MetaMask, developed by ConsenSys, a New York-based company, in 2016, is a self-custodial software cryptocurrency wallet and gateway to blockchain apps, initially created for the Ethereum Blockchain, but with time, it evolved to interact with a variety of other blockchains. It allows users to manage, receive, and transfer tokens and interact with decentralized apps through a compatible web browser extension or mobile app. Additionally, it offers a competitive exchange service called “MetaMask Swaps” that aggregates several decentralized exchanges to find the best exchange rate.
MetaMask and ZenGo have some similarities, as they’re both non-custodial Web3-ready crypto wallets. However, the big focus that separates ZenGo from MetaMask and other crypto wallets is its large focus on user security and control. MetaMask claims to provide strong security, but ZenGo takes security to another level with state-of-the-art biometric protections, a Web3 firewall, and MPC technology to provide the highest levels of protection for users and their assets.
When you transfer cryptocurrency from MetaMask to another wallet, MetaMask does not impose an additional transfer fee. However, there will be network fees (gas fees) associated with the blockchain network you will have to pay. Please note that these fees aren’t charged by MetaMask, but are a fundamental part of the process of making transactions on a blockchain. There is, however, a service fee of 0.875% per swap (as of May 23), which is used to fund the software’s development. For more information about gas fees and MetaMask, you can visit the dedicated support page on the MetaMask website.
MetaMask does not have any withdrawal limits at this time (May 23), so you can transfer as many funds as you like to ZenGo in order to store them securely until you are ready to cash out. Although it is not, in fact, a limit, please do keep in mind that gas fees are still associated with every blockchain transaction.
Based on the info found on the MEXC official website (published on 13.06.2022), in BTC terms, MEXC allows you to withdraw up to 80 BTC with a Primary KYC account, 200 BTC with an Advanced KYC account, and 400 BTC if you have an Institutional level account. Visit the official MEXC deposit/withdrawal fees page to get more information.
Withdrawal times from MetaMask are typically fast, but they are still influenced by the type of blockchain, network congestion, and gas fees. Since MetaMask supports different options for gas fees, higher fees can lead to faster transaction times. In any case, even with the basic gas fee, transactions should go smoothly, but delays may occur for various reasons.
Issues that may arise when withdrawing from MetaMask include sending funds to an incorrect address, choosing the wrong network or gas fees eating into the amount of cryptocurrency you’re able to withdraw. When moving your funds away from MetaMask, make sure to double-check the receiving address and network, and also keep an eye on the network’s gas fees so that you’ll have a smooth and simple transition from this platform.
At this time (May 2023), MetaMask does not support fiat withdrawals. So, in order to cash out your crypto to fiat money, like USD or EUR, you’ll have to first transfer it to a platform that allows for fiat withdrawals, like ZenGo. You can follow the withdrawal steps in the guide above to move funds over to ZenGo, and then use ZenGo’s fiat withdrawal feature to cash out in USD, Euros, or British pounds.
