging from 0.5% to 4.5%. This is quite steep for users looking to reduce their overall costs for trade. It can even reduce their overall profit. On the other hand, Metamask charges only a flat 0.875% when assets are swapped on the platform. This is used for the further development of the crypto wallet.
- Customizable. Traders are limited to the crypto asset they can trade on Coinbase. This is quite different on Metamask as the platform offers a manual import option. This way, users can manually add their token of choice, store, transfer, and earn crypto interest on a broad range of coins.
How to Send Crypto from Coinbase to Metamask - Full Tutorial
Here is a full step-by-step tutorial on how to transfer crypto from Coinbase to a Metamask wallet with screenshots of the exact process.
Step 1. Open Coinbase
Create a new Coinbase account or log into an existing account using the registered credentials. Once logged in, the main dashboard will be shown. Tap on the ‘Send/Receive' button on the top right-hand corner of the dashboard. Once you have decided on the crypto to withdraw from Coinbase, select the asset and click on ‘Send’ to transfer the asset to Metamask.
Step 2. Open the Metamask wallet
For those that don't have a Metamask wallet, the next step is to visit the website and download the wallet. The application can be downloaded for free to a mobile device such as iOS and Android devies. Alternatively, it can be installed onto a desktop as a Chrome browser extension. There will be prompts to create a new wallet and set up a recovery passphrase.
Existing Metamask wallet users can proceed to open the Metamask extension by tapping on the applicable icon. Insert password to gain access.
Step 3. Select the cryptocurrency to transfer
In the Metamask wallet, find the crypto asset to be transferred and click on the "Copy" icon to obtain the wallet address for that asset. For example, to transfer Ethereum, find the ETH wallet and click on the ‘Copy’ icon to obtain the Coinbase Ethereum wallet address.
Step 4. Paste MetaMask Wallet On Coinbase
Return to Coinbase and select the crypto to transfer. Paste the Metamask wallet address for the chosen crypto to transfer that was copied in the above step. The blockchain network will also need to be selected for the selected crypto. In the example of Ethereum, the ETH wallet address should be shown on the Coinbase withdrawal page with the ERC-20 blockchain network selected.
Step 5. Review withdrawal details and complete transfer
Review the withdrawal transaction details such as the cryptocurrency and blockchain network and then click on ‘Continue’ to proceed to the next stage. Ensure all the details are entered correctly as a mistake can lead to a rejected Coinbase withdrawal.
The next page is where the amount to transfer, wallet address, and the transaction and network fees to be deducted are shown. It is best to send more than the minimum amount to ensure there are sufficient funds to cover the transaction costs such as gas fees. Click on ‘Send Now’, and the transfer will reflect as a ‘Deposit’ in the Metamask wallet address.
Getting Started with Coinbase and Metamask
In this section, we offer new users the steps involved in creating a Coinbase and Metamask wallet account for those of you that don't have an account as yet.
How to Create a Coinbase Account - A Quick Guide
To create a new account on Coinbase, follow these steps:
Step1 - Sign Up
The initial step is to visit the Coinbase website. Tap ‘Get Started’ to access the registration page. Beginners must supply details, including their full name, email address, and password. Tap on the accompanying terms and conditions (T&C) box and click on ‘Create Free Account’ to move to the next stage.
Step 2 - Verify ID
The next step is to verify identity. Tap the profile icon and choose the ‘Verify’ button. Then, upload a copy of a recent driver’s license that reflects the investor's full legal name or submit a copy of a government-issued identity card. Once this is done, Coinbase will begin verifying the submitted credentials. To find out how long Coinbase verification takes, read this article which explains the approval times for each verification level.
Step 3 - Deposit
Making a deposit requires new users to set up a payment method. Coinbase accepts bank wire transfers, credit/debit cards, PayPal, Google and Apple Pay, sand crypto deposits.
Step 4 - Buy Crypto
Once the deposit is completed, the user can proceed to purchase any of the available digital assets on the platform. Click 'Buy/Sell' and select a cryptocurrency. For example, to buy Ethereum choose ETH from the list, enter the purchase amount and click on the accompanying dialogue box to complete the transaction.
How to Create a Metamask Wallet - A Quick Guide
Metamask is a well-known crypto wallet for its ease of use. This is evident in the sign-up process. To get started, follow these steps:
Step 1 - Download Metamask
Head over to the Metamask website to get started. The crypto wallet step allows users to download the Metamask app on their smartphone or as a browser extension. Click the ‘Download for Chrome’ button to download on a PC and add the browser extension.
Step 2 - Create a Wallet
Next, create a new wallet. If this is the first time on the platform, click on the 'Create a New Wallet' icon and follow the on-screen prompts. A set of 12 random words would be displayed on the next page. This is the user's seed phrase, and it must be stored in a safe place. There's nothing more important in a MetaMask wallet than the recovery phrase.
Investors should keep it safe at all times. The recovery phrase works like a backup security system, allowing users to gain access to their accounts from other devices if they lose the one they used to open the account.
Step 3 - Create a Password
Users can set up an alphanumeric password or use a biometric security system.
Step 4 - Complete the Process
Then, click on the ‘T&Cs’, and a new wallet step will be created.
Frequently Asked Questions
Yes, users can connect their Metamask wallet to their Coinbase account. To do this, install the Coinbase Wallet browser extension from the Chrome Web Store and click on ‘Import Wallet’ on the next page. Then insert the recovery phrase, and both wallets would be automatically synchronized. This will not affect regular transactions performed on the Metamask wallet address. Traders can also follow the same steps to connect Coinbase to Phantom Wallet or even a hardware wallet like Ledger.
It is possible to transfer Ether from the Coinbase wallet to Metamask. To do this, head over to the Metamask wallet and select Ethereum. This is set as default in most cases. Tap on the three dotted lines in the far right-hand corner and copy the wallet address shown on the page. If the Coinbase wallet app is used, the investor can easily scan the QR code that appears when the dotted lines are displayed.
Copy the Ethereum wallet address and head back to the Coinbase wallet. Then tap on ‘Ethereum’ on the wallet and locate the ‘Send’ button. Set the amount in dollars to be transferred and paste the Ethereum address in the stipulated wallet address field. Click on the ‘Continue’ button and review the details on the subsequent page before tapping on ‘Send’. To find out how long it takes to send Ethereum between wallets, read this article next.
There is a small transfer fee from the Coinbase wallet account to the Metamask wallet. This is largely referred to as the miner's fee, independent of the Coinbase service fee. Both are largely fluid and can charge based on the time the transfer is initiated.
Centralized crypto exchanges are suitable places to buy crypto and monitor a portfolio. However, the security of the asset is in the hands of a third party and not the actual owner. Transferring crypto from Coinbase to a non-custodial storage application like the Metamask wallet is one of the best ways to store crypto. The crypto-assets held on within the Metamask wallet are the full responsibility of the rightful owner.