Participating in the cryptocurrency exchange on Coinbase can be an excellent source of passive income. If you’ve managed to acquire some rewards on the platform, learning how to cash out on Coinbase will allow you to transfer all these quickly and easily.
The process of cashing out on Coinbase consists of selling cryptocurrencies and transferring the funds from the platform to a linked verified payment method, which includes your local currency wallet or a bank account. Funds earned through the crypto exchange have a five-day holding period, after which they can be freely withdrawn from the platform.
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Considering Coinbase offers several different ways to cash out all the rewards and interest you’ve earned on it, make sure you carefully go through all the information before attempting to transfer the money off the platform.
In order to cash out on Coinbase, you will need to sell some cryptocurrencies and transfer the funds to your bank account. To sell some of your crypto coins on Coinbase, tap the global action bar on the mobile app (indicated by two opposing pointers). If you’re on a computer, click on the “Buy / Sell” on the web browser.
Select the “Sell” option, and choose which asset you want to sell. This will prompt you to enter the amount of crypto you want to sell, while clicking on “Preview sell” allows you to review all the details. If everything checks out, select “Sell now” to complete the transaction.
Once the transaction is complete, you can cash out the resources you earned immediately by selecting the “Cash out funds” on the browser or tapping the “Withdraw funds” on the mobile app. If you’re not in a hurry and want to use the money to buy more crypto, everything you have earned from the transaction will show up in your local currency wallet.
Once you’ve sold some of your crypto coins, a short 5-day holding period will be placed on the resources, after which you will be able to cash out the funds. The default maximum daily withdrawal is $50,000, and this amount is the same across all currencies. However, if you want to transfer a larger amount, you can increase the limit on the “Limits page”.
If you want to cash out from Coinbase, remember that your account needs to have a verified payment method. While Coinbase requires you to list one when creating an account on the platform, you can also add new payment methods. To link a method:
- Tap on “Settings” and “Payment Methods” on the app (Payment Methods on the web),
- Click on “Add a payment method”,
- Choose the account type you want to link,
- Continue to follow the instructions until the account has been verified (may vary depending on the type).
If you are not sure which account to list, take a look at how different payment methods interact with Coinbase, as well as how quickly they allow you to transfer funds from the platform.
|Payment method||Best for||Buy||Sell||Add cash||Cash out||Speed|
|Bank Account (ACH)||Large and small investments||Yes||Yes||Yes||Yes||3-5 business days|
|Wire Transfer||Large investments||No||No||Yes||Yes||1-3 business days|
|Instant Cashouts||Small withdrawals||No||No||No||Yes||Instant|
|Debit Card||Small investments and cashouts||Yes||No||No||Yes||Instant|
|Apple Pay||Small investments||Yes||No||No||No||Instant|
|Google Pay||Small investments||Yes||No||No||No||Instant|
|PayPal||Small investments and cashouts||Yes||No||Yes||Yes||Instant|
Does Cashing Out and Converting Crypto on Coinbase Cost Anything?
Converting crypto coins to USD and other currencies comes with a small conversion fee of 0.50% to 2.00%, whose size will primarily depend on which cryptocurrencies you are trying to sell.
Cashing out funds also requires you to pay a fee, but the amount will vary depending on your chosen payment method. Make sure that you get all the necessary details before you start transferring money from the platform.
To cash out your pre-existing funds on the browser, visit Coinbase.com, click on “Assets,” and select your cash balance. Enter the amount of resources on the “Cash out” tab and click “Continue”. After choosing the destination, clicking “Continue” will allow you to review all the details, while “Cash out now” will complete the transaction.
If you are on your phone, open the Coinbase app, tap the global action bar, and select “Cash out”. Before you can tap on “Preview cash-out” to continue the transaction, enter the resource amount and the transfer destination. Finally, complete the action by tapping the “Cash out now”.
Coinbase allows eligible users to use Instant Card Cashouts, enabling a nearly instant transfer of funds from your local currency wallet to a specific enabled card (credit and debit).
This method is much quicker than a standard cashout, as funds typically get deposited to your account within 30 minutes or no longer than 24 hours. More importantly, there are no limits on how much you can cash out, so the maximum amount will mainly depend on the card’s limit.
To become eligible for the Coinbase Instant Car Cashout, you would have to:
- Live in the US, EU, or the UK,
- Link a verified credit or debit card that is MasterCard Sender or Visa Fast Funds enabled,
- Have a local currency wallet on the platform (USD, Euro, or GBP).
Those living in the US will also have access to the Instant Bank Cashouts, which allow users to instantly transfer money from a Coinbase USD wallet to a Real-Time Payments enabled bank account.
This method is even faster, as the transaction request can conclude within 60 seconds. However, given the nature of the instant transfer, and for the sake of general security, $100,000 is the maximum amount you can cash out per transaction.
As you can see, cashing out on Coinbase is a reasonably straightforward process. However, there are a few things to keep in mind. Make sure you have your bank account information and routing number ready, as this is what you will need to complete the withdrawal process.
Also, be aware of the fees associated with cashing out, as they can vary depending on the method you choose. Finally, always make sure to double-check that all of your information is correct before submitting a request for a cashout.