It’s no secret that Coinbase is one of the most popular cryptocurrency exchanges out there. In addition to being a leading exchange, Coinbase is also a digital wallet where you can store your cryptocurrencies. So, what happens when you want to withdraw large amounts from Coinbase? Can you do it?
The answer is yes, but there are a few things you need to know first. Let’s take a look at everything you need to know about withdrawing large amounts from Coinbase.
Coinbase Limits
First things first, it’s important to know that Coinbase does have limits in place for both buying and selling cryptocurrencies, as well as for withdrawing funds from your account. These limits are in place to help protect both Coinbase and its users from fraud and other malicious activity.
With that said, the limits for withdrawing funds from your Coinbase account are pretty high. For example, if you use a linked bank account or PayPal account, you can withdraw up to $25,000 per day.
That’s a pretty high limit and should be more than enough for most people.
However, there is one caveat; if you try to withdraw more than $25,000 in a single day, your withdrawal will be divided into multiple transactions and each transaction will be subject to the $25,000 limit. So, if you try to withdraw $30,000 in a single day, you’ll actually end up making two separate transactions of $25,000 each.
Coinbase Fees
Next, it’s also important to know that Coinbase does charge fees for both buying and selling cryptocurrencies as well as for withdrawing funds from your account. The fees vary depending on the payment method you use and the amount of money you’re withdrawing. For example, if you use a linked bank account or PayPal account, the fee is just 1.49%.
However, if you use a credit or debit card, the fee is 3.99%. And if you’re withdrawing less than $200 worth of currency, the fee is $0.99.
Of course, these fees can add up if you’re withdrawing large amounts of money from your Coinbase account. So, if you plan on withdrawing more than $10,000 worth of cryptocurrency from your Coinbase account in a single day, you should expect to pay some pretty hefty fees.
How to Withdraw Large Amounts From Coinbase
Now that we’ve covered some of the basics, let’s take a look at how you can actually withdraw large amounts from Coinbase. The process is actually pretty simple and only takes a few steps. Here’s what you need to do:
1) Login to your Coinbase account and click on “Accounts” at the top of the page.
2) Find the cryptocurrency you want to withdraw in the list of accounts and click on “Withdraw” next to it.
3) Enter the amount of cryptocurrency you want to withdraw in the “Amount” field and select your payment method in the “Payment Method” drop-down menu.
4) Click on “Withdraw [Cryptocurrency]” and confirm your withdrawal by clicking on “Withdraw [Cryptocurrency] again in the popup window that appears.
And that’s it! Once you complete these steps, your withdrawal will be processed and the funds should arrive in your account within a few minutes (depending on the payment method used). Just keep in mind that there may be some delays if there is high network traffic or if Coinbase is experiencing any technical issues.