A famous digital trading platform, Coinbase provides operators the facilities of buying, selling, and storing more than thirty types of digital coins.
Coinbase is designed for newcomers that have recently started investing in digital currencies while Coinbase Pro (premium trading platform) is used by experienced pros who have mastered high volumes of transactions and handle bigger investments.
Digital currencies have recently emerged as wonderful investment opportunities. So do the platforms like Coinbase have picked up a boost in reaping the benefits.
This platform is operational in more than a hundred countries. The interface of Coinbase is very easy to use and user-oriented.
With just one or two clicks you can check balances, sell and buy currencies, and perform other functions of trading.
This app also provides a watchlist feature where you can track back the prices and values of different cryptocurrencies.
Other facilities like Coinbase cards are available for users and these cards can be used to earn rewards after spending money in the portfolio.
Coinbase also has introduced a direct deposit system that provides users to get their paychecks or other payments directly in Coinbase accounts and they are deposited after being transformed into Bitcoin or other cryptocurrencies.
Are Coinbase Transactions Free?
Coinbase transactions are not free as Coinbase charges trading fees for all the payments made through their platform.
The fee amounts are different for both trading platforms that are Coinbase and Coinbase pro. The fee structure for Coinbase is more complex and higher than Coinbase pro.
The usual amount charged is about 0.50% of the total amount when you trade digital currencies along with a Coinbase fee.
The Coinbase fee is a fixed amount that is deducted during a transaction and its amount depends upon some factors such as your country of residence and nature of payments.
This flat fee is calculated according to the transaction amount and is shown on the fee page of the platform.
For example, if someone is spending $100 on Coinbase on a transaction through a US bank account or crypto wallet, Coinbase will charge a fee of $2.99 on the transaction.
But for a similar transaction of the same amount through debit card, the fee would be increased to $3.99.
On the other hand, there are no charges for holding assets in the digital wallets at Coinbase and transactions that happen between two digital wallets within the network of the platform, for example from Coinbase pro to Coinbase.
Sometimes these transactions are quick and other times they take time.
How long does Coin base withdrawal take is determined by the type of transaction, payment method, and country of residence.
How To Withdraw Money From Coinbase
Millions of users are working actively on the Coinbase platform around the globe.
Coinbase has a very spontaneous and user-friendly interface for both mobile and internet platforms. The withdrawal procedure can be tricky.
People have several concerns about the nature of withdrawal transactions and how long does coin base withdrawal take.
There is a very easy and comprehensive step-by-step procedure by which you can withdraw money from Coinbase.
- Crypto to Fiat Conversion
- Withdraw Your Fiat Balance
For a newcomer, these steps might seem complex and difficult, but in reality, they are very easy and simple.
Crypto To Fiat Conversion
The first step is to convert your available digital balance (cryptocurrencies) into a fiat wallet.
For this purpose, cryptocurrencies are converted into EUR or USD which are used as fiat currencies.
First of all, make sure you are logged into your Coinbase account. Open the navigation bar and click on the “Trade” button. This will open a new screen.
At the top-right of this screen, a “Buy/Sell” button will be present. Click on this button to initiate the procedure of converting cryptocurrencies into fiat currencies.
You will be asked to input the amount you would like to transfer to your fiat wallet.
After putting the required amount in the dialog box, click on the “Sell” tab present on the top of your screen. Select the cryptocurrency and the amount that you want to trade for fiat currencies.
Then select the fiat currency you want your crypto assets to be converted in. Once you have selected this, click on the “Preview Sell” to recheck the details of your transaction.
By confirming this transaction you will see a new window showing complete details of your transaction including how much fiat amount you will receive and the amount of fee deducted.
Withdraw Your Fiat Balance
As your crypto assets are now converted into fiat currency, you can begin the procedure of withdrawing your money from Coinbase.
It is not sure how long does coin base withdrawal take as it will depend upon the payment method you are using and where the transaction is being performed.
The first step in this process is to go to the “Portfolio” page of Coinbase and keep on scrolling till you see a section named “Your Assets.”
Open this section by clicking on it then find and select the fiat balance you just converted. Go back to the “Your Assets” page once you have selected the fiat balance.
Now click on the “Withdraw” button and input the amount you want to withdraw.
After putting in the amount, click on “Withdraw all.” You will be asked to confirm this withdrawal process and you can do it by clicking on the “Withdraw” button and selecting “Continue.”
A new screen will show you complete details of your transaction and you can edit the transaction at this time. If everything is good, click on the “Withdraw now” button.
Once you have clicked on the “Withdraw now” button, the transaction will start processing and Coinbase may charge you a fee on the basis of cashed out currency.
It is not certain how long does coin base withdrawal take but you can review the progress of your transaction anytime.
You can only perform these steps if you have attached a payment method with your Coinbase account.
Link A Payment Method To Your Coinbase
Payment should be added prior to performing any withdrawal on Coinbase.
Make sure you have a valid and secure payment method to attach such as a bank account or PayPal.
For adding a payment method, click on your profile pic present in the top right corner.
After this click on the “Settings” button from the menu.
Once you enter the settings, click on the “Payment Methods” option and you will see a blue-colored button of “Link a New Account” on the right side of the screen.
A new screen will appear with a list of payment methods supported by Coinbase. This list can include multiple options depending upon the country you live in.
Select the payment option you want to link and keep on following the instructions and steps to add all the details of your payment method.
Coinbase may deduct a small amount as a fee for attaching a new payment method.
This fee is charged just to confirm the authenticity of the payment method and it is later deposited in your Coinbase account and you can withdraw it.
Is Money Withdrawn Instantly From Coinbase?
Whereas the transfer of digital currencies between platforms of Coinbase is instant, most of the time you have to face delayed transactions when it comes to withdrawing money.
You may have to wait for two working days or more to get your payment. It can sometimes take a week for your money to be deposited in your bank account.
How long does coin base withdrawal take is determined by the factors such as payment method attached, country of residence, nature of the currency, or some other technical aspects for verification of payments.
Sometimes it is not your payment processing that is the reason for delayed payments, but there may be some technical issues related.
Due to the enormously increasing popularity of digital currencies and trading, there are thousands of people signing up to platforms like Coinbase on a daily basis.
These platforms perform a comprehensive check on the authenticity of users by ID verifications and other procedures.
These are the reasons you may face delays in payment withdrawals especially when you have opened a new Coinbase account.
Well, this scenario has been resolved by Coinbase and they have added an instant payment withdrawal procedure (Real-time payments or immediate cashouts) for some payment methods and countries.
RTP (Real-Time Payments)
A few months back Coinbase had the privilege of becoming the first-ever digital currency exchange that offers quick and instant withdrawal by introducing Real-Time Payments (RTP).
This provides users in the United States (with attached bank accounts as payment methods) the facility of instant and secure withdrawal of an amount up to 100,000 dollars per transaction.
This feature of Coinbase completes the money withdrawal process smoother and faster.
You can get your money into your bank accounts within seconds which would have taken four to five days if done through general bank transfer.
RTP is available 24/7, seven days a week and there are no additional fees for it.
Additionally there is no restriction on the number of transactions performed per day through RTP. You can withdraw as much money as you want through RTP.