We've got you covered with our guide to withdrawing money from your Coinbase wallet. Read on!
With constant fluctuations in Bitcoin, cryptocurrency users are likely wondering how to cash out on their coins. While buy-and-hold strategies are often encouraged, they leave out an important step in the process: how to ultimately withdraw your money and convert it back to fiat cash once you have realized the investment gains you hoped to see.
Well, fear not, because we’ll be covering all the steps you need to withdraw money from Coinbase.
How to Withdraw Money from Coinbase
The first step in knowing how to withdraw money from Coinbase is to log into your Coinbase account and convert your cryptocurrency into fiat currency. On the Coinbase web browser, select Buy/Sell and click on the “Sell” button. (On the app this may appear as a reverse icon.)
In the box that appears, you will see a list of the assets that you own. You need to select the asset you wish to sell, for instance Bitcoin or Ethereum. Then, enter the amount of crypto you want to sell in cash. So, say you want to sell $100 of Bitcoin, this is the screen where you will enter that information.
Now, you need to click “Preview Sell” to confirm the details of your transaction, including any fees. You should see the amount of cryptocurrency you are selling, the specific crypto asset you are letting go of, the cost of transactions, and then the resulting fiat currency you will receive as a result of this transaction. Once you have checked that everything looks alright, click “Sell Now.”
Typically, you will come across a page that will describe the details of your successful transaction and you can either “Withdraw Funds” or “Show Details.” If you select the former, you can immediately transfer your funds to an account that is linked to your Coinbase wallet.
Another way to access your cash is through your Coinbase currency wallet. You can immediately cash out on these funds by clicking “Withdraw” and moving your money from Coinbase to another platform, such as PayPal, your bank account, or your OnJuno wallet.
Note that if you have not linked an external account to your Coinbase account, this process can take 1-2 business days and may even require that you send a small quantity of money (less than 1 USD typically) to your Coinbase account so it can be verified as secure by your bank account. Be sure to do this before you plan how to withdraw money from Coinbase so that you can access your funds immediately.
The last step in the process of learning how to withdraw money from Coinbase is to select the “Cash Out Now” button, which will begin the money transfer process. This may take a few days to complete but Coinbase will notify you when the cash withdrawal process is complete.
How to Send Money to Your OnJuno Wallet
Now that you have withdrawn cash (or fiat currency) from Coinbase, it is easy enough to transfer this money to your OnJuno wallet by linking it to your Coinbase account as you would a PayPal account or any other bank account (you can find your OnJuno crypto wallet address under the “Crypto Assets” page).
Another option, however, since OnJuno’s wallet is a cryptocurrency wallet, is to move cryptocurrency from Coinbase to your OnJuno wallet. From your Dashboard on Coinbase, select “Pay” and navigate to “Send.”
Enter the amount of cryptocurrency you would like to send — either fiat currency or cryptocurrency — and enter the crypto address of the recipient, in this case your own OnJuno wallet. You can leave a note if you want and then select “Pay Now.” You can review the details of your transaction by clicking “Continue” and then select “Send Now.”
Note that these transactions are only free if the transactions are all within the Coinbase platform. You will incur fees for this transaction to your OnJuno wallet, and it may also take a few days depending on the volume of transactions occurring simultaneously.
But, in this manner you can receive either fiat currency to your OnJuno wallet from Coinbase and use it however you wish, either by having it accrue interest in OnJuno’s high-yield checking account or by converting the fiat currency back to cryptocurrency to accrue 4% interest as USDC in OnJuno’s new account. Or, you can simply send USDC or another cryptocurrency like Bitcoin and move it from Coinbase to your OnJuno wallet instead.
How to Cash Out Money from Your OnJuno Wallet
It doesn’t cost anything to deposit cryptocurrency into your OnJuno wallet, which can make it an attractive place to store and hold cryptocurrency compared to other similar products. If you want to cash out from your OnJuno wallet, however, this is also easy to achieve. First, as with Coinbase, sell your cryptocurrency. You will need to select the crypto asset you want to sell. For this example, let’s assume it’s Bitcoin.
To begin, tap the BTC Price Card on your OnJuno home screen. From the BTC Price page, select “Sell.” Enter an amount that you want to sell or a value of your BTC and select “Continue.”
You will be prompted to undergo two-factor authentication with your cell phone at this point in the process. Once you enter your 2FA, select “Confirm.” Now that your Bitcoin has been sold, the transaction will be listed as “Pending” until completed. And, just like that, you should have fiat currency in your OnJuno checking account.
If you want to cash out on this money, your OnJuno checking account is easy to access. There are thousands of ATMs in the country, so just use your debit card to withdraw the money you need.
As you can tell, this process is simple! Learning how to withdraw money from Coinbase is a useful skill as the platform continues to grow in popularity and knowing how to transfer, cash out, or sell your assets is an essential skill. Good luck!
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Keertana Anandraj is a recent college grad living in San Francisco. When she isn’t conducting international macroeconomic research at her day job, you can find her in the spin room or planning her next adventure.
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