How to transfer assets from a centralized exchange to MetaMask
Do you have funds in a centralized exchange you want to transfer to your MetaMask account? You're in the right place!
- Assets in a centralized exchange
- A MetaMask account
What is a centralized exchange?
Centralized exchanges (often shortened to CEXs) can be a convenient place to buy cryptocurrencies and tokens. However, once you purchase your assets, they are often held in a custodial wallet on the exchange. This means that the exchange itself holds the private key for that account address, and therefore has ultimate control over those assets.
If you want to participate more actively in web3, or just want to move your funds for security or peace of mind, you'll need to move the funds off the exchange. A self-custodial wallet like MetaMask can be more suitable for these purposes, since you need a self-custodial wallet to manage your digital identity properly. Self-custody means you hold the wallet's private key, and that you are solely responsible for controlling the assets in your wallet.
You can now buy crypto through your CEX account directly in MetaMask Portfolio. For more information, see our guide here.
Transfer CEX assets to MetaMask
MetaMask Extension & Mobile
To move your funds from a CEX to MetaMask in MetaMask Extension, follow these steps:
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Visit the platform you want to withdraw from and login.
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Find the token you would like to transfer and click "send".
- Paste your MetaMask account address. Always double check you pasted the full and correct address.
- Choose the Ethereum (ERC-20) network and enter the amount you would like to withdraw and submit. Make sure you transfer the right assets to the right wallet address and on the right network.
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Enter your two-factor authentication codes.
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The transfer could take up to 10 minutes. Check your recent transactions to confirm the status of the withdrawal. It may take longer if the network is busy.
Make sure you understand what self-custody means when you set up a MetaMask wallet.
MetaMask Portfolio
You can transfer assets from a CEX through the 'Transfer' feature in MetaMask Portfolio.
The MetaMask Portfolio 'Transfer' feature only supports accounts with Binance or Coinbase at this time.
Open MetaMask Portfolio and connect your MetaMask account if you have not already.
- In the left-hand menu, select 'Move crypto', and then select 'Transfer'.
- Select the exchange from the drop-down menu and the MetaMask account you would like to transfer assets to.
- You will need to link your account. Continue to the next step to log in to your CEX account to grant MetaMask the permissions it needs to initiate a transfer. Don't worry; this doesn't allow MetaMask any custody over your CEX account! You will likely need to enter a verification code to continue which you can find in your authenticator app (example: Authenticator, Google, Authy, etc.).
- Once linked, choose the network you want to use for your transfer.
- Next, choose the asset you want to transfer out of your CEX account and enter an amount.
- Finally, review the details of your transfer, and double-check that you have used the correct account address. You might be asked to confirm the transfer by entering a verification code (from the authenticator app you used earlier).
The transaction might take some time to complete. Once finished, you'll see a confirmation screen with the transaction details and notice the funds in your MetaMask account.
You can use this as a way to fund your MetaMask account(s) in the future. Just come back to the 'Transfer' tab and repeat the process.