MetaMask has introduced a feature allowing users to quickly convert their crypto holdings into fiat currencies. Here’s a step-by-step guide on how to use this “Sell” feature.
– Backup Your Wallet: Before you initiate any transactions, make sure you’ve backed up your MetaMask wallet. Write down your seed phrase and keep it in a secure location.
– Update MetaMask: Ensure you’re using the latest version of MetaMask, as new updates might include security patches and enhanced features.
Main Steps
1. Connect to MetaMask Portfolio
– Open MetaMask and log in using your credentials.
– Go to http://portfolio.metamask.io to access the Portfolio section.
2. Navigate to the “Sell” Option
– Find and click on the “Sell” tab in the Portfolio section.
3. Select Your Region
– Some regions might have restrictions, so select yours accurately to see the available options.
4. Token and Network Selection
– From the dropdown list, choose the cryptocurrency you want to sell (like ETH).
– Also, pick the correct network (e.g., Ethereum Mainnet).
5. Destination for Fiat Conversion
– You’ll see options like bank accounts or PayPal. Choose based on where you’d like the fiat amount to be deposited.
6. Define the Amount
– Enter the cryptocurrency quantity you’re looking to convert.
7. Review Provider Quotes
– Providers will offer conversion rates. Check for the best rate and also the reliability of the provider.
8. Choose a Provider
– Click on the desired provider to move forward with them.
9. Provider Sign-Up and Account Linking
– The external provider may require additional details or account sign-up. Ensure your browser shows a secure connection when entering sensitive information.
10. Initiate the Transfer
– Start the crypto to fiat transfer by following the on-screen prompts.
11. Confirm Your Transaction
– Always double-check details. Once sure, approve the transaction in MetaMask.
12. Track Your Order
– Under the “Sell” tab, there’s an option to monitor transaction progress.
13. Understand the Fees
– Costs can vary based on the network’s congestion and the provider’s fee structure. It’s important to factor these in when selling.
Post-Transaction Steps
1. Transaction Confirmation: Once the transaction is complete, you’ll receive a confirmation. It’s a good practice to save this for records.
2. Fiat Account Check: After the said processing time, check your fiat account (bank/PayPal) to ensure the funds have been deposited.
3. Fee Reconciliation: Compare the fees deducted with the initial estimate to ensure there were no unexpected charges.
4. Feedback: Some providers might ask for feedback or a review. Sharing your experience helps them improve and informs others about the service quality.
Remember, while MetaMask offers this feature, always ensure you’re using it in a secure environment, free from malware and potential phishing threats.