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With the ability to make and accept withdrawals from any location with just a tap of a button, withdrawal problems have become a common issue for cryptocurrency users. Withdrawal issues are especially common for users new to cryptocurrency and have difficulties processing large amounts of cash.
Fortunately, there are several ways to get your cryptocurrency back. This article will discuss the basics of withdrawing cash from Coinbase, how to do it safely, and the extremely popular withdrawal method known as withdrawing from an account. You might be thinking, Why would anyone want to withdraw money from an exchange like Coinbase?
Not all exchanges are created equal, and some are worse than others. Other considerations include the location of the exchange, the security of the account, and the trustworthiness of the withdrawal method.
While some exchanges offer users the option of withdrawing cash from their accounts in various ways, many don’t. To help you avoid falling into those traps, we’ve developed a complete guide to Withdrawing Money from Coinbase.
In This Post:
- How Do I Get My Money Out Of Coinbase?
- How Much Are Fees When Withdrawing Money From Coinbase?
- How Long Does It Take To Withdraw Money From Coinbase?
- Is There A Limit To How Much I Can Take Out Of My Coinbase Account?
- What If I Have Problems Getting Money Out Of Coinbase?
- Wrapping Up
- Reference
How Do I Get My Money Out Of Coinbase?
You might be thinking, How do I get my money out of Coinbase? If you are a beginner, it can be challenging to know the next step when withdrawing your funds. Withdrawing money from an account is often quite simple.
Using The Website
To withdraw your Cash from a web browser, select your cash balance under Assets and sign in to see the Cash out tab.
Enter the amount you want to cash out on the Cash out tab and click continue. When your transfer is complete, a pop-up will ask if you would like to finish? If noted, hit continue and so on down until full or hit Full of stress. The rest of the process can be executed as per usual.
Here, enter the amount you want to cash out and then sign in to see the Updating section, where you will hear a message telling you that our system has been updated. Once payment is made, they will send you an email with our new cold storage information. You can now withdraw your money.
Using The App
From the Coinbase mobile app, you can withdraw cash using Coinbase’s standard methods: tap cash out, choose our mobile app, then tap Preview cash out. Enter the amount you want to cash out, select your transfer destination, and tap Preview money in. Tap Cash in now to complete this action.
Once you have made your payment, head to your account, and you will be given the option to withdraw money from your account. You can choose which account to take care of the withdrawal from and which account you want to keep track of the money in.
However, if the withdrawal method offered through your exchange doesn’t work for you, you will need to find an alternative. Withdrawing money from Coinbase is a vital process for many cryptocurrency users, as not all exchanges offer users a way to get their cash back.
Here are 4 methods to get your money out of Coinbase:
Cash-Out Your Funds
To cash out your funds from coinbase.com, follow these steps:
Open the Coinbase app on your mobile device. From the main menu, select the “Accounts” icon > “Send money” icon > “Cash out.” Follow the on-screen instructions to complete your withdrawal request.
Sell Cryptocurrency For Cash
If you want to sell your cryptocurrency for cash, you can use a cryptocurrency exchange that allows you to sell bitcoin and Ethereum for US dollars.
Coinbase will charge a fee of up to 3.99% of the total amount of your sale. This fee is based on the current exchange rate between the US dollar and the bitcoin or Ethereum being sold.
The fee is deducted from your USD Wallet and is applied when you receive payment from the buyer.
Transfer Funds From Coinbase To Your Bank Account
From the Coinbase home page, in the top right corner, select Accounts & Balances. Select the funds you want to transfer and then click “Send.” You will be asked if you want to send money with or without a fee.
The funds will be sent instantly and arrive at your bank account within 1-2 business days, depending on when Coinbase receives them. If sent without a fee, they will be sent immediately and arrive at your bank account within 1-2 business days, depending on when Coinbase receives them.
Your USD wallet may take up to 2 days for the bitcoin amount but can take much longer for an Ethereum or Litecoin transfer because of network delays. If any fees are deducted from your USD Wallet, they will notify you.
Transfer Funds To The Bank Account Or Credit Card
Using their online wire transfer service or mobile app, you can transfer your Coinbase exchange funds to a bank account or credit card. You will need to provide a valid bank account number and routing/account number for receiving funds and a Visa or MasterCard credit card for making purchases.
Funds will be transferred within one business day after receiving payment confirmation from your bank or credit card provider that you have sufficient balance in your account for the transfer.
You can also use this service to send crypto to another Coinbase user if they are not using Coinbase or if you want them to have access to their funds.
How Much Are Fees When Withdrawing Money From Coinbase?
The Coinbase withdrawal fee is a transaction cost incurred by withdrawing cryptocurrency from an online exchange to another wallet or an online payment service such as PayPal.
This cost can vary depending on currency and country, but by default is 1% fee per transaction. The USD equivalent of this fee will be displayed to you before executing a withdrawal on the “Withdraw” page in the “Bitcoin” section. If it is not displayed to you, please check the “view more information” option.
It’s important to note that the withdrawal fee is not considered a withdrawal fee if you are withdrawing Bitcoin. Instead, the standard transaction cost of 1% fee per transaction applies when withdrawing Bitcoin from Coinbase.
Your actual withdrawal fee may be lower or higher than 0.0005 BTC depending on your specific transaction.
How Is The Implementation Of The Coinbase Withdrawal Fee Calculated?
The implementation of this standard transaction cost incentivizes miners to mine transactions that are smaller than 0.0005 BTC per kilobyte (KB). This ensures that transactions are processed by miners and confirmed on a timely basis.
Without this functionality, you could wait several days for your transaction to be included in a block, greatly increasing your chances of having it double-spent or forgotten. These transaction fees incentivize miners to include transactions that are unlikely to be caught in a double-spend attempt later.
The withdrawal fee is calculated based on the type of coin you are withdrawing, the amount of time it’s been since your last withdrawal, and the current network fees.
If you’re unsure if your transaction will be at a high cost, contact their support team at [email protected], and they can help determine if it’s worth your while to withdraw your money or wait until another day.
Coinbase withdrawal fee is based on the following:
- Coin Type – The withdrawal fee for coins that have been known to have high fees for withdrawals is about 1%. They’re monitoring these currencies and will attempt to reduce the cost in the near future. The most common of these are Bitcoin, Ethereum, and Litecoin.
- Duration – Coinbase calculates this based on your recent history of withdrawals using our platform. If you’ve recently withdrawn a significant amount of money from your Coinbase account, this withdrawal will likely be charged a higher fee.
In other words, if you’ve withdrawn money from CoinBase within the last 4 weeks, it will cost more than if you had done so more than 4 weeks ago. Generally, the more you have withdrawn, the higher this fee will be.
Coinbase aims to make it as easy as possible to get your money. It’s always best to withdraw your coins to a wallet that you control, but if you aren’t able to do so, Coinbase may be able to work with you.
They may ask for additional information before approving a withdrawal for high-fee transactions, such as those that might go through coin market orders or larger withdrawals. You can pay a higher than the standard network fee if you believe your situation qualifies for an exception.
How Can I Get My Withdrawal Fee Refunded?
The withdrawal fee is charged as a separate transaction within the block. There is no corresponding refund transaction.
If you would like the equivalent of your withdrawal fee refunded, you can request your equivalent BTC back by auditing the blockchain and finding your specific transaction ID (txid).
What If My Transaction Has A Fee?
Suppose your withdrawal is not listed as confirmed in the blockchain by the time you initiate your withdrawal.
In that case, Coinbase will send a refund of the withdrawal fee to your Coinbase account with no transaction included ensuring that you only pay the standard 1% withdrawal fee.
If we cannot find your transaction for some reason, we will refund the equivalent of your amount paid at that time. Please check for this in your “My withdrawals” section before initiating a withdrawal.
How Long Does It Take To Withdraw Money From Coinbase?
The typical turnaround time for withdrawals is about one business day from the date of your request.
In most cases, Coinbase withdrawals are processed within 1-2 business days. If the withdrawal is in a currency that cannot be directly converted to USD, it could take longer depending on the bank or cryptocurrency exchange.
In other words, if you’re withdrawing Bitcoin to a wallet that supports Bitcoin and not directly to USD, your transaction may take longer as it will be converted from BTC to another currency first.
It’s best to use this service when you have an immediate need for your funds instead of using it as a way of moving money around.
If you have a pending deposit, it could take longer as the deposit may still be pending depending on the fees and currency pair.
Coinbase can take up to a week to process large withdrawals, and withdrawals initiated on a weekend or holiday will be initiated on the next business day.
If you have any other issues, such as not receiving your withdrawal, please submit a support ticket through their help center system so they can work with you in resolving the issue.
You will be notified of any delays or issues in case of any delays. Before initiating a withdrawal, you should always check the status of your transaction and our bank account notifications page for updates to see if there are any problems with this process.
How Do I View My Withdrawal Confirmations?
To see your list of pending withdrawals, go to the “History” section on the “Send” tab in the “Bitcoin” section. Alternatively, click on the second link on this page titled “Initiating Withdrawals.”
If you are unsure if your transaction is confirmed or pending, you can click the link in your Coinbase account to view your history with a graphical breakdown. You may also contact their support team at supp[email protected] if you would like them to look into it for you.
Is There A Limit To How Much I Can Take Out Of My Coinbase Account?
Yes, there is an automatic limit of $50,000/day to how much you can withdraw from your Coinbase account. This is set when the account is created and cannot be changed without contacting Customer Support. There are two ways to view your withdrawal limit:
- On the Coinbase.com website, go to “Accounts” in the top menu, then select your Coinbase wallet from the account list on the left
- By emailing Customer Support to get a “Cash Limit Report.”
However, as Coinbase’s blog post says: “As with any kind of financial service or product, it can’t be guaranteed that large transactions won’t occasionally fail,” so always remember that limits are not guaranteed. If a withdrawal fails for any reason, it’s refunded immediately.
Coinbase also states: “We do our best to ensure that all withdrawals are processed securely and quickly on the blockchain; however, there may be periods of network congestion during which transactions are delayed.”
This is simply because they cannot process withdrawals instantly onto the blockchain (again, I assume to prevent double-spending of coins), so, unfortunately, it’s an inherent problem with this system.
Also, please note in Coinbase’s Terms of Service article: “You agree that Coinbase may charge you fees for its services at the prices when you last used the Services. Such fees may include, without limitation, Coinbase’s trading fees and bank transfer fees. You agree that these fees are not exclusive and may be charged in addition to any other amounts we charge you.“
To withdraw the funds you have stored in your Coinbase account, you must first request a withdrawal. The good news is that once you decide to withdraw those funds, there are no limits on how much of it you can take out at one time.
What If I Have Problems Getting Money Out Of Coinbase?
It may be challenging to use your funds if you can’t transfer money out of your Coinbase account. If there is a problem with the payment method you’ve chosen, contact Coinbase’s customer service for assistance.
While some people report that the problem is that their bank does not accept Coinbase transactions, others have had success in getting their funds transferred by contacting customer support through telephone or email or from the help desk on Coinbase.com.
Before contacting Coinbase’s customer service phone number or email address, find out whether they are answering during business hours and if they offer a direct chat line where customers can speak with representatives over Skype or Google Voice call.
If you want to call Coinbase customer service, you will probably want to skip past all of the human resources, legal, and finance departments and get to the clerk who handles your account.
When emailing customer support, include a detailed description of your problem. Include your order number, the relevant payment details, your phone number with area code, and a time when you think they may be able to help. Including all of this information will make it easier for Coinbase’s representative to help you.
If there are other factors involved in the problem that prevent Coinbase from assisting you over email (such as being away from home), include this information.
Coinbase doesn’t have an official phone number for customer service. The best way to contact them is through their official help desk. If you have trouble finding it, use the “How to do” tab on the site and search for “Coinbase Customer Service.”
When you email Coinbase customer service, include your order number and a brief description of the problem.
If there is a problem with a payment that could be caused by fraud or if your payment system will not let you complete an exchange, tell customer support this so that they can investigate further. If you are having trouble authorizing a new transaction on your account, include as much information about this as possible.
Withdrawing money from Coinbase can take advantage of the cash-back programs that many exchanges offer. This method provides some of the most attractive benefits with little risk, but it is best when used with one of the other options outlined in this article. Most importantly, each withdrawal method has its pros and cons.
The most popular method is to withdraw cryptocurrency from your account, which allows you to use it however you wish. This is accomplished by crediting the wallet address for your specific currency. However, withdrawing funds from an exchange is generally a more serious process that may require you to contact customer support or provide documents.
Wrapping Up
Withdrawing money from your Coinbase account is a quick and easy process, which should be completed within 1–2 days. Before you can start, you will need to make sure all of the following requirements are met:
It would be best if you were over 18 years old. You need to have citizenship or residency in a country where Coinbase is not banned. You need to have an active bank account in your country.
You’ll receive a wire transfer directly into your bank account. You need to have a Coinbase account, and at least one verified digital currency. This is to make sure that you are the owner of the Coinbase account in question. You need a valid bank account in the same country as your Coinbase account.
If you choose to use any of the above methods, it is essential to double-check the details to ensure proper withdrawals are being authorized. Good luck with your withdrawal process.
Reference
- https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/how-do-i-sell-or-cash-out-my-digital-currency
- https://help.coinbase.com/en/commerce/getting-started/withdrawals
- https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-or-converting-crypto/how-long-does-a-sell-or-withdrawal-take-to-complete
- https://help.coinbase.com/en/commerce/getting-started/withdrawals
