How Long Does It Take to Sell Bitcoin on Coinbase?

Introduction

Taking your money out of a cryptocurrency exchange is just as important as deciding what to invest in. After all, what’s the point of investing if you can’t get your money back when you need it? Cryptocurrency exchanges are the most common way to buy, sell, and cash out digital money like Bitcoin. Coinbase is one of the most popular exchanges, along with others like Gemini and Binance.

Coinbase is known for being quick and easy to use, even for people who are new to cryptocurrency. It also has a Pro version for more experienced users who want to try advanced options and pay lower fees than on the regular Coinbase platform. On Coinbase, you can trade Bitcoin (BTC) and more than 50 other cryptocurrencies, including Ethereum (ETH), Litecoin (LTC), and Monero (XMR). You can also trade different types of stable coins, which are cryptocurrencies designed to maintain a steady value, like USD Coin (USDC). Coinbase also has a handy mobile app that works on both Android and iOS phones.

Usually, selling Bitcoin on Coinbase happens almost instantly. However, how long it takes to withdraw your money depends on where you live and your local banking rules. In this guide, we’ll explain how you can sell Bitcoin and withdraw your money from Coinbase.

Creating a Coinbase Account

To use Coinbase, you first need to set up an account, just like you would on any other website. You can do this on your computer’s web browser at coinbase.com or by using the Coinbase app on your phone.

When you set up your account, you’ll need to prove who you are. This is called identity verification. If you live outside the United States, you’ll need to upload a picture of your passport, a government-issued photo ID, or a National Identity Card. If you live in the US, Coinbase requires a state-issued ID.

After you’ve proven who you are, you can connect your debit card or credit card to your Coinbase account. This card should be linked to your bank account. Connecting a card allows you to put money into your Coinbase account (called making deposits) and take money out (called making withdrawals).

How to Buy Bitcoin on Coinbase

Before we talk about selling and withdrawing, let’s look at how you can buy Bitcoin (BTC) on Coinbase. You can do this using either the website on your computer or the Coinbase app on your phone. Remember, the smallest amount you can buy is equal to 2 units of your local currency. For example, if you use US dollars, the minimum would be the amount of Bitcoin you can buy for 2 USD.

Buying Bitcoin Using a Web Browser

To buy cryptocurrencies using a web browser:

1. Sign into Coinbase
2. Click on the “Buy/Sell” button in the top right corner of the screen
3. Select the “Buy” tab
4. Enter how much Bitcoin (or other cryptocurrency) you want to buy
5. Choose how you want to pay (like with your connected bank card)
6. Click on “Preview Buy” to double-check everything
7. If everything looks correct, click “Buy” to complete your purchase

Buying Bitcoin on the Mobile App

To buy Bitcoin on the Coinbase mobile app:

1. Click on the button with two opposite arrows at the bottom of your screen
2. Select “Buy”
3. Enter how much Bitcoin you want to buy
4. Tap “Preview Buy” to check if everything is correct
5. If it looks good, tap “Buy” to complete your purchase

How to Sell Bitcoin on Coinbase

Now, let’s look at how you can sell Bitcoin on both the regular Coinbase platform and its more advanced version, Coinbase Pro.

Selling on Regular Coinbase

To sell cryptocurrencies on the regular Coinbase platform:

1. Go to the “Overview” section
2. Select the “Sell” tab on the right side of the screen
3. Enter how much Bitcoin you want to sell
4. Choose your local currency wallet (where the money will go after you sell)
5. Click on “Sell Bitcoin”

Selling on Coinbase Pro

Selling on Coinbase Pro is a bit more complicated than on regular Coinbase, but it can save you money on fees.

First, you need to create a Coinbase Pro account. After that:

1. Click on the “Trade” button in the top left corner of the screen
2. Under “Select Market,” choose the pair you want to trade (for example, BTC-USD if you’re selling Bitcoin for US dollars)

You’ll see three selling options:

1. “MARKET”: This lets you sell your Bitcoin immediately at the current market price.
2. “LIMIT”: This lets you set the price you want to sell your Bitcoin for. You’ll have to wait for someone to agree to buy at that price.
3. “STOP”: This lets you set a “stop loss” price. Your Bitcoin will automatically sell if its price falls below the amount you choose.

After choosing how you want to sell, enter how much Bitcoin you want to sell and click “Place Sell Order.”

How to Withdraw Money Using the Coinbase Wallet

The easiest way to get your money out of Coinbase is to use Coinbase’s local currency wallets. These wallets let you instantly change your Bitcoin or other cryptocurrencies into your local money. After that, you can withdraw your funds using a banking method that works in your area.

These wallets are currently only available for US dollars (USD), Euros (EUR), and British pounds (GBP). If you live in a country that uses one of these currencies, your sell orders will go straight into your local currency wallet right away. For example, if you live in the US, when you sell Bitcoin, the money will appear in your USD wallet immediately.

Unfortunately, Coinbase doesn’t offer this service in Australia, New Zealand, and Singapore right now. If you live in one of these countries, you can’t sell Bitcoin directly through your Coinbase account because Coinbase doesn’t support transfers to debit or credit cards in these areas. Instead, you’ll need to transfer your funds to another exchange or wallet service and sell them from there.

If you live in the US but not in one of the states where Coinbase offers local currency wallets, you can use PayPal to take your money out of Coinbase instantly. If you don’t have a PayPal account, you’ll need to use traditional banking to withdraw your money. Coinbase offers two different options for traditional banking, depending on where you live and what banking network you use.

How to Withdraw Money Using Different Banking Networks

ACH Network (for US customers)

ACH stands for Automated Clearing House. It’s an electronic money transfer system used in the US to move money from one bank to another. If you’re using this method, keep in mind that many banks limit how much money you can send daily, weekly, or monthly. Also, unlike cryptocurrency exchanges that operate all the time, banks have specific hours when they process these transfers.

When you want to withdraw US dollars (USD) to your US bank account, Coinbase says it usually takes 1-5 business days. Before you start your withdrawal, you can check when your money is expected to arrive on the Trade Confirmation page. After you’ve placed your withdrawal order, you can check the History Page to see when to expect your money in your bank account.

SEPA (for European customers)

SEPA stands for Single Euro Payments Area. It’s a system that European banks use to send and receive Euros (EUR) between banks in different countries. On Coinbase, withdrawing Euros (EUR) to your bank account in the Eurozone usually takes 1 or 2 business days. If you use a wire transfer, it only takes one business day.

GBP Bank Transfer (for UK customers)

For customers in the UK, when you sell Bitcoin, the money will instantly appear in your GBP wallet on Coinbase. However, if you want to move this money to your bank account, you need to use a GBP bank transfer. This usually takes only one business day.

Conclusion

Coinbase is a very popular exchange because it’s secure, easy to use, and handles a lot of trading. If you live in the US, the Eurozone, or the UK, it’s fairly easy to withdraw your money within a few working days.

Unfortunately, Coinbase doesn’t yet have a way for Australian customers to withdraw money directly. However, if you live in Australia and have digital assets in your Coinbase account, you can transfer your funds to another exchange or wallet for free and withdraw your money from there.

Remember, whether you’re buying, selling, or withdrawing cryptocurrency, it’s important to understand the process and any fees involved. Always double-check the details of your transactions before confirming them. If you’re unsure about anything, Coinbase has a help center with lots of information, or you can contact their customer support for assistance.

Cryptocurrency can be an exciting investment, but it’s also important to be careful and informed. Make sure you only invest what you can afford to lose, and always keep your account secure by using strong passwords and two-factor authentication if it’s available. With this guide, you should now have a good understanding of how to use Coinbase to buy, sell, and withdraw your cryptocurrency.