5 months ago By Oluoma Aneke
It is important to thoroughly digest this guide on how to cash out your money on Coinbase. This is because Coinbase has some guidelines you should follow. Missing them or doing them wrongly can cost you a lot.
Coinbase is an online platform that allows you to buy, sell, transfer and store your cryptocurrency. Users of Coinbase can buy, sell, and exchange different cryptocurrencies like Ethereum, Dogecoin, and Bitcoin.
The most popular cryptocurrency on Coinbase includes Bitcoin, Cardano, Ethereum, Solana, Polkadot, Dogecoin, USD Coin, Uniswap, Shiba Inu, Litecoin, Stellar Lumens, Algorands, DAI, Polygon, Sushi Swap, etc.
In this article, you will learn how to cash out your money on Coinbase, how you can add a payment method on Coinbase, why you can't withdraw your money from Coinbase, and some features of Coinbase.
Coinbase is a cryptocurrency platform for trading and investment. It is an online platform that allows you to buy, sell, transfer and store your cryptocurrency. Users of Coinbase can buy, sell, and exchange different cryptocurrencies like Ethereum, Dogecoin, and Bitcoin.
Coinbase has two versions, and they are coinbase and coinbase pro. Coinbase is the original version that is more beginner friendly while Coinbase Pro is mainly used by advanced users.
Since Coinbase was created in 2012, it has grown to support numerous unique cryptocurrencies. It operates with users in over 100 countries.
The most popular cryptocurrency on Coinbase includes Bitcoin, Cardano, Ethereum, Solana, Polkadot, Dogecoin, USD Coin, Uniswao, Shiba Inu, Litecoin, Stellar Lumens, Algorands, DAI, Polygon, Sushi Swap.
If you are using Coinbase, there are various steps you can employ to cash out your money from Coinbase.
Users of Coinbase can perform multiple operations like trading, buying, selling, stacking crypto, and storing. Coinbase has an almost perfect system judging by the user interface quality, both on the mobile platform and the web. However, when it comes to withdrawing your funds from coinbase, you must follow some important procedures.
The two major steps in withdrawing funds from coinbase include:
Doing a Crypto to Fiat Conversion and confirmation.
Withdrawing your Fiat Balance
Doing crypto to Fiat Conversion -
The essence of this step is to convert crypto to EUR, USD, or other fiat currencies.
Go to your Coinbase account and Log in.
Scroll to the navigation bar and tap on the Trade button (Alternatively, on the top right corner of your screen, click on Buy/Sell)
You will see a dialogue box; type the amount you want to trade for fiat.
On top of your screen, you will see a Sell tab. Click on it
Type the amount of Crypto you want to convert
Choose the crypto asset you want to convert the balance
Select the fiat currency you will withdraw in.
Confirm the transactions above by clicking on "Preview sell."
Step 2 - Withdrawing your Fiat Balance
After completing the first step of making a crypto-to-fiat conversion, you can withdraw your fiat balance. The steps include;
Go to the portfolio page
Locate the "assets section."
Look for the fiat balance you selected and tap on it.
Go back to the assets page
Tap on the "Withdraw" tab
Type in the withdrawal amount
Tap on "Withdraw all"
Tap on the "Withdraw" button to confirm your withdrawal
Select your best payment option
Click on continue and confirm the details of your transaction.
Tap on "Withdraw Now"
NOTE: When you click on withdraw now, you may be charged a fee. (This depends on the currency you chose).
Your payment options include Paypal account transfers, SEPA, bank account transfers, wire transfers, and credit or debit cards.
This means that this whole process can only work if you are initially connected to your chosen payment.
Go to the top-right corner of your screen and tap on your profile picture
Scroll to settings in the dropdown menu
Scroll to the "Payment method."
Tap on "Link a New Account"
A dialogue will come up on your screen with different payment options. The common options are a bank account, credit/Debit Card/ Paypal account. The payment option depends on your location. Your bank account and credit/debit card might face restrictions. You can add your PayPal account only in regions where Paypal is available.
Once you confirm the payment method, Coinbase will prompt you to verify your account, which may attract a small fee.
Coinbase is one of the most popular crypto platforms, with tight security measures. Sometimes, when you want to withdraw from Coinbase, coinbase might flag you or restrict you. Here are some reasons why you can't withdraw money from Coinbase
Your account might have been restricted due to geographical locations
Your account might be frozen
Incomplete user verification
Your account might be restricted on the grounds of fraud.
Sometimes, if you are a new account holder, you might find it hard to withdraw.
The steps to withdraw from Coinbase Pro are slightly different from Coinbase. However, it also requires two steps.
You can send or transfer to an external wallet.
You can withdraw your fiat by sending it to your bank or other payment methods.
However, coinbase.com offers more withdrawal methods compared to Coinbase Pro. So it is more advisable to withdraw through coinbase.com. To do that, simply transfer your funds from Coinbase pro to coinbase.com.
Here is how to do it.
Sign in to your Coinbase Pro account
At the top right-hand corner, you will see a Portfolio page.
Immediately below, there are two buttons, "deposit and withdraw."
Click on Withdraw
Once you click on Withdraw, you will see a dialogue box asking you to choose the asset you want to send/transfer to coinbase.com.
Select your asset. You can either use the search bar to make it faster.
Select the fiat currency you wish to withdraw, like USD, EUR, or GBP.
Next, you will see two destinations 'Crypto Address or Coinbase.com".
Input the amount you want to transfer and click on "Withdraw."
Your funds will instantly transfer to your coinbase.com.
You can follow the steps previously listed in the first sub-topic.
Yes, you can cash out your money from Coinbase, provided you have sufficient funds and have met all the requirements listed by Coinbase. Every user on Coinbase with sufficient earnings can cash out, whether the user is new or old.
You can withdraw your crypto from coinbase.com by following some simple steps. However, it might take a few minutes or days for your funds to get into your wallet. The time it takes for your funds to enter your wallet depends on your network, the asset you want to send, and your preferred network fee.
To Withdraw crypto from Coinbase.com, do the following;
Login to coinbase.com
Find the send/Receive button at the top right of the page
Click on the buy/sell button (this will enable you to trade your asset to the asset you want to withdraw. A typical example is when you have EUR and want to convert to Bitcoin.
After the conversion, click the Send/Receive button to withdraw or deposit your asset to an external wallet.
Next, you will see a dialogue box where you can put the amount of assets you want to withdraw.
How to Stake Ethereum on Coinbase (What You Should Know)
For Coinbase users who want to perform high transactions, a bank account is a good option for immediate transactions. With your bank account, you can deposit funds or buy assets to trade on Coinbase.
Using your bank account, you can send funds from your bank account into your Coinbase cash balance, and you can purchase cryptocurrency directly.
Follow these steps to deposit funds to your Coinbase USD balance from your bank account.
First is to link your bank account to your Coinbase account
Initiate an ACH transfer by depositing funds (transfer cash to your USD balance on Coinbase from your bank account.
Once you deposit the funds, you can immediately use them to buy and sell on Coinbase.
Before confirming your purchase, go to 'Available to withdraw on mobile', or "Available to send off Coinbase on the web." Remember that the funds may not be available for immediate withdrawal from Coinbase or sent to Coinbase Pro.
After confirming the transaction, your deposited cash will become available in your Coinbase cash balance.
Follow these steps to purchase cryptocurrency directly using your account balance.
First is to link your bank account to your Coinbase account
Next, initiate an ACH transfer equivalent to the value of your purchase. To do this, choose your bank account as your payment method when you want to buy cryptocurrency.
You can immediately trade the crypto you bought. However, before confirming your purchase, you should check the availability of your crypto. Go to Available to withdraw on mobile or Available to send off Coinbase.
After confirming your transaction, you will see your crypto displayed in your Coinbase asset balance. You can buy, sell or trade on Coinbase after your purchase.
NB: Ensure that the name on your bank account matches the name of your personal Coinbase account for Coinbase.com.
Coinbase operates two platforms, Coinbase and Coinbase Pro. Each platform offers unique offers, but both offer buying, selling, and trading offers.
One of the unique features of Coinbase is that it is beginner friendly. You can access Coinbase through the web, iOS, and mobile devices.
Coinbase operates throughout the day, so you can log in and perform a transaction at any point. You can make purchases using the funds in your account and make purchases with the funds in your account or through a connected card or bank account.
Once you make that purchase, your account will instantly be credited. You may also wait for your deposit to clear before withdrawing.
The various Coinbase Pro review show that it has the same functionality as Coinbase. People with Coinbase can access and use the Pro version. However, Coinbase Pro is often used by professional traders who can navigate it. On Coinbase Pro, there are more trade options and limit and stop orders that are not on the main Coinbase platform.
Coinbase has some notable features, and they include:
When you log in to your coinbase account for trading, the costs are often displayed on the trade screen. Initially, the fee schedule was accessible on the Coinbase online section, but coinbase has recently removed it.
Also, the fee that Coinbase will charge you depends on your trade size. They can charge as low as $0.99 on a $10 trade size and as high as $2.99 on a $50 to $200 trade size.
Fees can also be charged based on the payment method that you are using.
Coinbase keeps customer deposits and assets safe using industry-leading security services.
To further strengthen security, coinbase stores about 98% of users' assets offline in a network of safe deposit boxes worldwide. As a user of Coinbase, you must carry out two-factor authentication to prevent others from accessing your account. Coinbase uses bank-standard encryption and security for its website.
Coinbase Customer Service
Unlike other platforms, coinbase runs a primary self-service. This means you cannot contact any human when you encounter issues with your coinbase account.
Rather, coinbase provides customer service options like a Coinbase help page, email support tickets, an automated phone system, and a chatbot.
Coinbase Customer Satisfaction
The customer review offered by coinbase users indicates poor customer service experience, hacked accounts, locked accounts, and little help navigating scams. This is mainly due to the primary self-service that coinbase operates on.
If you follow these guides on How to cash out your money from Coinbase, you will not run into errors.
Coinbase carefully laid out those procedures to ensure fewer errors and problems are encountered.
However, if in the process of trying to perform any of the transactions, you run into any type of error, you can seek help through the customer service options that Coinbase provides.