Cashing out on Coinbase involves converting your cryptocurrency into your local fiat currency and then withdrawing those funds to a linked bank account or other supported withdrawal method. This process is straightforward, but understanding each step and the associated details is key to a smooth transaction. This guide provides a comprehensive breakdown of how to cash out on Coinbase.
Understanding the Cash-Out Process
When you want to cash out on Coinbase, you are essentially performing two primary actions:
- Selling Cryptocurrency: You convert your digital assets (like Bitcoin, Ethereum, etc.) into your local currency (e.g., USD, EUR, GBP). This places the funds into your Coinbase fiat wallet.
- Withdrawing Fiat Currency: You then transfer the funds from your Coinbase fiat wallet to an external account, such as your personal bank account.
Before beginning, confirm that your Coinbase account is fully verified and that you have a linked and verified bank account or debit card. This ensures there are no delays in processing your withdrawal.
Step-by-Step Guide to Selling Cryptocurrency on Coinbase
The first part of how to cash out on Coinbase is selling your crypto.
1. Accessing Your Coinbase Account
- Open the Coinbase app or visit the Coinbase website. You can use either the mobile application on your smartphone or the desktop website through a web browser. Ensure you are logged into your correct account.
2. Locating the Sell Function
- Navigate to the “Buy & Sell” or “Assets” section.
- On the mobile app, you often find a central “Buy & Sell” button or tab. Alternatively, you can go to your “Assets” portfolio, select the specific cryptocurrency you wish to sell, and then look for a “Sell” option.
- On the website, “Buy/Sell” is typically a prominent option on the dashboard or in the main navigation bar. Your “Assets” portfolio is also accessible from the dashboard.
3. Selecting the Cryptocurrency to Sell
- Choose the cryptocurrency you wish to convert. A list of your holdings will appear. Select the specific digital asset you want to sell (e.g., Bitcoin, Ethereum, Litecoin).
4. Specifying the Amount
- Enter the amount you want to sell or choose “Sell all.”
- You can input a specific amount of cryptocurrency (e.g., 0.05 BTC) or a specific fiat amount (e.g., $100 USD worth of BTC).
- If you want to sell all of your holdings in that particular cryptocurrency, select the “Sell all” option.
5. Confirming the Destination
- Select your local currency balance as the destination for the conversion. This means the funds from your sale will be deposited into your Coinbase fiat wallet (e.g., your USD balance, EUR balance, etc.). This is a crucial step for how to cash out on Coinbase.
6. Reviewing and Confirming the Sale
- Preview and confirm the sale. Before finalizing, Coinbase will provide a summary of the transaction. This includes:
- The amount of cryptocurrency being sold.
- The amount of fiat currency you will receive.
- Any associated fees for the sale.
- The estimated processing time.
Review these details carefully to ensure accuracy. Once satisfied, confirm the sale.
Once the sale is complete, the funds will be available in your local currency wallet within your Coinbase account. You have now successfully converted your crypto to fiat currency. The next step is to withdraw these funds to your bank.
Step-by-Step Guide to Withdrawing Funds from Coinbase
After selling your cryptocurrency, the funds are in your Coinbase fiat wallet. Now, you can proceed with withdrawing them to your external account. This is the second part of how to cash out on Coinbase.
1. Accessing the Withdrawal Section
- Go to the “Cash out” or “Withdraw cash” section.
- On the Coinbase app, this is often found under your “Portfolio” or “Home” screen, usually as a “Cash out” or “Withdraw” button associated with your fiat currency balance.
- On the website, look for a “Withdraw” or “Cash out” option next to your fiat currency balance (e.g., USD balance, EUR balance).
2. Selecting Your Withdrawal Method
- Choose your desired withdrawal method. Coinbase supports various withdrawal methods, which can vary by region. Common options include:
- Linked Bank Account (ACH Transfer): This is a common and often preferred method in many regions due to lower fees.
- Wire Transfer: Available in some regions, typically faster than ACH but with higher fees.
- Debit Card (Instant Withdrawal): Allows for quicker access to funds but often comes with a higher fee.
- PayPal: Available in some regions for withdrawals.
- Ensure your chosen method is already linked and verified on your Coinbase account. If it’s not, you will need to link and verify it first.
3. Entering the Withdrawal Amount
- Enter the amount to withdraw or choose “Withdraw maximum amount.”
- You can specify the exact amount of fiat currency you wish to withdraw.
- If you want to withdraw all available funds from your fiat wallet, select the “Withdraw maximum amount” option.
4. Confirming Withdrawal Details
- Confirm the withdrawal details. A summary screen will appear showing:
- The amount being withdrawn.
- The chosen withdrawal method.
- Any applicable fees for the withdrawal.
- The estimated arrival time of the funds.
- The total amount you will receive.
- Review all these details carefully.
5. Finalizing the Withdrawal
- Select “Withdraw cash now” or “Cash out now.” Once you have reviewed and confirmed all the details, proceed with initiating the withdrawal. Coinbase may require a 2-factor authentication code for security purposes at this stage.
Important Considerations When Cashing Out
When learning how to cash out on Coinbase, it’s vital to be aware of several factors that can impact your transaction.
Fees
Fees are a significant aspect of how to cash out on Coinbase. They vary based on the transaction type and withdrawal method:
- Selling Fees: Coinbase charges a fee for converting cryptocurrency to fiat currency. This fee is calculated based on the transaction amount and displayed during the preview stage.
- Withdrawal Fees:
- ACH Transfers (to bank accounts): These are typically free in the US, making them a cost-effective option.
- Wire Transfers: Incur a higher fee (e.g., $25 in the US) but offer faster processing.
- Instant Card Withdrawals: May have a percentage-based fee (e.g., 1.5% of the transaction) but provide immediate access to funds.
- PayPal: Fees can apply and vary.
- Always review the exact fees displayed on the transaction confirmation screen before finalizing any sale or withdrawal.
Transfer Times
The time it takes for funds to reach your external account depends on the withdrawal method:
- ACH Transfers: Generally take 1-5 business days to process and appear in your bank account.
- Wire Transfers: Usually complete within 1-3 business days.
- Instant Card Withdrawals: Funds typically appear in your linked debit card account within 30 minutes.
- PayPal: Transfers are often instant or within a few hours.
- Business days exclude weekends and public holidays. Processing times can be affected by bank holidays.
Linked Accounts and Verification
- Bank Account/Debit Card Verification: Ensure your bank account or debit card is linked and fully verified on your Coinbase account before initiating any withdrawal. Unverified accounts can cause delays or outright rejections of withdrawal requests. Verification often involves small deposit/withdrawal tests or linking through a secure third-party service.
- Security: Coinbase employs robust security measures. Always use 2-factor authentication (2FA) and be wary of phishing attempts. Never share your login credentials or 2FA codes.
Withdrawal Limits
- Coinbase imposes daily and weekly withdrawal limits, which can vary based on your verification level and account history. These limits are typically higher for fully verified accounts. You can check your specific limits within your Coinbase account settings.
Regional Availability
- The availability of certain withdrawal methods (e.g., PayPal, specific bank transfer types) can vary significantly by country and region due to local financial regulations and partnerships. Always check the options available in your specific location.
Third-Party Providers
- In some regions, you might have the option to use a third-party provider to cash out. These services can offer different payment methods or faster processing but will also have their own fee structures and terms of service. Exercise caution and research any third-party provider thoroughly before using their services.
Reviewing Transaction Details
- It is paramount to always review all transaction details, including fees and estimated processing times, before confirming your sale or withdrawal. This prevents errors and ensures you are aware of the costs and timelines involved.
Troubleshooting Common Issues
While the process of how to cash out on Coinbase is generally smooth, issues can arise.
- Withdrawal Delayed: Check the estimated transfer time for your chosen method. If it’s past the estimated time, verify your bank account details are correct.
- Withdrawal Rejected: This often happens due to incorrect bank details, unverified accounts, or exceeding withdrawal limits. Review the rejection reason provided by Coinbase.
- Funds Not Appearing: Confirm the transaction status on Coinbase. If it shows as completed but funds are not in your bank account, contact your bank first to inquire about pending deposits.
- Account Holds: Sometimes, new deposits or unusual activity can trigger a temporary hold on withdrawals for security reasons.
Customer Support
For urgent support or if you encounter persistent issues, you can contact Coinbase customer service directly. While the AI overview provided specific numbers, official support channels are typically found on the Coinbase website’s “Help” or “Support” section. Always verify contact information through the official Coinbase site to avoid scams.
Conclusion
Knowing how to cash out on Coinbase is a fundamental skill for anyone using the platform. By following these steps and understanding the associated fees, processing times, and security considerations, you can efficiently convert your cryptocurrency into fiat currency and withdraw it to your preferred bank account or other method. Always prioritize security and carefully review all transaction details before confirming.
How can I get my money out of Coinbase?
And start spending instantly super convenient. But not ideal if you want that money in your bank. Account option two you can withdraw to any debit card from the asset tab click cash out.
Why is Coinbase not letting me cash out?
This might be due to a hold on your account, which can occur when you buy crypto or add cash via a linked bank account (ACH). During this hold, the funds can’t be immediately withdrawn or sent. However, once the hold ends, you’ll be able to withdraw or send these funds.
How do I convert Coinbase to USD?
Great question! Sign in to your Coinbase account.
At the top, click Buy / Sell > Convert.
There will be a panel with the option to convert one cryptocurrency to another.
Enter the cash amount of cryptocurrency you would like to convert in your local currency. …
Click Preview Convert.
Confirm the conversion transaction.
Can you transfer money from Coinbase to a bank account?
Thanks for asking. From your USD or USDC balance in your account, select Cash out. Select your bank account from the menu.