How to transfer from Binance to Metamask

The ecosystem of the popular exchange helps to cash out cryptocurrencies in different ways. The user can automatically sell coins and tokens to immediately receive fiat money to a card or payment system account. However, customers don’t always need a transfer to hard currencies. Sometimes it is necessary to send blockchain assets to a safer location for the long term. This material describes step-by-step how to transfer any cryptocurrencies from Binance to Metamask. Additional information is also given – minimum limits and the amount of commissions for such a service.

Withdrawal of assets is available both in the application and on the website of the trading platform. Nevertheless, the interface in them differs. In each case, to transfer crypto from the Binance exchange to MetaMask or to any blockchain wallet, the client will need the address of a third-party storage. This can be their own account or another recipient to whom the user is going to send funds. Regardless of the type of digital currency for withdrawal you need to:

1. Go to the Binance exchange and authorize.
2. In the account menu, open the “Fiat and Spot” tab of the exchange wallet.
3. Click on the “Withdraw” button.

After that, a form for sending funds will open. In the item “Coin” the user should mark the necessary cryptocurrency. By default, the assets available on the account are displayed.

Transfer BNB

The Binance exchange incentivizes holders to use primarily ecosystem instruments and assets. Therefore, the commissions will be lower for transactions with native BNB coin. It is worth considering some details of transferring money from Binance to MetaMask:

• You can send from an account starting from 0.01 BNB. At the exchange rate in October 2023, this is ₽207.
• Token transfer from Binance to MetaMask is available on 2 networks. The more popular one is the BNB Smart Chain (BEP-20). The second blockchain – BNB Beacon Chain (BEP-2) – is used less frequently.
• The commission on these networks is 0.0005 BNB. When converted to fiat, it is ₽10.3.
• The transaction confirmation time is 0 minutes. BNB transactions are the fastest on the Binance exchange.

In the MetaMask wallet, it is worth adding networks before the transaction is processed. Therefore, you should once again check the blockchain standards in which the sender and recipient addresses are created. Step-by-step instructions for transferring BNB tokens:

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1. In the “Address” field, specify MetaMask wallet details.
2. In the “Network” cell, mark the blockchain – for example, BNB Smart Chain (BEP-20).
3. Specify the amount to be withdrawn.
4. The final amount of cryptocurrency that will be credited to the recipient is written automatically.
5. Press the “Withdraw” button.

After that, the transaction data will appear in the “Wallet History” tab. They will show 2 statuses in turn. First – Pending. In this mode, the transfer must be confirmed in the blockchain network.

Then the Success status will appear – the crypto-assets will be in the recipient’s account.

Instructions for ETH transfer

The mechanics of sending Ethereum coins are the same. Important features:

• The minimum limit for an etherium transfer is 0.00011 ETH. At the exchange rate at the time of creation of the material – about ₽17.33.
• Sending ETH cryptocurrency from a Binance exchange wallet is available in 6 blockchains. Among them are Ethereum, BSC and BNB Beacon Chain, and L2 networks.
• The fee is up to 0.00061 ETH (approximately ₽91). The amount depends on the choice of network.
• The transaction time is between 0 and 5 minutes. On BNB Smart Chain (BEP-20), a transfer from Binance to MetaMask takes a few seconds.

It will also soon be possible to transfer ether to the wallet via the Base network. When withdrawing ETH cryptocurrency to MetaMask, the amount of commission varies.

Transfer of other cryptocurrencies

You can send not only BNB or ETH, but also any digital assets from your Binance wallet account to MetaMask. The most popular ones are stablecoins. These are cryptocurrencies linked to fiat, usually to the US dollar:

• BUSD is Binance’s stablecoin.
• FDUSD is the exchange’s second stable token. Pairs with it appeared after the start of problems with the main digital currency BUSD in the United States.
• USDT is the world’s most popular steiblcoin.
• USDC – the second most circulated dollar-linked asset in the crypto industry.
• DAI is a popular stablecoin and native token of the MakerDAO protocol. The main unit of calculation in DeFi trading.

From Binance to MetaMask, steiblcoins are transferred in many popular networks. For example, USDT can be sent using 13 blockchains:

• The highest fee for ERC-20 transfers is USDT 3.21 (about ₽312). The lowest fees are on BEP-20 (0.29 USDT or about ₽28). On the other chains, the amount is fixed at $1 (approximately ₽97).
• The fastest transfers are through the BNB Smart Chain (BEP-20) and sidechains. The slowest transactions are on Polygon (10 min) and Ethereum (5 min) networks

The procedure for withdrawing stablecoin funds from Binance to MetaMask is the same as when sending BNB. Exchanging into assets linked to hard currencies is one of the most popular ways to wait out high volatility in the crypto market.

Existing fees

Fees are specified right at the time of transaction processing. They include blockchain fees for recording the transaction and Binance exchange services.

You will not need to pay additional fees. The recipient’s account will receive exactly the amount specified during the transaction.

Why make a transfer from the exchange to MetaMask wallet?

Cryptocurrencies should be sent to a storage unrelated to the platform for several reasons. For example, an account on the Binance exchange can be blocked – access to transactions will stop. Wallets that are controlled by someone other than the owner (a third party) are called custodial wallets. External custodial services are often of a different type.

For example, MetaMask is a wallet where the developers have no control over the assets.

All cryptocurrencies on it are only available to their holders. These wallets are called non-custodial wallets. There are other services of this class, but MetaMask has been in the first place in terms of downloads for several years. More than 10 million users have installed the service as an extension for the Chrome Internet browser.

Cryptocurrencies are also transferred to the MetaMask wallet to use the money in DeFi services or steaking. To join decentralized protocols, you need to connect a blockchain storage. An exchange account will not work in such a case.

These reasons apply to transferring funds between one’s accounts. Sending cryptocurrencies to another user is no less common.

The trading service has released a mobile version for gadgets – phones and tablets. The application is available in the online stores Apple Store or Google Play.

To withdraw funds, you need to go to the “Wallet” section, and then select “Spot Account”. The principle remains the same as when using the website.

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Before withdrawing from Binance to Metamask, you need to get the address of the counterparty. You can copy it in text or scan it as a QR code. After going to the wallet of the account, you should perform actions according to the following scenario:

1. Select an asset – for example, a BNB coin.
2. Click on the “Send via cryptocurrency network” button.
3. Insert the recipient’s data in the “Address” field.
4. Specify the blockchain transfer standard in the “Network” column.
5. Enter the amount of cryptocurrency to send.
6. Click on the “Withdraw” button.
7. Wait for network confirmation and Success (“Executed”) status.

Frequently Asked Questions

🔔 What is gas?

It is a transaction fee. Gas is usually paid in the native coin of the blockchain. For example, on the Ethereum network, commissions are paid in Gwei (based on 1 ETH = 1 billion Gwei).

✨ Can I cancel a transaction on the blockchain?

In most crypto networks, transfers cannot be stopped or deleted. Once sent, they are immediately recorded on the blockchain. Users should carefully check the details before withdrawing digital assets.

⚡ What is a blockchain explorer?

It is an online service for analyzing cryptocurrency data. It can be used to see transaction history, wallet usage activity, real-time block creation, and blockchain performance. There is a different explorer for each network (for example, for Ethereum it is Etherscan).

📢 Can I send ETH to a Bitcoin wallet?

No. Only bitcoin is transferred to a BTC vault. ETH is created in a different blockchain, so it needs an address on the Ethereum network (always starts with 0x).

📌 Does the Binance exchange have its own non-custodial wallet?

Yes. There are 2 such wallets in the platform’s ecosystem. The first one is the Trust Wallet. It is considered the main wallet. The second is Binance Smart Chain Wallet. It has not been developed in the last 2 years.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.