Coinbase has become one of the most popular platforms for buying, selling, and storing cryptocurrency. With over 89 million verified users as of early 2024, Coinbase makes it easy for anyone to get started with crypto.
But at some point, you’ll likely want to withdraw your fiat currency funds or gains from Coinbase back to your bank account. Fortunately, Coinbase also aims to make withdrawals seamless for its users.
This guide will walk you through the entire process, from opening a Coinbase account to making your first bank withdrawal.
Prerequisites for Withdrawing Funds from Coinbase
Before you begin the withdrawal process, ensure you have the following prerequisites in place:
- Verified Coinbase Account: You must have a fully verified Coinbase account, including identity verification and linking a valid payment method.
- Linked Bank Account: A linked bank account is essential for withdrawing funds. Ensure your bank account details are accurate and up-to-date.
- Sufficient Funds: Ensure you have enough cryptocurrency in your Coinbase wallet to cover the withdrawal amount and any applicable fees.
Steps to Withdraw Funds from Coinbase to Your Bank Account
- Sign In to Coinbase: Access the Coinbase website or mobile app and sign in using your registered credentials.
- Navigate to “My Assets”: Click on the “My Assets” tab located at the top of the page. This will display a list of all your cryptocurrency holdings.
- Select the Cryptocurrency to Withdraw: Choose the cryptocurrency you want to withdraw from your Coinbase wallet. Click on the cryptocurrency’s name to view its details.
- Initiate Withdrawal: Locate the “Cash Out” button next to the cryptocurrency balance. Click on “Cash Out” to begin the withdrawal process.
- Enter Withdrawal Amount: Specify the amount of cryptocurrency you wish to withdraw. Enter the withdrawal amount in the designated field.
- Choose Withdrawal Method: Select your preferred withdrawal method, which should be your linked bank account.
- Review and Confirm: Carefully review the withdrawal details, including the amount, destination bank account, and any applicable fees. Once confirmed, click on “Continue” to finalize the withdrawal.
How to Withdraw from Coinbase to Your Bank Account in 2024
Coinbase, one of the world’s leading cryptocurrency exchanges, simplifies the process of buying, selling, and trading digital currencies. However, withdrawing funds from Coinbase to your bank account can be a bit more complex, especially for those new to the world of cryptocurrency.
This comprehensive guide will walk you through the entire process step by step, using the latest information for 2024, ensuring a smooth and secure withdrawal experience.
Method 1: Opening a Coinbase Account
To get started, you’ll need to open an account on Coinbase.com or through their mobile app.
1. Signing Up
The sign up process only takes a couple of minutes. You simply:
- Provide your name, email, and create a password
- Verify your identity
- Set up two-factor authentication for added security
Once your account is opened, you can deposit funds to connect your bank account or card and begin buying and selling cryptocurrencies on Coinbase.
2. Identity Verification
As part of their know-your-customer (KYC) compliance, you’ll need to complete identity verification before you can withdraw fiat funds or fully use your Coinbase account.
The verification process will require providing:
- Your date of birth
- Your address
- Phone number
- Social Security Number
- Photo ID such as a driver’s license or passport
This ensures secure transactions and prevents fraud or illicit use of the platform. Failing to complete identity verification can result in withdrawal delays or caps on transfer amounts.
Method 2: Connecting Your Bank Account
To withdraw fiat funds from Coinbase, you need to connect a valid bank account or card.
Bank Account Verification
To verify your bank account:
- In the Coinbase app or website dashboard, click “Settings” and select the “Linked Accounts” tab
- Click “Link New Account”
- Select your bank and sign in with your banking credentials
- Coinbase will make two micro-deposits between $0.01 and $0.50 which you will need to enter to complete verification
Once completed, you can use this bank account as a payment method for buys or withdrawals.
Method 3: Buying & Selling Crypto on Coinbase
Before you can withdraw funds, you’ll need to purchase some cryptocurrency on Coinbase. Here is an overview of how to use their platform for trading.
1. Depositing Funds
To fund your Coinbase account, you can:
- Instantly transfer fiat funds from your linked bank account or card
- Use wire transfer for larger deposits
- Receive crypto from an external wallet
As soon as the deposit clears, you’ll see the funds in your Coinbase fiat wallet and crypto wallets.
2. Placing Trades
You can trade for popular coins like Bitcoin, Ethereum, Litecoin, and stablecoins by:
- Clicking “Trade” on the top menu bar
- Entering the amount you want to buy/sell along with the crypto type
- Selecting “Market” or “Limit” order types
- Checking total cost with fees and confirming
It’s important to double check order details before placing any trades.
3. Asset Storage & Tracking
As you purchase cryptocurrencies, you can track coin balances and activity in your account wallet. For added security, Coinbase offers vault storage that requires additional verification when moving funds.
Over time, your balances will likely change in value relative to market prices. You can view historical performance and gain/loss by coin.
Method 4: Withdrawing Funds from Coinbase
Once you’ve completed trades and accumulated a fiat or stablecoin balance, it’s simple to withdraw those funds back to your connected bank account.
1. Understanding Withdrawal Fees & Minimums
When moving funds off Coinbase, there are a few withdrawal considerations:
- Transaction network fees – Blockchain networks like Bitcoin and Ethereum charge mining fees for transfers. These vary based on market conditions.
- Coinbase fees — Coinbase also charges a transaction fee based on withdrawal type and location that typically ranges between $0.99 – $2.99.
- Daily/monthly limits — For security and fraud prevention, Coinbase enforces limits on transfer amounts unless you request an increase after verifying your identity.
- Bank holds — Your bank may briefly hold deposited funds before clearing them to your account, typically 1-3 business days.
Checking the estimated fees and transfer times before withdrawing can prevent any surprises.
2. Initiating Your Withdrawal
To withdraw funds to your connected bank:
- Verify your daily/monthly withdrawal limits in settings
- Navigate to “Limits & Profile” then select “Withdraw Cash”
- Select bank account, enter fiat amount and submit
After reviewing the provided fee estimate and bank delivery timeframe, confirm the withdrawal.
Coinbase will then process transferring the funds via automated clearing house (ACH) or wire to your connected bank account.
3. Troubleshooting Failed Withdrawals
In some rare cases, withdrawals may fail or require additional verification. Some potential reasons include:
- Insufficient funds to cover network/miner fees
- Exceeding daily limits without identity re-verification
- Entering incorrect bank account details
- Pending fraud verification
Checking notifications, clearing anomalies, or contacting Coinbase customer support can typically resolve withdrawal problems quickly.
Processing Times and Fees Associated with Coinbase Withdrawals
The processing time for Coinbase withdrawals can vary depending on the cryptocurrency being withdrawn and the chosen withdrawal method. Standard withdrawals typically take 1-5 business days, while instant withdrawals may incur higher fees but are completed within minutes.
Coinbase charges fees for both cryptocurrency sales and withdrawals. The fees vary depending on the cryptocurrency and the withdrawal method. You can find detailed fee information on the Coinbase website.
Security Considerations for Withdrawing Funds from Coinbase
Coinbase prioritizes user safety and implements robust security measures to protect user funds. However, it’s crucial to exercise caution when withdrawing funds to your bank account:
- Two-Factor Authentication (2FA): Enable 2FA on your Coinbase account to add an extra layer of security. This requires a one-time code from your mobile device to verify login attempts, preventing unauthorized access.
- Use a Strong Password: Create a strong and unique password for your Coinbase account. Avoid using easily guessable passwords or reusing passwords from other accounts.
- Beware of Phishing Scams: Be cautious of phishing emails or websites that attempt to impersonate Coinbase. Always verify the website URL and sender email address before providing any personal information.
- Monitor Account Activity: Regularly review your Coinbase account activity to detect any suspicious transactions. Report any unauthorized activity immediately to Coinbase support.
Final Thoughts
- Opening a Coinbase account and connecting your bank account takes just minutes
- Verifying your identity is critical to remove withdrawals limits
- Purchasing, trading, and tracking cryptocurrency balances is simple
- Withdrawing fiat funds is convenient but check fees and bank holds
- Reaching out for help resolves most any transfer failure or issue
By equipping yourself with a solid understanding of Coinbase’s platforms and processes for moving funds, you can confidently use cryptocurrency while maintaining easy access to your fiat when needed.
Frequently Asked Questions (FAQ)
How long does it take to withdraw funds from Coinbase to my bank account?
The processing time for Coinbase withdrawals can vary depending on the cryptocurrency being withdrawn and the chosen withdrawal method. Standard withdrawals typically take 1-5 business days, while instant withdrawals may incur higher fees but are completed within minutes.
What are the fees associated with Coinbase withdrawals?
Coinbase charges fees for both cryptocurrency sales and withdrawals. The fees vary depending on the cryptocurrency and the withdrawal method. You can find detailed fee information on the Coinbase website.
How can I make my Coinbase withdrawals more secure?
To enhance the security of your Coinbase withdrawals, follow these guidelines:
- Enable two-factor authentication (2FA) on your Coinbase account.
- Create a strong and unique password for your Coinbase account.
- Be wary of phishing scams that attempt to impersonate Coinbase.
- Regularly monitor your Coinbase account activity to detect any suspicious transactions.
- Report any unauthorized activity immediately to Coinbase support.
Can I withdraw all of my cryptocurrency from Coinbase to my bank account?
Yes, you can withdraw all of your cryptocurrency from Coinbase to your bank account, as long as you have sufficient funds to cover the withdrawal amount and any applicable fees.
What if I have problems withdrawing funds from Coinbase to my bank account?
If you encounter any issues while withdrawing funds from Coinbase to your bank account, contact Coinbase customer support for assistance. They will guide you through troubleshooting steps and provide further assistance if necessary.
