How long does it take to transfer eth from gemini to metamask

The world of decentralized finance (DeFi) provides for limitless opportunities on-chain.

But there’s just one issue. How do you get your funds over? Today, we will resolve this once and for all.

This article will focus on using Gemini as the main centralized exchange (CEX) from which we will transfer tokens to Metamask, the most popular hot wallet. Some other exchanges that I personally use, and are mentioned in this article, include Kucoin and Crypto.com.

How to fund Gemini

To start off, we need to send funds (fiat currency such as SGD or USD) over from our bank account to a CEX.

In this article, we use Gemini because of the 10 free withdrawals/month which will come in handy later.

However, it is possible to send funds directly to other exchanges such as Crypto.com and FTX as well. There are 2 ways in which you can deposit funds into Gemini.

  1. Send SGD to Gemini via a FAST transfer. You should receive the deposit in a matter of hours. Buy BTC or ETH with SGD and then sell for USD. Now, you are free to buy any other coins on Gemini.
  2. Send USD to Gemini via DBS Remit (how I personally do it). Take note while there are no transfer fees, there is a spread (around 0.75% based on the last time I calculated). Deposits normally arrive at the end of the day, before midnight, since it is cleared by an American bank.

Once your funds are in Gemini you can begin buying your favorite tokens to bridge to Metamask. But before that, we have to ensure that we have the relevant network added on Mmtamask.

You see, Metamask only comes inbuilt with the Ethereum network. This means to say that if you wanted to bridge to the Polygon network, you would have to add the network.

Adding custom RPC

Take Polygon as an example. You can find the details here. This link provides the details for the BSC and Avalanche mainnet as well.

These are the details you would need to enter on MetaMask to set up the mainnet. Follow the screenshots below for a step-by-step guide:

Here are the network details for Harmony and Fantom.

Image credit: community.metamask.io

Use the details in the first screenshot and paste them accordingly in Step 3. Once you have successfully added the Polygon network, you should see it on your MetaMask wallet when you click the dropdown box.

You can do the same for other networks with the details I have linked above.

On-ramp process

Now comes the important part where we finally move the tokens from Gemini onto Metamask. For starters, moving ETH is the most straightforward.

You can simply withdraw ETH or any ERC20 tokens from Gemini by pasting your MetaMask address in the Gemini withdrawal tab.

In a few minutes, your tokens will be on Metamask. Using Gemini, I recommend buying your favorite coins using ActiveTrader as the fees are lower.

For trades below US$500,000, it is 0.35% for a market order (taker) and 0.25% for a limit order (maker). Simply go to Settings > Account and activate ActiveTrader.

Image credit: Gemini

However, while sending ETH is straightforward, this is not the case for the rest of the coins, and this is where Kucoin and Crypto.com come in.

You see, different tokens are available on different networks much like how trains cannot travel on the highway and cars cannot travel on train tracks.

Step-by-step on-ramp guide (Example using crypto.com)

For MATIC

Step 1: Buy MATIC on Gemini with ActiveTrader

Image credit: Gemini

Step 2: Send MATIC to Crypto.com

When withdrawing to Crypto.com, make sure to copy the ERC20 address of MATIC. On Crypto.com, Balances > MATIC > Deposit.

Use the address under the ERC20 network. This is important as that is the network Gemini uses.

Step 3: Withdraw MATIC from Crypto.com to MetaMask

Once the MATIC has been transferred, go to balances but choose “Withdraw” this time. Click on that and choose “External Wallet Address”.

You will then have to “Add Withdrawal Address”. At this point, make sure to paste in your MetaMask address from the Polygon mainnet.
The label is for your own reference and can be named anything. You know you are transferring to the MATIC network when the transaction fee is 0.08 MATIC.

Step-by-step on-ramp guide (using KuCoin)

For BNB

Step 1: As we are unable to buy BNB directly on Gemini, we can start by buying BTC using ActiveTrader

Image credit: Gemini

Step 2: Withdraw BTC to KuCoin using Bitcoin network

Go to KuCoin and there, you will be able to find the BTC address by clicking on “Deposit” and choosing BTC. There is only one address. Paste that in Gemini

Step 3: Swap for BNB on KuCoin

Image Credit: KuCoin

Once your BTC has been deposited. Go to Trade > Spot Trading. There, choose the BNB/BTC pair. You will want to SELL BTC for BNB. I recommend using market order as it is faster, and fees are the same (0.1%)

Step 4: Withdraw BNB from KuCoin to MetaMask using BEP20 network

Copy the BSC address from your MetaMask wallet and paste it into KuCoin. Remember to choose BSC (Binance Smart Chain BEP20) for the network.

Remarks are not necessary if sending to your own MetaMask account.

Exceptions

While most addresses can be copied directly from the MetaMask wallet and pasted into the withdrawal form of a CEX, it is slightly different for Harmony.

For Harmony, you would need to paste the address you copied from MetaMask here first. You will then paste the address starting with one1 into Kucoin or Crypto.com to withdraw via the Harmony network

Image credit: explorer.harmony.one

Summary of fees

*Need to withdraw via AVAX (C-Chain)

Conclusion

The on-ramp process is tough to implement due to the different networks of each chain. But I believe that this could get drastically easier as DeFi gains mass-market adoption.

Also Read: How To Create A Terra Station Wallet And Send Native $LUNA Tokens From Crypto.com, Gemini

Although fairly intuitive, sending and receiving bitcoin and crypto is different than using a credit card, Venmo, or PayPal to transfer funds. But once you’ve learned it, the process for transferring bitcoin is essentially the same for all other cryptocurrencies.

You’ve purchased some cryptocurrency, let’s say bitcoin, but you’re not sure what to do next. At some point, you’ll likely want to send it somewhere and receive some crypto from someone else. While fairly intuitive, sending and receiving bitcoin and crypto is different than using a credit card, Venmo, or PayPal to transfer funds. And the good news is that once you’ve mastered sending and receiving bitcoin, the process is essentially the same for all other cryptocurrencies.

Send Crypto and Receive Crypto

A cryptocurrency wallet will have at least one private key and public key pair. The private key proves ownership of your funds and gives you the ability to spend the funds associated with your public address. Therefore, it must be kept secret. Your public key allows you to receive cryptocurrency transactions. It’s a cryptographic code that’s paired to a private key. While anyone can send transactions to the public key, you need the private key to “unlock” them and prove that you are the owner of the cryptocurrency received. The public address that can receive transactions is usually a hashed form of your public key. Therefore, you can freely share your public address without worry. 

Reasons to Send and Receive Crypto

There are many reasons to send or receive crypto. Often, the sender and the receiver are the same person. You may want to:

  • Send crypto between your exchange wallets

  • Send crypto between your mobile, desktop, or hardware wallets

  • Send crypto from your mobile wallet to your exchange wallet, or vice versa

You may also want to make a purchase with crypto or send crypto to someone else. Likewise, you could also be the recipient of a gift, airdrop, or payment. Cryptocurrency payments have gained significant popularity in many parts of the world.

How to Send Bitcoin and Crypto

This varies slightly depending on the wallet you are using, but the basic procedure is as follows:

  1. First, you need a wallet that contains cryptocurrency. This can be a mobile wallet, an exchange wallet, or a desktop wallet. You’ll be given the choice to select Send or Receive. Select Send.

  2. If your wallet has multiple cryptocurrencies, you’ll need to select which one you plan to send. (For some wallets, steps 1 and 2 are reversed. You’ll select the cryptocurrency first and then select Send.)

  3. You need the public key or public address of your recipient. This can be a QR Code or a long series of random letters and numbers. Scan the QR code or copy and paste the public address into the recipient field in your wallet. It’s recommended to use a QR code if available.

  4. Type in the amount you wish to send. You will usually be given the option to denominate this value in either a cryptocurrency or fiat (dollar) amount, so be aware of this distinction. There’s a big difference between $3.50 USD and 3.5 bitcoin. Sometimes a scanned QR code will already include a requested amount, so you won’t need to manually input an amount to send. Just check to be sure the designated amount is correct.

  5. Prior to sending, be sure to double- or triple-check the recipient’s address, especially if you’re copying and pasting an address. Make sure you trust the source from which you got the address to ensure the address you are sending to is actually associated with your intended recipient. These transactions are irreversible.

  6. Simply click or swipe Send — and your transaction is on its way. You’ve now successfully sent cryptocurrency. 

Besides triple-checking the recipient’s address, there are a few other things you should do as a beginner. First, send a small test transaction of trivial monetary value. You don’t want to make a mistake with a large amount of cryptocurrency. Also, be sure that the cryptocurrency you’re sending is going to the proper corresponding address. You can’t send bitcoin to an Ethereum address. (Well, you can, but it would be lost in the crypto abyss forever.) Pay careful attention when it comes to cryptocurrencies that look alike — don’t send BTC to a BCH address or ETC to an ETH address.

How to Receive Bitcoin and Crypto

In order to receive crypto, you must:

  • Open your wallet and select Receive.

  • Share your public key or address. This can be a QR code or a string of numbers and letters. You can send your QR code as a picture or allow someone to scan it in person.

Now, anyone with your public address can send you cryptocurrency. A sender may sometimes give you the transaction ID as a courtesy. This allows you to look up the transaction using a block explorer. 

Learning the Basics

Some recommend setting up multiple wallets and practicing sending transactions back and forth to yourself. You can use two phones, a computer and a phone, or even two mobile wallets on the same phone. You should practice by sending and receiving transactions of minimal value using both the QR code and the copy and paste function until you’ve got it down. Now you can feel confident in sending or receiving crypto.

Written by Jane