If you’ve spent some time trading and selling on Coinbase, then you might have netted yourself a decent profit.
And although watching your crypto add up is exciting, sometimes the currency is more useful as cash.
But as Coinbase is an online crypto trading platform, you might not be sure how to send your crypto assets to the bank.
Coinbase is known for being user-friendly, and their withdrawal process is pretty intuitive to navigate.
You should be able to quickly convert your purchases of crypto into cash and withdraw it straight to your connected bank.
In this guide, we cover your withdrawal options from Coinbase, and how to gain access to your cash.
What Is Coinbase?
Coinbase is an online cryptocurrency trading platform. It’s used in over 100 countries by over 73 million users, and has become widely known as a reliable trading platform for beginners.
One reason Coinbase has become such a popular platform is the ease with which it can be used. The user interface is clear and simple and provides access to many forms of cryptocurrency.
Registering for an account takes just minutes. Then you can link your Coinbase account with your bank account, or debit card.
However, while trading cryptocurrency on Coinbase is easier than ever, actually getting your money from Coinbase has proven to be a little tricky.
Thankfully, Coinbase has worked to streamline the process, so you can gain access to your cash quickly.
Why Do You Need To Withdraw Money From Coinbase?
Cryptocurrency has made some people millionaires, but wild fluctuations in value have left others out of pocket.
And as Coinbase allows you to trade in so many cryptocurrencies, there may be occasions when you want to get your money out before the market turns.
Alternatively, you might simply want to switch to another crypto trading platform. Coinbase is popular because of its ease, but it does charge a higher transaction fee than other exchangers.
Having honed your skills on Coinbase, you might want to pull your money out, and start in a place with lower fees and better market pricing.
Just to note, if you want to move from Coinbase to Coinbase Pro, you don’t need to withdraw your money. It is possible to trade between the two.
How To Withdraw Money From Coinbase
When withdrawing your money from Coinbase, you may want it as crypto, or as fiat money. Fiat money is money that’s been declared legal tender by a government.
Examples of fiat money include the US Dollar, British Pound, and the Euro.
Trade Cryptocurrency For Money
The first step you need to take to cash out is to convert your crypto balance into cash.
First, head to the “buy/sell” button on the Coinbase web browser.
This should load a dialogue box, which has the option to “buy”, “sell”, or “convert”. Select “sell”. Coinbase will then give you the option to enter the amount you wish to convert.
Select the cryptocurrency you wish to convert from (Bitcoin, for example) and the currency you wish to convert to (such as USD).
With all your details entered, click “preview sell”. This will then load a confirmation window. Here, you can see any transaction fees, and the final amount you will receive from the sale.
Select “sell now”, and the cash should be available in your local currency wallet.
If you prefer to use the Coinbase app, the process is just as easy. Start by clicking the “buy/sell” icon, and follow the same steps.
Cash Out
With your funds converted to cash and secured in your wallet, you can begin to cash out.
Head to the “assets” section. You should find a list of all your available currency, including crypto and cash. Select the balance you’ve just converted to cash.
Click on the “cash out” tab, and put in the amount that you just converted. Select “continue”.
Now, you need to choose the destination for your cash. You should have your payment method already setup, whether it’s a bank transfer, PayPal, credit card, debit card, wire transfer, or SEPA.
If you don’t have your payment method setup, then do this now.
Select your chosen payment method, and then select “continue”. You will then be presented with the transaction details.
If there are any mistakes, you can still go back and change them using the arrows.
If things look good, press “withdraw now”, and continue with the transaction. Select “done”, and wait for the transaction to go through.
For a bank transfer, expect several days delay as the payment goes through.
Some users have found payments to a PayPal account tend to go through quicker than a bank transfer, so consider this method if you want your money fast.
It’s also possible to cash out via the Coinbase app. Select the “buy/sell” icon, and follow to “cash out”.
Enter the amount you want to transfer and the destination. Tap “preview cash out”, and “cash out now”.
Withdrawing Crypto
If you want to take crypto from your Coinbase app to store in an external wallet, the process is simple.
Login to your Coinbase account, and select the “send/receive” button. Enter the amount you wish to send, how you intend to send it, and where you want to send it to.
If you plan on sending the crypto to an external wallet, there will be a transaction fee.
Having entered the address, specify which currency you wish to withdraw. Click “continue”, and confirm the transaction.
The process is now complete, and you have withdrawn crypto from your Coinbase account.
It can take several days for this payment to go through, so stay patient, and keep checking back.
Final Thoughts
The above methods are only a few ways you can get some cash from your Coinbase account.
There are many other options, such as selling crypto directly to another user or buying crypto directly from another user.
These withdrawal methods are easy to navigate, and should quickly transfer your crypto coins into fiat currencies, and put them in your bank account.
Financial Disclaimer
This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.
The investing information provided on this page is for educational purposes only. compundingstacks.com does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities.
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