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How do I cash out my money from Coinbase wallet?
Coinbase Wallet is a secure and user-friendly crypto wallet that allows users to store, manage, and transfer cryptocurrencies. If you are looking to cash out your money from Coinbase Wallet, there are multiple ways to do so. This comprehensive guide will provide step-by-step instructions on how to withdraw from Coinbase Wallet to a bank account, cash out USDC, transfer funds to PayPal, and handle transaction fees.
How to Withdraw from Coinbase Wallet to a Bank Account?
To withdraw your cryptocurrency from Coinbase Wallet to your bank account, follow these steps:
Transfer Crypto to Coinbase Exchange: Since Coinbase Wallet is a self-custody wallet, you first need to send your crypto assets to your Coinbase exchange account.
Open Coinbase Wallet.
Select the crypto asset you want to cash out.
Click on "Send" and enter your Coinbase exchange wallet address.
Confirm the transaction and wait for the transfer to complete.
Sell Crypto for Fiat Currency:
Open Coinbase Exchange and log in.
Go to the "Trade" section and select the crypto asset you just transferred.
Click on "Sell" and choose your local currency (USD, EUR, etc.).
Confirm the sale and wait for the funds to appear in your fiat wallet.
Withdraw Funds to Your Bank:
Navigate to the "Assets" tab.
Select "Cash out" and enter the amount you want to withdraw.
Choose your linked bank account.
Confirm the withdrawal and wait for the transfer to complete (usually 1-5 business days).
How to Cash Out USDC on Coinbase?
USDC (USD Coin) is a stablecoin that is pegged to the U.S. dollar. To cash out USDC on Coinbase, follow these steps:
Go to Coinbase Exchange and log into your account.
Select USDC from your asset list.
Click "Convert" or "Trade" and exchange USDC for your local currency (e.g., USD, EUR).
Once the conversion is complete, navigate to the "Cash out" section.
Select your bank account or PayPal as the withdrawal method.
Enter the amount and confirm the withdrawal.
Unable to Cash Out on Coinbase? Common Reasons & Fixes
If you're experiencing cash-out issues on Coinbase, here are some common reasons and solutions:
Insufficient Balance: Ensure you have enough funds after considering transaction fees.
Bank Account Not Linked: Make sure your bank account is added and verified in your Coinbase settings.
Pending Transactions: Some transactions may take time due to blockchain confirmations or security reviews.
Withdrawal Limits: Check your daily withdrawal limits and ensure you haven’t exceeded them.
Restricted Account: If Coinbase detects suspicious activity, withdrawals may be temporarily disabled. Contact Coinbase Support if needed.
How to Withdraw from Coinbase to PayPal?
Coinbase allows instant withdrawals to PayPal in select regions. To withdraw funds from Coinbase to PayPal:
Link Your PayPal Account:
Go to "Settings" > "Payment Methods".
Select "Add a payment method" and choose PayPal.
Log into your PayPal account to complete the linking process.
Withdraw Funds to PayPal:
Navigate to "Assets" > "Cash out".
Choose PayPal as your withdrawal method.
Enter the amount you wish to withdraw.
Confirm the transaction and wait for the funds to appear in your PayPal account (typically instant).
Coinbase Cash Out Fees
Coinbase charges fees depending on the withdrawal method:
Bank Transfers (ACH in the U.S.): Free for standard withdrawals.
Wire Transfers: $10 - $25 per transaction.
PayPal Withdrawals: Instant withdrawals may incur fees (typically 1% of the transaction amount).
Crypto Network Fees: When sending crypto to an exchange, blockchain fees apply.
To reduce cash-out fees, consider using ACH transfers and checking Coinbase’s fee structure before withdrawing.
How to Cash Out Solana (SOL) on Coinbase Wallet?
To cash out Solana (SOL) from Coinbase Wallet, follow these steps:
Open Coinbase Wallet and go to your SOL balance.
Click "Send" and enter your Coinbase exchange wallet address.
Once received in Coinbase Exchange, go to "Trade" and sell SOL for fiat currency.
Withdraw fiat to your bank or PayPal using the steps outlined earlier.
How to Sell Crypto on Coinbase Wallet?
Since Coinbase Wallet does not support direct fiat withdrawals, you need to sell crypto on Coinbase Exchange:
Transfer crypto from Coinbase Wallet to Coinbase Exchange.
Navigate to the "Trade" section and select the crypto you want to sell.
Choose "Sell" and select your preferred fiat currency.
Confirm the transaction and receive funds in your fiat balance.
Withdraw the funds to your bank or PayPal.
Final Thoughts
Withdrawing money from Coinbase Wallet requires transferring crypto to an exchange before cashing out. Whether you are using bank transfers, PayPal, or Cash App, ensure you follow the correct steps to avoid unnecessary fees or delays. Always check Coinbase’s latest fees and withdrawal limits before proceeding with cashing out.
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1. Log in to your Coinbase account.
2. Click on the "Portfolio" tab.
3. Select the cryptocurrency you want to cash out.
4. Click on the "Sell" button.
5. Enter the amount you want to sell and choose the payment method you want to use.
6. Confirm the transaction.
7. Once the transaction is complete, you can withdraw the funds to your linked bank account or PayPal account.
Please note that there may be fees associated with selling and withdrawing funds from your Coinbase account. Make sure to review the fees and terms before proceeding with the transaction.
1. Access Coinbase Wallet:
- Open the Coinbase Wallet mobile app or visit https://wallet.coinbase.com/.
2. Connect Your Bank Account:
- If you haven't already, connect your bank account to Coinbase Wallet.
- Tap "Add bank account" and follow the prompts to link your account.
3. Sell Cryptocurrency:
- Tap "Buy/Sell" from the home screen.
- Select the cryptocurrency you want to cash out.
- Enter the amount you want to sell.
- Tap "Preview Sell."
4. Confirm Sale:
- Review the transaction details and tap "Sell" to confirm the sale.
5. Withdraw Funds:
- Tap "Withdraw" from the home screen.
- Select your bank account as the withdrawal method.
- Enter the amount you want to withdraw.
- Tap "Withdraw" to initiate the transfer.
Timeframe:
- Withdrawal processing times vary depending on your bank.
- Domestic withdrawals typically take 1-3 business days to complete.
- International withdrawals can take longer.
Fees:
- Coinbase Wallet charges a spread fee on cryptocurrency sales.
- Your bank may also charge a fee for the withdrawal.
Additional Notes:
- You can only withdraw funds that are in your available balance.
- Before withdrawing large amounts, consider transferring your funds to your Coinbase account first, as it may have higher withdrawal limits and lower fees.
- Coinbase Wallet supports withdrawals in USD, EUR, GBP, and other fiat currencies.
