How to Cash Out from Coinbase and Coinbase Wallet: Step-by-Step Guide

[bellelida]

Coinbase and Coinbase Wallet are among the most popular cryptocurrency platforms worldwide, offering users a secure way to store, trade, and manage their digital assets. However, cashing out—converting crypto into fiat currency like USD, EUR, or GBP—can be confusing for beginners. This step-by-step guide will walk you through everything you need to know to withdraw money from Coinbase and Coinbase Wallet efficiently, safely, and with minimal fees.

Understanding Coinbase vs. Coinbase Wallet
Before cashing out, it’s important to understand the difference:

• Coinbase is a centralized exchange that holds your funds for you. You can directly sell crypto for fiat and withdraw to your bank.
• Coinbase Wallet is a self-custody wallet that gives you complete control over your keys. You cannot directly withdraw fiat from it; you first need to transfer your crypto to Coinbase or another exchange.

Step 1: Cashing Out from Coinbase
If your cryptocurrency is already in your Coinbase account, follow these steps to cash out:

1. Log in to Your Coinbase Account

Go to the Coinbase website or open the Coinbase mobile app, and sign in securely.

1. Navigate to the ‘Buy/Sell’ or ‘Trade’ Section

On desktop, click on the ‘Buy/Sell’ button. In the mobile app, tap ‘Trade’.

1. Select ‘Sell’

Choose the cryptocurrency you want to cash out—Bitcoin (BTC), Ethereum (ETH), or others.

1. Choose Your Fiat Currency

Select your preferred withdrawal currency, such as USD, EUR, or GBP.

1. Enter the Amount to Sell

You can sell all or part of your crypto holdings. Coinbase will show you the exchange rate, fees, and total payout.

1. Select Your Payment Method

If you have a linked bank account, you can send the funds there directly. Options include:

• Bank Transfer (ACH or SEPA) – Usually free or low-cost, but takes 1–5 business days.
• Instant Cashout to Debit Card – Funds arrive within minutes but may incur higher fees.
• PayPal – Available in some regions for quick transfers.

1. Confirm the Sale

Review the transaction details and confirm. Your fiat balance will appear in your Coinbase account, ready to be withdrawn.

1. Withdraw to Your Bank

Go to ‘Assets’ → ‘Cash Balance’ → ‘Withdraw’ and select your bank account or PayPal.

Step 2: Cashing Out from Coinbase Wallet
Since Coinbase Wallet is non-custodial, you cannot withdraw fiat directly. You need to first send your crypto to Coinbase (or another exchange).

1. Open Coinbase Wallet

Access your Coinbase Wallet mobile app and ensure you have the crypto you want to sell.

1. Transfer Crypto to Coinbase

• Tap ‘Send’.
• Enter your Coinbase account’s crypto address (found under ‘Receive’ in Coinbase).
• Confirm the network (e.g., ERC-20 for Ethereum, BTC network for Bitcoin).
• Pay the network gas fee and complete the transfer.

1. Sell Crypto on Coinbase

Once the funds arrive in your Coinbase account, follow the Step 1 process above to sell and withdraw.

Withdrawal Fees and Timelines
Withdrawal Method Processing Time Fees
Bank Transfer (ACH/SEPA) 1–5 business days Low/Free
Instant Card Transfer Minutes 1% (min $0.55)
PayPal Instant to hours Varies
Note: Blockchain transfers from Coinbase Wallet to Coinbase will incur network fees, which vary depending on congestion.

Tips to Reduce Withdrawal Fees

1. Use Bank Transfers instead of instant cashouts when speed is not a priority.
2. Choose Off-Peak Hours for network transactions to reduce gas fees.
3. Consolidate Withdrawals instead of making multiple small transfers.

Common Issues and Troubleshooting

• Withdrawal Hold: Coinbase may place a temporary hold on new deposits for security reasons. Wait until the hold expires.
• Bank Rejection: Ensure your bank accepts crypto-related transactions.
• High Network Fees: Consider using Layer 2 networks like Polygon or Arbitrum for cheaper transfers from Coinbase Wallet.

Security Best Practices

• Enable Two-Factor Authentication (2FA) to secure your account.
• Verify Withdrawal Addresses before sending funds from Coinbase Wallet.
• Avoid Public Wi-Fi when logging into your account.

Quick Summary of Cashing Out from Coinbase & Coinbase Wallet
Platform Direct Fiat Withdrawal? Steps Required to Cash Out
Coinbase Yes Sell → Withdraw to Bank
Coinbase Wallet No Transfer to Coinbase → Sell → Withdraw

Final Thoughts
Cashing out from Coinbase Wallet is straightforward when you understand the process. Coinbase allows direct fiat withdrawals, while Coinbase Wallet requires transferring funds first. By following the correct steps, you can ensure fast, secure, and cost-effective withdrawals every time.