The crypto market is very volatile. Since Bitcoin was launched in 2009, we have witnessed crazy bull runs and bear runs. At certain periods, crypto has made millionaires, while at other times, it has wiped the life savings of millions.
Unsurprisingly, investors are wary of where the market is headed and want to take action to save their investments. If your assets are stored in Coinbase, it's good to know how easy or hard it is to access your investment during wild market trends.
Why You'd Want to Cash Out on Coinbase
Besides volatility, the collapse of numerous cryptocurrency companies throughout 2022 has brought uncertainty to crypto users. For example, the crash of FTX, which at its peak was valued at $32 billion, sent shockwaves through the crypto world.
It's now clear that any crypto juggernaut could be wiped out overnight, which is hardly inspiring for crypto users and investors.
Coinbase is considered one of the best cryptocurrency exchange platforms, often ranking second after Binance in daily trading volume. It has implemented many features to assure customers their assets are safe and they can move them around easily whenever needed.
However, if Coinbase is in trouble and you want your money, or you find yourself staring at a bear market and can't hold your breath any longer, it's time to log into your Coinbase account and cash out.
How to Cash Out on Coinbase
To cash out on Coinbase, you must first convert your crypto assets into fiat. This is possible by selling the tokens or directly cashing out using the Cash out feature. However, if you find Cash out grayed out, you can Sell your crypto instead.
From a Web Browser
Log into your Coinbase account.
Click on Buy & Sell.
Select Sell in the pop-up form, choose the cryptocurrency you want to convert, and enter the amount you'd like to receive in fiat currency.
Click on Preview Sell. If you haven't included any payment method, you'll be required to add it. In the order preview section, click on Sell Now to initiate the transaction.
Coinbase will process your transaction and have your funds sent to your payment gateway within a short period. Click on done to withdraw your funds from Coinbase to your bank account.
From Coinbase Mobile App
Launch the Coinbase app, click on the nine-dot icon at the top left, select Sell, and pick the asset you want to sell, so you can cash out.
Enter the amount you'd like to receive, click on Review Order, and after confirming the trade, click on Place Order.
Similarly, Coinbase will process the transaction and deposit your funds in your bank account.
How Long Will It Take to Receive Funds From Coinbase?
The time it takes to withdraw funds from Coinbase depends on your location. US-based customers can expect their funds within 1–5 business days after initiating the transaction. European customers get their funds within 1–2 days, while Canadian customers can receive them instantly using PayPal and transfer them to their bank accounts.
Why Can't You Withdraw From Coinbase?
As noted earlier, sometime you'll find the Cash Out feature grayed out. Coinbase disables Cash out availability for security reasons. You won't be able to use the feature to send money to your local currency.
It could be because of a holding period put in place, or the feature might be unavailable in your area. In that case, you can use the Sell feature to directly sell your crypto assets and have your funds deposited in your bank account.
Also, there's a limit on the value of crypto assets you can exchange for fiat currency, depending on your region and the account type.
Should You Store Your Crypto on Coinbase?
Coinbase has invested in making its platform easy to use, whether you're a beginner or an experienced trader. Cashing out your crypto assets is particularly useful for crypto traders who depend on it for their livelihood. As such, when the crypto market starts to show signs of crashing, you can be confident that you can access your Coinbase assets if necessary.