How to Sell & Withdraw Crypto from Coinbase Pro

In this chapter I'm going to explain how you can sell your Bitcoin or other cryptocurrencies from your Coinbase account and how to withdraw your funds into your bank or PayPal account. If you're not a fan of holding your crypto for the long run and you want to cash it in and withdraw here is a beginner's guide to do so. The first way that I'll explain is how you can easily sell your Bitcoin using Coinbase. So if we head over to your portfolio, you'll see that you have some Bitcoin that you may want to cash out. Before you can withdraw, you first need to sell your Bitcoin and convert it into your chosen currency. So if you scroll back up to the top and click on “trade” then if you choose “sell” from here it will first ask you which type of cryptocurrency you'd like to sell.

You can look under the arrow and if you're selling another type of crypto you can see that you have lots of different options available here but obviously you'll need to have an active balance. So you can choose to sell Bitcoin and it will then ask you what currency or wallet you'd like to deposit to. You have the opportunity in a Euro wallet, GBP wallet or US Dollar wallet and the different currencies that you'll see may depend on your location. So if you have some Bitcoin and would like to deposit into your US dollar wallet is going to ask you how much you would like to sell. At the bottom it will show you what’s your current BTC balance is and you can choose to sell all of that or you could type in the amount that you would like to sell. You can then also convert this into Bitcoin, and then when you're ready you can click onto the “preview sell” button. In here will show you what you are actually doing; so it's telling you the amount in Bitcoin that you would like to sell. It's telling you where you are going to be depositing it to and that’s your chosen currency and then it's telling you the price. When you're on Coinbase, you're actually creating a market order. Meaning that you're selling at the current market rate. This could mean that you're getting slightly less for your Bitcoin. This is due to their convenience. You might see that you are being charged quite a high fee so if you just click onto the “Coinbase fee question mark” you will see the amounts that you will pay in terms of fees. It will depend on the different transaction amounts so these fees can all add up and they're a little bit steep. So I'll explain you how you can reduce these using another method shortly. But if you're happy with your sell order, you can go ahead and click on “sell now”. Once the payment has been completed, the amount would then show within your US dollar wallet and then you would have the option to withdraw from this wallet. For withdrawal, you would need to have a linked bank account which you would find under your “settings” and then “payment methods” and then you can link a new account. If you're from the UK, you can withdraw to PayPal, a Euro bank account, a UK bank account, you can set up credit and debit cards and Swift accounts too. However just be aware that other countries do differ and don't necessarily support the likes of PayPal. When you are linking new accounts you may be asked to send across a small deposit to verify a link the two across. Just make sure that you do use the reference number that is shown on any screens when making your deposit so that they can map your bank account to your Coinbase account. So selling within your Coinbase account is really convenient but as I said those fees can be quite high. So what if you want to get more money for your Bitcoin or if you're not in too much of a rush and you want the best possible sale price? Well, there's another option and that's using Coinbase pro. What's great is that not only can you save yourself on fees but it's also free to transfer your funds from Coinbase to Coinbase Pro unlike the likes of Blockchain.info who will charge you to send funds from your wallet across the Blockchain exchange. So if you head over to Coinbase pro and already logged into Coinbase then you never get across and click on to login, you'll also basically be logged in using the same credentials as Coinbase. Over on Coinbase Pro, the first thing you need to do is deposit our Bitcoin so that you can sell it which you can do by clicking onto the deposit button over on the left hand side, and then it will ask you what type of currency or asset you're going to be depositing into Coinbase Pro.

In this example I'm going to be depositing Bitcoin but you could be depositing the lights of Ethereum, Ripple or Bitcoin cash. You then need to select where you're going to be depositing your Bitcoin from. You can do this from an external crypto address or from Coinbase.

This is instant and free. So if you are going to select that, it's going to go from Coinbase and it automatically picks up what your active balance is and it's going to send it to your portfolio over here. You then need to type in the amount that you'd like to send across in Bitcoin or you can click on to “Max”. Then it will show the available amount to deposit on too. It shows you off the fees which is obviously nothing and it shows you your limit which is unlimited.

It tells us what the processing time and it says that that is instant. So let's go ahead and deposit these funds. It now sits that my deposit is now complete so if I click on to “done” and if I go across to my portfolio deposits you'll then see that I have that deposit showing under my deposit section.

Now that we've deposited our funds, we're ready to trade but we'll need to select our market. So if you click onto the drop down under “Select Market”. The markets that we're looking at the moment is the Bitcoin market and I can trade Bitcoin to Dollars however you can see there's lots of other different types of markets that you can select from. But I'm going to be selling my Bitcoin for US dollars. Once you select that market, we're going to be selling so you need to click onto “sell” and then you can select your order type. The order type you can select is market, limit or stop orders. For the purposes of this guide, I'll use the simplest market order. But you could save yourself more money by defining the price you would like to pay, using something like a limit order. When you select a market order it'll fill at the best available or the market price. You can then enter the amount that you'd like to sell or you can click on to the max which will take your own entire Bitcoin balance. The fees are currently at 0.5% for orders under 10,000 dollars.

These are reduced fees, depending their trading amounts and the different order types after 50,000 dollars. As you can see you can be saving yourself a lot more money by using Coinbase Pro. When you're happy with that order you can click on to place sell order. That sell order will complete instantly with a market order. Next you should see your US dollars under your balance. Once you have your US dollars, you can withdraw. So if you click on withdraw, then here will show up any links to your bank accounts. If you have one set up and select your US bank transfer, you have to type in the amount then you will see that your fee is at zero. It tells in your limits and the processing time which is at one business day. You can then go ahead and withdraw US dollars. It will say that your withdrawal from your default portfolio to your bank account will be complete within one day.

Then you should also receive an email stating that the process is now started. If you didn't have any bank accounts linked I'll just explain how you can go through and do that within Coinbase pro.

If you go to your profile information, then banking, here is where you can link your new account. You can add a Swiss bank account, US bank account and Euro. But what if you wanted to withdraw that amount to PayPal? Well I'm going to explain that now how you can do that. If we go across to withdraw again and go to US dollars, this time you have to transfer your funds across to Coinbase. As we already know, these transfers are instant and they're free. So click onto that and you will see there's no fee and that's instant. Click on to withdraw, go to done, then head over to a Coinbase, go to your portfolio and you'll see that you now have an active balance under US dollars. You now have the option to withdraw and from here you can select your different type of bank accounts but you also have the option to withdraw to PayPal. You can then put in the amount you would like to withdraw and you can click on to continue. Next just click on confirm and that’s it, you are done. Again, you should receive an email that the Coinbase withdrawal has now been started and under a minute later your Coinbase transaction should be completed. So as you can see there's two easy ways that you can sell and withdraw your Bitcoin or other crypto currencies from the Coinbase platforms.