At first sight, the idea of making a withdrawal on Coinbase may seem overwhelming. However, the key is to understand that withdrawing money from Coinbase is a three-step process.
The first step is to convert your crypto assets into fiat. The second step is setting up a payment method where you can deposit your cash once you withdraw it, and the final step is withdrawing the fiat. Let’s explore the step-by-step instructions for each of these three processes, to ensure you have an easy time making withdrawals from your Coinbase wallet to the bank.
Step 1: Convert Crypto to Fiat on Coinbase
The process of converting crypto to cash on Coinbase is a simple one. Here is a step-by-step summary of how to exchange crypto for cash on Coinbase.
- Log in to your Coinbase account.
- Click the Trade button on the navigation bar or the Buy/Sell button at the top right corner of your screen.
- A Sell tab will appear, with a field where you can enter the amount of crypto that you want to exchange for fiat, the particular crypto asset that you want to trade, and the fiat currency you want to withdraw in.
- Click on the Preview Sell button to complete the sale.
If your transaction is successful, you should be able to see a confirmation message when you click on the Preview Sell option. This option opens a pop-up window with your sale’s confirmation message. The message lets you know how much fiat you have received from your transaction and the transaction fees incurred during the selling process.
Step 2: Add a Payment Method to Coinbase
Coinbase supports a variety of payment options. Some of these options, like PayPal, are selectively available depending on your geographical location when you add the payment option. Others, like debit cards, may not have geographical limitations.
There are also minor differences in the process required for adding different payment methods. However, adding a payment method to Coinbase is an effortless process, and the steps below will guide you through how to add your preferred payment method to the platform.
How to Add a Bank Account to Coinbase Automatically
A bank account is one of the payment methods supported on Coinbase. Here’s a breakdown of the procedure you need to follow to add your bank account to Coinbase for an instant withdrawal.
- Log in to your Coinbase account and click on your profile picture; select the Settings option in the drop-down menu.
- Click Payment Methods then Add Payment Method option, select the Bank option, and click Continue.
- This opens a window with logos for various banks. Find your bank and select it. Alternatively, type in Your bank’s name in the search field and select it.
- Fill in the necessary details that Coinbase asks for, including your bank account number, pin, and any other security questions that may pop up. Once this is done, your account will be automatically linked to Coinbase.
How to Add a Bank Account to Coinbase Manually
If your bank is not among the list of banks listed on Coinbase, you will need to add it manually using a deposit verification process by following the steps below.
- Follow steps 1 and 2 in the How to Add a Bank Account to Coinbase section above.
- When the window appears, scroll down to find the Manually link bank account option and click on it.
- In the new prompt that appears, click on Get Started.
- Fill in your bank’s routing number, the account owner’s name for the account you intend to link, the account number, the type of account, whether it is a savings or checking account and click Verify Account.
- This will send two small deposits to your bank account within two to three business days. After this period, visit your Payments Method page, and verify these deposits by selecting Verify for your bank account and entering only the number of cents on your bank’s statement. For instance, if your bank statement reads $2.50, enter 50, and your account-linking process will be complete.
How to Add a Debit Card to Coinbase
Coinbase accepts Visa and MasterCard as payment methods. The platform can also support other prepaid cards, but that would require you to submit a billing address associated with the card, which makes the process a bit complicated. So, here are the steps to help you link your Visa or Mastercard to Coinbase.
- Log in to your Coinbase account and click on your profile picture; select the Settings option in the drop-down menu.
- Click on the Add Payment Method option, select the Debit Card option and click Continue.
- Submit the requested debit card information to allow Coinbase to send two temporary debits to your card.
- Visit your card’s online banking activity to identify the two debits and enter their amounts on Coinbase to complete the verification process.
Step 3: Transfer Money From Coinbase to Bank
With your crypto assets already converted to cash and your payment method set up, withdrawing funds from Coinbase becomes very easy. These steps will help you navigate the Coinbase withdrawal process to get your cash.
- On your Coinbase account, go to your Portfolio page.
- Navigate down the page till you get to your assets section.
- Under this section, find the asset page of the fiat you obtained when you converted your crypto asset in this article’s Part 1: How to Convert Crypto to Fiat in the Coinbase section.
- Once you are on the asset page, click the Withdraw tab, enter the amount of fiat you want to withdraw, and click the Withdraw button.
- In the tab that follows, select the payment method you linked in this article’s Part 2: How to Add a Payment Method on Coinbase section to complete the process.
Hot to withdraw crypto from Coinbase.com
Withdrawing crypto from Coinbase is very simple. It only takes a few steps to complete, but the funds may take anywhere from a few minutes to a few days to arrive in your wallet. The duration depends on the asset you are sending and the network you are using and, the network fees you are willing to pay to have your transaction confirmed. Coinbase does not charge any fee to withdraw your assets.
Step 1 Locate the Send/Receive button
Login to Coinbase.com and locate the Send/Receive button on the top right of any page.
The blue Buy/Sell button allows you to trade your asset to the asset you intend to withdraw. For example, if you have USD currency and would like to convert to Bitcoin, this is the button you use to convert.
After converting, you can then click on the Send/Receive button to withdraw your asset or deposit some from an external wallet.
Step 2 Set amount you want to withdraw
In this step, Coinbase will load a dialogue box through which you can specify the amount and asset your wish to withdraw.
First, select the Send tab above to load the sending options. Below that input the amount of funds you want to withdraw. You can opt to withdraw all your funds in that asset by clicking the Send all option.
Below the amount is the address field. Here youll notice that Coinbase allows you to provide an email address or a crypto address. If you send your coins to another Coinbase account, you dont have to use a crypto address. Instead, if you have the recipients email address associated with their Coinbase account, you can use it. It is free to send between Coinbase accounts and to and from Coinbase Pro. If you opt to use a crypto address, it will cost you a network fee to send the funds.
The next step is to specify the asset you want to withdraw. You can click on the field box to choose which asset you are interested in, then click Continue and confirm the transaction on the next screen.
You have now transferred your funds from your Coinbase.com account to another account or external wallet.
