how to cash out on coinbase without fees

To cash out funds from Coinbase without incurring fees, users must create a fiat account, deposit crypto funds into it, and then withdraw the funds to their bank account.

Nov 26, 2024 at 05:58 pm

How to Cash Out on Coinbase Without Fees

Step 1: Verify Your Identity

Coinbase requires all users to verify their identity before cashing out funds. This involves providing personal information, such as your name, address, and date of birth, as well as a government-issued photo ID. Verification helps prevent fraud and ensures compliance with financial regulations.

a) Enter your phone number and click "Send Code."

b) You will receive a text message containing your verification code. Enter the code in the field provided and select "Verify."

c) Upload a photo ID. Coinbase accepts various forms of photo IDs including a driver's license, passport, or government-issued ID card. Ensure the photo is clear and meets the requirements specified by Coinbase.

d) Take a selfie by following the on-screen instructions. Coinbase uses facial recognition software to compare your selfie with your photo ID. Make sure your face is well-lit and centered in the frame.

e) Complete the verification process. Once your identification and selfie have been uploaded, Coinbase will review your information and notify you when your account is verified.

Step 2: Create a Fiat Account

To cash out funds to your bank account without fees, you must create a fiat account with Coinbase. A fiat account is a type of account that holds traditional currencies, such as US dollars or euros.

a) Log in to your Coinbase account and click the "Buy/Sell" button in the top navigation bar.

b) Select the "Sell" tab and choose the cryptocurrency you want to sell.

c) Choose "Bank Account" as the payment method and click the "Sell" button.

d) Enter the amount of cryptocurrency you want to sell and click the "Preview sell" button.

e) Select the recipient bank account and click the "Sell now" button.

Step 3: Deposit Crypto Funds to Your Fiat Account

Once you have created a fiat account, you can deposit crypto funds into it and cash out to your bank account without incurring fees.

a) Log in to your Coinbase account and click "Assets" in the top navigation bar.

b) Click the "Deposit" button and select the cryptocurrency you want to deposit.

c) Choose the fiat account you want to deposit the funds into and click the "Deposit" button.

d) Enter the amount of cryptocurrency you want to deposit and click the "Deposit" button.

Step 4: Cash Out to Your Bank Account

Once crypto funds have been deposited into your fiat account, you can cash out to your bank account.

a) Log in to your Coinbase account and click the "Balances" tab in the top navigation bar.

b) Select the fiat account containing the funds you want to cash out.

c) Click the "Withdraw" button and select the "Bank Account" option.

d) Enter the amount you want to withdraw and click the "Withdraw" button.

Step 5: Complete the Transaction

a) Coinbase will initiate a bank transfer to the specified account. Processing times may vary depending on the bank.

b) Coinbase charges a fee of 1% for bank transfers, which is deducted from the total amount withdrawn.

c) You will receive a confirmation email from Coinbase once the transaction is complete.