Coinbase is undoubtedly one of the most popular cryptocurrency exchanges out there. Known for its user-friendliness and legitimacy, there's no cause for concern about your ability to withdraw funds. The process is surprisingly straightforward, and with our guide on withdrawing money from Coinbase, you’ll finish your task of cashing out before you know it.
- What is Coinbase?
- What are the Conditions for Withdrawing Money from Coinbase?
- How to Withdraw Money from Coinbase?
- Cashing Out via the Coinbase Mobile App
What Is Coinbase?
Coinbase is a leading brand in the cryptocurrency sphere, bundling the functionality of a crypto exchange, on- and off-ramps, swaps, and a cryptocurrency wallet. It holds a prestigious second-place ranking in terms of trading volume among exchanges globally, and it stands proudly as the largest in the United States. Moreover, it was the first major cryptocurrency company to go public.
Established in 2012, Coinbase has always been committed to operating within the framework of crypto regulations. This compliance has enabled the company to avoid legal difficulties and provide a high level of security. Despite only offering a limited array of features and supporting just a handful of cryptocurrencies initially, its safety, regulatory compliance, and ease of use have drawn millions of users from around the world.
Convenience is key, and Coinbase accepts various payment methods to make withdrawing crypto hassle-free. The methods available depend on the user's location, but irrespective of the country, users have options. For instance, most locations support cash out via PayPal or bank transfer.
What Are the Conditions for Withdrawing Money from Coinbase?
To withdraw crypto funds from Coinbase you should exchange them to fiat money first. Coinbase doesn't set limits on the amount you can convert into cash. Fiat money can then be either withdrawn from Coinbase or used to purchase more crypto.
Before you initiate a withdrawal or sell your crypto for fiat, ensure that your Coinbase app is up-to-date. If selling crypto is available for you, link the most suitable payment method for your needs. Familiarize yourself with Coinbase's fee structure so that you aren't caught off guard by commission costs.
Additionally, don't be alarmed if you can't immediately withdraw your fiat currency after selling your crypto. Withdrawals can sometimes be temporarily delayed as a security measure to protect your funds.
How to Withdraw Money from Coinbase?
Cashing out from Coinbase can be done as follows:
1.Open the Home tab of your Coinbase app.
2. Click on the blue 'Buy and Sell' button. You can find it in the upper right corner.
3. In the pop-up window, open the 'Sell' tab (the tabs are at the top of the window).
4. Pick the cryptocurrency you wish to convert into fiat money by clicking on it.
5. In the subsequent window, either hit 'Sell all' or specify a different amount if you don't want to sell your entire asset.
6. The next window, 'Order Preview', displays the amount you are about to sell, the price, the fee, and the total payout amount.
7. If all the information looks good, click 'Sell Now'.
8. The next pop-up window will show the amount of crypto you have sold. To make sure the transaction is complete, click 'View transaction'. This will open the transaction history window, displaying your new balance and all transactions related to the sold cryptocurrency.
9. On the left, click 'My Assets', located just below the Home button.
10. In the 'My Assets' tab, select the fiat money on your balance by clicking on it.
11. In the new tab, enter the amount you wish to cash out in the 'Cash out' box located in the lower right corner. If you want to withdraw everything, click the 'Cash out all' button.
12. Click 'Continue'.
13. In the next tab, select your preferred transfer destination. The available payment methods for 'Instant Cash Out' and 'Standard Cash Out' are listed here, along with their respective fees.
14. Once you've chosen your payment method, click 'Continue'.
15. The 'Cash out preview' window will appear, providing you with transaction details such as the amount being sent, the destination, the fee, and the total amount after fees. If everything checks out, tap on 'Cash out now' to finalize the withdrawal.
16. You should receive a notification saying "Your cash out request was sent". Coinbase will inform you when the request has been processed. You can also check for updates on the transaction status in your Coinbase account. Voila, you're done!
Cashing Out via the Coinbase Mobile App
The process for the mobile app mirrors the process above. Go to 'My Assets', select the crypto you wish to sell for cash, and sell it. Return to 'My Assets', scroll down to the 'My Cash' section, and choose the currency you want to withdraw. Tap 'Cash out', choose your payment method, fill out the required info (amount, etc.), and tap 'Cash out now'. That’s it!
Please note that the Coinbase app is compatible with XGo ID, a feature that allows you to use a single identifier for all crypto addresses linked to a specific receiving party. This feature liberates you from the need to input separate addresses for each crypto, thereby helping you avoid costly errors. To use this, simply create an identifier on XGo and utilize it on Coinbase. A single human-readable name proves to be more convenient than a string of random numbers and letters.
While it may seem a bit daunting at first, cashing out from Coinbase isn't as complicated as it looks. Sure, it involves more than a couple of clicks, but the intuitive interface means you'll likely know what to do at every step. Should you encounter any issues, simply refer to the guide above. If all else fails, reach out to the Coinbase support team.
1. Which payment methods for cashing out are supported on Coinbase?
The range of available payment methods can differ significantly by country. If your country supports PayPal, you can instantly withdraw fiat money to your PayPal account.
For US residents, instant cash out is available via a debit card or 'Instant Cashout' to bank accounts. Credit card withdrawals are not an option for US residents. Wire transfers and ACH withdrawals to a bank account will take 1-3 and 3-5 days respectively.
European customers can use 'Instant Card Cashouts' for instant withdrawals, which include credit and debit cards. Another option is SEPA transfers, which typically take one to three business days to complete.
UK residents can avail of 'Instant Card Cashouts' for immediate transfers, which apply to both debit and credit cards. SEPA Transfers and 'Faster Payments Transfer' take one to three business days to process.
For Singapore residents, the only cash out option is via bank account, but thankfully, this method is instant.
2. Do I have to complete a KYC check to cash out from Coinbase?
Yes, you'll need to complete a Know Your Customer (KYC) check before you can cash out. In line with its policy of strict regulatory compliance, Coinbase adheres to anti-money laundering laws. Not only will you be unable to cash out before completing KYC, you won't be able to receive funds on your Coinbase account either.
Given that Coinbase has arguably the strongest reputation in the industry, sharing personal data with the platform should feel relatively secure. However, it ultimately depends on your personal comfort level and principles. If you're unwilling to share your personal data, there are KYC-free exchanges available.