Converting MATIC into fiat currency
A concise conversion guide to the best exchanges available when trading MATIC.
Selling cryptocurrencies on MetaMask requires an intermediary. This article provides an overview of the most widely used cryptocurrency exchanges for the conversion of Polygon MATIC to Euros, Swiss Francs, or US Dollars. Regardless of which exchange platform you use, make sure that you complete the KYC verification process for crypto trading and money withdrawal.
Binance
First, you’ll need to register an account with Binance. For this, visit www.binance.com and sign up. Once your account is created, go to your wallet and click on “crypto deposit”. You must choose the right network, or you may otherwise lose your coins. In our case, Polygon. Then choose “MATIC” and generate an address.
Once created, go to MetaMask, insert the address previously created on Binance and click on “send”. Gas charges (transaction costs) are currently about 0.001 MATIC (about 0.0015 Euro). Your coins will soon appear on your Binance wallet. The last step is to convert them to Euros. Simply go to your wallet and convert your MATICs to Euros. There is no extra charge for this step, only a small spread. Once converted, you will find the Euros in your wallet, ready to be cashed out.
One of Binance’s limitations is that withdrawals in Switzerland are only possible by credit card and not by bank transfer. This means that you will only receive the money on your credit card. A withdrawal fee of 1% of the amount is charged, and it takes about 5 minutes until you receive the money.
Coinbase
Again, you must first open an account with the crypto exchange. Go to https://www.coinbase.com, click on “register” and follow the steps offered by Coinbase.
To proceed, you should have some Ether on MetaMask to pay the upcoming gas fees. This can be done directly on MetaMask through a credit card or bank transfer. Another way is to send Ethers from an exchange directly onto MetaMask, assuming you already have Ether.
In addition, it is necessary to connect your MetaMask account to Polygon to send MATICs to Coinbase. Coinbase only supports the ERC-20 standard. To do this, go to https://bridge.umbria.network/bridge/polygon-ethereum/matic and connect your MetaMask wallet. You are now ready to link your Polygon blockchain MATIC to the ERC-20 standard. Due to the current high price of gas, bridging can cost you around $10-$60 per transaction. Once bridged, you will find your MATIC token in your Ethereum wallet on MetaMask.
Now you can create an address on Coinbase to send out your MATICs. Here’s how it works: you choose the amount of MATIC you want to send and get a preview of the transaction. The gas fee must be paid in Ether and currently is in the range between 3$ and 50$ per transaction. It should take about an hour before the MATIC reaches your Coinbase account.
The fee for selling MATIC on Coinbase is up to $2.99 for orders under $200, and 1.49% for amounts above $200. Note that the spread is about 0.5%. You can then retrieve your money from a bank account. To do so, enter the details and click on “withdraw”. Coinbase will charge you 0.15 euros, with eventual further fees from your bank for the conversion of euros to your local currency. It usually takes 1–3 days to appear on your bank account.
Kucoin
You first need to register with Kucoin. Visit https://www.kucoin.com/de and create an account by following Kucoin’s procedure. Once it is created, go to your main account and search for MATIC. Click on “deposit crypto” and choose the Polygon network because the coins on MetaMask are already on this network. Once again, it is crucial that you select the right network. Otherwise, you might lose your coins. An address is then generated for you. As soon as it is created, go to MetaMask, click on “send” and insert the address previously generated on Kucoin. Gas charges (transaction costs) are currently about 0.001 MATIC or about 0.0015 Euro. Send the coins and you will soon see them in your wallet on Kucoin.
Then you need to transfer your MATICs to the trading account to sell them for USDT (it is not possible to sell MATICs directly for Euros). This operation is free. Go to the trade and select the MATIC/USDT parity. Enter the desired amount of MATIC and you will receive the equivalent in USDT. The fee is 0.1% of the amount to be traded. Then transfer the USDT from your trading account to your main account.
You are now ready to sell your USDT for Euros. To do this, go to the “Buy Crypto Currencies” section, “Quick Trade” and sell the USDT. Here, there is no fee per se but, as usual, a small spread. After selling the USDT, euros will be added to your wallet. The last step is to withdraw euros from your bank account. Go to “Withdraw Fiat”, choose “Euro” and select the withdrawal method that suits you. The SEPA transfer fee is 0.80 euros. Here too, your bank may charge you a conversion fee.
Kraken
Start by creating a Kraken account. Go to https://www.kraken.com/ and open an account by following the steps provided by Kraken. Next, you need to have some Ether on MetaMask to pay your future gas fees in the upcoming transaction. You can do this on MetaMask directly, by credit card or bank transfer. Another way would be to send Ether from an exchange directly to MetaMask, assuming you already have Ether.
To send MATICs from MetaMask to Kraken, you must connect them as Kraken only supports the ERC-20 standard. Go to https://bridge.umbria.network/bridge/polygon-ethereum/matic and connect your MetaMask wallet. You are now ready to link your Polygon blockchain MATICs to the ERC-20 standard. Again, due to the congestion on the Ethereum network, bridging may easily cost you up to $50. This makes it very expensive. You will find your MATIC token in your Ethereum wallet on MetaMask as soon as they are bridged.
The next step is to generate an address on Kraken to transfer your MATICs to. For this, you will have to pay 10 MATIC, a particularity of Kraken. On MetaMask, you have to choose the amount of MATICs to send, and then get a preview of the transaction. The gas fee must be paid in Ether, it costs between 3–50$ for each transaction. It can take up to an hour for the MATICs to appear in your Kraken account.
To convert your MATICs to Euros, go to “Trade” on the Kraken website, and choose MATIC/EUR. A fee of between 0.16 and 0.26% is charged on the amount you wish to trade. Your euros can then be deposited into your bank account. You can choose between a bank transfer or a SEPA transfer for the withdrawal. The withdrawal fee is currently 0.09 euros, with possible additional conversion fees from your bank. Here, it takes between 1 and 3 days to see the money in your bank account.
Nexo
Nexo is a Swiss-based platform. Go to https://nexo.io/ and create an account by the steps proposed. In your account, click on “Top Up” MATIC, select the MATIC network and it creates you an address. As soon as it is created, go to MetaMask, click on “send” and insert the address previously generated on Nexo. Gas charges are currently about 0.001 MATIC. Send the coins and you will soon see them in your wallet on Nexo.
The next step is to sell your MATIC coins for euros. Therefore, go to “Exchange” on Nexo and sell your MATIC for euros. There’s as usual a little spread for this action. After this, you can go to your Euro wallet and make a withdrawal. Add in your bank information and click on withdraw. Nexo doesn’t charge any fees for that, but your bank may charge a fee for converting Euros into your national currency. The withdrawal takes between 1 and 3 days.
There is no perfect way to exchange your MATIC into fiat currency on MetaMask. Practically every exchange has its advantages and disadvantages. A simple rule is that bridging should be avoided for small amounts. All in all, however, it depends on the fees you are willing to pay, as well as where you want to put the money.
By Ken Burri & Elise J.M.
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