Coinbase is currently one of the most prominent platforms used across the world when it comes to crypto buying and selling. Over the last few years, millions of individuals across the United States and the world have been using Coinbase to conduct transactions, and this has made it grow as one of the biggest crypto exchange platforms.
With most crypto enthusiasts making use of the platform daily, Coinbase has allowed them to link their accounts with PayPal.
This article looks at how users can withdraw from Coinbase to PayPal. Crypto investors will also come to understand how long withdrawals from Coinbase can take and why Coinbase-PayPal withdrawal is so efficient.
How to Withdraw from Coinbase to PayPal | Introduction
Fred Ehrsam and Brian Armstrong established Coinbase in 2013. So far, it has grown to be the most widely used crypto broker. The platform that initially started as a simple interface was made easily accessible to traders, as it was easy to understand and trade digital assets.
These properties made Coinbase a popular crypto exchange platform and broker, adding to its safety and reliability. Currently, the platform does not support depositing funds from PayPal but allows to withdraw to it.
To make a successful withdrawal from Coinbase to PayPal, you will need to ensure that you have both accounts linked. This step-by-step review will show you how to withdraw from Coinbase to PayPal. Knowing how to take money out of Coinbase to PayPal will ease your withdrawal process, making sure you get your funds as soon as possible.
Can I use PayPal as a Payment Method on Coinbase?
Basicly, you can link your PayPal as a payment mehtod on Coinbase. But there is a catch.
For now, only US customers can deposit dollars on Coinbase. As for everybody else, they can only withdraw fiat.
As described above, access your Coinbase account to PayPal, go to Settings, select Payment Methods, click on Add a new payment method, and select Paypal.
But remember, you may only buy and deposit to Coinbase from PayPal if you’re from the US. If not, you may only withdraw.
How to Withdraw from Coinbase to PayPal | Step-by-Step
Here are the steps you need to follow.
Step 1: Log in Coinbase Account
The first step to withdraw money from Coinbase to PayPal is to log in to your Coinbase account with your designated username and password. Those lacking a Coinbase account will have to create one for themselves according to the company’s requirements. Make sure you’ve chosen the right location after completing the sign-up process. This data is used by the platform to guarantee the success of your transactions.
To create a login account, you will have to visit the Coinbase Website. Creating a Coinbase account will require you to complete the verification process depending on your selected country. Once a Coinbase account has been created and verified, you will be allowed access to the platform’s functionalities.
Step 2: Connect your PayPal Account to Coinbase
You may jump over this step if you have already connected your PayPal account to Coinbase. If not, here is what you need to do.
The simplest way to link your Coinbase account to PayPal is to go to Settings, select Payment Methods, and click on Add a new payment method. There, you will see the PayPal option on top. Click on it, and you will be redirected to their website, where you will have to log in.
The second way to link your Coinbase and PayPal is by going to your assets and selecting the fiat balance. You will be given the option to cash out your fiat, and there, you can link your paypal in the same way as described above. However, if your balance is 0, you won’t be able to proceed further on the desktop interfance, only in the mobile app.
Step 3: Withdrawing Funds
To withdraw from Coinbase to PayPal, you will first need to change your asset to fiat currencies (USD and EUR are two such examples.) To do this, you will click on the Buy/Sell button displayed on your Coinbase account desktop dashboard or select the asset and click on Trade on the mobile app.
After you’ve sold your asset for cash, go to your assets list, select the fiat balance, and click on the cash out button.
The withdrawal process will begin immediately, and you will receive a message from Coinbase once the process is complete, after which you can confirm the account.
Step 4: De-Link PayPal Account (Optional)
Maybe you want to cash out and leave Coinbase for good or just don’t like leaving payment informations in crypto exchanges.
So, those who wish to de-link their PayPal accounts from Coinbase have an easy way to do this.
- Into your Coinbase account;
- Head to Settings;
- Select Payment Methods;
- Go over the Paypal option;
- Click on the Remove button.
Also, from that pannely, you may remove any other payment method you’ve previously used.
Coinbase Withdraw to PayPal Fee
Before using this withdrawal method, it’s important to understand the fees involved.
Coinbase charges a flat 1% transaction fee on all cryptocurrency transactions. However, Coinbase offers quick withdrawals, and for withdrawals using PayPal, you can use the Instant Transfer feature (available to U.S. citizens) and receive instant cash for a $0 fee.
It’s important to note that this 0% fee is for withdrawals from fiat currency to fiat currency. If you did not convert crypto to fiat before withdrawal, PayPal also charges a fee for converting cryptocurrency to fiat currency, which can vary based on the exchange rate at the time of the transaction.
Also note that you can cash out up to $25,000 daily, with a maximum of $10,000 per transaction for U.S. residents, or the equivalent of $20,000 per day, or $7,500 per transaction for non-US residents.
How Long Does Coinbase Withdrawal Take?
Most Coinbase users based in the United States prefer the option of using PayPal’s instant transfer. The reason for this is that withdrawal from Coinbase takes place almost instantly. Perhaps you’ve been wondering, how long does Coinbase withdrawal take? It works quite fast, almost instantly.
Once the digital currency has been sold using a PayPal account as a means of payment, the funds are processed and credited immediately to the client’s account. The money hits the account in seconds as opposed to the procedural days.
We also recommend: How to Buy Bitcoin with PayPal
Coinbase has a rich history behind it, as it is one of the first crypto exchanges to become really big. It was founded in June 2012 by Brian Armstrong and Fred Ehrsam and has since been at the top of the charts in terms of daily trading volumes.
One of the best things about Coinbase is the fact that it has a very accessible user interface, making it very good for those who have just started with crypto. Coinbase is usually compared with Binance, which is also a good exchange. Coinbase allows its users to buy and sell cryptocurrencies and a deposit using debit cards and bank transfers. Other advantages include the fact that it has very low fees and that it’s a fully regulated crypto exchange.
Another aspect that sets Coinbase apart is that it allows you to withdraw cash from your account and deposit it directly into your PayPal account. And, by taking advantage of PayPal’s Instant Transfer capability (available to US citizens), you can instantly receive cash for a fee of $0 directly to your linked debit card. If you want to find more, you can check our Coinbase review.
- Why can’t I link my PayPal Account to Coinbase?
There could be three main reasons why you are unable to link your PayPal account to Coinbase:
- Country restrictions: PayPal and Coinbase are not available in all countries and regions, and the ability to link a PayPal account to Coinbase may depend on your location.
- Verification issues: To link a PayPal account to Coinbase, you may need to verify your identity and your PayPal account. If there is an issue with the verification process, it could prevent you from linking the accounts.
- PayPal account restrictions: PayPal may have certain restrictions that prevent certain types of transactions, such as those involving cryptocurrency. If your PayPal account is restricted, you may not be able to link it to Coinbase.
- Why has PayPal declined my Coinbase transaction?
PayPal may decline a transaction for various reasons, such as lacking funds in the account, banking errors, or suspicion of fraud. If your payment fails, you have the option of trying again with a different funding source connected to your PayPal account or selecting another payment method. To better understand the situation, you can also contact PayPal support for assistance.
How to Withdraw from Coinbase to PayPal: Conclusion
The money withdrawal process from Coinbase to PayPal is a simple and effective process that every Coinbase user should embrace. Even though the account linking process may seem a little complicated, the rewards of instant withdrawal are an advantage to users. This might discourage some people from using the method.
However, users should note that there are some downsides to the withdrawal process, with the most significant disadvantage being the foreign exchange fees that are charged by Coinbase. Coinbase applies a conversion fee of 5% for the total amount of funds withdrawn, which is very steep.
It is also important to note that even though withdrawals are instant, there have been several complaints lodged against PayPal when it comes to freezing user accounts with no particular explanation and failing to adhere to banking regulations. However, the general conclusion is that Coinbase-PayPal withdrawal is as effective as it could be.
We hope that our guide on How to Withdraw from Coinbase to PayPal was helpful. If you have Bitcoin on Cash App and want to withdraw it, you might be interested in out Cash app bitcoin withdraw guide.