In this Coinbase tutorial, we explain how to withdraw from Coinbase to a bank account or PayPal. We show you how to do this using two different methods, first using Coinbase and then using Coinbase Pro, which can save on transaction fees. Plus we also explain how to sell your crypto before withdrawing your money.
So, let’s dive into this Coinbase guide, to help you work out how to withdraw from Coinbase to either a bank account, wallet or PayPal.
How to Withdraw Money from Coinbase?
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.
How to Sell on Coinbase?
If you have a Coinbase account and are currently holding Bitcoin or other cryptocurrencies, you may wish to lock in your current profits by withdrawing Bitcoin from Coinbase. However, before you can withdraw cash from Coinbase, the first thing you need to do is sell your crypto.
1. Select your Crypto & Choose Sell
When you have logged into your Coinbase account, from the dashboard under “Your Assets” select the cryptocurrency that you would like to sell. On the cryptocurrency, page chooses the “Sell” tab from the right-hand side of the screen.
2. Enter the Amount & Choose Wallet
Enter the amount of Bitcoin you would like to sell, or click “Sell all”. Then choose the wallet you would like your funds to be added to.
3. Preview Sell & Confirm
Preview your sell order where you will then see any associated fees. Then choose to “Sell now” if you are happy to confirm the sell order. When the order has been completed the funds will then appear in your chosen wallet.
3 Ways How to Withdraw from Coinbase?
When withdrawing from Coinbase, you will have 3 options. You can either withdraw from Coinbase to a bank account, PayPal or to a secure crypto wallet. Follow our guide and we will show you how to withdraw from each of these options.
1. How to Withdraw Money from Coinbase to a Bank Account?
Once you have sold your crypto for a FIAT currency like GBP, USD or EURO you can then withdraw your money or FIAT from Coinbase to a bank account. As I’m based in the UK I will be withdrawing from Coinbase to a UK bank account, however, the steps outlined in this guide should be the same process for withdrawing to a US bank or EURO bank account.
1.1. Select your FIAT Wallet & Cash Out
When you have logged into your Coinbase account, from the dashboard under “Your Assets” select the FIAT currency that you would like to withdraw from. Then select the “Cash out” tab from the right-hand side of the screen.
1.2. Enter the Amount & Add Bank Account
Enter the amount you want to cash out or select “Cash out all” then choose “Continue“. From the list of payment methods, choose to “Add a bank account” or select an existing account.
If you have not already done, so you will need to link a bank account and deposit an amount of £2.00 to validate your account.
1.3. Continue & Cash-Out Now
Choose “Continue“, where you will then see a cash out preview. Withdrawals to a UK Bank account are free of charge and immediate.
2. How to Withdraw from Coinbase to Paypal?
At present, you can only withdraw to Paypal accounts in the UK. However, transfers are free and instant. To set up a Paypal account:
2.1. Go to your Settings & Choose Payment Methods
When you have logged in to Coinbase, click on your profile picture in the top, far-right and choose “Settings“. Then select the “Payment Methods” tab.
2.2. Add Payment Method & Link Paypal
Click on the “Add Payment Method” button and choose “Paypal” from the list. You will then be prompted to log in, verify and link your Paypal account.
2.3. Select Paypal as your Cash Out Method
To withdraw to Paypal, go to your GBP Wallet, enter the amount and “Continue“. Then select PayPal as your destination.
2.4. Continue & Cash Out Now
Choose “Continue“, where you will then see a cash out preview. Withdrawals to a PayPal account are free of charge and complete the same day.
This is a simple process to sell and withdraw your Bitcoin. However, I would recommend Withdrawing from Coinbase Pro where fees are significantly lower.
3. How to Withdraw from Coinbase to a Crypto Wallet?
If you’re holding your crypto for the long term and want to have more control, with access to your private keys you’ll need to withdraw your crypto assets from Coinbase to a secure wallet such as a Ledger, MetaMask or Trust wallet. The below steps will show you how.
If you’re looking for a secure wallet that supports your requirements, you can now check out our crypto wallets comparison page.
3.1. Select your Crypto & Choose Sell
When you have logged into your Coinbase account, from the dashboard under “Your Assets” select the cryptocurrency that you would like to withdraw. On the cryptocurrency page choose the “Send/Receive” from the top right-hand side of the screen.
3.2. Enter the Amount & Paste Withdrawal Address
Ensure. that you are on the “Send” tab and then enter the amount. You will then need to copy the address that you want to send your crypto to. This will be your wallet or platform’s receive address or deposit address. Then paste the address into the ¨To¨ field.
3.3. 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“. You will then be presented with a confirmation screen showing you the withdrawal and any related transaction fees which are charged by the miners.
Why Cant I Withdraw from Coinbase?
If you are unable to sell or withdraw from Coinbase, this may be due to restrictions in your region. Alternatively, it could be because you are a new account holder, 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.
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 will need to pay fees for that 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;
- How to Download Coinbase Transaction History?
- How to Delete a Coinbase Account?
- Coinbase Earn Quiz Answers?
- Coinbase Staking: How to Stake & Earn Rewards on Coinbase?
“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.”