Starmkgunu.co.in – As we already explained in our post Metamask: What is it and how to create an account? , Metamask is one of the most widely used ETH wallets and ERC-20 tokens for daily transactions. This is especially the case for artists who sell their NFTs in markets like Opensea .
In this post we are going to see how to manage our money using Metamask.
How to deposit money in Metamask?
We have our NFT ready to mine or we have located one that we want to buy and the wallet is empty. What options do we have to load money into our Metamask?
Metamask, being a crypto wallet on the Ethereum network , does not support the use of credit cards or bank transfer directly. For this, we need an intermediary who transfers (or converts) our money (fiat) into cryptocurrency (ETH).
There are several options to load our wallet:
Wyre is the exchange platform that is integrated by default in Metamask and with which we can load our account with ETH through a credit or debit card .
We access it by pressing ” Buy ” in our wallet (under ETH) and selecting the button Continue to Wyre .
A new window will open in which we will enter the amount of money that we want to transfer to ETH , the currency (euros, dollars), our address ETH (which will already be filled in) and finally, our card details.
Wyre will tell us what type of currency exchange is applied, the commission to pay for the transaction (to Wyre) and the commission for the transaction to send ETH to our wallet .
Once we are happy with everything, we click Next and follow the steps as with any other online purchase.
It should be mentioned that methods deposit using credit cards or debit are usually the most expensive .
External Exchange Platforms: Cheaper
There are many platforms exchange in which we can convert our bank money (euros, dollars, etc.) to cryptocurrency (ETH). The best known are Binance and Kraken , the latter being one of the cheapest in terms of commissions.
To do this, we simply have to create an account on any of these platforms, follow the verification steps , deposit money (by card or bank transfer), buy ETH and transfer it to our ETH account in Metamask. For this, we will have to know our Ethereum address , which is the number that begins with ” 0x … ” that is above, just below the name of our account .
On the platforms themselves they have guides to carry out this operation. If you want to see how to transfer ETH to Metamask, here are the guides in Spanish Kraken and Binance . The transfer of ETH from these platforms to our Metamask account will have a cost associated with the transaction.
As a final note, the cheapest method to obtain ETH is usually to deposit into our Kraken or Binance account via bank transfer , and then send our ETH to Metamask.
Crypto ATM: Deposit
There are cryptocurrency ATMs in many places around the world (and more and more). In these ATMs, you can introduce physical money that the provider converts into cryptocurrency such as ETH in exchange for a commission .
To do this, we simply need the QR code or the address of our wallet , which appears in Metamask when we click on ” Buy ” (under ETH) and then on View Account (under Directly Deposit Ether).
With this, at the ATM you choose cryptocurrency (in this case ETH), indicate your wallet with the Ethereum code or address, indicate the amount , enter it and wait to receive it in Metamask.
How to withdraw cryptocurrency from Metamask?
Just like we can send money to Metamask, we can transfer it to our bank account and withdraw it in cash if we have made a profit in cryptocurrency.
To withdraw our cryptocurrency to physical money (fiat), we have basically the same methods:
External Exchange Platforms: Cheaper
As we explained in the other section, there are a wide variety of platforms exchange in which we can convert our cryptocurrency (ETH) to money (euros, dollars, etc.). The most used and known are Binance and Kraken , and as we said before, the latter is one of the cheapest in terms of commissions.
To do this, we simply create an account on any of the platforms and follow the verification steps .
To deposit ETH to these platforms, we will simply have to see what ETH address they provide us and send ETH from Metamask, under the option Send in ETH . We copy and paste the Ethereum address from Kraken or Binance, select how much ETH we want to send and choose what type of transaction to carry out (fast, average or slow).
This will depend on whether we want it to be sent urgently (fast), at normal speed (average) or slow (slow). Obviously, the more urgent it is, the more we will pay. We also have the advanced option of choosing how much to pay , but this can be risky as the transaction could never be executed if we choose too low a price.
If you want to know how to deposit ETH on each platform, Kraken and Binance have their own guides in Spanish for this.
Finally, once we have our ETH in the platform’s account, we will sell them for the currency we want to get and transfer this money to our bank account.
Crypto ATM: Withdraw
As we explained in the other section, there are cryptocurrency ATMs in many places around the world and this is an increasingly growing trend. In these ATMs, you can convert your cryptocurrencies such as ETH into physical money in exchange for a commission .
To do this, we will simply select an amount and the ATM will show us an address ETH (or QR code ) to which to transfer the ETH from our Metamask wallet. We will press Send in Metamask and we will be able to send the amount indicated in the ATM by entering that address that they provided us.
Obviously, the fees of these ATMs make it the most expensive method. Privacy is expensive.
How to maintain my Privacy and prevent anyone from knowing how much I have in Metamask?
If you are concerned about the privacy of your wallet and do not want it to be associated with you, you should know something: if any of the intermediaries you use has contact with your bank account , card or has any identification document (ID, passport …) used to verify your identity , it can be traced .
The only way around all of this would be if you earn ETH directly into your Metamask account (by selling NFTs, for example).
Another thing you could do is use a platform like tornado.cash or Whirpool when your ETH transfer to your wallet of ethereum.
What these platforms do is transfer ETH from your Kraken or Binance account to a pool and then transfer it from there to your Ethereum account . This would be like transferring your money to a bank account in another country which in turn makes 1000 transfers to 1000 accounts. There you lose track of what your ETH account is because there is too much volume. This is what is called ” obscuring transactions “. Of course, as is obvious, they take commission .