This article shows the process for withdrawing cryptocurrency (like ETH) from your crypto wallet to a cryptocurrency exchange to convert to your local currency. Before we get started, make sure you have the following:
- a crypto wallet connected with OpenSea (like MetaMask, Coinbase Wallet, Rainbow)
- an account on a cryptocurrency exchange (like Coinbase, Binance, FTX)
Once you have those set up - let's dive in!
Withdrawing cryptocurrency to an exchange
For your first cryptocurrency withdrawal from your crypto wallet, we strongly suggest withdrawing a small amount first in order to familiarize yourself with sending cryptocurrency between two wallets.
This is to avoid sending your funds to an unknown/non-existing wallet. Please note that since transactions on the blockchain are irreversible, funds that are missent will likely be permanently lost.
For this tutorial, we'll be showing how to withdraw ETH from MetaMask to Coinbase. First, make sure to navigate to Coinbase's Ethereum wallet so you can see your ETH address.
This address is tied to your Coinbase account and should only be used for Ethereum, the ERC-20 token. Do not send NFTs to this address!
You can also view the address by pressing the Send/Receive button on the top right and selecting Ethereum.
Once you've copied your ETH address from your Coinbase account, head back to MetaMask and press Send. Enter the Coinbase ETH address as the recipient before deciding the Amount to transfer.
Once you've decided the amount to send, click Next. Confirm the transfer once you have reviewed the Estimated gas fee and Total amount.
Once your ETH has been sent from MetaMask, the transaction will appear in Coinbase after it has been confirmed on the Ethereum network. This may take several minutes depending on how busy the network is.
Selling crypto for your local currency
After some time, you should see the funds in your Coinbase account where you can swap your ETH for other currencies. You can Preview Sell once you've entered your amount.
Press Sell Now once you are satisfied with the details of the sale. You'll receive a confirmation message.
Withdrawing your local currency
To withdraw the proceeds of the sale, head to USD (or your local currency). Enter the amount you'd like to withdraw in the Cash out tab.
You'll be asked to Select a destination for your funds, and review any fees that may be applied to this withdrawal.
Congrats! You have now withdrawn your funds successfully.