Coinbase is one of the most popular cryptocurrency exchanges in the world, and once you have bought your Bitcoin you may want to sell and withdraw from Coinbase to your bank or Paypal account. Alternatively, you may want to withdraw your crypto to a secure wallet, such as their Coinbase Wallet or a hardware wallet such as a Ledger or a Trezor.
In this tutorial, I show you how to sell and withdraw from Coinbase. I explain how to sell your Bitcoin or other cryptocurrencies. Then, how you withdraw your funds to your bank or PayPal account. I show you how to do this using two different methods, first using Coinbase and then using Coinbase Pro so that you can save on transaction fees.
How to Withdraw Bitcoin from Coinbase to a Wallet
If you have a Coinbase account and are currently holding Bitcoin or other cryptocurrencies in there, you may wish to lock in your current profits by withdrawing Bitcoin from Coinbase. Within Coinbase you can withdraw to your chosen FIAT currency. Withdrawing direct from the Coinbase site is a simple process, especially for newbies but it does incur fees for this convenience.
In the UK Coinbase only allows you to withdraw from your Coinbase FIAT wallet which will be in your chosen currency. I’m from the UK so I have a GBP wallet available and a EUR wallet for SEPA transactions. If you want to withdraw GBP to your UK bank you will need to complete an initial deposit of GBP from your bank account to Coinbase.
Before you can withdraw Bitcoin from Coinbase, the first thing you need to is sell your Bitcoin.
Step by Step Guide on How to withdraw Bitcoin to a Wallet
To be able to withdraw your cryptocurrency from Coinbase you will have to sell your Bitcoin
Click Trade from the dashboard.
Select the Sell tab
Enter the amount of Bitcoin you would like to sell or click “Sell all”
Select the Cryptocurrency you’d like to sell
Select the wallet.
If you preview your sell you will then see your Sell order along with any associated fees.
When the order has completed the funds will then appear in your GBP wallet.
How to Withdraw from Coinbase to UK Bank Account
From the Dashboard, click Wallets
If you have not already done, so you will need to link a bank account and deposit an amount of £2.00 to validate your account. Once the account to validated you can Withdraw after 5 days.
Select Your Bank Account from the dropdown.-
Enter the Amount you wish to withdraw or select withdraw all.
A confirmation of the withdrawal will then appear showing all information and associated bank fees.
The amount will then transfer across to your UK bank account within the timeframe stated.
How to Withdraw from Coinbase to Paypal
To set up a Paypal account, click onto Settings under your profile picture in the top right.
Select Linked Accounts
Click Link a New Account
Enter your Paypal account details
Your account will then be linked
To withdraw to Paypal, go to Accounts
Select Paypal from the “Withdraw To” dropdown menu
Enter the amount you wish to Withdraw
A confirmation of the withdrawal will then appear.
Click Confirm and your funds will then be deposited into your Paypal account by the date stated.
This is a simple process to sell and withdraw your Bitcoin. However, I would recommend Withdrawing from Coinbase Pro where fees are significantly lower.
How to Delete a Coinbase Account
If you’ve sold your Bitcoin or withdraw your money to a bank account and no longer require your Coinbase account. Or if you’re worried about your personal data being shared and are ready to close your Coinbase account, below is a guide to deleting your Coinbase Account.
Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.
After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.