How to Withdraw Money from Coinbase – Step-by-Step Guide

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 Coinbase accounts with their bank accounts, facilitating seamless transactions.  

As a result, in today’s step-by-step guide, we explore the process of withdrawing funds from the Coinbase account, offering all traders valuable insights on how to withdraw funds from their Coinbase account. 

How to Withdraw Money from Coinbase Account

While it may seem obvious, it’s important to note that having a bank account is essential for the withdrawal process and for depositing funds into Coinbase. Remember to sell your cryptocurrencies for fiat currencies before withdrawing money from Coinbase.  

Before selling or cashing out, it is mandatory to take the following steps: 

• Ensure that your mobile app is updated to ensure a smooth transfer.
• Confirm that selling is an available option for your account, as you can use the Coinbase Pro platform or the basic one.
• Link a payment method to facilitate the transfer of funds;
• Know your available balance to assess the amount you can sell. The fiat balance and crypto assets are shown in your Coinbase account.
• Review the transaction details, including pricing and Coinbase fees associated with the transaction, to understand the costs involved. 
• Remember that your cash may have a short holding period, which could delay immediate cashing out. 
• Walk through the identity verification process to ensure your account complies with Coinbase’s security and regulatory measures. 
• Coinbase charges users a fee for selling and withdrawing funds, which can vary depending on transaction size, location, network congestion, and others.

As you’ve taken all the required measures, it’s time to sell your cryptocurrency holdings for money, so let’s get started! 

Part I: Sell Your Crypto Assets for Fiat Currency

Mandatory: Sign Up to Your Coinbase Account

Upon signing up, your Coinbase account verification requires identity verification and might take up to 48 hours. As a result, be sure to start the process immediately and then continue with the following instructions carefully.

Also, you’ll need to enable the two-factor authentication for your Coinbase account and provide the authentication code for better security.

Besides these steps, when registering with Coinbase, whether it is Coinbase Pro or basic, you will be required to choose a payment method, such as a credit or debit card, besides using your PayPal account. Once you have linked your bank accounts, you can easily make ACH transfers and deposit funds.

Step 1: Navigate to My Assets Tab

Here, you can view all your available digital assets along with your crypto and fiat balance to withdraw funds with ease.

Step 2: Select the Digital Assets You Wish to Sell

Step 3: Select Sell Option

Step 4: Enter the Amount You Want to Sell and Choose The Fiat Currency

5. Review Order and Transaction Details, Tap the Place Order Button to Complete the Transfer

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. 

Part II: How to Withdraw Money From Coinbase in the Browser

Please note that before proceeding with any type of transfer and withdrawal, there are some associated fees and limits, such as the network fee for all cryptocurrency withdrawals. Also, Coinbase has withdrawal limits for both cryptocurrency transactions and fiat – $100,000 per day, and it’s available for all currencies.

Moreover, as a universal bonus tip, it is wise to avoid buying, selling, or withdrawing funds on weekends, as network congestion can result in slow transactions and increased fees. It is essential to understand that the fees and limits could vary based on various factors, such as the withdrawal method, network congestion, and other influential factors.

Moreover, the USDC withdrawals are free across all supported networks, as Coinbase covers the network fees for all their customer.

Step 1: Navigate to the My Assets Tab

On the 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.

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 Amount or Choose Cash Out All Option

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 option, proceed by clicking the Continue button to move forward with the withdrawal procedure. 

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. Be sure your bank accounts accept your Coinbase withdrawals.

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. 

Also Recommended: How Long Does Coinbase Verification Take? 

Part III: How to Cash out from the Coinbase Mobile App

Step 1: Navigate to the My Assets Tab

The first step 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 Option 

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:

1. Confirm all the entered data once again for accuracy.
2. Double-check that the information is correct before proceeding.
3. Once confident, 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. 

Instant Cashouts for Coinbase Withdrawals

Here’s another option to cash out from Coinbase instantly, yet this option is only available for US, UK, and EU Coinbase traders and investors. As a result, Coinbase users can instantly cash out from the local currency balance directly to their credit and debit cards.

However, there are some specifications that users must consider, and perhaps contact Coinbase support before instantly cashing out their funds.

• US customers can only link Visa Fast Funds and MasterCard Send, which allow real-time payments;
• EU and UK Coinbase users cannot instantly cash out in MasterCards;

And if you want to see the overview of certain transactions, be sure to hoover over the history tab, and there you’ll have all your transfer details.

Coinbase at a Glance 

Coinbase is one of the biggest crypto exchanges worldwide and the only one listed on a stock exchange. Its 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. As a result, Coinbase’s user-friendly platform and easy-to-understand trading features propelled its popularity, making it a trusted choice for any seasoned cryptocurrency trader.

Moreover, what is striking about Coinbase is that it allows for the buying, selling, and withdrawing cryptocurrency, with the option to deposit funds via a debit card or with a linked bank account.

Notably, the platform has lower withdrawal fees and operates as a fully regulated crypto exchange, providing a sense of security for investors. Moreover, if interested, there are some tips and tricks to keep more of your Coinbase profits.

Speaking of 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. Still, Coinbase currently ranks as the fourth-largest crypto exchange by market capitalization and tends to take Binance’s place, especially considering Binance’s current legal problems in the US and EU. 

Coinbase Key Features

• 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 that requires just a few minutes and follows 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, yet it’s known for having lower fees. Additionally, the platform imposes no minimum account balance requirements, allowing users flexibility in managing their funds. 
• Coinbase Ecosystem – The Coinbase Ecosystem is complex. It incorporates multiple digital products for individuals, businesses, and developers. As such, anyone can enjoy different robust products, such as the Coinbase Wallet, Coinbase One, the Coinbase Exchange, Coinbase Card, and many others.

FAQ 

How Can I Get My Money Out of Coinbase? 

To withdraw your funds from Coinbase, you can follow these steps:  

1. Navigate to the My Assets Tab; 
2. Click on the Fiat Asset You Wish to Withdraw from Coinbase; 
3. Press the Cash Out Button; 
4. Enter the Desired Amount, Choose the Bank Account, and Press the Preview Cash Out Button; 
5. 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 it from 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.

Final Thoughts on How to Withdraw Money from Coinbase 

So, withdrawing money from the Coinbase exchange is a straightforward process, mainly 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 the Coinbase support for the latest information. 

Now, get to work and enjoy your hard-earned money!