Coinbase has become one of the most popular platforms for buying, selling, and storing cryptocurrency. With over 89 million verified users as of 2024, Coinbase makes it easy for both newcomers and crypto veterans to manage their digital assets.
One of the most common questions from Coinbase users is how to withdraw or “cash out” their funds, converting cryptocurrency to traditional money that can be used outside of digital wallets and exchanges. This straightforward guide will walk you through the step-by-step process in 2024.
What is Coinbase?
Coinbase is a popular cryptocurrency exchange platform that allows users to easily buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, and many others. Here are some key things to know about Coinbase:
Main Functions
- Cryptocurrency exchange – Easily trade top cryptos like Bitcoin and stablecoins
- Crypto wallet – Securely store crypto assets in web-based hot wallets
- Custodial accounts – Fully insured custody options for assets
- Educational resources – Ideal for beginners learning about crypto
Benefits
- Simple user interface and easy account setup
- Supports over 100 cryptocurrencies
- Available as website and mobile app
- High focus on security and compliance
- FDIC insurance protection on USD funds
- Low fees compared to traditional brokers
Considerations
- Higher fees than some exchanges
- Limited availability in some countries
- Not intended for active crypto traders
- Does not support advanced trading features
Coinbase is one of the most popular, secure platforms for crypto investing geared towards retail and institutional investors. It makes buying, selling, and managing cryptocurrency straightforward even for complete beginners. The ideal starting point for entering crypto markets.
Is it Possible to Cash Out on Coinbase?
Yes, it is definitely possible to cash out cryptocurrency from your Coinbase account. Coinbase offers several withdrawal methods for converting your crypto funds into traditional fiat currency and transferring them to your connected bank account or PayPal balance.
The main cash out options provided by Coinbase include:
- ACH bank transfers – Transfer USD funds to a U.S. bank account for low fees. Takes 3-5 business days to clear.
- Wire transfers – For larger sums or faster clearance, wire funds directly to your bank domestically or internationally. Clears within 1-3 business days.
- PayPal withdrawal – Instantly convert crypto to USD funds in your PayPal balance. Small 1% fee but fastest clearance.
The process is straightforward – you select your withdrawal method, enter the destination account details along with the amount to cash out, review and confirm the transaction, then wait for the funds to clear based on the delivery speed of your chosen cash out method.
Yes Coinbase makes it simple to liquidate your cryptocurrency and cash it out into traditional currency usable outside of the exchange. The different options give flexibility based on how much you want to withdraw and how quickly you need access to the liquidated funds.
Understanding Coinbase Withdrawals
Before diving into the specifics, it helps to understand exactly what it means to withdraw or cash out cryptocurrency from Coinbase.
Defining a Coinbase Withdrawal
When you “withdraw” or “cash out” crypto from your Coinbase account, you are converting your cryptocurrency funds into traditional fiat money and transferring it from your Coinbase wallet to your connected bank account.
The withdrawal converts coins like Bitcoin and Ethereum into government-backed money, such as US Dollars, Euros, or British Pounds. Once the funds reach your bank, you can spend the fiat currency directly or transfer as needed.
Why Cash Out Crypto on Coinbase?
There are a few key reasons Coinbase users withdraw cryptocurrency to traditional money:
- Spend fiat currency: Pay bills and make purchases in government-backed money, which has wider acceptance.
- Transfer funds: Move money between bank accounts more quickly than using wire transfers.
- Cash reserves: Keep extra money in a savings account to earn interest rather than having funds locked in crypto markets.
- Adhere to taxes: Selling crypto for fiat allows proper payment of taxes owed on capital gains.
Understanding the end goal for your withdrawal will ensure you choose the best cash out method.
How to Connecting a Bank Account to Coinbase
Before being able to move funds off Coinbase, you need to connect the account to a supported bank account in your name. Coinbase needs to verify your bank account information to comply with fraud protection and anti-money laundering regulations.
Bank Account Requirements
To link a bank account with your Coinbase profile, it must meet these core requirements:
- In your personal name (or name of a business you own)
- Based in one of Coinbase’s supported countries
- Valid routing and account number that passes verification checks
Coinbase supports debit cards and bank accounts from over 35 countries globally on its consumer platform. The Coinbase Pro exchange platform further expands options for institutions and professional traders in select markets.
Connecting a Bank Manually
Adding a bank manually allows US users to integrate accounts from unsupported banks and credit unions. You will need to enter the:
- Bank name
- Account holder name
- Routing number
- Account number
Be sure all the details match exactly to what is listed on your bank documentation. Any errors may cause the connection to get stuck in verification.
The manual verification process can take 1-3 days before your bank finalizes the linkage.
Choosing a Cash Out Method
Once your bank account connects, you need to decide on the right cash out method for your needs from the withdrawal options Coinbase supports. Consider factors like speed, fees, limits, privacy, and more to select the optimal approach.
ACH Bank Transfer
The ACH bank transfer method allows you to move USD funds from Coinbase directly into your connected US bank account. Transfers batch and clear in 3-5 business days on average.
Pros
- Low fees (Free to $0.25 per ACH transfer)
- No maximum withdrawal amounts
Cons
- Slow transfer speed
- Only available for USD withdrawals to US bank
Overall, ACH transfers offer cheap and reliable cash out, despite slower settlement times. This works well if you don’t need immediate access to the funds.
Wire Transfer
For larger cash outs or faster clearance, Coinbase also facilitates domestic and international wire transfers. Funds move directly into your bank within 1-3 business days.
Pros
- Faster transfers than ACH
- No maximum withdrawal amounts
- Supports wire transfers globally in multiple currencies
Cons
- High fees ($10 to $50 per wire)
- Only available for withdrawals exceeding $5,000
In most cases, wire transfers provide faster access to your cash out but cost significantly higher fees. Great for large institutional transfers or amounts you need cleared urgently.
PayPal Withdrawal
Coinbase also allows you to instantly withdraw USD funds into a connected PayPal account. This provides immediate liquidity and flexibility in how you spend or transfer the money.
Pros
- Fastest withdrawal speeds
- No maximum limits
- Use PayPal balance to spend or transfer instantly
Cons
- Higher fees (1% of withdrawal)
- Only supports USD withdrawals
Withdrawing to PayPal offers the quickest way to convert crypto to cash. It comes at a premium cost but ideal when you want immediate access to liquid assets or need to complete payments via PayPal.
How to Setting up your Coinbase account
Here is a step-by-step guide to setting up your Coinbase account:
1. Go to www.coinbase.com
Go to the Coinbase website and click “Sign Up” to start the registration process. Make sure you are visiting the legitimate site before entering any information.
2. Enter your details
Enter your first and last name, email address, and create a secure password. Make your password long, with uppercase, lowercase, numbers and symbols. This keeps your account safe.
3. Verify your email
Check your email inbox for a confirmation link from Coinbase and click to verify your address. This proves you control access to the provided email.
4. Add payment method
To fund your account, connect your bank account, debit card, PayPal or make wire transfers. Input details manually or upload documents for faster verification.
5. Verify your identity
To establish full functionality and higher buy/sell limits, complete Coinbase’s photo ID verification process under settings.
6. Enable 2-step authentication
For best security practices, turn on 2-step verification using an Authenticator app or SMS texts. This adds a second check protecting login attempts.
7. Start buying & selling crypto!
Once your account and credentials verify, you can begin trading supported cryptocurrencies available on Coinbase.
Follow these sign up steps to securely access crypto markets on one of the simplest, most trusted platforms catering to beginners.
Step-By-Step Guide to Cashing Out on Coinbase
Using your preferred cash out method, the process of completing a withdrawal is straightforward. Follow these steps:
Step 1. Select Withdrawal Method
On the Coinbase interface, choose the account holding the funds you want to cash out. Click the “Withdraw” button to view your withdrawal methods:
- ACH Bank Transfer
- Wire Transfer
- PayPal account
Select your linked account under the withdrawal method you want to set up the cash out transfer.
Step 2. Enter Withdrawal Details
After selecting the withdrawal account, you need to fill in details for the transfer:
- Currency: Currency to withdraw funds in (USD, EUR, etc.)
- Amount: Exact amount to cash out or option to select max balance
- Account: Specific bank account/PayPal account to receive the funds
Double check all the details before proceeding to ensure the funds go to your intended recipient account.
Step 3. Review and Confirm Order
Prior to final submission, you can review the critical cash out details within the withdrawal confirmation popup:
- Destination account info
- Currency and exact amount converting from crypto
- Applicable withdrawal fee based on method
Triple check everything looks accurate before you confirm the order and queue the payout transfer.
Step 4. Wait for Processing
Once you confirm and place the withdrawal order, Coinbase starts processing the crypto-to-fiat conversion and transfer request.
Funds usually clear into your bank account or PayPal balance within the standard delivery windows outlined below:
- ACH: 3 to 5 business days
- Wire: 24 to 72 hours
- PayPal: Instant conversion to USD balance
You receive status updates directly from Coinbase during processing, clearing, and when the transfer completes.
How to Cash Out Your Balance
Here are detailed steps to cash out your Coinbase balance via the main withdrawal methods:
Method 1: Faster Payments (GBP)
Browser
- Login to Coinbase.com and click your profile icon
- Select “Settings” then click “Payment Methods”
- Choose your GBP Wallet and click “Add Payment Method”
- Select your UK bank account and enter details
- Click “Confirm” to link account
- To withdraw, click “Trade” tab and choose “Sell”
- Enter GBP amount to sell crypto for and select bank account
- Review for fees and details then click “Preview Sell”
- Verify details and select “Sell Now” to complete cash out
Mobile App
- Open Coinbase app and tap the “Bank” icon
- Click “Link Bank” and select your UK bank
- Enter account number and sort code to link
- Tap “Portfolios” and select crypto to sell
- Type GBP amount and select bank account
- Double check details then tap “Sell” to convert crypto to cash
- Cash out will deposit directly into your bank!
Method 2: Instant Card Withdrawal (GBP)
Browser
- From Profile go to Settings > Payment methods
- Scroll and click “Link a new card”
- Enter card details to link to account
- On “Trade” choose the “Sell” tab
- Select desired crypto and enter GBP amount
- Choose your linked card to deposit funds
- Check fees & details then click “Preview Sell”
- Verify information and click “Sell Now”
Mobile App
- Tap the Bank icon and select “Link Card”
- Enter your debit card number and confirmation details
- When linked, tap “Trade” on bottom bar
- Choose which crypto you want to sell to cash out
- Type GBP amount to debit card
- Ensure details correct and tap “Sell”
- Card will instantly receive converted GBP!
Method 3: PayPal/SEPA Withdrawal
Browser
- Click Profile picture > Settings > Payment methods
- Select “Link a new account”
- Choose PayPal or EU bank account and enter details
- When verified, select “Sell” on Trade screen
- Pick crypto to sell and enter amount to withdraw
- Select PayPal or bank account as destination
- Confirm details and complete the sell order
Mobile App
- Go to Bank > Link PayPal or EU Bank account
- Enter account email or IBAN details
- Tap “Trade” when account connected
- Select crypto and enter amount to sell
- Choose PayPal or bank account to receive funds
- Review details closely before confirming
- Cash from crypto will deposit to account!
How to Withdraw cryptocurrency (assets) on Coinbase Exchange
Here is a detailed guide on how to withdraw your cryptocurrency assets from your Coinbase Exchange account:
- Log in to Coinbase Exchange: Go to pro.coinbase.com and log in to your Coinbase Exchange account.
- Click on the Withdraw tab: On the top navigation bar, click on the “Withdraw” tab to access the withdrawal portal.
- Select the Asset: On the left sidebar, select the cryptocurrency you want to withdraw. For example, if you want to withdraw Bitcoin, click on BTC.
- Enter the Destination Address: This will be the external crypto wallet address you want to withdraw to. Double and triple check this is the correct address before sending funds.
- Enter the Amount: Type the quantity of crypto you want to withdraw from your Coinbase Exchange account balance.
- Set Network Fees (Optional): You can choose whether to pay normal or priority network fees. Priority fees process faster.
- Review Details: Before submitting, thoroughly review the full withdrawal details including the destination address, withdrawal amount, and fees.
- Confirm Withdrawal: If all the information looks correct, click Confirm to complete and process the cryptocurrency withdrawal.
Following the above steps allows smoothly withdrawing your crypto assets held on Coinbase Exchange accounts into any compatible external cryptocurrency wallet address. Always exercise caution when entering external addresses to avoid losing funds.
How do I Withdraw Funds?
Here are the steps to withdraw funds from your Coinbase account:
- Link a payment method: You need to add a linked bank account or external wallet where you want the funds sent. Go to Settings > Linked accounts in your Coinbase account and connect an account.
- Select a withdrawal method: Navigate to your Portfolio page and select the cryptocurrency or fiat currency you want to withdraw. Then click “Withdraw” and choose your linked account.
- Enter withdrawal amount: Type the exact amount you wish to withdraw. Make sure you have sufficient balance available and account for any fees.
- Confirm withdrawal details: Carefully review the provided information – the amount, fees, and the account the money will be sent to. Triple check all details before confirming.
- Wait for funds to process: It takes at least 3-5 days for bank transfers via ACH to clear. PayPal and card withdrawals are faster. Wait for the funds to deposit into your linked account.
- Check transaction history: You can monitor pending and past withdrawals under the Orders tab in your account settings on both mobile and desktop sites.
Withdrawing money is easy once your external account connects and you verify your identity on Coinbase. Take care entering all details accurately to avoid issues.
Why Can’t I Cash Out on Coinbase?
There are a few common reasons you may be unable to cash out cryptocurrency from your Coinbase account:
- Identity Verification Pending: Coinbase requires users to complete identity verification before allowing withdrawals. If your account is not verified yet, casH out ability gets blocked until the verification process completes.
- Two-Factor Authentication Not Set Up: Withdrawing funds requires having two-factor authentication enabled for security. Check under account settings to set up 2FA via text, authentication app, security key, or backup key options.
- Bank Account Not Linked: To move funds from Coinbase back to your bank, you first need to connect a supported bank account under the withdrawal settings. Adding a bank link enables cash out transfers via ACH or wire transfer.
- Insufficient Account Balance: Verify you have enough balance available in the specific cryptocurrency you want to cash out. For example, you cannot withdraw 2 BTC if your wallet only holds 1 BTC. Asset balances dynamically update.
- Temporary Account Holds: Large or suspicious transactions may trigger a hold by Coinbase during fraud evaluations. Passing checks lifts restrictions, enabling access to cash out functions again.
Checking for flags under these common issues can quickly uncover fixes. Reach out to Coinbase customer support if your case falls outside normal cash out barriers. Proper account management avoids problems cashing out down the road.
Is There a Cashout Fee on Coinbase?
Yes, Coinbase does charge fees when withdrawing or “cashing out” cryptocurrency from your account. The specific fee amount depends on the method you select.
Here are the Coinbase cash out fees to expect for each withdrawal method:
ACH Bank Transfer:
- Free (for US bank accounts)
- Up to $0.25 fee per deposit/withdrawal
Wire Transfer:
- $10 outbound fee (domestic wires)
- $50 outbound fee (international wires)
PayPal Withdrawal:
- 1% conversion fee (when transferring crypto balance to PayPal balance)
In addition, blockchain network fees apply whenever transferring cryptocurrencies on-chain. Gas fees contribute to costs for converting and sending crypto. The blockchain fee dynamically adjusts based on market conditions.
All cash outs via Coinbase incur a fee, either from:
- Coinbase’s withdrawal fee depending on method
- Blockchain network / miner fees
The only exception is using ACH with a US bank account, which offers free withdrawals (but slower transfer times compared to wires or PayPal).
Knowing the potential fees allows appropriately budgeting for cash out costs when liquidating your Coinbase cryptocurrency holdings.
How do I Cash Out Crypto to USD?
Here are the key steps to cash out cryptocurrency from your Coinbase account into USD:
- Connect a Bank Account First, make sure you have a bank account connected in your Coinbase account settings. You can link an account from your bank or enter the details manually.
- Select Withdrawal Option On the Coinbase interface, choose the crypto asset you want to cash out and click “Withdraw”. Select the USD wallet and enter the amount you want to cash out.
- Select Outgoing Network You can select ACH or wire network transfer. ACH is slower with lower fees, while wires are faster clearing but cost more.
- Enter Destination Details Double check you are withdrawing USD to your connected USD bank account. Entering incorrect details may result in lost funds.
- Review and Confirm Order Before confirming, carefully review the full cash out details including amounts, network fees, and destination.
- Wait for Cash Out to Complete It takes up to 5 days for ACH bank transfers or up to 3 days for wires. Once fully processed by Coinbase, the USD will deposit into your bank.
That covers the standard process for cashing out your cryptocurrency into USD fiat currency! Keep this guide handy as you liquidate crypto investments for spending or holding as cash.
Tips for Smooth Cash Outs
Using the best practices below helps keep your withdrawal seamless from placing the order through clearing into your bank:
- Verify identity: Confirm all personal details to prevent fraud review delays when taking large cash outs.
- Understand delivery speeds: Factor transfer times into timing your cash out requests.
- Double check details: Avoid costly errors by carefully reviewing all entered info before submitting withdraws.
- Watch out for fees: Know the charges for each method before moving significant sums.
- Store crypto long term: Consider keeping a portion of coins in wallets for long term holds vice cashing out full balances.
Frequently Asked Questions
Questions commonly arise for beginners about properly withdrawing crypto from Coinbase. Below find answers to some frequently asked questions.
Does Coinbase Have Withdrawal Limits?
Coinbase allows users to withdraw up to $10,000 per day without enhanced verification. Accounts that complete identity confirmation can cash out up to $50,000 daily. No maximum withdrawal limits exist via domestic wire, although international transfers face varying rules.
Can I Reverse a Coinbase Withdrawal?
No, once you confirm and place a Coinbase withdrawal, the process cannot reverse. You must take care to accurately input all details about the transaction prior to confirming to avoid sending funds to the wrong place.
Does Cash Out Include Transaction Fees?
When you enter a withdrawal amount, Coinbase automatically deducts applicable network and withdrawal fees from the total crypto conversion value. This ensures the net amount arriving into your bank equals the exact fiat cash out figure authorized.
How Long Do ACH Withdrawals Take to Clear From Coinbase?
Standard ACH bank transfers from CoinbaseClear take 3-5 working days to complete. In rare cases, payments remain pending over weekends or holidays, leading to occasions where transfers take up to 7 actual days.
Can I Speed Up a Stuck Coinbase Withdrawal?
If a cash out sticks in limbo beyond the standard delivery window, you can contact Coinbase customer support through the mobile app. While nothing can accelerate internal processing protocols, agents can investigate stuck funds and verify expected clearing timelines.
Cash Out Your Cryptocurrency Today!
Gaining clarity on how to cash out your crypto investment offers key insight into managing digital assets on centralized exchanges like Coinbase. Understanding timeframes, fees, limits, and options available allows smooth planning and navigation of liquidation needs.
With a trusted user profile, reasonable withdrawal amounts can convert from cryptocurrency to money in your bank often within days. Taking a balanced perspective on cash outs while keeping some crypto exposure allows savvy management.
Coinbase makes the critical process of crypto-to-fiat liquidation straightforward. Now armed with this comprehensive guide, you can confidently convert holdings to cash as needed while keeping the rest working for your long term portfolio!