How to Send Bitcoin from Coinbase? A step-by-step guide
Using crypto to pay for services or sending bitcoins to friends and family is simple once you understand the details of this process. Are you interested in how to send Bitcoin from Coinbase? Read on to find out how to send Bitcoin to your crypto wallet and how to cash out from bitcoin and withdraw the funds to your bank account. This step-by-step guide will break down the process of sending crypto from Coinbase to different external crypto addresses.
Start trading cryptocurrencies right now with Coinbase!How to Send Bitcoin from Coinbase to Your Crypto Wallet?
Coinbase has simplified the process of sending cryptocurrencies like Bitcoin or Ethereum to another wallet. Linking your crypto wallet to your coinbase account can simplify this process.
To transfer Bitcoin from coinbase to your crypto wallet, you’ll need to:
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Open the wallet on your mobile device.
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Go to your wallet’s settings
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Select the buy or transfer option
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Choose the supported crypto
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Input the amount you wish to transfer, then proceed with the remaining steps
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Follow the remaining steps to wrap up the bitcoin transfer
Coinbase only lets you transfer available balances from your account to your crypto wallet. You won’t be able to transfer any bitcoin that is “on hold” on your account.
While these transfers are simple, the bitcoin transfers are not instant. Typically, you’ll need to confirm the transactions on the network where they complete. When you choose to transfer your bitcoin back to your Coinbase account, you’ll need to inquire about account availability.
It is also essential to remember that coinbase won’t be responsible for your asset’s security once you move them to your crypto wallet. Ensure that you put in place enough measures to secure these assets.
How to Cash Out from Bitcoin and Withdraw Fiat Money?
From paying bills to covering emergencies or buying meals, there are multiple reasons why you might need to liquidate your digital assets. Often speed is essential when your needs arise. Here are fast crypto-fiat options that you could exploit.
While looking to cash out your cryptos, you may need to sell your bitcoin for cash then transfer funds to your bank account.
To sell your bitcoins for cash, you’ll need to:
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Select the buy/sell option on your web crypto account. If you’re using the Coinbase mobile app, select the transfer option.
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Click on the sell button
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Choose the cryptocurrency you’re looking to cash in on, then enter the amount you wish to sell.
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Next, click on the “Preview sell > Sell now” option to complete this process.
Upon completing this process, you will be able to access your cash in your local currency wallet. Besides, you can tap on Withdraw funds in the Coinbase mobile app to cash out your funds immediately. On your web browser, you’ll need to select the “Cash out funds” option.
Once you sell your bitcoins, you should have an easier time cashing out your funds.
If you’re working on your web browser, you’ll need to:
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Select your cash balance under the Assets section.
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Find the “Cash out” tab, and enter the amount you wish to cash out before clicking on the “Continue” button.
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Next, select your preferred cash-out destination, then move on to the next step.
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Click on “Cash out now” to complete the payment transfer.
Typically, a short holding period exists when you cash out a sell from your balance to your bank account. Once this holding period ends, you will be free to cash out the funds you make from the sale. However, this holding period won’t prevent you from selling as much crypto as you desire at your preferred market price.
How Long Does it Take to Withdraw Bitcoin from Coinbase?
The time you’ll need to complete a sell or cashout (withdrawal) usually depends on your preferred fiat currency. For US customers, be prepared to wait for 1-5 business days before your money arrives in your bank account once you place a sell order. Confirm the delivery date on the Trade Confirmation page before you submit your order.
You could also monitor this date on the history page, indicating when the funds will be available for withdrawal. Check your states’ law to determine if they support the Coinbase USD wallet. If your state supports these wallets, then the sales will occur in real-time.
For European clients, all buys and sells typically occur instantly. In most cases, you have an easier time storing your local currency within your Coinbase account. If you prefer cashing out via wire transfers, expect to complete the payment transfer within one business day. However, using SEFA to transfer your cash to your bank account might take an extra business day.
United Kingdom clients should have no problem completing their trading within a single business day. Storage of your local currency within your Coinbase account typically eases the withdrawal of bitcoin from your account. If you opt for a GBP bank transfer to withdraw your funds to your bank account, then you should have no trouble completing the transfer within one business day.
If you are in Canada, leverage PayPal which eases your cryptocurrency transfers. This platform lets you move funds out of Coinbase instantly. Clients in the US, UK, and Europe can also use PayPal for their bitcoin transfers. Ensure that you understand PayPal’s terms and conditions to know what regional transactions you can complete. These terms will also help you work within the stipulated payout limits.
Can I transfer funds from my Coinbase Wallet back to my account?
You can link your account to your wallet on your settings page and transfer your bitcoin between both products.
To transfer funds from your wallet to Coinbase.com:
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Select the “Send” button on the Coinbase Wallet app.
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Find this button below your balance, select the currency, and specify the amount you wish to transfer.
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Ensure that you select Coinbase when prompted to indicate the recipient’s address. These transfers take place on-chain and require you to confirm the transfer on your network before processing begins.
FAQs
Why should I use Coinbase Wallet?
Coinbase Wallet offers diverse, decentralized innovations. With this wallet, you can easily buy and store ERC-20 tokens. Besides, you could quickly send crypto to anyone while collecting rare digital art and other available collectibles. You won’t need to ditch your coinbase account, which simplifies how you manage your digital currency.
How can I maintain regular access to my funds?
Coinbase wallet generates a 12-word recovery phrase that only gives you access to your crypto funds. In case you lose access to your recovery phrase, Coinbase won’t interfere with your funds. Exploit the encrypted Google Drive and iCloud recovery phrase backup feature that minimizes the risk of seed loss. Ensure that you write down your recovery phrase and use the cloud backup feature to secure the phrase.
Can I switch between different crypto wallets?
Different bitcoin wallets use a unique private key to secure your assets. You can import these keys to your Coinbase wallet as you switch from your other wallet apps. If you’re looking to switch between different wallet apps, you’ll need to first find the 12-word recovery phase on the settings menu from your current wallet. Use this mnemonic to sign in to your Coinbase Wallet as you switch between Wallets.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.