You can convert your cryptocurrency to fiat currency by transferring it from Coinbase to a bank account.
This isn’t always the best option, though, as there are fees involved, and you may have trouble getting ahold of your funds in a timely manner.
In this article, we will explore the various options for withdrawing money from Coinbase so that you can get back to what’s important: making more money!
1. Transfer to Bank Account (Slow, But Cheapest Option)
After you sign up for Coinbase and buy your first cryptocurrency, you can easily transfer your earnings to a US bank account.
This is the best option if you’re looking for the cheapest way to convert your money to cash in a timely fashion, but it does require a few extra steps.
If you want to transfer your crypto to your bank account, you need to have a verified identity on Coinbase.
If you haven’t submitted verification documents yet, you will have to submit them via the ‘Verify Identity’ section in ‘Settings’ before you can make a transfer.
Once you are verified, go to the ‘Accounts’ page on Coinbase, select your linked bank account, and click ‘Transfer Funds.’
Enter the amount of money you want to transfer and confirm the transaction. It may take one or two business days for your funds to be transferred from Coinbase to your bank account.
2. Transfer to Coinbase USD Wallet (Fast, But Fees Involved)
After you link your bank account to Coinbase, it is best to transfer the money into your ‘USD Wallet.’
This option has higher fees than transferring money to your bank account, but it is faster and can be canceled anytime.
To do this go to ‘Accounts’ on Coinbase and select your USD Wallet. Click ‘Receive’ to generate a wallet address.
Now go back to the Accounts page, and you will see that there is now an option to transfer money from your connected bank account into your USD Wallet.
Once the funds are transferred, they can be instantly converted to cryptocurrency via the ‘Buy/Sell’ page.
3. Convert to Ethereum and Transfer to Your Wallet (Fast, But Fees Involved)
Converting your money into Ethereum and sending it to an ETH-compatible wallet is another quick option for getting cash from Coinbase.
This method will also incur a fee, so we only recommend doing this if you either don’t need the money urgently or you feel confident in the future of ETH.
To convert your money to ETH, go to ‘Buy/Sell’ from Coinbase and select Ethereum from the menu on the left. Select the amount you want to convert and press continue.
Now you can either send your funds directly from Coinbase to an ERC20 compatible wallet or transfer them into your USD Wallet and convert them there.
4. Trade Your Cryptocurrency for Cash (Fast)
When buying and selling cryptocurrencies on Coinbase, you can use limit orders to set a price you are willing to buy or sell a cryptocurrency.
This means that you don’t have to go through the hassle of finding an exchange platform. Limit orders allow you to either buy or sell your crypto at a price you set.
This can be profitable if the price of your cryptocurrency is going up and you have a limit buy order in place, but this method is riskier as it requires more trust than transferring money from Coinbase to a wallet outside of Coinbase.
To convert your cryptocurrency into cash with a limit order, go to ‘Buy/Sell’ on Coinbase.
Go to the ‘Limit’ tab and select either ‘Buy’ or ‘Sell.’ Now enter the amount of crypto you want to convert, select your price, and confirm the transaction.
Here are the ways you can get your money from Coinbase;
1. Transfer to Bank Account (Slow, but cheapest option)
2. Transfer to Coinbase USD Wallet (Fast, but fees involved)
3. Convert to Ethereum and transfer to your wallet (Fast, but fees involved)
4. Trade your cryptocurrency for cash (Fast)
You can choose the best way that works for you according to your personal needs.