Coinbase is an American company that runs a cryptocurrency exchange platform. The company lacks an official physical headquarters like many financial companies across the United States. The company started its operations in 2012 under the leadership of Brian Armstrong and Fred Ehrsam. Coinbase has been growing fast, and as of March 2021, Coinbase was listed as the largest cryptocurrency exchange platform in the United States by trading volume. Today I will teach you how to transfer bitcoins from Coinbase to a wallet.
Using the Coinbase app, you can buy, store and trade various cryptocurrencies, such as Ethereum, Ethereum Classic, Bitcoin, Bitcoin Cash, and Litecoin. Again, Coinbase brings you the Coinbase Wallet, an app that enables customers to access decentralized crypto apps using a dapp browser. Within Coinbase, you can find the Coinbase Pro, a professional trading platform for digital trading assets. The platform also brings you Coinbase Prime, which is a trading platform for institutional customers.
Moreover, Coinbase has other cryptocurrency-related products such as USD Coin, a stable digital coin that allows customers to put up U.S. dollars in exchange for a cryptocurrency with the same value and can be traded more quickly. You also find the Coinbase Card which is a Visa debit card that allows customers to use their cryptocurrency. There is also Coinbase Commerce which is a payment service for merchants.
How to join Coinbase
Signing up for your Coinbase account is straightforward, as you can use any browser of your choice to register. The following is the process to sign up on Coinbase.
- Open Coinbase website on your browser and click on the Sign-Up tab in the top-right corner.
- Enter your first and last name and email address on the form that opens. Confirm to check whether your email address is correct. Also, make sure your names match those in your passport or any other identification document.
- Choose a strong password. You should make sure that the password combines both upper and lower case. You must also make sure that there is at least one number to make it more strong and difficult to guess.
- Hit on the Create Account button.
- Coinbase will send you a confirmation message in your email. You should open your email account and click on the link to activate your Coinbase account.
- Once your Coinbase account is working, you will then need to confirm your identity. You can also choose to do it later. However, it is recommended that you confirm your identity as soon as you open your account.
When you confirm your identity, your account becomes more secure. Moreover, you get more limits on the number of cryptocurrencies that you can buy per week. Remember that you can link a bank account in the process. If you do not have a bank account, you can open a free online checking account with no opening deposit no credit check online from various banks and credit unions.
How do you confirm your identity on Coinbase?
Confirming your identity at Coinbase is not something challenging as you are about to see. The following is the process to verify your account.
- Look for a blue button that indicates “Start verification” and press it to begin the process in the account setup.
- Next, Coinbase will give you a choice of two to three document types. You can use the one that you wish to use for the verification process. Identity documents include your passport or driver’s license.
- You will need to take your Identity document snapshot with your camera and upload it in the Coinbase systems. You will see the preview of the image taken on the page.
- Press the “Finish & start verification button” if you think that the photo is clear enough. You can also redo the photo-taking to come up with a more precise shot.
- After submitting the document, Coinbase will take several days to over a week to verify your identity document.
What are the Coinbase payment options?
There are various payment options you can use on Coinbase. The U.S. Coinbase users can use PayPal to redeem their cryptocurrencies for cash and wire transfers. Furthermore, they can use credit and debit cards to buy crypto coins.
However, the best method is to link your bank account to your Coinbase account so that you can use it to buy and sell crypto as well as depositing and withdrawing funds into your account. Transferring money from Coinbase to a bank account is just simple. The transfer takes up to 1-2 business days.
You can add a bank account when opening your account or add it later on when your Coinbase account is still active. To add your bank account to your existing Coinbase account, you should hit the “Buy / Sell” link in the top menu and choose “Add a new account” under Payment Method.
Here, you can add your debit card or credit card details. You will be able to buy Bitcoin, Bitcoin Cash, Litecoin, and Ethereum on Coinbase as soon as you add the details. You can also add PayPal instantly, but you must wait for two days (or more) before you can start buying and selling with it.
If you want to increase your Coinbase purchase capabilities and limits, you should verify your phone number. You will only need to select the country that the number is registered with and proceed. A second web page will display, and you will receive an SMS to your mobile phone with a code. Enter the code and Verify Phone Number button.
How do I increase the Coinbase limit?
There are several ways you can increase your limit. They include the following.
i) Verifying your identity
I have mentioned this somewhere up, but I cannot leave it out here since it is crucial. Verifying your account ensures that Coinbase is dealing with a genuine person. You can also increase your limit if you verify your phone number.
ii) Buy regularly
Make sure that you buy coins now and then, and Coinbase will see you as a genuine customer. You can make small purchases per week to remain active.
iii) Be patient
The more you remain a customer at Coinbase, the more you qualify for higher limits. There is no shortcut about that. A new account will have more limits, while older accounts will have reduced limits.
Does Coinbase have free money?
You can earn some money if you join Coinbase via a referral link. You can get a free US$10 if you join or invite someone via a referral link. If you want to invite someone using a referral link, you can log into your account and hit on your name at the top of your screen.
Next, hit on the Invite friend’s option on the drop-down menu that appears. A page will open that will let you invite people via Facebook or Twitter. You can also send your referral link via their email addresses.
How to transfer Bitcoins from Coinbase to wallet
You can transfer various cryptocurrencies such as Bitcoin and Ethereum into your Coinbase wallet. Just like when you transfer money using the routing number and account number between two banks, the transfers between your Coinbase and the wallet are not instant.
The transactions complete on a chain, which needs confirmation on the network. The transfers from Coinbase Wallet to Coinbase account must be subjected to Coinbase account availability. There are withdrawal periods, and you can check various restrictions outlined in the Coinbase terms.
To get started with Bitcoin transfer or any other kind of cryptocurrency, you should link your Coinbase account and your Coinbase Wallet to move Bitcoin and other cryptos between your two accounts. You will always pay a miner fee every time you make a transaction.
You can use your Coinbase wallet to transfer cryptocurrencies between your Coinbase.com and Coinbase Wallet accounts, as well as send and receive crypto to a different Coinbase Wallet. The following is the process to transfer bitcoins from Coinbase to Wallet.
- Open your Coinbase Wallet on your phone.
- Tap Settings at the bottom.
- Select Buy or Transfer.
- Select Bitcoin.
- Enter the amount to transfer and tap Continue.
- Follow any other steps to complete the transfer.
How do I link the Coinbase Wallet and Coinbase accounts?
Linking the two accounts is not something that should stress you whatsoever. The following is the procedure you can use to link the two accounts. Have a look.
- Open your Coinbase Wallet on your phone.
- Tap Settings at the bottom.
- Select Connect to Coinbase.
- Follow other steps to link your accounts.
How to transfer crypto from Coinbase to a bank account
You can easily cash out your earnings from your Coinbase account to your bank account. You must, first of all, sell your crypto for cash then move the funds to your bank using the following process.
- On your mobile app, hit on Cash out
- Enter the amount to cash out and choose the transfer destination
- Tap Preview cash out.
- Select Cash out now to finish the transaction.
Once your funds are in your bank account, you can carry out various kinds of transactions. You can transfer money to someone else’s bank account, buy goods and services, save for the future, and so on.
Coinbase is an American company that runs a cryptocurrency exchange platform. The company lacks an official physical headquarters like many financial companies across the United States. You can buy various cryptocurrencies such as Ethereum, Ethereum Classic, Bitcoin, Bitcoin Cash, and Litecoin.
Also, you can open a Coinbase account online using your browser or via the Coinbase app and add your credit or debit card to start trading right away. Once you confirm your identity, you will increase your trading limits.