How to transfer crypto to MetaMask from Binance
Binance is a centralized cryptocurrency exchange. Keeping digital assets on it is not fully reliable, since its user aren’t anonymous, and their wallets can be frozen arbitrarily by the exchange.
To be calm about your cryptos, it’s best to store them on a decentralized wallet, such as MetaMask. In this article, we’ll show you how to fund your MetaMask wallet through Binance.
How to deposit cryptocurrency on Binance
In order to withdraw currency to third-party platforms, you must first have it on your Binance account. The most popular methods of depositing on Binance include:
- Bank card
By far the easiest and the most accessible method; however, it is also one of the more expensive ones because of the commissions. The reason for that is to prevent people from abusing the Binance bank card deposit feature and keep them trading internally. The fees vary from region to region, so check yours to know exactly how much you’d have to pay.
Also, keep in mind that there are territorial restrictions in place, and your chosen bank may be unavailable on Binance due to sanctions or other factors.
P2P (Peer-to-Peer) is an internal exchange platform where users can swap cryptocurrency directly with other users. This method allows you to conveniently and quickly buy digital currency for fiat at no commission. Binance P2P supports hundreds of different payment methods.
To exchange cryptos on Binace, you choose a P2P trader to deal with, send (or receive) your fiat money using the agreed payment method (Bank Card, PayPal, or even cash in person), and then close the deal by transferring an equivalent amount of crypto directly on Binance. Binance P2P is also subject to sanctions and territorial restrictions, so better check in advance if your desired payment method is available.
As soon as your Binance wallet is replenished, you can withdraw cryptocurrency to other crypto wallets.
How to deposit crypto on MetaMask via Binance
Each network has its own native currency, which is automatically displayed in MetaMask as soon as you add a new network. These coins are used as gas to complete transactions. Let’s say we decide to work with the Binance Smart Chain network. BNB is its native currency. Let’s analyze in detail how to replenish MetaMask with it.
Let’s go to the Binance exchange. then click on the tab “Wallet” – “Fiat and Spot”
In order to withdraw funds, you must click on the “Withdraw” tab in the window.
Select the currency you want to withdraw. In this case, it’s BNB.
Copy our wallet address from MetaMask.
Paste the copied data into the “Address” field. After that, the BEP20 (BSC) Binance Smart Chain standard will automatically* be pulled up in the “Network” field.
*When transferring other tokens, the exchange may give you a different choice of a network to send them on. Make sure you choose the right network and mind that different fees apply on different networks.
Next, you need to enter the amount to withdraw. Mind that you can withdraw funds both from the spot wallet and from the funding wallet.
After that, the amount that you will receive will automatically be displayed below along with the commission for the selected network. Check the wallet, address, and the amount again, and, if everything is correct, click “Withdraw”. Next, you will need to confirm the transaction with your phone, email, and authenticator code, and click “Submit”.
Now go to MetaMask and check if the funds have arrived. In this case, we will see a change in the amount of BNB on the main page, since this coin was online by default.
Adding a token to MetaMask
Sometimes it may so happen that you did manage to transfer your token to MetaMask, but you can’t see them afterwards. Provided you chose the right network, this doesn’t mean that your tokens are lost — they just haven’t been added to MetaMask yet.To fix this, you need to import the tokens to MetaMask.
For that, go to the bottom of the main screen and click the “import tokens” button. There, you’ll have two options: search for the token, or add its details manually. If your coin is available through search, simply click on it and then click “Import” at the bottom of the search page.
If you can’t find your token here, you’ll need to enter its details manually. For that, open “Custom Import”. You’ll see a form where you need to enter Token Address, Ticker, and Token of Precision.
To do that, you need to go to the chain explorer of the desired network. For BSC, it’s BscScan, for Ethereum — Etherscan, and so on. Enter the desired token in the search box, (for example, XRP) and go to its page. On it, copy the address of the contract and paste it into the MetaMask form; the rest of the fields are filled in automatically.
Click “Import,” and you’ll see your missing tokens displayed on your MetaMask balance.