Cryptocurrencies are part of the new ways of payment worldwide. Trust in digital currencies is increasingly solid, and they are joining the country’s economy. Besides functioning as a means of payment, Cryptos are also within the investment market. Putting money on one of them with a growing value is a good idea to increase finances.
If you are venturing into the world of cryptocurrencies, you must have heard of Coinbase. It is one of the most popular online crypto exchange platforms in the United States. Although it started as a place to receive and send cryptos, it expanded to become a safe place to invest. If you have money in your wallet, we’ll show you the steps to learn how to cash out at Coinbase.
How do I withdraw my funds from Coinbase?
Coinbase was born in 2012 as an e-wallet service. That is, a place to receive and send Bitcoin. Thanks to the cryptocurrency boom, the company started receiving dozens of cryptocurrencies and now successfully operates in over a hundred countries. The company works with two separate trading platforms – Coinbase and Coinbase Pro, in addition to its traditional e-wallet services.
If you received money on Coinbase and wish to withdraw it, you should know that the interface of the website and mobile app is intuitive; but it does require a bit of knowledge to complete the withdrawal process. To receive the money, you must meet these two steps:
Step One: Converting cryptocurrencies into cash
If you have cryptocurrencies in the app, the first step is to exchange them so that you can withdraw them and transfer them to your bank account. This process can be done from the web browser or the Coinbase mobile app.
Conversion from the web browser
- Log in with your username and password
- Go to the menu section and click on buy/sell
- Select the sell tab
- Choose the type of asset you want to sell and the exact amount to exchange
- Click on the “sell now” button to complete the transaction
- Complete the process by following the steps
Conversion from the mobile application
- Log in to the application from your phone
- In the home tab, tap on the “Sell” option
- Select the type of asset and the amount you wish to sell
- Click on “sell now” to complete the process
After completing the transaction by either means, the money will be available as a cash balance (U.S. dollars) to send to your bank account.
Step Two: Withdraw your funds
After you have your money available for withdrawal, you can send it to your bank or use it to buy more cryptocurrencies. In this case, we will explain how to send it directly to your bank account. It is important to note that, before this step, you must have added some available payment method, for example, linking the wallet to your bank account.
Withdraw from the web browser
- Go to the menu section and click on your balance on the active button
- Click on the “withdrawal” tab and click on “continue”
- Choose the payment method you wish to use and click on “Continue”
- Click on “Withdraw now” and complete the procedure
Withdraw from the mobile application
- In the main menu, tap on the “Withdrawal” section and the “more” option
- Enter the amount you want to withdraw and the destination of the transfer
- Tap on the “Withdrawal preview” option
- Tap on “withdraw money now” to complete the process
How long does it take to complete a sale or withdrawal?
Selling or buying using a bank account usually takes a few days. The number of hours to wait will depend largely on your location.
Customers in the United States
If you withdraw to a U.S. bank account for a USD balance, the amount of money arrives within one to five business days, depending on the withdrawal method used. Upon completion of the process, the delivery date will be displayed on the screen with a trade confirmation.
You can also see when the funds will arrive in the history section. The money will come immediately if you live in one of the states where the Coinbase USD balance is supported (all U.S. states except Hawaii).
Euro is stored between currencies on Coinbase, and all purchases and sales are received instantly. Collection from your bank account is done by SEPA transfer which usually takes one to two business days, while you must complete withdrawal by wire transfer within one business day.
The same phenomenon occurs with the Pound Sterling, the local currency is within Coinbase, and all purchases and sales are made instantly. You must complete the process of receiving money within one business day.
We recommend you to sell cryptocurrencies and withdraw instantly using Paypal on Coinbase.
The company is not available to sell cryptocurrencies in Australia.
Selling or withdrawing via Paypal
Customers residing in Europe, the United States, and the United Kingdom can withdraw and sell cryptocurrencies instantly using Paypal as a payment method.
Why can’t I withdraw my money from Coinbase?
Depositing and withdrawing money from Coinbase is usually very easy and is open to almost all withdrawal possibilities. But, on some occasions, there may be certain restrictions to completing the process. If your operation is failing, these are some of the most frequent reasons:
- Check the restrictions in your country. Some regions may have rules that prevent you from completing the transaction
- For security reasons, Coinbase requires some permissions when you are new to the platform.
- One of the permissions necessary to complete the transaction is to have a verified account. If you have not yet been granted verification, you must follow the steps to have a version free for withdrawal
- You recently paid or purchased with a credit card
- Your account was flagged as fraud; if there was a mix-up, contact the company to resolve the issue
Depending on the reason for your restriction, you should contact the customer service center in your country to find an answer if the case is complex. Most of the time, it is resolved quickly.