By bellalopez April 16, 2024 - 1:54am

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 account is 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.