Why can't I cash out on Coinbase

Why can’t I cash out on Coinbase

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Why can’t I cash out on Coinbase?

How to cash out on Coinbase?

Can you instantly cash out of Coinbase?

How long until I can cash out on Coinbase? Read this article to get your answers.

Coinbase is a crypto currency trading service. You can buy, invest and track the status of your cryptos here. And as you know the hype for crypto and NFT (Non-Fungible Tokens) is very high right now. So, you can manage all of those things with this application which is widely revered among the crypto users.

Coinbase Home Page
Image Source: Coinbase

What does cashing out mean?

Before we get into the detail of how to and whys, let us know a little bit about cashing out and what it means.

Cashing out means converting one type of money to another. In our case, converting any crypto currency you buy into hard cash. So, why is it needed you ask? This is because not every person in the whole wide world accepts cryptocurrency. You might have a lot of money in crypto, but what is it worth if you cannot use it?

You invest a lot of money in crypto currencies, expecting some kind of returns. Everybody does too. But you need something you can use everyday. Something you can show as a return. To go to places by using said returns. This is why people cash out.

People also tend to send their crypto from other applications such as Cash App to Coinbase to track them. Because even though Cash App let’s you track your bitcoins, it doesn’t have the extensive selection of crypto like Coinbase.

Why can’t I cash out on Coinbase?

Short Answer: You cannot cash out on Coinbase because it holds your money until it gets an approval from your bank. 

Hold on the funds you are trying to cash out happens if you have bought the crypto in question with your linked bank account. And they will be available in your wallet. But to cash them out, Coinbase waits for approval from your bank account. You will receive a mail (when you purchase the crypto currency) giving you details about the expected time you can cash them out.

Try changing the cash out method from bank account to a walk-in pickup of the cash.

The general wait time for you to cash out your Coinbase wallet is 5-6 days. It is advised to buy crypto with fiat currency or credit or debit card. Because people have reported less waiting times when cashing out. (Fiat currency is something that is not physical and is a type of currency that is backed by the government.)

How to cash out on Coinbase?

According to Coinbase, you need to check on a few things before cashing out.

  • Make sure that your Coinbase application in updated. If you are on a browser, this is not for you.
  • Selling is not available for everyone, so check that you qualify for it.
  • Link payment methods like bank accounts, credit or debit cards.

There are two way to cash out, you can either sell your crypto or cash out for funds. And remember that there will be a certain period of holding period for cashing out. So, you might not be able to cash out instantly.

Method 1 – Sell cryptocurrency

  • Select the Buy/Sell option in your application or browser.
  • Under the sell tab, you will find all your digital crypto assets. Select what you want and enter an amount.
  • Finally, select Sell and then Sell Now.

Note – Before selling once check out the pricing and fees and how they are decided by Coinbase. Tread carefully and do not make any hasty decisions with cryptos.

Method 2 – Cash out

  • Search and select the Cash out tab in your browser or application.
  • You can then enter the amount you want to take out, and select Continue option.
  • After that, you can select Cash out now.
  • And you can enter a destination in your location where you can go and collect the money.

Can you instantly cash out on Coinbase?

Short Answer: Yes, you can instantly cash out on Coinbase. But you need to check whether you are eligible for instant cash out.

Instant cash outs are not as instant as they sound per se. They usually take from around 30 minutes to a day.

The eligibility criteria for cashing out instantly are as follows,

  • You are a citizen of the US, European Union or UK and have balance in US dollars, GBP (Great British Pound) or Euro respectively.
  • The card you linked as a payment method should be verified. It can be either of Visa Fast Funds or MasterCard Send and should be enabled by your issuing bank account.

Not all of the cards you add as payment methods work for instant cash outs. So you have to check with your bank account and Coinbase customer support too.

How long until I cash out on Coinbase?

Short Answer: Generally, it will take 1 to 5 business days for your money to be ready to cash out on Coinbase. The expected date will be informed to you in the confirmation mail of the crypto purchase.

In all of the countries that the selling and cash out is possible, it always take 1-5 days to cash out. Highest is for the US and the lowest 1-2 days is for the European Union and UK. As previously stated in this article, the cash out will be faster if you have done your purchases with cards or fiat currency.

Also if you have selected the cash out method as bank account/ wire transfer, it will take longer. So you can change the cash out method to a walk-in one, where you can pick the money from a store at your nearest location.

FAQs

Q1. How to make sure that I cash out my money in less than an hour?

Choose the right payment and cash out methods. This will help you get your money as soon as possible.

Selecting the payment method as a credit card or debit card that is approved by your bank and Coinbase for selling and cashing out. If you paid with your bank account, it will take a longer time for the cash out. Also, the cash out method to choose is in-store. You can go and pick the money in your nearest store.

Q2. Is there fees for cashing out or selling my crypto currencies?

Yes, there are fees for cashing out and selling your crypto on Coinbase.

The fee is automatically added to your cash out or selling out order. You need to check out the prices and fees list link that have been mentioned in this article. That will help you know all the factors that determine the fees for converting your crypto to cash or selling them online.

Q3. How long will it take for Coinbase to verify my new payment method?

The verification time is generally 24 hours.

But this time varies depending on the bank account or card you linked to Coinbase. You can contact either of the support Coinbase or your bank and inform them about the verification request. This will get their notice and probably speed up the whole process.

Final Words

Coinbase is a crypto currency trading application that helps you buy, sell, track and invest in crypto currencies. This article gives you all the information you need for cashing out your funds from Coinbase. I hope this article has helped you solve whatever issue you are facing with Coinbase.

That is all folks!

Don’t have a good day, have a great day!

Further Reading:

Send Bitcoin from Cash App to CoinBase 2022 – Guide