In this article I’ll be showing you the steps you need to take before you’re able to “withdraw money from your Coinbase account“.
But before we go to that I’ll be giving you a little bit of explanation on what Coinbase is all about and how it works.
What Is Coinbase?
Coinbase is an app that gives you the opportunity to buy and sell all types of cryptocurrencies, like bitcoin, ethereum, Dash coin, ethereum classic, litecoin and a lot of other cryptocurrencies.
You can also use Coinbase to convert one cryptocurrency to another(that’s by exchanging them), or to send and receive cryptocurrency to and from other people.
And just like the stock trading apps you may already be familiar with(Octafx and Co), Coinbase shows you the current price and trends for cryptocurrencies, a look at your portfolio of holdings and news stories about the industry.
With Coinbase you can do all the listed above, but to do that you have to own an account with Coinbase.
How To Own A Coinbase Account
Opening an account with Coinbase base is actually very easy.
Below are the easy steps to take when opening an account.
- First and foremost, download the Coinbase app for iPhone or Android from your play store or applestore respectively.
- Then you open the Coinbase app and tap “Get Started.”
- You have to create an account with coinbase using your email address(Gmail or Yahoo mail) and tap “Start.”
- Then verify your email by tapping on a link that was sent to your email inbox.
- Next you have to enter your phone number and verify it by entering a code that was sent to you via message.
- Once you’ve verified your email and phone number you have to fill in your personal information, and you start by entering in your name, date of birth and last four digits of your Social Security number. Please note that you must be at least 18 years of age to use it.
- Then you input your home address.
- Once you’re done with correctly filling your personal information, you have to choose how you will use Coinbase, you will either use it for investing, for online payments, online purchases or for investing in other exchanges.
- Next, you have to Confirm your source of income(that is the bank account you’ll use to deposit and withdraw money into and from your coinbase account).
- To do that you have to Tap the icon “Let’s Go.”
- Now you’ll start to link your bank account. Search for your bank.
- Log into your bank account with the username and password you normally use for banking.
- Select the bank account you want to link to Coinbase for purchases and tap “Continue.”
Once you tap “continue” you’re ready to use coinbase.
I’m sure with the explanation above you must have successfully opened your coinbase account. Now to the reason for this post.
How To Withdraw Money From Coinbase
Withdrawing your money from Coinbase is a straightforward process that involves wallets and exchange tools.
You must first sell your cryptocurrency for cash in order to cash out your funds.
But the good thing here is that there’s no maximum amount of crypto you can sell for cash.
To sell your cryptocurrency, select the arrow swap icon on the Coinbase mobile app.
Choose the cryptocurrency you want to sell and input the quantity.
When you’ve sold your crypto, your money will be accessible in the equivalent currency wallet (EUR Wallet for example).
To cash out your money, go to the Coinbase mobile app and select ‘Cash out funds’.
Next, you’ll need to actually withdraw the funds from your Coinbase account, which can be done by doing the following.
Tap the arrow swap icon and then ‘Cash out‘.
Fill out the necessary information, then choose your payment method and destination, and finally, hit ‘Preview Cash Out‘.
To complete this process, tap ‘Cash out now‘.
Once you click the ‘cash out’ icon. The money has automatically left your coinbase account.
Note: When you sell a cryptocurrency for cash and withdraw the money to your bank account, a short holding period is imposed before you can get your funds.
So if you have something important you really need to use the money to do.
It is best to withdraw the money at an earlier date so as to get the money on time.
Conclusion: How To Withdraw Money From Coinbase
Coinbase is a very reliable cryptocurrency platform.
And withdrawing money on from your coinbase account is easy as long as you use the method shown to you above.
I hope this post has been helpful to you. Please don’t forget to like and share your thoughts on the comment section.