Coinbase has emerged as a leading global platform for cryptocurrency trading, attracting millions of users worldwide, particularly in the United States.
With its significant growth, Coinbase has enabled users to connect their accounts with their bank accounts, facilitating seamless transactions.
This article explores the process of withdrawing funds from Coinbase, offering valuable insights to those seeking to learn how to withdraw money from the platform.
Coinbase at a Glance
Coinbase is one of the biggest crypto exchanges worldwide and the only one listed on a stock exchange.
The Coinbase story started in 2012, when Fred Ehrsam, Ben Reeves, and Brian Armstrong founded Coinbase with a vision to provide Bitcoin trading services. What began as a simple interface quickly became the industry’s most widely used cryptocurrency exchange.
Coinbase’s user-friendly platform and easy-to-understand trading features propelled its popularity, making it a trusted choice for crypto traders.
Coinbase allows users to buy and sell cryptocurrencies, with options to deposit funds via debit cards or bank transfers. Notably, the platform boasts low fees and operates as a fully regulated crypto exchange, providing a sense of security for investors.
Speaking about security, you need to know that since its inception, Coinbase has committed to providing safety and reliability and has further solidified its position as a leading crypto exchange and broker.
At the time of writing this article, Binance is holding the top spot, but for sure, Coinbase currently ranks as the second-largest crypto exchange by market capitalization and tends to take Binance’s place, especially considering Binance’s current legal problems in US and EU.
Some important key features of Coinbase are:
- Global Availability – Coinbase operates in over 100 countries and supports more than 250 cryptocurrencies, making it one of the most versatile platforms in the market. It also facilitates fiat currencies like USD, GBP, and EUR.
- Accessibility – Coinbase offers a seamless web browser experience and a dedicated mobile app for iOS and Android devices. This ensures convenient access to the platform from any device, making it a favored choice among crypto investors.
- User-Friendly Account Setup – Setting up an account on Coinbase is a quick and straightforward process, requiring just a few minutes and following six easy steps. The Coinbase official website provides a comprehensive guide along with other valuable resources.
- Fee Structure – Coinbase’s fee structure varies from 0% to 3.99%, depending on the type of transaction. Additionally, the platform imposes no minimum account balance requirements, allowing users flexibility in managing their funds.
How to Withdraw Money from Coinbase: Step-by-Step
While it may seem obvious, it’s important to note that having a bank account is essential for convenient money withdrawal and deposit from Coinbase.
A bank account is a financial tool provided by banks, enabling individuals and businesses to manage their funds by depositing, withdrawing, and tracking transactions through a designated account. It is a secure repository for funds, facilitating expense tracking and long-term savings.
Opening a bank account is possible with various institutions, such as commercial banks, savings and loan associations, credit unions, and online banks. It’s worth mentioning that many banks now offer the convenience of opening an account directly from a mobile phone, making the process even easier for those without a bank account.
Moreover, remember to sell your cryptocurrencies for fiat currencies before trying to withdraw money from Coinbase.
Prior to selling or cashing out, it is important to take the following steps:
- Ensure that your Coinbase mobile app is updated if you use it on your mobile device.
- Confirm that selling is an available option for your account.
- Link a payment method to facilitate the transfer of funds.
- Familiarize yourself with your available balance to assess the amount you can sell.
- Review the pricing and fees associated with the transaction to understand any costs involved.
- Remember that your cash may have a short holding period, which could delay immediate cashing out.
- Verify your account to comply with Coinbase’s security and regulatory measures.
In order to sell your crypto for money, you must follow these steps:
1. Navigate to the bottom of the page and click on the “My Assets” button.
2. Select the asset you wish to sell by tapping on it.
3. Press the “Sell” button;
4. Enter the amount you want to sell for cash;
5. Review your order and tap the “Place Order” button to complete the transaction.
Moving on to the withdrawal process of the funds, withdrawing money from Coinbase is straightforward, although the specific steps may differ between the mobile app and the website.
How to Withdraw Money from the Coinbase Mobile App
Step 1. Navigate to the “My Assets” Tab
The first step in order to cash out on the Coinbase app is to navigate to the “My Assets” tab, where you will find your fiat and crypto assets.
If you don’t see any fiat assets listed, you may need to refer back to the previously outlined process for selling crypto on Coinbase. Follow these steps to convert your cryptocurrency into fiat currency before proceeding with the cash-out process.
Step 2. Click on the Fiat Asset You Wish to Withdraw from Coinbase
To proceed with the withdrawal process, you need to select the specific asset you wish to withdraw from the platform. Simply click on the asset of your choice.
For example, if you have sold your cryptocurrencies for EUR, click on EUR. In our case, since we sold them for USD, we will select USD.
Step 3. Press the “Cash Out” Button
To proceed, locate and click on the “Cash out” button. This will bring up a menu where you can enter the desired withdrawal amount from the app.
Please remember that there is a minimum withdrawal requirement, although this amount is intentionally set to be small to ensure easy access to your funds. The minimum withdrawal may vary slightly due to exchange rate fluctuations, but it typically remains below $0.10.
Step 4. Enter the Desired Amount, Choose the Bank Account, and Press the “Preview Cash Out” Button
Enter the desired withdrawal amount from Coinbase into your bank account using the on-screen keyboard.
Additionally, choose the specific bank account where you want the funds to be transferred. This selection can be made based on the payment methods you have previously registered with the platform.
After ensuring the accuracy of these details, proceed by clicking on the “Preview Cash Out” button. This will take you to the final step of the process.
Step 5. Confirm the Cash Out
To finalize the transaction, confirm all the entered data once again for accuracy. Double-check that the information is correct before proceeding. Once you are certain, complete the process by clicking the “Cash Out Now” button.
After the confirmation, the funds will be initiated for transfer, and you can expect the money to arrive in your bank account within 1-2 working days.
How to Withdraw Money from the Coinbase in the Web Browser
Step 1. Navigate to the “My Assets” Tab
On the Coinbase web platform, the initial cash-out step is identical to the process in the Coinbase app. Begin by accessing the “My Assets” tab, where you will find a list of your fiat and cryptocurrency assets.
If you do not observe any fiat assets listed, revisiting the previously outlined process for selling crypto on Coinbase is recommended. Follow these instructions to convert your cryptocurrency into fiat currency before proceeding with the cash-out process.
It is important to note that there is no minimum threshold for the amount of cryptocurrency you can sell. This provides flexibility in selling even small amounts according to your needs.
Step 2. Click on the Fiat Asset You Wish to Withdraw from Coinbase
To proceed with the Coinbase platform withdrawal process, you must select the specific asset you wish to withdraw. This can be done by simply clicking on the asset of your choice from the list of available options.
Step 3. Entered the Desired Amount or Press the “Cash Out All” Button
Now you must input the desired withdrawal amount into the designated box on the right side of the screen. Simply enter the specific amount you wish to withdraw from your Coinbase account.
If you intend to withdraw the entire balance of that particular fiat currency, you can conveniently click on the “Cash Out All” option.
After specifying the withdrawal amount or selecting the “Cash Out All” option, proceed by clicking the “Continue” button to move forward with the withdrawal process.
Step 4. Select the Preferred Bank Account
Select the desired bank account for transferring funds, leveraging the payment methods you have previously registered on the platform. Also, you can add new payment methods.
Step 5. Confirm the Cash Out
Same as in the Coinbase app withdrawal process, before proceeding with the transaction, ensure the accuracy of all entered data by reviewing it once again. Take a moment to double-check that the information is correct before finalizing the process with a click on the “Cash Out Now” button.
FAQ
How Can I Get My Money Out of Coinbase?
To withdraw your funds from Coinbase, you can follow these steps:
- Navigate to the “My Assets” Tab;
- Click on the Fiat Asset You Wish to Withdraw from Coinbase;
- Press the “Cash Out” Button;
- Enter the Desired Amount, Choose the Bank Account, and Press the “Preview Cash Out” Button;
- Confirm the Cash-Out.
Can I Withdraw Money from Coinbase to My Bank Account?
Yes, you can withdraw money from Coinbase to your linked bank account. Before withdrawing your money, you must sell crypto for fiat money, and after that, you must withdraw in your linked bank account.
Why Can’t I Withdraw Money from Coinbase?
If you’re experiencing difficulty selling or withdrawing from Coinbase, it may be because of regional restrictions, being a new account holder, or incomplete verification.
How Long Does It Take to Get Money Out of Coinbase?
As your local currency resides in your Coinbase account, buying and selling operations are executed instantly. Typically, withdrawing funds to your bank account through SEPA transfer takes approximately 1-2 business days, while wire transfers for cashing out should generally be completed within one business day.
Conclusion
So, withdrawing money from the Coinbase exchange is a straightforward process, particularly when conducted within such a prominent crypto exchange. However, it’s crucial to consider the fees incurred when trading between different cryptocurrency or cryptocurrency-to-fiat pairs.
Also, to ensure a seamless experience, it’s advisable to consult Coinbase for the latest information.
Now get to work and enjoy the money you’ve earned through the withdrawal process.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/how-to-withdraw-money-from-coinbase/