If you are a professional trader or investor, you must know what Centralized Exchanges mean. And if you don’t, we will give you a brief intro about these exchanges and the way to transfer assets from centralized exchanges to MetaMask Wallet in this blog. So without wasting more time let's continue with the article.
This question will be on your mind always if you are looking to experience crypto trading for the first time. CEXs is short for Centralized Exchanges. It works the same as decentralized Exchanges, but the only point of difference is that the after making a purchase the funds will be held in custodial wallet. Whereas in the case of decentralized exchanges like MetaMask Wallet, the funds are stored in the non-custodial wallet. In the custodial wallets, they have access to your private keys and Secret Recovery Phrase, whereas the non-custodial wallets do not have access to any of your personal account information including your account passwords, private keys, and Secret Recovery Phrase. In custodial wallets, there is a low-security level because once the database of the platform is hacked it will be easy for the hackers to get the account access of the users. Hence, this is the reason why users prefer to use decentralized exchanges more.
Funds Transfer Process
Now we will discuss the next topic of our blog which is the process of transferring funds from CEXs to the MetaMask Wallet. So to know about the process you just have to follow the steps that we have provided below:
- In the first step, you have to open the website of the exchange from which you want to make the withdrawal.
- Now select the currency you want to make the transfer of. Then press the withdraw button.
- Now in the newly appeared text box, you have to paste the wallet address of your MetaMask. (Make sure you have already copied the wallet address of MetaMask to your clipboard before beginning the process.)
- Before pressing the Continue button, double-check the entered address. After the review, press the Continue button.
- Now select the type of network as ERC-20, and then enter the withdrawal amount.
- Press the ‘Submit option. But before that check all the entered details and rectify them in case of a mistake.
- If you have enabled the 2-Factor Authentication, then enter the code in the text box.
- Wait for at least 10 minutes for the completion of the process. The process may take a long time to complete if the network is busy.
Then you will receive the confirmation message the transaction has been processed.
Summing it Up
Although people might think that Centralized exchanges are riskier and are not trustworthy, they forget about the fact that having a self-custody wallet is also a task of great responsibility. The entire security is wholly dependent upon the user. And if by mistake the Secret Recovery Phrase is lost there is no way to get back your account access. So the users of MetaMask Wallet are advised that they should protect their passwords, recovery phrases, and private keys.
