Initially launched in 2012, Coinbase‘s original purpose was to facilitate Bitcoin transactions.
Now serving customers from over a hundred different countries, the firm originally supported a small handful of cryptocurrencies.
Additionally, to its flagship exchange platform, Coinbase, and its more advanced counterpart, Coinbase Pro, the company now offers a bitcoin wallet service, simply called Coinbase Wallet.
When using a computer or mobile device, Coinbase’s UI is easy to understand and utilize.
However, when it comes to requesting a cash withdrawal from your Coinbase account, things might become a bit complicated.
In this post, we will investigate why your Coinbase account can indicate a zero available balance for withdrawal.
The steps for withdrawing money from Coinbase have also been covered.
Why is my Coinbase account showing 0?
Your Coinbase account is showing 0 balance because you have imported another wallet, you have entered the wrong seed phrase, someone stole your money or you have not cleared the cache.
1. You have brought in a large number of coins from another wallet.
Accounts that were established without utilizing the same Secret Recovery Phrase as your wallet and accounts are referred to as imported accounts.
One may import accounts utilizing a private key. The process of getting them all visible in your wallet could eat up a few minutes.
It’s possible that your Coinbase account’s balance will be zero till then.
2. Incorrect seed phrase entered.
It’s conceivable that there are mistakes or misplaced letters in the seed phrases/private keys
Verify your input to check if there were any mistakes.
Please bear in mind that if you switch around the sequence of the words in your seed phrase, your wallet will look different.
Verify the sequence in which the seed phrase was input.
3. Someone made off with your money.
Your bank account has probably been broken into. Recent transactions detail all actions taken in relation to your wallet.
Never give out your seed phrase to just anybody.
4. The cache has not been cleared.
Cache corruption might be the blame for your Coinbase account having a balance of zero.
The Coinbase balance won’t refresh until the cache is cleared.
Why does Coinbase say I have 0 to withdraw?
Short Answer: Coinbase says you have 0 to withdraw because you logged in from a different device, just registered, your hold period is active, your location doesn’t have access to the service, you recently used your debit card, you haven’t converted crypto to fiat for withdrawal, fraudulent activity was detected on your account, or there’s a pending bank transfer.
1. You’ve just signed up to be a customer.
If you’re a new user who hasn’t yet made any cryptocurrency sales, you won’t have any funds in your account.
The verification process is incomplete with your current answers.
To withdraw money from your account, you must first complete registration if it is not already done.
Please ensure that you have verified your identity inside the app to avoid this.
2. You have logged in from a different device
Coinbase will be able to detect when you change your entry point, such as when you switch browsers, use a virtual private network (VPN), get a new IP address, or erase your cache and cookies.
An emergency withdrawal hold will be imposed on the account as soon as this new entry is made for security purposes.
Once you’ve followed the procedures to validate your account on the new device, you’ll be set to go.
3. Your hold period is still active.
Due to security concerns, Coinbase Pro does not yet allow instantaneous withdrawals of fiat money put via a connected bank account or instantaneous crypto purchases.
Before transferring money to Coinbase Pro, your hold window must close.
4. Your current location is not allowed access.
Transactions with some high-risk locations are prohibited by law due to restrictions and financial punishments enforced by the government.
Since the U.S. Treasury and other authorities enforce sanctions on some countries, users in such locations are not allowed to access Coinbase’s website or mobile app.
Anyone trying to log in or withdraw funds from Coinbase while physically located in one of these restricted areas will be denied access.
If you are able to log in, however, you will not be able to withdraw any money.
5. You recently used your debit card to make a transaction.
A purchase made with a debit card results in a withdrawal hold for the next 24 hours.
App Store and Google Play purchases made using debit cards are included in this. The money cannot be withdrawn while they are being transferred.
6. Fraudulent activity has been detected on your account
If Coinbase suspects that your account has been used for illegal purposes, you will not be able to request a withdrawal of any funds.
7. There’s a pending bank transfer
Coinbase accepts payments from bank accounts via the ACH bank transfer protocol.
In most cases, the ACH bank transfer method takes between three and five business days to execute a transaction once it has been initiated.
After payment is received by Coinbase and the transaction is marked as complete in the History section, the purchased bitcoin will be made available for withdrawal.
However, until then, you will not be able to get any of your money out of Coinbase.
8. The cryptocurrency has not been converted to fiat currency.
This problem may also arise if you try to withdraw bitcoin from your account rather than fiat cash.
Cryptocurrency cannot be immediately withdrawn or transferred since it is a fictitious currency.
Converting your cryptocurrency holdings into fiat currency will allow you to withdraw real money.
How to withdraw from Coinbase
The process for withdrawing cash might vary somewhat depending on whether you want to withdraw fiat currency or cryptocurrency.
Let’s take a closer look at each step:
- Step 1: Convert cryptocurrency to fiat currency
The assumption made in this stage is that you have a certain cryptocurrency in your account but wish to withdraw money in fiat currencies like the USD, EUR, or GBP, among others.
You’ll need to access your account on Coinbase.com before proceeding.
Then, either use the Buy/Sell button in the upper right, or the Trade button in the left navigation.
When you want to convert cryptocurrency to fiat currency on Coinbase, a dialogue window will pop up asking for the exact amount to convert. It’s a simple five-step process.
To swap cryptocurrency for fiat currency, click the “Sell” button at the top of the page and enter the desired amount.
In the section that follows, choose the cryptocurrency whose balance you desire to convert, and then in step 4 choose the fiat money you wish to withdraw.
To finalize your transactions, click the “Preview Sell” button.
Fees and the final amount deposited into your local currency wallet are shown in the confirmation box.
- Step 2: Withdraw your cash balance
Go to the Portfolio page, find the converted fiat balance under “Your assets” and choose it.
We will be exchanging US Dollars in this case.
To withdraw funds, go to the USD asset page, choose the “Withdraw” option in the right-hand box, and enter the desired withdrawal amount.
Then click “Withdraw all” to withdraw the whole USD asset balance. To proceed, choose the “Withdraw” option again.
You’ll be able to choose your preferred way of payment from a list that includes wire transfers, credit cards, debit cards, and PayPal on the next page.
What appears on this page depends on the fund’s sources you’ve set up in your Coinbase.com profile.
To withdraw money, choose the appropriate option from the drop-down menu and then select “Continue.”
You may confirm the specifics of the transaction on this screen.
If you need to make any adjustments to the withdrawal amount or payment method, you may do so by clicking the back arrow in the upper left corner of the dialogue box.
If everything checks out, however, go ahead and choose “Withdraw immediately” to complete the deal.
You’ll be happy to know that there are now no fees associated with withdrawing fiat currency from Coinbase.
Instead, it adds a significant price throughout the transformation process.
At this point, your transaction is complete, and within the timeframe previously mentioned, Coinbase will process it and send your money to your payment method.
When you’re finished, choose the ‘Done’ option.
When you click this button, the dialogue box will shut and you’ll be sent to the transaction history page for the corresponding asset.
Here you may review it together with all other transactions for that asset.
FAQs
1. How come Coinbase is not reflecting my recent purchase?
In order for the bitcoin network to validate a transaction, a miner fee must be paid.
A miner fee is an optional extra that may increase the likelihood that your bitcoin transfer will be verified.
Your transfer may never go through if the charge is too low.
Final Words
Coinbase has spent a lot of time and money making its services easy to use for both newcomers and seasoned crypto traders.
You won’t have any trouble navigating the online and mobile interfaces of the exchange.
When making cryptocurrency or cryptocurrency-to-fiat currency trades, it’s important to keep in mind the associated costs.
Cost-wise, Coinbase Pro is preferable to Coinbase.com.
Transfer your funds to Coinbase Pro, execute the deal, and then return the funds to your original Coinbase account to avoid paying any commissions.
Further Reading:
Why can’t I sell on Coinbase | All you need to know
Why is Coinbase Wallet balance not updating (6 Reasons)
Why is my Coinbase account restricted
Why can’t I cash out on Coinbase
Having earned a Bachelor’s degree in Commerce from Ravenshaw University, with a background in Accounting and Finance, Akshita Pattanayak contributes to UniTopTen by writing clear and concise articles based on Finance-Tech. With more than a hundred fin-tech related articles, she hopes to educate people about how banking and payment apps function.
