Converting cryptocurrency into fiat currency—like USD, EUR, or TWD—is a crucial step for anyone looking to use digital assets in real-world transactions. Whether you're cashing out profits from a recent trade or simply want to access your funds in a traditional bank account, understanding the process is essential.
This guide walks you through the complete workflow of transferring crypto from a self-custody wallet like MetaMask to an exchange, and finally withdrawing it as fiat money. We’ll cover network compatibility, exchange setup, and safe withdrawal practices—all while emphasizing security and cost efficiency.
Why Converting Crypto to Fiat Matters
As more people adopt blockchain technology, the need to bridge digital and traditional finance grows. While holding cryptocurrency offers decentralization and investment potential, fiat currency remains necessary for daily expenses such as rent, groceries, and bills.
The key challenge? Ensuring seamless, secure transfers across different networks without losing funds due to incorrect configurations.
👉 Learn how to securely move your digital assets today.
Step 1: Prepare Your Exchange Account
Before you can convert cryptocurrency into fiat, you must have an account on a regulated exchange that supports fiat on-ramps and off-ramps—platforms where you can deposit crypto and withdraw local currency.
Popular exchanges like Binance and MAX require full identity verification (KYC) before enabling withdrawals. This includes submitting government-issued ID, proof of address, and sometimes a selfie.
Note: Always complete KYC early to avoid delays when you’re ready to cash out.
Once verified, navigate to the wallet or funding section to generate a deposit address for your cryptocurrency.
How to Get a Deposit Address on MAX
- Open the MAX app.
- Tap Wallet > Select the desired cryptocurrency (e.g., ETH or SAND).
- Tap Receive.
- If the coin isn’t visible, disable the “Hide Small Assets” option.
MAX only accepts tokens via specific networks:
- ETH must be sent using the ERC-20 (Ethereum) network.
- SAND is also accepted only via ERC-20, even though it exists on other chains like Polygon.
⚠️ Sending tokens via the wrong network (e.g., BEP-20 instead of ERC-20) may result in permanent loss.
If your SAND is currently on the Polygon network, you’ll need to either swap it or choose an exchange that supports Polygon deposits.
How to Get a Deposit Address on Binance
- Open the Binance app.
- Go to Funds > Deposit.
- Search for your cryptocurrency (e.g., ETH or SAND).
- Choose the correct network (e.g., ERC-20, BEP-20, or Polygon).
Binance offers more flexibility than some platforms:
- ETH can be deposited via ERC-20, BEP-20, TRC-20, or Polygon.
- SAND supports ERC-20, BEP-20, and Polygon networks.
Always match the sending network with the receiving one. For example, if sending from MetaMask on Polygon, ensure Binance’s deposit address uses the Polygon (MATIC) network.
Understanding Blockchain Networks: Why It’s Critical
One of the most common reasons users lose funds is misunderstanding blockchain networks.
"Cryptocurrencies and blockchains are not the same. A single token can exist on multiple chains—but those balances aren’t automatically linked."
Think of it like having accounts at different banks. Just because you have $1,000 in Bank A doesn’t mean Bank B sees that balance—even if both banks support USD.
Common Blockchain Networks & Their Fees
| Network | Common Token Standard | Transaction Fee Currency |
|---|---|---|
| Ethereum | ERC-20 | ETH |
| Binance Smart Chain | BEP-20 | BNB |
| Polygon | ERC-20 variant | MATIC |
You cannot send BEP-20 USDT directly to an ERC-20 address. Doing so risks irreversible loss unless the receiving platform actively monitors and recovers cross-chain deposits.
Always double-check:
- The correct network
- The correct token standard
- The correct receiving address
Step 2: Transfer Crypto from MetaMask to Exchange
Now that you’ve generated a deposit address on your exchange, it’s time to send funds from your MetaMask wallet.
Example: Sending SAND from Polygon Network
- Open MetaMask and switch to the Polygon network.
- Select the SAND token.
- Tap Send.
- Paste the deposit address from your exchange (e.g., Binance).
Confirm:
- Correct amount
- Correct network fee (paid in MATIC)
- Correct recipient address
- Review and confirm the transaction.
Wait for blockchain confirmation—this usually takes under 5 minutes on Polygon due to low congestion and fast finality.
Once confirmed, check your exchange balance. It may take a few moments to reflect.
👉 Start transferring your crypto safely with a trusted platform.
Step 3: Sell Crypto for Fiat and Withdraw
After your crypto arrives at the exchange:
- Go to the trading interface.
- Sell your cryptocurrency (e.g., SAND → USDT → TWD/USD/EUR).
- Use the spot market or instant sell feature for simplicity.
- Once converted to stablecoin or fiat, proceed to withdrawal.
Most exchanges allow direct bank transfers, P2P trading, or e-wallet payouts (e.g., Apple Pay, PayPal in supported regions).
Fees vary by method:
- Bank transfers: Lower fees, longer processing (1–3 days)
- P2P: Instant, but prices may fluctuate
- Credit/debit cards: Fastest, but highest fees
Always withdraw small test amounts first before moving large sums.
FAQ: Frequently Asked Questions
Can I withdraw crypto directly to my bank account?
Yes—but not directly from wallets like MetaMask. You must first transfer crypto to a compliant exchange that supports fiat withdrawals (e.g., Binance, Kraken, OKX), sell it for fiat, then initiate a bank transfer.
What happens if I send crypto using the wrong network?
Sending tokens via an unsupported network often results in lost funds. Some exchanges may recover them if they monitor external chains—but this isn’t guaranteed. Always verify network compatibility before sending.
Is it safe to keep crypto on exchanges?
Exchanges are convenient for trading and withdrawals but less secure than cold wallets. Never store large amounts long-term on any exchange. Use them as gateways—not vaults.
How long does it take to convert crypto to fiat?
Processing times vary:
- Blockchain transfer: 1 min – 30 mins
- Exchange confirmation: 1 min – several hours
- Fiat withdrawal: 1–5 business days (bank-dependent)
Using P2P or instant sell options can speed things up significantly.
Do I need to pay taxes when converting crypto to fiat?
In most jurisdictions, yes. Converting crypto to fiat is considered a taxable event (capital gains). Keep records of all transactions for tax reporting purposes.
Can I convert crypto to cash without KYC?
Limited options exist via P2P platforms or Bitcoin ATMs—but these often come with high premiums and lower limits. For larger amounts and better rates, KYC-compliant exchanges remain the best choice.
Final Tips for Safe & Efficient Conversion
- Always test with a small amount first.
- Bookmark official exchange deposit pages to avoid phishing scams.
- Enable two-factor authentication (2FA) on all accounts.
- Monitor gas fees; avoid high-congestion periods on Ethereum.
- Use hardware wallets for large holdings before transferring.
👉 Access a secure gateway to convert crypto to fiat effortlessly.
Core Keywords (SEO-Optimized)
- Convert cryptocurrency to fiat
- Withdraw crypto to bank
- MetaMask to exchange transfer
- Crypto withdrawal guide
- Blockchain network explained
- ERC-20 vs BEP-20
- Safe crypto transfer
- Exchange deposit address
By mastering these steps, you gain full control over your financial journey—from decentralized wallets to real-world spending power. Stay informed, stay secure, and transact confidently in the evolving digital economy.