How to Withdraw from Coinbase
Coinbase is one of the world’s top cryptocurrency exchanges by trading volume. With its cloud-based trading service, traders can buy, sell, invest and sell Bitcoin and other digital assets today. For new investors, withdrawing from Coinbase may be challenging with several payment methods and fees to consider. This guide explains how to withdraw fiat and crypto from Coinbase, what costs are involved, and how long it takes.
How to Withdraw Crypto From Coinbase - Quick Guide
- Log in to a Coinbase Account. Visit the website and log into an existing account.
- Navigate to the Asset page and view balances. Go to the 'Assets' page to view the available balance and click “Send/Receive”. Choose the asset to be withdrawn.
- Convert the crypto to fiat currency. Select the crypto on the Send tab and enter the amount to be converted to cash.
- Enter the amount. Click on the 'Send and Receive' button. Enter the amount to convert into money. Preview the transaction and confirm the sell order.
- Withdraw to a bank account. Navigate to the asset screen and choose the fiat currency to withdraw. Enter the amount and complete the withdrawal from Coinbase.
Can You Withdraw From Coinbase?
Coinbase customers can withdraw funds from their accounts in fiat or crypto. Fiat withdrawals can be sent in several currencies such as USD, EUR, and GBP directly to a bank account via debit card or wire transfer. For example, users can sell USDT to US dollars and withdraw to a bank account. However, Coinbase does not allow users from all countries to cash out and withdraw money to a bank account directly.
On the other hand, cryptocurrency can be withdrawn to an external wallet. This payment method allows users to select the coin to withdraw and send to a third-party cryptocurrency wallet provided. Coinbase users can also transfer money to PayPal as a way to cash out. The process is similar to bank and card withdrawals. Users only need to add PayPal as a payment method. However, this is available only in selected countries and regions where PayPal is active.
How To Withdraw Fiat on Coinbase
Withdrawing fiat on Coinbase may initially seem complicated, but users can simplify the process with the steps below. Our guide assumes customers have created a new account and have crypto in their wallets to withdraw. It’s important to note that users must add a payment method to complete the withdrawal. This tutorial will step through the process to convert crypto to cash and withdraw to a bank account.
1. Log in to a Coinbase account
The first step is to visit the Coinbase website to access the account. Navigate the Coinbase app or website and tap on the 'Sign In' icon at the top-right corner of the home screen. Enter the registered email address and password on the next screens to access the account.
2. View the available balances
Navigate to the 'Assets' page which will bring up the portfolio of cryptos within the wallet. The available balances will be shown next to each coin to know how much can be withdrawn. The next step in the process is to go to the 'Send/Receive' page.
3. Convert crypto to fiat
The next thing to do is convert cryptocurrency holdings to fiat on the Coinbase platform. To do this, click on the 'Trade' icon on the left-hand side of the screen and select 'Buy/Sell' from the options at the top. Enter the amount of crypto to be traded for fiat in the provided dialogue box.
4. Enter the amount to trade to cash
Click the 'Sell' button at the top of the screen and enter the amount of cryptocurrency to be converted in the dialogue box. Once this is completed, the next step is to decide on the amount of cash to withdraw to a bank account. Select the fiat to withdraw, click 'Preview Sell', and tap 'Sell Now' to confirm the transaction.
5. Withdraw fiat currency
Now that crypto has been converted to fiat, it’s time to withdraw the money to a bank. To do this, access the 'Assets' screen', and the fiat balance converted will be displayed. Click on 'Send & Receive', click 'Send', and enter the amount to be withdrawn to a bank account. Ensure there are sufficient funds to cover any withdrawal fees, otherwise, Coinbase will reject the withdrawal. Then choose the preferred payment method, confirm the transaction details, and click 'Withdraw' to finalize the cash-out process from Coinbase.
How To Withdraw Crypto on Coinbase
Withdrawing crypto on Coinbase is straightforward because it requires no swapping or conversion. Users can easily transfer funds from Coinbase to Metamask, Trust Wallet, or another crypto exchange of choice. Follow the step-by-step guide below to withdraw crypto on Coinbase. Note that the Coinbase wallet must be funded for this to be done.
1. Login to Coinbase account
Visit the Coinbase website and log in to the account. As with fiat withdrawals, Coinbase requires new account owners to enter their registered email addresses and password to log in. Enter the information and proceed. To complete this process, customers must also have a fully verified account on Coinbase for the highest daily limits.
2. Select the crypto to withdraw
From the Coinbase user dashboard, click the 'Assets' icon and tap the 'Send/Receive' button. If no asset is left in the balance, the customer can purchase some on the trading platform. Select the asset to be withdrawn from the list.
3. Enter the amount and withdrawal address
Enter the amount of crypto to send. There will be a dialogue box to add an email or crypto address in the address field and click 'Continue'. In this step, the user will need to choose the blockchain network to use. Each blockchain network has different transaction speeds and costs involved. For example, the cost to transfer USDT can be as high as 25 USDT.
Moreover, be cautious with this step, as users risk losing their cryptocurrency assets if they withdraw to the incorrect address. It can be very difficult to recover lost Bitcoin if sent to the wrong wallet address.
4. Review and confirm the withdrawal
Review all of the details including the crypto, blockchain network, receiving wallet address, and the amount. Then confirm the transaction details and click 'Withdraw'. The withdrawn money may take some minutes or days to reach the receiving account, depending on the coin and its network.
What are Coinbase Withdrawal Fees?
Coinbase charges a 1% small fee for crypto withdrawals, excluding the coin’s standard network fees. This is considered to be quite expensive in the market, particularly for large withdrawal amounts. Other exchanges will typically charge just the blockchain network fees. For fiat or bank transactions, ACH withdrawals are free, as there’s no network fee charged. But Coinbase charges fees for other withdrawal methods:
|Withdrawal method||Coinbase fee|
|Wire transfer (USD)||$25|
|SEPA (EUR)||0.15 Euros|
|Swift (GBP)||1 Pound|
Are There Limits to Withdrawing on Coinbase?
Coinbase has a minimum withdrawal limit for investors that is usually under $0.10 when it comes to fiat currencies. There is no maximum amount or limit on the trading platform which is beneficial for high-net-worth individuals. In addition, this means users can access their funds whenever they want to withdraw without worrying about a price cap.
However, for Coinbase Pro accounts, fiat and cryptocurrency withdrawals are limited. Coinbase Pro withdrawals are limited to $50,000 daily for both digital assets and fiat. That means the Coinbase Pro account holders can withdraw an amount equivalent to $50,000 in supported fiat currency or cryptocurrency like BTC.
Related: Can you sell Bitcoin for real money?
How Long to Withdraw on Coinbase?
Fiat currency withdrawal speeds vary by location and the payment service provider used. For users in the US, UK, or EU with a linked bank account or Visa Fast Funds-enabled credit and debit card, the withdrawal speed is near-instant. For customers in other regions, it should arrive in the bank account or receiving wallet within 1 to 5 days:
- United States. US customers’ withdrawals are processed into the provided bank account using the ACH Transfer. After completing the withdrawal, the ACH transfer system usually takes 3-5 business days. However, US customers can also use wire transfers, and the money takes 2 to 3 days to appear in the provided account. On the other hand, direct USD withdrawal into a card is processed instantly.
- Europe. European customers store their local currency within the Coinbase account. Because of this, all deposits and withdrawals are processed instantly. However, Coinbase states that it may last 2 to 3 working days since it’s an international transaction.
- United Kingdom. UK customers also store local currency in the Coinbase account, so all deposits and withdrawals are settled instantly. However, GBP bank transfers usually take one business day.
- Canada. Withdrawals performed by Canadian customers are available instantly.
As this guide shows, withdrawing funds from the Coinbase cryptocurrency exchange only takes a few steps, and crypto withdrawal fees are straightforward. It is important to consider the withdrawal fees and estimated completion period before choosing a withdrawal option. Coinbase does have a flat 1% withdrawal cost which is quite expensive.