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Whether you’re a seasoned cryptocurrency trader or a complete beginner, sooner or later, you will want to cash in your profits or move your crypto to a more secure wallet. Whenever you wish to do so, you’ll need a safe and reliable wallet to store your digital assets before eventually exchanging them for fiat currencies.
In this how-to withdraw money from Coinbase guide, you will learn how to withdraw your cryptocurrencies accurately without making any mistakes and store them on your Zengo wallet instead.
Before you’re able to withdraw funds from your Coinbase account, you have to make sure you have your Zengo wallet set up first. Zengo is a next-generation Web3-ready non-custodial wallet that utilizes industry-leading MPC technology to make sure your digital assets are secured in the best possible way. Zengo offers better performance than any hardware wallet and is more secure than any centralized cryptocurrency exchange due to its guaranteed account recovery, no private key vulnerability, and built-in Web3 firewall.
Please make sure that your Zengo wallet is verified and ready to go before going any further.
Checking whether your funds have arrived yet in your Zengo wallet is a very easy and straightforward process. To do so, simply open the app and check the main balance page. If you want more detailed information regarding your latest transactions, tap the ‘History’ button in the main menu to be presented with an overview of your latest deposits/withdrawals.
Zengo is the world’s leading Web3-ready non-custodial wallet that uses biometric key phrases instead of traditional ones. It offers a beginner-friendly UI, supports multiple digital assets, and allows users to easily buy and trade cryptocurrencies through its own platform and external (DeFi) applications.
With Zengo, you don’t need to write down seed phrases or print out QR codes anymore. Access to all your digital assets is under lock and key with biometric facial recognition software and state-of-the-art MPC technology, so only you can access and recover access to your funds.
Zengo’s non-custodial wallet allows you to have total control over your assets. You can diversify and expand your crypto portfolio with our fiat gateway services. In addition, you will be able to benefit from our savings program.
Instead of dealing with chatbots, Zengo lets you ask a real person for assistance. If you have any questions regarding Zengo’s services, you can contact our friendly and professional support staff 24/7, every day of the year.
Zengo allows users to easily send, convert, and store digital assets. You can send your cryptocurrency to other external wallets completely hassle-free whenever you want or convert your coins to fiat and submit a withdrawal request to your connected bank account.
To withdraw crypto to fiat using Zengo, simply click on the ‘Actions’ tab situated in the main menu, followed by the ‘Sell’ button. Once you’ve done this, select the cryptocurrency you want to sell and specify the desired amount. Your crypto will now be sold automatically via Zengo’s integrated services, and you will receive United States Dollars, Euros, or British Pounds in return. When you’ve successfully sold your crypto for fiat, you can easily withdraw it from Zengo to your connected bank account (Bank transfers may take a few days).
You can find more information about withdrawals from Coinbase in the frequently asked questions section below.
Coinbase is an American cryptocurrency exchange platform without physical headquarters founded in 2012 that allows its users to buy and sell cryptocurrencies. Coinbase also offers custodial wallet services to its retail clients and corporate cryptocurrency merchant services to its business and institutional clients. The CEO of Coinbase is Brian Armstrong, and the company is publicly listed on the NASDAQ under the ticker symbol COIN.
The key difference between Zengo and Coinbase is that Zengo is a non-custodial crypto wallet that allows you to fully be in control of your digital assets as you hold the so-called ‘private keys’ to your funds. Coinbase, on the other hand, Coinbase is a cryptocurrency exchange that offers custodial wallet services, which means your digital assets will be lost if the exchange goes into bankruptcy.
Coinbase charges a flat 1% withdrawal fee whenever you want to withdraw your crypto in cash on top of the standard miner fees. Whilst ACH transfers are processed free of charge, the cryptocurrency exchange does charge $25 for wire transfers, $0,15 for SEPA transactions, and £1 for Swift transactions conducted in GBP. Cryptocurrency withdrawals are charged between 0,50% to 2,00% of the total amount withdrawn, depending on the digital asset in question.
Your personal Coinbase withdrawal limits are displayed under the ‘Account Limits’ section of your ‘Settings’ page. The withdrawal limits per cryptocurrency vary per region and chosen payment method.
All buys and sells occur instantly on Coinbase. However, cashing out crypto to fiat on Coinbase via a regular SEPA bank transfer takes about 1 to 2 business days to process. Cryptocurrency withdrawals to external wallets usually are processed within a maximum of 3 hours.
There are some problems that can occur when withdrawing money from Coinbase. One of the most common errors made by users is entering a wrong withdrawal address, causing the digital assets to be sent to a non-existent wallet and thereby causing them to be ‘burned.’ As cryptocurrency transactions are irreversible, these funds cannot be recovered.
As for withdrawal requests per bank wire transfer, it can be the case that your bank doesn’t accept Coinbase withdrawals or that your Coinbase account must be fully verified first.
To withdraw crypto to fiat on Coinbase, simply login to your Coinbase account, click or tap on ‘’Assets’’ followed by ‘’Cash Out’’. Specify the amount you want to withdraw and then click ‘’Continue.’’ Select your desired cash-out destination and click ‘’Continue’’ again and then on ‘’Cash Out Now’’ to finalize the withdrawal process.
If you have 2FA enabled for your Coinbase account, you will have to enter the 6-digit code provided to you in order to confirm the crypto-to-fiat withdrawal.
Alternatively, you can just withdraw your digital assets to your Zengo wallet before cashing them out to fiat straight away.
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