Are you a MetaMask user? We have good news for you! You can now convert your cryptocurrencies to fiat and withdraw to a Visa-issued debit card. Read this step-by-step guide to learn how to move funds from MetaMask to your debit card.
What is a Crypto Wallet?
Crypto wallets are physical devices or software programs used to store public and private keys, which a crypto user needs to interact with blockchains. Such wallets allow users to send, receive, as well as manage their cryptocurrencies.
A crypto wallet can be custodial or non-custodial. A custodial wallet is managed by a third party, such as a centralized crypto exchange, while a non-custodial wallet gives users total control over their private keys.
What Do On-Ramping and Off-Ramping Mean in Crypto?
On-ramping is the process of transferring money from fiat to crypto. The reverse process is known as off-ramping. While centralized crypto exchanges like Binance have, over the years, been facilitating on-ramping and off-ramping, solutions like Revolut Ramp, MoonPay, and Transak now make it possible for non-custodial wallets such as MetaMask to allow users to convert fiat to crypto and vice-versa.
However, a recent report from CoinTelegraph Research indicated nearly 50% of fiat-to-crypto conversions facilitated by the solutions mentioned above fail. Per the report, the success rate of on-ramping is usually determined by the crypto asset a user wishes to on-ramp. For instance, a crypto user is likely to buy Tether and Bitcoin successfully, while an Ethereum purchase has a high chance of failing.
Meanwhile, off-ramp transactions have over 90% success rate. This makes it easy to withdraw your crypto to a debit card without relying on a centralized exchange.
A Guide to Withdrawing Cryptocurrencies From MetaMask to Visa-Issued Debit Card
Follow these simple steps to withdraw your crypto from MetaMask to a debit card.
Step 1: Go to portfolio.metamask.io.
Step 2: Connect your MetaMask wallet to the website.
Step 3: Press the “Sell” option on the sidebar menu
Step 4: Now select “Faster Payments” and then hit “Debit or Credit Card.”
Step 5: Pick your preferred off-ramp provider. In our case, we will go with Transak.
Step 6: Enter your debit card details on the next page and the amount of crypto you want to convert to cash.
Step 7: Review the order details, which include the processing fee, the fiat amount to be received, the MetaMask PD fee, and the Transak fee.
Step 8: If satisfied, press the “Confirm” button to initiate the crypto-to-fiat conversion.
You will receive your fiat money within a few minutes.
It is worth mentioning that before Transak processes your transaction, you must verify your identity.
All off-ramp solutions on MetaMask require you to undergo KYC checks. This means you must visit your preferred off-ramp solution website and submit your identification document. It usually takes about 24 hours for your identity to be verified.
Potential Challenges Associated With MetaMask to Debit Cards Off-Ramps
While transferring money from MetaMask to your debit card without relying on a centralized exchange provides much-needed convenience, it also comes with several challenges. For example, the off-ramp process on MetaMask faces technical issues occasionally, making it impossible for users to transfer funds whenever they want.
Extreme volatility associated with crypto is another challenge. The prices of digital currencies fluctuate quickly, meaning users might receive less fiat amount than expected. Moreover, there is a chance that a user may not get funds within the expected time when making MetaMask to a debit card off-ramps. Such delays can be caused by several factors, including network congestion and processing errors. When funds fail to arrive on time, this scenario may inconvenience a MetaMask user.
That said, it is crucial to understand the downsides of each off-ramp solution before using their services. Only select a reliable provider. Additionally, it is wise to factor in measures adopted by the off-ramp solution to protect your data when transferring funds to your debit card.
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