How to Use Binance with MetaMask (Complete 2022 Guide)

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Using MetaMask with Binance

Disclaimer: This content is not intended to be financial advice and is for informational purposes only. WalletWhys is reader-supported. We may earn commissions if you buy through our links.

With over 28.5 million Binance users as of 2021, and 21 million active MetaMask users, you may be wondering if you can use Binance with MetaMask and if so, how exactly.

Is there a limit to how much you can transfer from Binance to MetaMask? If so, how long does it take to transfer?

Let’s take a look and answer these and other Binance/MetaMask-related questions.

In This Post:

Does MetaMask Support Binance Smart Chain?

MetaMask is a portal that displays the dispersed web of the future in your browser right now. It allows you to execute Ethereum dApps without requiring you to run an entire Ethereum server in your browser. MetaMask features a biometric security vault that allows you to store your identities across several platforms and authorize blockchain transactions through a user interface. If you are new to cryptocurrency or want an easy way to buy and sell Ethereum tokens, MetaMask is the best choice. It is the easiest way for any user who wants to explore all the possibilities of Ethereum Blockchain and Smart Contracts without knowing programming languages like Solidity or Serpent.

MetaMask supports Binance smart chain in that you can use it to buy or sell Ethereum tokens.

How Do I Add a Binance Smart Chain Token to MetaMask?

Binance offers its token known as BNB, which is used to save 50% on trading fees when users pay with it instead of paying with BTC or ETH. You can use this token as a payment method if you want to buy other currencies from Binance or use it as an investment tool.

It is a good idea to add BNB to your MetaMask account if you want to save 10% on trading fees in the future and 50% on margin trading fees. To do this, follow these 4 methods.

Method 1: MetaMask Installation and Wallet creation;

If you don’t already have a wallet, the first step is to download and install the MetaMask Chrome extension.

  • Step 1: Start Chrome, go to the Metamask official website, and click “Download Now.”
  • Step 2: Click “Add to Chrome” to install the extension in your browser.
  • Step 3: After installing, a pop-up window will appear asking you to approve the extension. Click “Add Extension.”
  • Step 4: You’ll be prompted if you’re “New to MetaMask?” after installation, with options like “Load Wallet” and “Create A Wallet.” Click “Create A Wallet.”
  • Step 5: You’ll then see a pop-up window asking you to select a password. Enter a password that’s easy for you to remember but hard for others to guess. Click “Create” when done.
  • Step 6: A random cryptographic key is then displayed on the screen, which is your private key. Click “I understand, Continue.”
  • Step 7: MetaMask will now ask you to confirm your email address, where it will send a confirmation link that you must click before proceeding.

Method 2: Wallet Configuration

On the setting page, click on the Network menu, select Add Network

Now we may move forward with the Smart Chain Test net and Mainnet.

Mainnet :

Here you can fill in the following;

  • Network name: Smart chain
  • Chain ID: 56
  • Symbol: BNB
  • Block Explorer URL: https://bscscan.com

Test net:

Here you can fill in the following;

  • Network name: Test net
  • ChainID: 63
  • Symbol: BNB
  • Block Explorer URL: https://bscscan.com

Click on the “Save” button to proceed.

Now you can see the Mainnet, Testnet, and Smart chain all running in MetaMask.

Method 3: Binance Smart chain Network

Binance is currently the only exchange that supports BNB. You can deposit BNB to your account at Binance and then transfer it over to Metamask.

  • Go to Binance
  • Click on the “Deposit” button, and choose “BTC.” Enter your address and amount and click “Submit.”
  • Enter your password and click the “confirm” button. It will send a transaction of 0 confirmations (0 blocks) to the address you provided in Step 1. MetaMask will also ask you for your password again when this happens. Once you have confirmed, click on “Get Your Address” at the bottom. MetaMask should now display your Binance address along with your public key, private key, and balance:

At this point, you are ready to start trading on Binance! You should be able to find BNB under the “Exchange” tab.

Method 4: Funding your wallet

Binance offers an easy way to purchase BNB with fiat currency (USD, EUR, etc.). Go to the “Funds” tab and select “Deposit,” then choose “BCN.”

Please enter the amount you would like to deposit and the currency you would like (e.g., USD). Click “Submit.” You will be given a Binance address in return. It is where you will send your Binance coins. MetaMask should display your Binance address as well as your public and private keys:

Now it’s time to start trading! You can find BNB under the “Exchange” tab. Good luck!

How Do I Transfer Crypto From Binance to MetaMask?

Once you have a Binance account, you will need to fund it with some Bitcoin or Ethereum to be able to trade on Binance. You can do this by using the following method.

Method 1: Using a Bitcoin Address

First, go to the “Funds” tab in your Binance account. Click on “Deposit,” then “BTC/ETH.” Please enter the amount of BTC or ETH you would like to deposit and the currency you would like it in (e.g., USD). Click “Submit.”

You will be given a Binance address in return. It is where you will send your BTC or ETH. Once you have sent your coins from the address, click “Withdraw” at the bottom of your screen and select BTC or ETH from the dropdown menu.

Finally, send your BTC or ETH from your Binance wallet to the Binance address you were given.

Method 2: Using an Ethereum Address

  1. Go to the “Funds” tab in your Binance account, click on “Deposit,” and choose either ETH ETC. Enter the amount of ETH, ETC you would like to deposit, and click “Submit.”
  2. Copy Ethereum address from MetaMask
  3. Once you have sent your ETH from that address, click on “Withdraw” at the bottom of your screen and select ETH, ETC from the dropdown menu:
  4. Now Send your Ethereum to MetaMask.

Therefore transferring Crypto from Binance to MetaMask is very easy, and the transfer fees are deficient.

How much are the fees when transferring Crypto from Binance to MetaMask?

The transfer fee for transferring Crypto from Binance to MetaMask is low. The lowest amount you have to pay when transferring Crypto from Binance to MetaMask is 0.0005 BTC per transaction. The highest amount you have to pay is 0.0005 BTC per transaction.

It is not much at all, and if you only want a small number of your coins transferred (e.g., less than 0.01 Ethereum), then using the lowest possible fee will be more than sufficient!

How Long Does It Take To Transfer Crypto From Binance to MetaMask?

The answer to this depends firstly on your network connection. For example, the transfer of 0.01 ETH from Binance to MetaMask will take around 6 minutes and 57 seconds for a transaction to be confirmed. However, here are some other examples of people’s transfer times:

In these cases, their transactions took around 3 minutes and 20 seconds or even less!

Whether you’re transferring 0.01 ETH or 1.00 ETH, this will take the same amount of time!

If you’re transferring 1.00 ETH, it’ll take around 7 minutes and 30 seconds. If you’re transferring 1.00 BTC, it’ll take around 14 hours. If you’re transferring 10.00 BTC, it’ll take around 150 days!

Secondly, you need to check your Gas choices;

if you have chosen a high Gas limit, you will incur higher fees. In addition, to check your blockchain usage, MetaMask provides you with a Gas Estimate.

The gas estimate does not include the gas used for the transfer.

For example, if a transaction costs 0.0015 ETH but the estimated Gas cost is 0.00003 ETH, you need to pay an additional 0.0018 ETH.

If you have chosen a low Gas limit, you will use less blockchain and incur lower fees.

In addition, to check your blockchain usage, MetaMask provides you with a Blockchain Estimate.

The gas estimate does not include the gas used for the transfer.

Please double-check that you’ve chosen the appropriate network. You must pick the ERC20 option before making a withdrawal if the address you’re withdrawing to is an ERC20 address (Ethereum blockchain). Choose the most expensive fee option at all costs. The network you choose must be suitable for the withdrawal address. You will lose money if you choose the wrong network.

Also, if you are withdrawing from Binance, choose the right network.

The network you chose must be suitable for the address you’re withdrawing from and the number of coins you’re withdrawing.

For example, if you’re withdrawing from Binance to a Bitcoin address, the best network for that is BTC.

Another example is if you’re withdrawing from Binance to an Ethereum address, then ETH’s best network for that.

If you are using MetaMask, please check your withdrawal page to ensure that it’s using the most appropriate network and fee option. If it’s not, please recheck your withdrawal page and choose a different network and fee option if needed.

In conclusion, the average time to transfer crypto from Binance to Metamask is 10 -30 minutes.

Is There a Limit to How Much I Can Transfer From Binance to MetaMask?

Yes, there is a limit to how much you can transfer from Binance to Metamask. It’s about 5 BTC per day.

Therefore if you want to transfer more than 5 BTC from Binance to Metamask, please wait for your withdrawal to be completed before transferring more funds into MetaMask.

If you do not want to wait for your withdrawal, you need at least 1 ETH or 2 XRP or 2 EOS, or 2 ADA. As a result, your best option is to transfer at least 2 ETH or 4 XRP or 8 EOS or 16 ADA.

Therefore, the best way to transfer from Binance to Metamask is:

  1. Send your funds from Binance to your Binance wallet.
  2. Transfer your funds from the Binance wallet to MetaMask.
  3. Create a new account on either Bitfinex or Bittrex (depending on the currency you want to trade) and send the desired amount of crypto there.
  4. Buy whatever you want with this crypto and withdraw it from the exchange (e.g., buy an Altcoin with BTC and withdraw it to Binance).
  5. Repeat steps 1-4 as needed (e.g., if you need more BTC, repeat steps 1-4), but make sure that you use a different address for each step for the network fees not to exceed a specific limit per day, which varies depending on how much money you have.
  6. Wait for your withdrawal to be completed before transferring more funds into MetaMask.

Wrapping up

Using Binance with MetaMask is straightforward, but there are a few things you need to keep in mind:

  1. You will have to pay for the gas every time you use MetaMask.
  2. The network fees per transaction can get high depending on how much money you have on Binance.
  3. Even though it’s possible to transfer funds between MetaMask and Binance, it requires multiple steps.

That being said, I think this method works pretty well for people who don’t have a lot of money on Binance (i.e., someone who wants to buy an Altcoin with BTC and then sell it for ETH), but if you do have a lot of money on Binance. In case you find difficulties, it is vital that contact the Binance team.

References

  1. https://www.binance.com/
  2. https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
  3. https://www.zenledger.io/exchanges/metamask
  4. https://www.quora.com/How-long-does-it-take-for-crypto-to-transfer-from-Binance-to-MetaMask?top_ans=328707320