How to Withdraw Money from Coinbase & Cash Out (2023)

You’re not alone if you’re wondering how to cash out and withdraw money from Coinbase. Coinbase is one of the most popular cryptocurrency exchanges, and knowing how to withdraw 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 bank accounts 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 Money from Coinbase & Cash Out

In this beginner’s guide on withdrawing money 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 funds from Coinbase, you can either cash out on Coinbase and withdraw funds 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 transfer cryptocurrency to the safety of an external 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

What is Coinbase?

Coinbase.com is a digital platform where users can buy, sell, transfer, and store various types of cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. Founded in 2012 and based in the United States, Coinbase has become one of the most popular and user-friendly cryptocurrency exchanges globally.

For someone new to the world of cryptocurrencies, Coinbase offers an easy-to-navigate interface that simplifies the process of trading digital currencies. The platform lets users link their bank account or credit card to buy cryptocurrencies. They have their own Coinbase mobile app for trading on the go and a digital wallet where users can store their cryptocurrencies after purchase.

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

How to Sell Cryptocurrencies 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. Before you can withdraw cash from Coinbase to a bank or PayPal account, you first need to sell your crypto for Fiat.

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

1. Choose Buy & Sell Button

• When you have logged in to Coinbase, from the Home Screen, choose the “Buy & Sell” button from the top of the screen.

2. 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”.

3. Choose your FIAT Wallet

• Choose the wallet where you would like your funds to be added.

4. 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.

5. Congratulations! You have Sold your Crypto for FIAT

• The funds immediately appear in your chosen wallet after completing the order and your available balance will then update.

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

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 in to 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

3. Go to the Payment Methods Tab
   – Under Settings and from the top line of options, select “Payment Methods.”
   
4. Choose to Add a Payment Method
   – Once we go to the Payment Methods tab, you will have a blue button option named “Add a Payment”. You will see these on this screen if you have already added a payment method.

5. 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.”

6. 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.

7. Enter Your Payment Method Details & Verify
   – Depending on your option, you must enter your details and 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.

How to Withdraw Money from Coinbase to a Bank Account

Now that you have sold your crypto for a FIAT currency like GBP, USD or EURO, you can cash out of Coinbase and withdraw to a bank or PayPal account. In this example, we will withdraw GBP back to our bank. 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 and can include instant cashouts with wire withdrawals, visa fast funds, etc.

How to Withdraw Money 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. The PayPal withdrawal process is very similar if you have already cashed out from Coinbase to a bank account.

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

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

3. Go to the Payment Methods Tab
   – Under Settings and from the top line of options, select “Payment Methods.”
   
4. Select Add a Payment Method
   – Once we go to the Payment Methods tab, you will have a blue button option named “Add a Payment”. You will see these on this screen if you have already added a payment method.

5. Add PayPal Payment Method
   – From the list of Payment Method options available, select PayPal.

6. Log into PayPal & Connect to Coinbase
   – Log into your PayPal account to link both Coinbase and PayPal.

7. 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.

8. 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.

9. 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“.

10. 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.

11. 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.“

Why Can’t I Withdraw Money from Coinbase?

There might be a few reasons why you’re finding it challenging to withdraw from Coinbase. 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.

1. The withdrawal option is greyed out or unclickable:
   • Ensure your account is fully verified. Incomplete verification can limit some functionalities on Coinbase.
   • Check if you have sufficient funds to withdraw. Remember, there is a minimum amount you can withdraw.
2. Withdrawal is denied:
   • Ensure your linked bank account or PayPal is properly set up, and the details match your Coinbase account.
   • Check if you are attempting to withdraw an amount below the minimum withdrawal limit or above the maximum withdrawal limit.
3. Funds have not arrived in the bank account:
   • Check the status of the withdrawal in your Coinbase account. It might still be processing.
   • Wait for the complete processing time. Bank withdrawals may take several business days to complete.
   • If the waiting period is unusually long, contact your bank to inquire about any issue on their end.
   • If all else fails, contact Coinbase support with the transaction details.
4. Issues with Two-Factor Authentication (2FA):
   • If you’re having trouble with 2FA, make sure you’re entering the code correctly.
   • Make sure your 2FA app (like Google Authenticator) is synced correctly. If not, resetting it can help.
   • If you lost access to your 2FA device, you may need to contact Coinbase support for further assistance.
5. Unable to link bank account or PayPal:
   • Double-check the details you have entered for errors.
   • Ensure that your bank allows transactions with Coinbase. Some banks may block transactions with cryptocurrency platforms.
   • For PayPal, ensure that your account is verified and set up for receiving money.

Remember, if you encounter any issue that you cannot resolve, it’s always best to contact Coinbase support directly. They have access to more detailed information about your account and can provide more specific guidance.

Withdrawing Cryptocurrency from Coinbase

If you’re intending to hold your cryptocurrency for the long term and desire greater control, including access to your private keys, you may want to withdraw cryptocurrency from Coinbase and move it to an secure wallet such as a Ledger, Trust Wallet, or even the Coinbase Wallet.

The process of withdrawing cryptocurrency to an external wallet address from Coinbase differs from when you withdraw money, but it is equally straightforward once you understand the steps. Just be aware that you will need to pay network fees (or transaction fees) to withdraw.

If you want to transfer your cryptocurrency to a secure wallet, please refer to our guide ‘How to Withdraw Cryptocurrency from Coinbase‘.

This guide will provide you with a detailed, step-by-step procedure to safely transfer your crypto assets from Coinbase desktop or the Coinbase app to your chosen secure wallet. Remember, securing your investments is crucial in the world of cryptocurrency, so we highly recommend familiarizing yourself with this process if you plan to hold on to your crypto for the long term.”

Conclusion

Mastering the art of managing your digital assets entails more than just buying and selling cryptocurrencies; understanding how to securely withdraw and cash out your funds is equally important. This guide has offered a step-by-step walkthrough to help you send funds from Coinbase to your bank account or PayPal, ensuring you can access your investment returns when needed.

While Coinbase provides an accessible and efficient platform for trading cryptocurrencies, it’s always safer not to store large amounts of fiat money on any exchange for extended periods. By promptly withdrawing your funds to your bank or PayPal account, you are taking a crucial step towards securing your profits and minimizing potential risks.

The process might seem a bit daunting at first, but with a little practice, it will become second nature. Always ensure to check your withdrawal details thoroughly to prevent any errors, as some actions may not be easily reversible.

Keep learning and staying abreast of the latest trends and updates in the crypto sphere. If you ever encounter any problems or have additional questions, this guide will always be here for you, as will Coinbase’s dedicated customer support team.

FAQs

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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
• Coinbase Adds Easy Bank Transfers for UK Users

*BTC will be added to your portfolio after you make a crypto purchase. 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 different contact information. Coinbase may update the conditions for eligibility at any time.

“The UK Financial Conduct Authority does not regulate cryptocurrency 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 apply to profits from cryptocurrency sales.”