Coinbase Wallet is a cryptocurrency
application that allows quick and secure crypto transfers. This platform also
allows users to choose between hosted and self-custody crypto storage options.
Coinbase also allows its users to withdraw USD from Coinbase wallet using a
bank account or a crypto wallet. The USD is usually available instantly. It
does not matter if you are a cryptocurrency trader or if you have just started
investing in digital assets; the process is user friendly.
So Coinbase
withdrawal process is easy, but you should be aware of mistakes that
could lead to errors. Follow all the steps correctly to avoid costly mistakes
and cash out your Coinbase funds successfully. Let’s begin and learn more about
it.
What are
the Benefits of Linking Your Bank Account with Coinbase Wallet?
Here are some of the advantages of linking
your bank account with your Coinbase wallet:
·
Coinbase Wallet, also known as a backup phrase or recovery
seed, is a wallet that allows you to keep your crypto assets in your own hands.
However, it comes with additional responsibilities. If you lose your recovery
seed, the backup phrase associated with Coinbase Wallet access will be
unavailable.
·
You can easily convert your cryptocurrency into fiat currency
by linking your bank account and withdrawing money directly from your bank.
·
Linking your bank account allows you to quickly access funds
and perform withdrawals and transactions in real time.
·
Coinbase offers lower fees on bank transfers than other
withdrawal methods. This makes converting your digital assets into real cash an
affordable option.
How to
Withdraw from Coinbase Wallet to Bank Account?
Here is how
to withdraw money from Coinbase wallet and put it into your bank
account.
·
Open the Coinbase App on your phone and login to your
account.
·
Go to the "Portfolios" or "Accounts"
section on your Coinbase dashboard.
·
Choose the cryptocurrency that you want to withdraw from
Coinbase.
·
To initiate the withdrawal, click on the
"Withdrawal" button.
·
Choose your linked bank account to receive your withdrawal.
·
Enter the amount you want to withdraw
from Coinbase to your bank account.
·
At last recheck all the details and confirm the withdrawal.
How to
Prepare Coinbase Wallet for Withdrawal?
Before withdrawing
money from your Coinbase account to your bank, you must check few factors.
Verify that your Coinbase and bank accounts are linked to withdraw money. Know
the Coinbase
withdrawal limit to stay within the maximum transaction amounts. Also
check the Coinbase
wallet withdrawal fee. You will receive a confirmation code once your
withdrawal has been confirmed. This number must be used for any future
transactions.
If you are asked to provide
photographic identification, be ready. Wait 1-3 days for your transfer to
complete, depending on the payment method. Two-factor authentication may be
required for your Coinbase withdrawal request. You can enter a code sent to
your phone or generated by an authenticator application. Your withdrawal will
be processed after verification and appear in the wallet where it originated.
Conclusion
Withdrawing
funds from your Coinbase Wallet to your bank accountis a secure and
straightforward process. By following the steps outlined in this guide and
adhering to best security practices, you can safely transfer your
cryptocurrency earnings into fiat currency.
