Let me show you how to exchange your cryptocurrency into money and that you can withdraw to your bank account. Today I’ll cover Coinbase, Coinbase Pro on both the computer and mobile apps.
If you want to learn about other platforms, just leave a comment below, but the process it’s more or less the same on all crypto exchanges that support bank withdrawals.
Let’s say you have some Bitcoin in your Coinbase account. Or any other cryptocurrency, it doesn’t matter. The first thing you’ll have to do is to exchange this cryptocurrency into your local fiat currency: US Dollars, Canadian Dollars, Pounds, or Euro – whatever is available to you.
Let’s do that with Bitcoin.
From your Coinbase Account, go to Portfolio and click on the cryptocurrency that you want to sell. Click on Overview, and on the right side, you can see the Sell widget.
Even easier, you can click on the Buy/Sell button in the header.
You can select here what cryptocurrency you want to sell.
Make sure your local currency is selected. For me is Euro.
Then type in how much of your Bitcoin you want to sell. You can write the fiat amount or the Bitcoin amount.
Wait for the Preview Sell button to load, then click it.
You will see now a preview of your order.
You don’t get the best price on Coinbase.com and the fees are also high so I won’t complete this transaction now. After I show how you can withdraw to your bank account on Coinbase.com I’ll teach you my favorite way to sell at the best price and with minimal fees on Coinbase Pro.
This is the difference between the two, for the same amount of Bitcoin.
If you want to continue selling on Coinbase.com, click on Sell now and proceed with the transaction.
After that is complete, you will have your local currency ready to be withdrawn to your bank account.
For that go to Portfolio, select your currency, and on the right side of the website, you’ll see the Withdraw widget.
Enter the amount you want to withdraw and click on Continue.
I already have a debit card and a bank account added here, but the process is very simple, just click on one of the options and enter your card or bank details.
As you can see, not all cards are supported but you shouldn’t have any troubles with the bank account.
When I click on ‘Add a bank account’ the popup asks me to add a payment method. You can see PayPal may be an option for withdrawals only and I can also add a card from here. But to add a bank account just choose that option.
Then, depending on your country you’ll have different fields to fill in. Before you can use your bank account on Coinbase, it needs to be verified.
To continue, click on Verify now and you’ll see the instructions on how to verify your bank account. All you have to do is to make a small deposit to Coinbase and that’s how they verify it.
Just make sure you include the Reference Number so that your deposit can be correctly credited to your account. After you do that, click on “I’ve sent it” and your account will be verified between 1 and 2 business days.
I already have a bank account saved and verified so I’m going to show you how to withdraw after you’ve verified yours.
I’ll select my bank account and then click on Continue. I can see the details of my withdrawal and to proceed I’ll click on Withdraw now. There’s a small fee, but that’s fine.
That’s all you have to do to withdraw the value of your crypto to a bank account on the Coinbase.com website.
Before we hop on Coinbase Pro where you can buy at a better price and with lower fees, let me quickly show you the process on the mobile app.
From the main screen of the Coinbase app, click on the middle button at the bottom of the screen. Select Sell and pick the cryptocurrency you want to sell for your local currency. Enter the amount you want to sell, then Preview Sell.
Finally, tap on Sell now. The funds should be ready in your fiat wallet so let’s go and withdraw them to the bank account.
Under Portfolio find your local currency. In my case it’s Euro so I click on that. I click on Withdraw and enter the amount I want to withdraw.
After I select Preview Withdraw I can see my destination options. After you add a card or a bank account you’ll be able to select it and the last step is to click on Withdraw now.
Nice and easy. Do you prefer these tutorials for the computer or for mobile apps? Let me know in the comments below.
Now let’s see how we can get a better deal on Coinbase Pro.
Coinbase Pro is the trading platform of Coinbase but it’s pretty easy to use. There are a lot more charts and numbers you might not understand, but you don’t have to worry about that. If you want to see my full beginner guide for Coinbase Pro, I’ll leave a link in the description of this video.
Just login with your usual Coinbase account and go to Portfolios.
Even if you have the same account for Coinbase and Coinbase Pro, the balances are different. So you’ll have to move your funds from Coinbase to Coinbase Pro by clicking on Deposit.
Search for the asset you want to deposit and click on it.
Here you see that you can deposit from another crypto wallet or from your Coinbase.com balance.
Select Coinbase.com balance and on this next screen choose how much you want to deposit. The deposit it’s free and instant.
When you are ready, click on Deposit.
The deposit is complete so I’ll have to close this popup and go to the Trade page.
In my case, the BTC-EUR pair is already selected, but you can choose what pair you want to trade.
The idea is to choose the pair that involves the cryptocurrency you want to sell and the currency you want to withdraw to your bank account.
You can do that from this screen if you click on ‘Select Market’.
Select your local currency or just type it in the search box.
If you want to sell Bitcoin, select BTC and your local currency: BTC-USD, BTC-GBP – in my case BTC-EUR
If you want to sell Ethereum, select ETH and your local currency: ETH-USD, ETH-GBP or ETH-EUR
Choose your desired pair and make sure that’s what shows up here.
Then, all you have to do is to select SELL, make sure the Market option is the one highlighted, and enter the amount you want to sell. You can only enter the cryptocurrency amount, not the fiat amount. So you either sell it all by clicking on MAX.
Or you go on Google and search for 50$ to BTC. You can input whatever amount you want to withdraw, 50$ is just an example. Then copy the amount and paste it into the box.
You can see now, the fee is much less than the one on the Coinbase Website.
When you are ready, click on ‘PLACE SELL ORDER’ and you’re done.
You can withdraw to your bank straight from this screen, by clicking on Withdraw.
In the popup, find and select your local currency.
Choose the withdraw option that is available to you.
Even if you wouldn’t have any bank withdrawal option here, you can select Coinbase.com and continue with the withdrawal on the Coinbase.com website like I showed you before.
If you don’t have a bank account added yet on your Coinbase account you might need to do that on Coinbase.com anyway. Then the same bank account will show up here as well.
The withdrawal fee and processing time are the same.
When you are ready, continue by clicking the Withdraw button.
What do you prefer? The Coinbase.com website or the cheaper Coinbase Pro? Leave me a comment right now, just write down Coinbase or Coinbase Pro and that’s enough.
The process is the same on the mobile app.
You’ll need the Coinbase Pro app that you can find in the mobile app store.
At the bottom of the screen, choose the first icon from the left to see the Markets page. Search for the pair you want to trade. BTC-EUR in my case.
Click on it and on the next screen click on Sell.
Make sure you change Limit to Market then enter the crypto amount you want to sell.
You have some percentage options at the bottom of the screen.
Click on ‘Preview Order’ and finally ‘Place sell order’ if everything looks all right.
After you sold your crypto, go to the Portfolio page which is the second icon from the left, at the bottom of your screen.
Click on Withdraw and select the currency you want to withdraw.
Pick the right option for you and continue withdrawing to your bank account.
Congratulations, now you know how you can sell your cryptocurrency for money in your bank account. If you want to make sure you are using Coinbase Pro correctly and efficiently, check out my Coinbase Pro tutorial that appears on the screen right now. I’ll see you there!