If the term “cryptocurrency exchange” has ever made its way around your ears, you’ve probably heard of Coinbase. After all, early adopters of Bitcoin have traded and bought coins on the platform since 2012.
However, Coinbase garnered huge attention last year, i.e., 2021, after it became the first cryptocurrency exchange platform that went public on NASDAQ.
Today, over 70 million users conduct cryptocurrency exchanges worth over $300 billion each quarter on Coinbase. Safe to say, it has become a top platform in the crypto market for trading, buying, and cashing out.
But, if you’re new to Coinbase, it’s quite noticeable that there’s a slight learning curve involved, especially in withdrawing funds from the Coinbase wallet or account. But worry not! That is exactly what we’re here to solve in our Coinbase withdrawal guide today. If you were looking for a full rundown of the entire platform, you should instead have a look at our Coinbase platform review.
Here’s everything you need to know to easily withdraw funds from your Coinbase account:
How To Withdraw Money From Coinbase
Coinbase serves millions of crypto enthusiasts and active traders globally with a user interface available on both web & mobile platforms.
Now, generally speaking, the interface is very intuitive. However, it gets a bit tricky regarding withdrawing funds, which we will guide you through step by step.
First of all, withdrawing funds from Coinbase involves two significant steps:
- Crypto to Fiat Conversion
- Withdrawing the Fiat Balance
Here’s a detailed insight on both the steps, one after the other.
Crypto to Fiat Conversion
Users normally have to convert their crypto money into fiat when withdrawing funds. This basically means converting your digital currency into fiat currencies such as USD or EUR. To get started, here are some steps to follow:
- Log in to your registered Coinbase account
- Proceed to click on the “Trade” button located on the navigation bar
- Enter the amount of crypto you’re willing to convert
- Lastly, pick the type of crypto asset you’re looking to convert
Withdrawing the Fiat Balance
After your desired crypto amount is converted into fiat currencies, you can now get started with the process of fund withdrawal from the account. To initiate the cashout process, you can follow the following steps:
- Go to the “Portfolio” section of the page
- Move to the “Your assets” tab.
- Look for the fiat balance that was converted earlier and select it.
- Go back to the “Your assets” tab.
- Click the “Withdraw” option.
- Enter the desired withdrawal amount
- Press on “Withdraw all“
- Click once more on the “Withdraw” tab to confirm fund withdrawal.
- Choose your preferred payment option (including Coinbase to PayPal)
- Click “Continue“
- You can now confirm or edit the transaction details.
- Lastly, click on “Withdraw now” one last time.
After following the last step, the transaction process will immediately begin, and you may also be charged with a Coinbase fee – although it depends on the currency of your choosing.
Aside from the typical crypto to fiat conversion, Coinbase account users can also directly withdraw crypto from Coinbase by either adding an email address (no fee) or crypto address (includes withdrawal fees) in the withdraw dialogue box.
After finalizing the transaction, the withdrawn crypto funds/money will appear in the account between a few minutes to several days, depending on the asset & network you chose.
How Long Does Coinbase Withdrawal Take?
The wait time for Coinbase withdrawal normally depends on various factors such as the mode of payment for withdrawal, such as Instant Card Cashout and Instant Bank Cashout.
Instant Card Cashout
The Instant Card Cashout option allows any eligible Coinbase customer to directly cash out from a local currency wallet to Visa Fast Funds enabled credit & debit card in an instant.
US customers also can link MasterCard Send enabled debit cards or Visa Fast Funds that allow real-time processing of transactions. Now, the eligibility factor for the Instant Card Cashout feature includes:
- A resident of the US, EU, or the UK.
- The customer’s credit/debit card on Coinbase must be verified and linked.
- The customer must have a USD, Euro, or GBP Coinbase wallet.
The Instant Card Cashout works by following these steps:
- Firstly, ensure you have sufficient money in your external wallet
- Next, you can select the Cash Out tab on your wallet.
- Select the linked card as your cash-out option.
- Select your linked card from the menu as the cash-out option
The Instant Card Coinbase withdrawal time normally takes around 30 minutes to reflect on the account. However, sometimes processing may even take over 24 hours.
Unfortunately, the Instant Card Cashout does not work on all cards, so make sure to check if your card is listed for eligibility. The platform is also notorious for its Coinbase charges – something which the Instant Card Cashout is also not free of. For US customers, Coinbase charge fees for transaction at around 1.5%, along with a $0.55 minimum fee, meaning the minimum cashout amount should be greater than $0.55.
Instant Bank Cashouts
The Instant Bank Cashout feature allows US customers to directly withdraw money from USD wallets to RTP (Real-Time Payments) enabled bank account in an instant.
The eligibility factor for this one is pretty much the same as Instant Card Cashouts. However, it is limited to US customers residing in the US only. Here are the following steps involved in Instant Bank Cashout:
- Ensure you have a wallet, or you may have to sell crypto to get the required balance.
- From your USD wallet, select the cash-out option.
- Select the linked bank account as your cash-out option.
As Real-Time Payments run all year long, your cashout will most likely reflect in the account in under 60 seconds. However, there may be cases where processing may take around 24 hours.
Instant Bank Cashout has a transaction fee of 1.5% of the amount (up to $10K) in terms of network transaction fees or withdrawal fees. Any transaction that amounts to over $10K has a $150 flat fee; meanwhile, the minimum fee is $0.55. Additionally, there’s also a cash-out limit where customers cannot exceed $100,000 per transaction.
Apart from the card and bank option, eligible customers can also use their linked PayPal account as a payout method while selling digital currency to withdraw the funds. The funds are also instantly credited. In the case of SEPA transfer, it can typically take around 1-2 business days, while wire transfer takes about 1 business day to complete.
The fee structure of Coinbase is a little complicated to grasp. It comes with a 0.5% exchange rate spread for cryptocurrency purchases & sales. Coinbase also charges customers with transaction fees that are either variable fees or flat fees, depending on the type of payment and purchase.
However, fee rates can change over time and vary greatly depending on different regions. The platform also charges a small fee for debit card deposits & withdrawals.
On another note, the Hosted Cryptocurrency and USD wallet service offered by Coinbase comes free of charge. Coinbase also does not charge any fee over crypto transfers from one wallet to another.
For cryptocurrency transactions, Coinbase does charge fees when customers sell, buy or convert cryptocurrencies. The fees are calculated when customers place the order and are determined by several factors, including the size of the order, payment/withdrawal method, market conditions, etc.
Why Can’t I Withdraw From Coinbase?
If you’re unable to withdraw funds from your Coinbase account, there may be several reasons behind such hindrance.
For one, you may be a new account holder, or your place of residence may be a restricted region. It can also result from small factors such as incomplete Coinbase ID document verification or more significant issues such as a flagged account, whereby the Coinbase account may be flagged for fraud.
Fund withdrawal can also be limited in cases where the customer has made any recent purchases via a credit card. Users are also unable to withdraw any further if they happen to cross the daily withdrawal limit of $50,000. However, this is only a temporary block and is opened again after the said 24 hours.
Withdrawal may also become limited due to “collateral” – a term used by Coinbase to refer to the borrower’s BTC funds, which pretty much equals a loan. If and when monthly payments are not met, Coinbase “locks up” and sells just enough BTC collateral to make up for repayment.
If you are unsure of what the withdrawal issue could stem from, you can always reach out to the Coinbase customer support to have a conversation about the matter.
Coinbase Withdrawal FAQs
Although UK customers do have access to EUR as well as GBP wallet in their Coinbase account, the wallets remain funded via a different payment method. This makes selling the best way to withdraw funds from Coinbase UK since cashouts may not be eligible for all.
For Australians looking to cash out their crypto, it can only be done by transferring the crypto to a local exchange platform such as CoinSpot. First, create a CoinSpot account, complete ID verification, transfer the coins through the wallet page, and sell your crypto. Once sold, you can transfer your AUD to a bank account.
To withdraw from Coinbase Canada, you can make use of PayPal. First, you’ll have to transfer the desired funds from Coinbase to a different cryptocurrency exchange that allows Canadian dollars. After the funds are processed in the other exchange platform, you can withdraw/cash them out to your PayPal Canada.