How to Withdraw From Coinbase Wallet: A Step-by-Step Guide
Understanding Coinbase Wallet
Coinbase Wallet is a non-custodial cryptocurrency wallet that provides users with secure storage and management of their digital assets. Unlike custodial wallets, where the provider holds the private keys, Coinbase Wallet empowers users to control their own keys, granting them full ownership and responsibility for their cryptocurrency.
Coinbase Wallet supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and a variety of altcoins. It also offers seamless integration with the Coinbase exchange. Furthermore, this allows users to easily transfer funds between their Coinbase account and their self-custody wallet.
The wallet boasts a user-friendly interface that makes sending, receiving, and managing cryptocurrencies simple. Users can also connect their wallets to decentralized applications (dApps) and Web3 platforms, expanding their access to the evolving decentralized finance (DeFi) ecosystem.
With its focus on security, Coinbase Wallet employs industry-standard security measures, including encrypted storage and data protection. Additionally, users can further enhance security by enabling two-factor authentication and creating a strong password.
Coinbase Wallet is a self-custody wallet that allows you to manage your private keys and store your cryptocurrencies securely. Unlike the main Coinbase platform, which acts as a custodial service, Coinbase Wallet gives you complete control over your digital assets. This means that you are responsible for the security of your funds and transactions.
Features of Coinbase Wallet
- Self-Custody: You hold your private keys.
- Multi-Asset Support: Store Bitcoin, Ethereum, and a variety of other cryptocurrencies.
- App Browser: Access decentralized applications directly from the wallet.
- Secure Storage: Advanced security measures to protect your assets.
How to Withdraw from Coinbase to Bank Accounts
Withdrawing money from Coinbase to your bank account is a straightforward process, but it requires a few steps to ensure everything goes smoothly. Here’s a step-by-step guide:
Step-by-Step Guide
- Log In to Your Coinbase Account: Start by logging into your Coinbase account using your credentials.
- Navigate to the Portfolio Page: Once logged in, go to the ‘Portfolio’ section, where you can see all your crypto holdings.
- Select the Cryptocurrency: Choose the cryptocurrency you wish to withdraw. For example, if you want to withdraw Bitcoin, select ‘Bitcoin’.
- Initiate a Sell Transaction: Click on ‘Sell’ and specify the amount of cryptocurrency you want to convert to fiat (e.g., USD, EUR).
- Choose Bank Account as the Destination: In the withdrawal options, select your bank account as the destination for the funds.
- Confirm and Complete the Transaction: Review the details and confirm the transaction. The funds will be transferred to your bank account within a few business days.
Tips for a Smooth Withdrawal
- Verify Your Identity: Ensure that your identity verification on Coinbase is complete to avoid any withdrawal issues.
- Check Fees and Limits: Be aware of any fees or limits associated with withdrawals to your bank account.
How to Withdraw cryptocurrency (assets) on Coinbase Exchange
To withdraw funds (assets) on Coinbase Exchange:
Sign in to Coinbase Exchange.
Click the Trading tab.
Under Wallet Balance, select Withdraw.
Search for and select asset you’d like to withdraw.
Choose your withdrawal method you’d like to use.
In the To field, enter the external wallet address.
Confirm you’re withdrawing the correct asset into the correct address.
If you’re using multiple blockchain networks, select the supported network you’d like to use, then click I Understand I am withdrawing funds on [network] to confirm the compatibility of the network. (The ability to use multiple blockchain networks is gradually being rolled out and may not be available to you at this time. Thanks for your patience)
- Enter the amount you’d like to send, then click Withdraw.
- You may need to enter 2-step verification before completing the withdrawal.
How to withdraw funds from Coinbase Wallet
This section offers a step-by-step guide on how to withdraw funds from your Coinbase Wallet. Take a look:
1. Access your Coinbase Wallet
To initiate the process of withdrawing cryptocurrency from your Coinbase Wallet, the first step is to open the Coinbase Wallet app on your mobile device or access the Coinbase Wallet web browser extension. It is essential to ensure that you are logged into your Coinbase Wallet account to proceed with the withdrawal.
2. Select the cryptocurrency to withdraw
Upon entering the Coinbase Wallet app or extension, you will be presented with the main dashboard or wallet overview, where you can view the list of cryptocurrencies held within your wallet. Identify the specific cryptocurrency you intend to withdraw and tap on it. This action will grant you access to detailed information and transaction options associated with the selected cryptocurrency.
3. Initiate the withdrawal process
Within the cryptocurrency’s detailed information and transaction options, you will find a “Send” or “Withdraw” button or link. Click or tap on this button to begin the withdrawal process. This action marks the start of the transaction setup.
4. Choose the destination
At this juncture, you are provided with the flexibility to select the destination for your cryptocurrency withdrawal. You have two primary options:
- Transfer to Coinbase account: If you have a linked Coinbase account, you can opt to transfer the cryptocurrency directly to your Coinbase account. This option is convenient for users who intend to maintain their holdings within the Coinbase ecosystem.
- External wallet or exchange: Alternatively, you can choose to enter the address of an external wallet or scan a QR code provided by an external exchange or wallet. This option allows you to send the cryptocurrency to a destination outside of Coinbase, offering greater control and flexibility over your assets.
5. Enter the amount
Within the withdrawal setup, there will be a designated field where you can specify the precise amount of the cryptocurrency you wish to withdraw. It is of paramount importance to double-check this amount to ensure that you are withdrawing the exact quantity you intend to transfer.
6. Review transaction details
Before proceeding with the withdrawal, it is essential to conduct a thorough review of all transaction details. Additionally, this comprehensive review should encompass:
- Verification of the recipient address: Confirm that the recipient address, whether it’s a Coinbase account or an external wallet address, is entirely accurate.
- Cross-checking the withdrawal amount: Ensure that the withdrawal amount matches your intended transfer.
- Assessment of applicable fees: Take note of any fees associated with the withdrawal and ensure that you are comfortable with the cost of the transaction.
7. Confirm and execute the withdrawal
Once you have meticulously reviewed and verified all the provided information and are satisfied that it aligns with your intended withdrawal, proceed by clicking or tapping on the “Confirm” or “Send” button. This action will initiate the withdrawal, and your cryptocurrency will be transferred to the specified destination.
By following this comprehensive guide, you can securely withdraw cryptocurrency from your Coinbase Wallet. Furthermore, this ensures that your assets reach their intended destination without any hitches or uncertainties.
It’s important to note that the withdrawal process can take a few minutes to a few days, depending on the chosen asset and network.
How to Withdraw Money from Coinbase Pro
Coinbase Pro offers more advanced trading features compared to the standard Coinbase platform. If you have funds in Coinbase Pro and want to withdraw them to your bank account, follow these steps:
Step-by-Step Guide for Coinbase Pro
- Log In to Coinbase Pro: Use your Coinbase credentials to log into Coinbase Pro.
- Navigate to the ‘Portfolios’ Page: Click on ‘Portfolios’ to view your account balances.
- Select the Cryptocurrency: Choose the cryptocurrency you wish to withdraw.
- Initiate a Withdrawal: Click on ‘Withdraw’ and select the ‘Bank Account’ option.
- Enter Withdrawal Details: Specify the amount you want to withdraw and select your bank account.
- Confirm the Transaction: Review and confirm the transaction. The funds will be transferred to your bank account.
How to withdraw funds from Coinbase Pro
If you are a Coinbase Pro user, follow these steps to retrieve your money from Coinbase Pro:
1. Withdrawing fiat money from Coinbase Pro
Coinbase Pro offers a premium alternative to Coinbase. Moreover, while the two platforms differ in certain aspects, the withdrawal process is similar. Now, follow these steps to withdraw funds from Coinbase Pro:
- Access Portfolios page: Go to the “Portfolios” page within your Coinbase Pro account.
- Initiate withdrawal: Click on the “Withdraw” option to initiate withdrawing your money.
- Select asset: Choose the specific asset you want to transfer from your Coinbase Pro account.
- Enter transfer amount: Input the amount of the chosen asset that you wish to send.
- Follow prompts: Follow the on-screen prompts and instructions to complete the asset transfer process.
2. Withdrawing crypto from Coinbase Pro
To withdraw crypto from Coinbase Pro, follow these steps:
- Access Trade page: Navigate to the “Trade” page within your Coinbase Pro account. Furthermore, once you are on your account, click on the “Withdraw” option.
- Select asset: Choose the specific asset you want to transfer.
- Enter destination address: Input the crypto address to which you want to transfer your funds.
- Specify transfer amount: Enter the amount of the chosen asset that you wish to transfer.
- Review fees and confirmations: Review the network fees and the number of required confirmations for the transfer.
- Complete withdrawal: If everything looks correct, click on “Withdraw” to initiate the asset transfer.
Coinbase charges withdrawal fees that vary based on the type of crypto. Moreover, it’s important to review the current fees before initiating a withdrawal.
Step-by-Step Guide for Coinbase Pro
- Log In to Coinbase Pro: Use your Coinbase credentials to log into Coinbase Pro.
- Navigate to the ‘Portfolios’ Page: Click on ‘Portfolios’ to view your account balances.
- Select the Cryptocurrency: Choose the cryptocurrency you wish to withdraw.
- Initiate a Withdrawal: Click on ‘Withdraw’ and select the ‘Bank Account’ option.
- Enter Withdrawal Details: Specify the amount you want to withdraw and select your bank account.
- Confirm the Transaction: Review and confirm the transaction. The funds will be transferred to your bank account.
Benefits of Using Coinbase Pro
- Lower Fees: Typically, the fees on Coinbase Pro are lower than on the standard Coinbase platform.
- Advanced Trading Tools: Access to more trading pairs and advanced charting tools.
FAQ's
How do I cash out from my Coinbase Wallet?
On the Assets tab, select Cashout. Select the payment method you want to cash out to. Enter in the amount, and select which asset you’d like to cash out. Select Continue to view the confirmation page details.
How do I transfer money from Coinbase Wallet to account?
Transfer crypto from Coinbase Wallet to your Coinbase account.
- Open Coinbase Wallet on your mobile device.
- Tap Send.
- Enter the amount you’d like to transfer.
- Select the supported coin and tap Next.
- Go to the Coinbase app and copy the wallet address of the asset.
- Paste the address into the recipient field in Coinbase Wallet.
- Follow the remaining steps to complete your transfer.
If you didn’t receive a verification code to complete the transfer, troubleshoot 2-step verification.
Note: To transfer manually without connecting accounts, copy the crypto address from the destination account and paste it in the address field.
Is there a fee to withdraw from Coinbase Wallet?
Withdrawing money from Coinbase to a bank account is free, but there may be fees associated with the transfer. For example, Coinbase charges a 1% fee for withdrawals to a US bank account, and a 3.75% fee for international bank transfers. In addition, your bank may also charge a fee for receiving the transfer.
How much can you withdraw from a Coinbase Wallet?
The withdrawal limit for Coinbase varies depending on the verification level of your account. For verified individual accounts, the withdrawal limit is $50,000 per day. For verified institutional accounts, the withdrawal limit is $100,000 per day.
Can I withdraw directly from Coinbase Wallet?
Navigate to Portfolio in the left navigation bar of the screen and select Withdraw. Select Crypto Address. Using the drop down, select the Network* associated with your USDC address. Enter the USDC address and amount you wish to withdraw and select Withdraw.
Why is there a limit on Coinbase wallet?
Purchase or deposit limits are set on your account to protect you and Coinbase, and are determined by various factors.
How long does it take to withdraw from Coinbase Wallet?
A Coinbase withdrawal usually takes 1-3 business days, depending on your withdrawal method and location. ACH transfers within the U.S. may take up to 3 days, while international or wire transfers can take longer. PayPal or debit card withdrawals are often quicker, sometimes within a few hours.
What is the difference between Coinbase and Coinbase Wallet?
Coinbase exchange is most commonly used to buy and sell cryptocurrencies with fiat currencies, although investors can also trade crypto, stake crypto, and more on the platform. Meanwhile, Coinbase Wallet is a self-custodial crypto wallet, mostly commonly used to interact with various DeFi apps.
How do I receive money from Coinbase Wallet?
From the Coinbase Wallet home screen, select Receive, and then select the coin you’d like to receive. You’ll be shown a QR code with your unique wallet address directly below it.
How do I withdraw money from Coinbase without fees?
The best way to avoid Coinbase withdrawal fees is to use Coinbase Pro, which is Coinbase’s professional trading platform. With Coinbase Pro, you can transfer your funds from Coinbase to Coinbase Pro for free, then withdraw them from Coinbase Pro without any fees.
Why does Coinbase charge so much to withdraw?
To ensure a smooth experience for our customers and reasonable transaction processing times, Coinbase will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction. In certain circumstances, the fee that Coinbase pays may differ from that estimate.