How to Cash Out on Coinbase [2024]

by Dec 10, 2023DEX/CEX0 comments

Coinbase is one of the most popular and trusted platforms for buying, selling, and storing cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and more. Coinbase also offers a variety of features and services, such as Coinbase Pro, Coinbase Wallet, Coinbase Earn, Coinbase Commerce, Coinbase Card, and more. However, if you want to cash out your cryptocurrencies and withdraw your funds to your bank account or card, you may wonder how to do so on Coinbase. Cashing out on Coinbase is a simple and straightforward process that can be done in a few steps. In this article, we will show you how to cash out on Coinbase, as well as some tips and precautions that you should consider before doing so.

Why Cash Out on Coinbase?

There are several reasons why you may want to cash out your cryptocurrencies on Coinbase, such as:

  • Profit: You may want to cash out your cryptocurrencies on Coinbase if you have made a profit from trading or investing in them. For example, if you bought Bitcoin when it was low and sold it when it was high, you may want to cash out your earnings and enjoy your returns.
  • Need: You may want to cash out your cryptocurrencies on Coinbase if you need money for other purposes or expenses. For example, if you need to pay your bills, rent, tuition, or debts, you may want to cash out your funds and use them for your needs.
  • Risk: You may want to cash out your cryptocurrencies on Coinbase if you want to reduce your risk or exposure to the volatile and unpredictable cryptocurrency market. For example, if you are worried about price fluctuations, hacks, scams, regulations, or taxes that may affect your cryptocurrencies, you may want to cash out your funds and secure them in a more stable and reliable platform.

How to Cash Out on Coinbase?

Cashing out on Coinbase involves two main steps: selling your cryptocurrencies for cash and withdrawing the cash to your bank account or card. Here is how to cash out on Coinbase:

Step 1: Sell Your Cryptocurrencies for Cash

The first step is to sell your cryptocurrencies for cash on Coinbase. You can do this by using either the regular Coinbase app or website or the Coinbase Pro app or website. The difference between the two is that the regular Coinbase app or website is more user-friendly and convenient but has higher fees and lower limits. The Coinbase Pro app or website is more advanced and professional but has lower fees and higher limits.

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To sell your cryptocurrencies for cash on the regular Coinbase app, the Coinbase Pro app or the website, you need to follow these steps:

  • Open your Coinbase app or website and log in to your account.
How to Cash Out on Coinbase?
  • Tap or click on the Trade button at the top right corner of the screen.
  • Select Sell from the options that appear.
How to Cash Out on Coinbase?
  • Choose the cryptocurrency that you want to sell from the drop-down menu. You can also tap or click on the Portfolio tab and select the cryptocurrency that you want to sell from there.
  • Enter the amount of cryptocurrency that you want to sell. You can toggle between the cryptocurrency or the fiat currency by tapping or clicking on them.
  • Choose the payment method that you want to receive your funds. You can choose between your USD wallet (if available), linked bank account, or debit card.
  • Tap or click on Preview Sell to review the details of your transaction. You will see the amount of cryptocurrency that you are selling, the amount of fiat currency that you are receiving, the exchange rate, and the fees.
How to Cash Out on Coinbase?
  • Tap or click on Sell Now to confirm and complete your transaction. You will receive a confirmation message and a receipt for your transaction.
How to Cash Out on Coinbase?

Step 2: Withdraw Your Cash to Your Bank Account or Card

The second step is to withdraw your cash from your Coinbase account to your bank account or card. You can do this by using either the regular Coinbase app or website or the Coinbase Pro app or website. The difference between the two is that the regular Coinbase app or website has more payment methods and options but has higher fees and lower limits. The Coinbase Pro app or website has fewer payment methods and options but has lower fees and higher limits. But the process is the same. Follow these steps:

How to Cash Out on Coinbase?
  1. Open your Coinbase app or website and log in to your account.
  2. Tap or click on the Portfolio tab at the bottom of the screen.
  3. Tap or click on the USD wallet (if available) or the fiat currency that you want to withdraw from.
  4. Tap or click on the Withdraw button at the top right corner of the screen.
  5. Choose the payment method that you want to withdraw your funds to. You can choose between your linked bank account, your linked debit card, or PayPal (if available).
  6. Enter the amount of fiat currency that you want to withdraw. You can toggle between the fiat currency or the cryptocurrency by tapping or clicking on them.
  7. Tap or click on Continue to review the details of your transaction. You will see the amount of fiat currency that you are withdrawing, the amount of cryptocurrency that you are selling, the exchange rate, and the fees.
  8. Tap or click on Withdraw Now to confirm and complete your transaction. You will receive a confirmation message and a receipt for your transaction.
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Tips and Precautions for Cashing Out on Coinbase

Cashing out on Coinbase is a simple and convenient way to convert your cryptocurrencies into fiat currencies and withdraw them to your bank account or card. However, there are also some tips and precautions that you should consider before doing so, such as:

Check the exchange rate and the fees

Before cashing out on Coinbase, you should always double-check the exchange rate and the fees that you are paying. Make sure that the exchange rate is fair and competitive and that the fees are reasonable and affordable for you. If you use Coinbase Pro, you can also use limit orders or stop orders to set a specific price or condition for selling your cryptocurrencies. If you use Coinbase Commerce, you can also link it to a regular Coinbase account first and then transfer your crypto there before cashing out.

Check the limits and availability

Before cashing out on Coinbase, you should also double-check the limits and availability of your payment methods and options. Make sure that you have enough balance and that you are within your limits for selling and withdrawing your funds. Also, make sure that your payment methods and options are supported and available in your country or region. You can check your limits by tapping or clicking on the Profile icon and then on Limits. You can check your availability by visiting their website and clicking on Supported Countries.

Check the security and privacy of your account

Before cashing out on Coinbase, you should also double-check the security and privacy of your account. Make sure that your account is secure and protected from hacking, phishing, theft, loss, or damage. Also, make sure that you follow some best practices for keeping your account safe and secure, such as:

  • Enabling 2FA or biometric verification for accessing your account.
  • Using a strong password and changing it regularly.
  • Verifying your email address and phone number.
  • Linking only trusted payment methods and devices.
  • Updating your app or software regularly.
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Conclusion

Cashing out on Coinbase is a simple and convenient way to convert your cryptocurrencies into fiat currencies and withdraw them to your bank account or card. However, there are also some tips and precautions that you should consider before doing so, such as checking the exchange rate, fees, limits, availability, security and privacy of your transaction.

We hope this article has helped you understand how to cash out on Coinbase and what to look out for before doing so. If you have any questions or feedback, please feel free to leave a comment.

FAQ

What fees does Coinbase charge for cashing out?

Coinbase charges a fee for selling cryptocurrency (usually around 1.49% for US transactions) and a fee for withdrawing funds to your bank account (usually $0.15 for US transactions). These fees may vary depending on your location and payment method.

How long does it take to cash out on Coinbase?

The time it takes to cash out on Coinbase depends on several factors, including the network congestion of the cryptocurrency you’re selling, the payment method you’re using to withdraw funds, and the verification status of your account. In general, it can take anywhere from a few minutes to several business days to complete a cash-out transaction.

Are there any limits on how much I can cash out on Coinbase?

Yes, there are limits on how much you can cash out on Coinbase. These limits vary depending on your account verification level, payment method, and location. In general, the daily withdrawal limit for US customers is $25,000, but this may be lower for customers in other countries.

Is it safe to cash out on Coinbase?

Coinbase is generally considered a safe and reputable cryptocurrency exchange, but like any financial transaction, there is always some risk involved. To minimize your risk, make sure to use strong passwords and two-factor authentication, only withdraw funds to a verified bank account, and be aware of potential scams and phishing attempts.

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