Cash out Coinbase to a Bank?

How to Withdraw from Coinbase & Cash Out (2023)

If you’re wondering how to cash out on Coinbase, you’re not alone. Coinbase is one of the most popular cryptocurrency exchanges, and knowing how to withdraw your crypto or money is essential.

In this beginner’s guide, we’ll walk you through the process of how to withdraw from Coinbase with our step-by-step guides. Whether you want to transfer crypto to a wallet or you want to cash out to a bank account or Payal, we’ve got you covered.

So, let’s dive into this Coinbase beginner’s guide to help you understand the Coinbase withdrawal process.

How to Withdraw from Coinbase & Cash Out

In this beginner’s guide on how to withdraw from Coinbase, we will show you the process you need to follow from start to finish. We will also provide you with three options for withdrawing from Coinbase to give you all the options available to you.

When withdrawing from Coinbase, you can either cash out on Coinbase and withdraw money to a bank or PayPal account. Or, if you would prefer to hold your crypto assets and not keep them on the Coinbase exchange, you can withdraw your crypto to the safety of a wallet.

  1. Sell or Convert Crypto to Fiat (GBP, EUR, USD)
  2. Add a Payment Method to Coinbase Account
  3. Withdraw from Coinbase
    • Withdraw from Coinbase to Bank Account
    • Withdraw from Coinbase to PayPal Account
    • Withdraw Crypto from Coinbase
Coinbase Referral Code

What is Coinbase?

Coinbase.com is a secure, online trading platform for buying, selling, trading, and storing cryptocurrencies, such as Bitcoin. The platform is ideal for new users getting into cryptocurrency and purchasing their first Bitcoin with a credit/debit card or via bank transfer. It is simple to use, convenient and has easy onboarding.

Coinbase is built up of 4 individual products & platforms, plus they have their own USD Coin. These are; Coinbase.comCoinbase AdvanceCoinbase Earn, and the Coinbase Wallet.

How to Sell Crypto on Coinbase

If you have a Coinbase account and currently hold Bitcoin or other cryptocurrencies, you may wish to lock in your profits and sell your crypto assets. Before you can withdraw cash from Coinbase to a bank or PayPal account, the first thing you need to do is sell your crypto for Fiat.

Below we will explain how to sell crypto for your local Fiat currency.

  1. Choose Buy & Sell
    – When you have logged into your Coinbase account, from the Home Screen, choose the “Buy & Sell” button from the top of the screen.
How Sell Crypto on Coinbase Part 1
  1. Choose the Crypto & Enter the Amount
    – Click on the “Sell Tab” and choose which cryptocurrency you want to Sell from the dropdown (Bitcoin will be automatically selected). Then enter the amount of the crypto you want to sell, or click “Sell all”.
Step 2 How Sell Crypto on Coinbase
  1. Choose the Wallet
    – Choose the wallet you would like your funds to be added to.
Step 3 How Sell Crypto on Coinbase
  1. Preview & Select Sell Now
    – Preview your sell order, where you will then see any associated fees. Then choose “Sell now” if you are happy to confirm the sell order.
Step 4 How Sell Crypto on Coinbase
  1. Congratulations! You have Sold your Crypto for Fiat
    – The funds will appear in your chosen wallet after completing the order.
Step 5 How Sell Crypto on Coinbase

Alternatively, to save on Coinbase Fees, you can use Coinbase Advanced Trade and simply trade your crypto for your chosen FIAT.

Trade with Coinbase Advanced Trade

How to Add a Payment Method to Coinbase

Before we can go ahead and withdraw from Coinbase, we will need to add a Payment Method. The process of adding a payment method is pretty simple, and you can also add more than one account. The payment method you can add to your Coinbase account will depend on your location, but normally you add the likes of a PayPal and Bank Account or a Credit/Debit card.

To add a Payment Method to Coinbase, follow our below step-by-step guide using Coinbase on a desktop;

  1. From Home Page, Select Profile Icon
    – Log into your Coinbase and go to your profile photo in the top-right of the screen
  2. Go to Settings from the Profile Menu
    – Once you are in the profile menu dropdown, navigate to the “Settings” tab
Step 1 of adding a Payment Method to Coinbase
  1. Go to the Payment Methods Tab
    – Under Settings and from the top line of options, select “Payment Methods.”

  2. Choose Add a Payment Method
    – Once we go to the Payment Methods tab, you will have a blue button option named “Add a Payment”. If you have already added a payment method, you will see these on this screen.
Step 2 of adding a Payment Method to Coinbase
  1. Select Continue After Reading Coinbase Avoid Scams & Fraud Warning
    – Coinbase will provide you with some helpful advice to help you avoid scams and potential fraud. It’s important you understand the risk. If you’re happy, go ahead and select “Continue.”
Step 3 of adding a Payment Method to Coinbase
  1. Add Payment Method to Coinbase
    – You will be provided with a list of Payment Method options available to you for your region. In this example, we will add an Easy Bank Transfer, which Coinbase recommends. However, as you saw on the serious screen, we have previously added PayPal and a Credit/Debit Card.
Step 4 of adding a Payment Method to Coinbase
  1. Enter Your Payment Method Details & Verify
    – Depending on the option you choose, you will need to enter your personal details and also verify the account, and you may be charged a small fee. Once Coinbase verifies your payment method, your new account will be included in the Coinbase payment options list, and you can then use it to withdraw.
Step 5 of adding a Payment Method to Coinbase

How to Cash Out on Coinbase & Withdraw to a Bank

Now you have sold your crypto for a FIAT currency like GBP, USD or EURO; you can then cash out of Coinbase and withdraw to a bank or PayPal account. In this example, we will withdraw GBP back to our bank account. However, the steps outlined in this step-by-step guide will be the same process for withdrawing USD or EURO bank accounts.

If you don’t see any payment methods available to withdraw to, you will first need to go to our guide on how to Add a Payment Method to Coinbase before continuing.

In our below step-by-step guide, we will explain how you can withdraw and cash out on Coinbase back to a bank or PayPal account. The Coinbase withdrawal method will be down to what is supported in your region.<br>

Total Time: 10 minutes

Log into Coinbase.com & Select “My Assets”

– Log into your Coinbase Account.
– Select “My Assets” from the left-hand side.

Step 1 withdrawing from Coinbase to Bank Account

Choose the Fiat to Withdraw

– From the list of assets, select the Fiat currency that you would like to withdraw from Coinbase back to your bank account.

Step 2 withdrawing from Coinbase to Bank Account

Select the Cash Out Option & Enter the Amount to Withdraw

– On the right-hand side of the screen, select the “Cash out” tab.
– Enter the amount you want to cash out from Coinbase or select “Cash out all”. When you’re happy, choose “Continue“.

Step 3 withdrawing from Coinbase to Bank Account

Select a Destination to Withdraw

– Depending on your linked accounts, you may have multiple options here to withdraw to.
– If you don’t have any option here, you can either “Add a Debit Card or “Add a Bank Account.”

Step 4 withdrawing from Coinbase to Bank Account

Preview Cash Out & Confirm

– You will see a summary of your withdrawal from Coinbase to your chosen account.
– If you are happy with proceeding with the withdrawal, select “Cash Out Now.

Step 5 withdrawing from Coinbase to Bank Account

How to Withdraw from Coinbase to Paypal

Another way you can withdraw from Coinbase is through your PayPal account. Unfortunately, this option won’t be available to everyone, and it will depend on your region. If you have already cashed out from Coinbase to a bank account, the PayPal withdrawal process is very similar.

However, if you are new, we will show you a step-by-step guide on withdrawing from Coinbase to PayPal.

  1. From Coinbase Home Page, Select the Profile Icon
    – Log into your Coinbase.com account and go to your profile photo in the top-right of the screen
  2. Go to Settings from the Profile Menu
    – Once you are in the profile menu dropdown, navigate to the “Settings” tab
Step 1 of adding a Payment Method to Coinbase
  1. Go to the Payment Methods Tab
    – Under Settings and from the top line of options, select “Payment Methods.”
  2. Select Add a Payment Method
    – Once we go to the Payment Methods tab, you will have a blue button option named “Add a Payment”. If you have already added a payment method, you will see these on this screen.
Step 2 of adding a Payment Method to Coinbase
  1. Add PayPal Payment Method
    – From the list of Payment Method options available, select PayPal.
Add PayPal withdrawal method to Coinbase
  1. Log into PayPal & Connect to Coinbase
    – Log into your PayPal account to link both Coinbase and PayPal.
Connect PayPal to Coinbase
  1. Go Back to Coinbase & Select “My Assets”
    – Once you have connected PayPal to Coinbase, return to Coinbase and Select “My Assets” from the left-hand side.
Step 1 withdrawing from Coinbase to Bank Account
  1. Select the Fiat Currency to Withdraw to PayPal
    – From the list of assets, select the Fiat currency that you would like to withdraw from Coinbase to your PayPal account.
Step 2 withdrawing from Coinbase to Bank Account
  1. Select the Cash Out Tab & Enter the Amount to Withdraw
    – On the right-hand side of the screen, select the “Cash out” tab.
    – Enter the amount you want to cash out from Coinbase or select “Cash out all”. When you’re happy, choose “Continue“.
Step 3 withdrawing from Coinbase to Bank Account
  1. Choose PayPal as the Withdrawal
    – As we have already added PayPal as a payment method, you will see this option from the destinations available to withdraw to.
Step 4 withdrawing from Coinbase to Bank Account
  1. Preview Cash Out & Confirm Withdrawal from Coinbase to PayPal
    – You will see a summary of your withdrawal from Coinbase to your PayPal account
    – If you are happy with withdrawing, select “Cash Out Now.
Step 5 withdrawing from Coinbase to Bank Account

How to Withdraw Crypto from Coinbase

If you’re holding your crypto for the long term and want more control, with access to your private keys, you’ll need to withdraw your crypto from Coinbase to a secure wallet such as a Ledger, Trust or Coinbase Wallet.

Withdrawing cryptocurrency from Coinbase is relatively straightforward and can be completed by following the step-by-step guide below;

  1. Select “Send & Receive”
    – When you have logged into your Coinbase account, from the home screen, choose “Send/Receive” from the top of the screen.
Step 1 How withdraw Crypto from Coinbase
  1. Enter the Amount & Paste the Withdrawal Address
    – Ensure you are on the “Send” tab and enter the amount.
    – You will then need to copy the address to which you want to send your crypto. This will be your wallet or platform’s receive address or deposit address. Then paste the address into the “To” field.
Step 2 How withdraw Crypto from Coinbase
  1. Enter a Note, Continue & Confirm
    – Enter a note. This might be the name of the wallet or platform that will help you to track this transaction in the future. When you are happy, click “Continue“.
Step 4 How withdraw Crypto from Coinbase
  1. Select “Send Now” to Send Crypto from Coinbase – You will then be presented with a confirmation screen showing you the withdrawal and any related transaction fees which the miners charge. To confirm the transaction, choose “Send now”. After you finalize the transaction, the crypto will arrive at its destination within a few minutes to a few days (depending on the asset and network you have chosen).
Step 3 How withdraw Crypto from Coinbase

Why Can’t I Withdraw from Coinbase?

If you’re finding it challenging to withdraw or sell your funds from Coinbase, there might be a few reasons. It may be due to restrictions in your region. Alternatively, it could be because you are a new account holder and haven’t completed verification or have recently bought with the likes of a credit card.

For anti-fraudulent reasons, sometimes Coinbase will restrict selling or withdrawing, especially if you have purchased with a credit or debit card.

FAQs

What are Coinbase Withdrawal Fees?

When using Coinbase, the withdrawal fees will all depend on your location and withdrawal method. In the UK, withdrawing to a GBP bank account or Paypal account incurs zero withdrawal fees. However, when you send transactions on any blockchain, you must pay fees for them to be processed by the miners. The price and speed of your transaction will depend on the blockchain and how congested it is. Therefore withdrawing crypto from Coinbase will incur a network fee.

How to Delete a Coinbase Account?

If you’ve sold your Bitcoin or withdrawn your money to a bank account and no longer require your Coinbase account. Or, if you’re worried about your personal data being shared and are ready to close your Coinbase account, check out our guide on how to delete your Coinbase Account.

Here are some of our articles you may also find helpful;

*After you make a crypto purchase, BTC will be added to your portfolio. Limited time offer. Offer available to new users only. Offer not available to new users who were referred to Coinbase through the Referral Program or who have previously opened an account using the different contact information. Coinbase may update the conditions for eligibility at any time.

“Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.” 

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3 Responses

  1. Hi, I’ve been trying to verify my bank account with coin base but somehow it doesn’t work? anyone had problem like that ?

  2. Hi Louise Elizabeth

    Is there a fee for transferring some FIAT GBP (not crypto) to my UK bank account using Coinbase (not Coinbase Pro)?

    Thanks

    John

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