Coinbase is an American cryptocurrency exchange platform with no physical headquarters as employees work remotely. It is thus a distributed company. Coinbase is the biggest cryptocurrency exchange in the US by trading volume. The company started its operations in 2012 under Brian Armstrong and Fred Ehrsam. We shall check how to withdraw money from Coinbase later.
Since the platform is a trading base, you have to withdraw finances at one time when you make your profits. The platform operates online, whereby you should open an account online, then carry out the trading business. Even though Coinbase is an American-based company, it operates internationally. It has thousands of account holders worldwide. Being an online platform, it becomes straightforward to execute various duties.
We have other crypto trading platforms that compete with Coinbase but remain far behind the company. They include Binance, Crypto.com, Paxful, Cash App, and Skrill, among many others. At Coinbase, you can buy and sell various cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dogecoin, among many others. Buying and selling cryptocurrencies is usually a lucrative business. However, it can sometimes turn out disastrous when the prices of cryptocurrencies fall.
Steps To Open A Coinbase Account
Opening a Coinbase account is straightforward, whereby you need to have various things with you to get started. You require the following:
- Be at least 18 years old (you require a proof)
- A computer or smartphone able to connect to the internet
- A government ID (No passport cards)
- A phone number on your smartphone (for SMS text messages codes)
- The latest version of Chrome browser or the latest Coinbase App version. The operating system of your phone should be up to date as well.
- A bank account since you will need to transfer money from Coinbase to a bank account after making your profits.
Once you have all that, you can begin the account registration process. There are no fees to create or maintain your Coinbase account. The following are the steps to open your account.
i) Create your account
You need to visit Coinbase website from a browser or download and open the Coinbase app. The app is available for Android and iOS devices. Coinbase prefers accessing your account through the browser on your computer. However, they do not recommend accessing the platform through a browser on your mobile device.
Once you tap the link, you will need to provide various details, including the following.
- Legal full name (there is a need for proof)
- Email address (should be active)
- Password (ensure you memorize your password so that you do not forget)
- Your State (Proof is needed)
- Check the box
- Click/tap ‘Create an account’ if you agree.
- Check a verification email sent to your registered email address.
ii) Verify your email
The next stage in the account opening is to verify your email account. You only need to open your inbox and select “Verify Email Address”. Make sure that the email is from email@example.com.
Once you click the email, you will find yourself back at Coinbase to continue your registration process. You must sign back in using the email address and password you recently created to complete the verification process. After that, you can proceed to verify your phone number.
iii) Verify your phone number
The third step is to verify your number. You should sign in to Coinbase to carry out the activity. In the process, Coinbase will prompt you to add a phone number by following the steps below.
- Select your country.
- Enter the mobile phone number.
- Tap or click ‘Send Code’.
- Input the seven-digit code Coinbase sends to your phone number on file.
- Hit on ‘Submit’ or select ‘Continue’.
- If you didn’t receive the code, hit on the ‘Resend-SMS’ button.
iv) Add your details
The other important step in your account registration is to provide your details. You need to enter the details on your government-issued photo ID. Make sure it is valid since Coinbase will require you to submit a photo of the ID later. The details include the following:
- Date of Birth
- First Name
- Last Name
In the process, you will also need to answer the following questions:
- What do you use Coinbase for?
- What is your source of funds?
- Current Occupation
- Last 4 digits of your SSN
After answering the questions, you should Select Continue to complete the process. At that point, you will have completed the application process. You should wait until you get further instructions in your email.
v) Verify your identity
To buy, sell, send and receive supported crypto through Coinbase.com, you should verify your identity and add a bank account. You can Sign in to your Coinbase account to complete the identity verification.
vi) Link a Payment Method
The last thing is to link your payment method. You need to select your country to see which payment methods are available. You can visit the Supported Countries Page to know if your country is supported.
The Procedure To Withdraw Money From Coinbase
After making profits, you can withdraw money from your Coinbase account to your bank account. The payment method you linked to your account, preferably a bank account, is the one you should use to withdraw money. Remember that you have to transfer money using the routing number and account number of your bank account when making the withdrawal.
From your web browser:
- Select your cash balance found under Assets.
- Hit on the ‘Cash out’ tab and enter the amount to cash out.
- Click ‘Continue’.
- Select your cash-out destination and click ‘Continue’.
- Click ‘Cash out now’ to finish the transfer.
From the Coinbase mobile app:
- Hit on ‘Cash out’ on the ‘Home’ tab.
- Enter the amount to cash out and choose your transfer destination.
- Tap ‘Preview cash out’.
- Tap ‘Cash out now’ to finish the transfer.
The minimum withdrawal is small to always have access to your money. The minimums fluctuate with the current exchange rates but are usually under $0.10. There are maximum withdrawal limits whereby the Coinbase Pro account holders have a limit of $50,000 per day. The amount applies across all cryptocurrencies. You should go to your Limits page and choose Increase Limits to increase your withdrawal limits.
Once the funds are in your bank account, you can carry out various transaction activities. For example, you can transfer money to someone else’s bank account, buy goods and services online and in physical stores, and save to earn interest.
Coinbase is an American cryptocurrency exchange platform with no physical headquarters as employees work remotely. It is thus a distributed company that accommodates various cryptocurrencies, including Bitcoin, Litecoin, Dogecoin, and Bitcoin Cash. You can purchase and sell on the platform irrespective of where you are. You can open your account online using your computer, preferably on the Chrome browser or mobile app.