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How to Withdraw Money from Coinbase? A step-by-step guide
Updated: May 01, 2024
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To withdraw from Coinbase and cash out money follow those steps:
1
Select the 'Buy / Sell option' on a web browser or select the arrow swap icon on the Coinbase mobile app.
2
Select 'Sell'.
3
Choose the cryptocurrency you want to sell and input the quantity.
4
Select 'Preview sell > Sell now to finalize this.
Cryptocurrencies are virtual assets that may be used as investments and for online purchases. The crypto market has absolutely exploded over recent years, becoming increasingly relevant in a multitude of ways. Proponents of digital currencies argue that these innovations indicate that cryptocurrencies will ultimately change how we handle money – and there's a lot of money to be made in the industry as a result.
One of the most popular crypto exchanges is Coinbase, one that has expanded exponentially in recent years. Conibase offers a easy and safe way to get into cryptos such as Bitcoin, Ethereum and Litecoin. It is both an accessible and efficient tool in crypto trade, and offers a relatively seamless process through which to navigate. This article provides a step-by-step guide on how to withdraw money from Coinbase.
It's easy to do. View the available amount in the Assets section of the Coinbase platform, then open the Withdrawal tab and enter the amount you wish to withdraw. It remains to click "Continue" - "Cash out now".
What is a Coinbase
Coinbase is a popular crypto wallet and exchange that allows you to buy, trade, and store cryptocurrencies in a safe environment. Coinbase has a plethora of virtual currencies available for purchase. The easy-to-navigate user interface makes it a breeze to learn, ideal for individuals of all experience levels.
Coinbase is probably one of the simplest entry points to cryptocurrency investing. It's easy to create an account and purchase digital currencies in only a few minutes. Its goal is to help people better understand cryptocurrencies through the integration of historical data, technical analysis, and other tools. It also has a learning program that pays users in cryptocurrency for learning more about how cryptocurrency works.
Coinbase is valuable for many reasons, one of them being that it is a cryptocurrency exchange offering a wide selection of cryptocurrencies and payment options. Through the platform, you have the option to transfer cash from your account to a variety of destinations. You can even move money between accounts in different currencies. Coinbase aims to provide a safe environment for newcomers to get their feet wet in the world of digital money, and is a great option to consider whether already experienced in or looking to get into cryptocurrency.
How Do You Withdraw Funds From Coinbase?
Withdrawing money from Coinbase is a straightforward process involving wallets and exchange tools. You must first sell your cryptocurrency for cash in order to cash out your funds. There's also no maximum amount of crypto you can sell for cash.
Select the 'Buy / Sell option' on a web browser or select the arrow swap icon on the Coinbase mobile app.
Select 'Sell'.
Choose the cryptocurrency you want to sell and input the quantity.
Select 'Preview sell > Sell now' to finalize this.
When you've finished, your money will be accessible in the equivalent currency wallet (USD Wallet for example). To cash out your money, go to the Coinbase mobile app or a web browser and select 'Withdraw funds' or 'Cash out funds', depending on which device you're using.
Next, you'll need to actually withdraw the funds from your Coinbase account, which can be done by doing the following.
For web users:
From your web browser, select the cash balance below 'Assets'.
On the Cash out tab, enter the amount you want to cash out and then click Continue.
Select a cash out destination from the drop-down menu and then click 'Continue'.
Select a payment method and then click "Cash out now" to withdraw.
For mobile users:
Tap the arrow swap icon and then 'Cash out'.
Fill out the necessary information, then choose your payment method and destination, and finally, hit 'Preview Cash Out'.
To finish the process, tap 'Cash out now'.
When you sell a cryptocurrency for cash and withdraw the money to your bank account, a short holding period is imposed before you can get your funds. You may still sell as much of your crypto as you want at the market price you pick, despite the hold period.
How Do You Withdraw From Coinbase Pro?
You'll need a destination address from an alternative exchange or wallet in order to withdraw cryptocurrency from your Coinbase Pro wallet.
To complete a withdrawal:
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Open the trading view through pro.coinbase.com/trade
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Select the 'Withdraw' option in the left-hand column under 'Wallet Balance'.
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In the 'Currency Type' input, choose the cryptocurrency you would like to send.
In the 'To' field, type the external wallet address to which you want to send the cryptocurrency. If you've stored this information in your Address Book under a nickname or the first few letters of the address, you may look for it by that. If you're using Whitelisting, you'll only be able to post an address that has been whitelisted in your Address Book.
Enter the amount you'd like to withdraw, then click 'Withdraw'.
How Long Does it Take to Withdraw Money from Coinbase?
The duration of time that it will take for your funds to be deposited into your account after a withdrawal will depend on a number of factors, mainly the country from which you are withdrawing and the means through which you are doing so.
US Users
The money usually arrives within 1-5 business days after you place a sell order or cash out USD to a US bank account (depending on payout method). Before your order is submitted, the delivery date will be indicated on the Trade Confirmation page. You may track when your money is coming in on your History page. If you reside in one of the states that supports the Coinbase USD Wallet, sells into your USD Wallet will be completed immediately.
European Users
All purchases and sales are completed instantly since your local currency is stored in your Coinbase account. It might take 1-2 business days to complete the transaction if you use SEPA transfer to withdraw cash from your account. Wire withdrawals usually take one day.
United Kingdom Users
All purchases and sales are completed instantly since your local currency is stored in your Coinbase account. Transferring money to your bank account via a GBP bank transfer usually takes one day.
Canadian Users
This process is relatively similar to that of the United States', however you may also have the option to use PayPal to instantly sell cryptocurrency and send funds out of Coinbase.
Sales Or Withdrawals Through PayPal
Customers in the United States, Europe, the United Kingdom, and Canada will be able to withdraw or sell cryptocurrencies using PayPal. Please review the PayPal FAQ for information on regional transactions and payout restrictions.
What Are Instant Cashouts?
Instant cashouts enable you to receive your funds instantly, 24 hours a day, every day of the week.
You can now cash out instantly using your card if you live in the US, UK, or EU and have a linked bank account or Visa Fast Funds-enabled credit and debit card.
If you live in the United States, you may also be able to withdraw money from your USD wallets straight to your Real Time Payments (RTP) supported US bank account right away.
FAQs
Why can't I cash out of Coinbase?
This may involve adding cash in local currency or purchasing cryptocurrencies using a linked bank account.
Can you cash out Coinbase to the bank?
You have the option to transfer cryptocurrency first to your linked Coinbase account, and then convert the coins and receive cash into your bank account.
Can I cash out Coinbase instantly?
With instant payouts, U.S. customers of Coinbase can cash out digital capital directly to bank accounts (RTP enabled).
Are There Any Fees Associated With Coinbase?
Coinbase offers its Hosted Cryptocurrency Wallet Service at no cost. This means they will store your money and cryptocurrencies for you at no cost. There is also no charge for moving cryptocurrency from one Coinbase wallet to another.
Coinbase incurs and pays network transaction costs, such as miner's fees, for transactions on cryptocurrency networks (such as transfers of cryptocurrency off the Coinbase platform). Coinbase will charge you a fee for each of these transactions, according to our network transaction costs estimates.
Can I View My Deposit And Withdraw History?
Your completed deposits and withdrawals may be inspected on the 'Portfolios' page located in the upper right corner of the trading view. Select the tabs on this page to see a list of both pending and past deposits and withdrawals.
What Is An Available Balance?
Your available balance is the amount you may cash out or transfer straight from your Coinbase account in an instant manner. Your available balance may fluctuate based on your personal deposit and withdrawal history with Coinbase or third parties, network transaction costs, and other charges.
Does Coinbase Have Withdrawal Limits?
Coinbase does not limit the quantity of crypto you sell to your Coinbase fiat wallet. The payment method you use to withdraw from Coinbase will determine whether or not you are able to withdraw. For US customers, you'll need a positive available balance to withdraw.
Glossary for novice traders
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1
Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
-
2
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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3
Bitcoin
Bitcoin is a decentralized digital cryptocurrency that was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.
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4
Ethereum
Ethereum is a decentralized blockchain platform and cryptocurrency that was proposed by Vitalik Buterin in late 2013 and development began in early 2014. It was designed as a versatile platform for creating decentralized applications (DApps) and smart contracts.
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5
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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Team that worked on the article
Andrey Mastykin
Author, Financial Expert at Traders Union
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Olga Shendetskaya
Author and editor at Traders Union
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito
Cryptocurrency and stock expert
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).