How to Withdraw From Coinbase Wallet

Users of Coinbase Wallet can take control of their private keys and keep their digital assets locally on their own devices instead of storing them with a centralized brokerage or exchange. 

Through a Coinbase Wallet, users can buy and store ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, and browse decentralized apps (dApps). Users can also shop at stores that accept cryptocurrency and send cryptocurrency to anyone, anywhere in the world with Coinbase Wallet. 

The Coinbase Wallet app is a separate, stand-alone application that enables users to store or custody their cryptocurrency and explores the decentralized web via a browser. Using a Coinbase account is not required to use the Coinbase Wallet app. 

Network fees on Coinbase

As a standard network fee, a one percent fee must be paid before the user converts and withdraws their cryptocurrency. In the United States, Coinbase deducts 1.5 percent of the transaction, with a minimum charge of $0.55, even if the transaction is relatively modest. Users are subject to a cost of two percent in the United Kingdom and Europe, with a minimum charge of either 0.45 pounds or 0.52 euros.

The user will need to pay a network fee for the transaction submitted to be executed by the decentralized cryptocurrency network. The sender is the one who is liable for paying any network fees that are linked with the transaction. Each blockchain generally uses its native cryptocurrency as the payment method for network fees.

Withdrawing the Received Funds

In order to withdraw, the user should sign in to their Coinbase Commerce account and locate the balances section to withdraw the funds. Once the user is logged in, the user should find the “Withdraw” button next to the cryptocurrency to withdraw. When clicking the Withdraw button, a new window will appear asking how much money to withdraw and where to send it. The user can choose the destination for the amount to be withdrawn.

Since Coinbase Commerce is focused solely on digital currency transactions at the moment, a user won’t be able to link a traditional bank account to the Coinbase Commerce account. However, the user can convert assets to USDC or withdraw them to the account linked to the Coinbase Wallet. In addition, the user will be able to make withdrawals to the bank account linked from there.

Add a Payment Method to Coinbase

Use the following steps to add a payment method to Coinbase:

1. After logging in, go to the top right of the screen and click on the photo.
2. Use the dropdown menu to navigate to “Settings.”
3. Next, navigate to the tab labeled “Payment Methods.”
4. To link a new account, click the option labeled “Link a New Account.”

When clicking “Link a New Account,” a dialogue box will appear on the screen. This box will inform users of the many available means of payment. Follow the prompts in the dialogue box after selecting for the type of payment from the list of available alternatives.

Withdraw Funds to Debit Card

Coinbase is introducing a new method for withdrawing funds from users’ accounts. A user can instantly transfer USD, EUR, or GBP to the bank account after connecting a compatible debit card to the account. The user needs to have a Visa card that supports Visa Fast Funds. In the U.S., the user can also use a Mastercard with Mastercard Send.

The steps to withdraw from Coinbase Wallet to Debit card:

1. Proceed to the page titled “Portfolio” in the browser.
2. To view “Your assets,” scroll to the bottom of the page.
3. Find the amount of converted fiat currency and click on it.
4. Then, navigate back to the page labeled “Your assets.”
5. To withdraw funds, select the “Withdraw” option.
6. Enter the amount of the withdrawal here.
7. Click the “Withdraw all” button.
8. Select the “Withdraw” button from the menu to finish the withdrawal process.
9. Choose the method of payment, i.e., Debit Card.
10. The next step is to click “Continue.”
11. Confirm or update transaction information.
12. Click the “Withdraw now” button.

Withdraw Funds to Bank Account

Below are the steps that need to be taken to transfer money from Coinbase to a bank account:

1. Launch the Coinbase app and select the “reverse” icon from the menu.
2. Tap on “Sell.”
3. Select a cryptocurrency to sell and withdraw.
4. Enter the total value of the cryptocurrency that needs to sell.
5. Click the “Sell now” button.
6. Click the “Withdraw funds” button.
7. A user must first select the destination and enter the amount to cash out.
8. Click the “Cash out now” button.
9. The money will be sent to the user shortly afterward.

To level up and gain a deeper knowledge of all things related to the future of the cryptocurrency industry, check out the latest content in the Supra Academy section.

References

1. Gogol, F. (2022, 16 Mar.). How to withdraw from Coinbase. Stilt.
2. Coinbase wallet FAQ. Coinbase.
3. Major, J. (2021, 27 Dec.). How to withdraw from Coinbase step-by-step. Finbold.