How to get your cash out of Coinbase!

UPDATED 16/1/2017: This may not work for people in the US & Canada. Confirmed working in UK & EU. Please leave a comment with your location if this worked for you. See end of blog for confirmation from people this has worked.

I have been a user of Coinbase (click Coinbase to join using my referral link) for around 9 months. I like Coinbase because they do a good iOS app – allowing you to deposit cash quickly and easily by card and buy digital currency. You can secure the app with a PIN, or TouchID and keep track on your investments in one easy place. There is also a decent Chrome plugin to track prices with notifications if it hits a high or a low.

However, what good are your financial gains if you can’t get them out? This is where Coinbase is currently failing badly. Coinbase experienced exponential growth at the end of 2017, well documented in the press & on their own website at times of usage. Digital currency boomed and I believe the Coinbase app became of the top 10 apps on the iTunes store. Clearly as a customer their service suffered. The app regularly crashed, wouldn’t load, the website regularly would not load – and even during buys and sells, it would time out or the transaction would fail.

Recently I wanted to sell my digital currency and withdraw the cash to use for Christmas. To do this you need to verify your bank account by sending them a payment – anyone reading this probably knows that process. The money you then send appears in your wallet after around 2-3 days. Technically then you should have verified the bank account is yours and should be able to withdraw. Sadly that is a big fat nope.

A very quick search of the words “coinbase withdraw” on Twitter returns lots and lots of people who are now trying to withdraw their funds and as of the time of writing, it’s simply doesn’t work. If you are doing it on the app, you’ll be fed up of this;

Please verify a bank account message on Coinbase.

So – how do you get your money? Create an account on Bitpanda (click the word to use my referral link). Once done head straight to the verification section and complete the steps required to get as far as Verification Silver. I did this recently and was at Silver in a couple of hours. Also – enable Two Factor authentication as you’re going to be sending your digital currency here.

Once verified, head to wallets at the top left of the site. Get your wallet address for the applicable currency (Bitcoin/Litecoin/Ethereum etc). Then go back to Coinbase and send your digital currency from your Coinbase wallet to your new new Bitpanda wallet address. Fees may be applicable here. Once your digital currency is showing in Bitpanda, simply hit the Sell button.

Sell window on Bitpanda.

Choose the Bank Transfer option, go through how much you wish to sell and then fill out your details – you’ll need your IBAN from your bank account (usually on statements) and make sure the name matches the name on your bank account. Go through the process and your digital currency will sell, with the funds being dispatched to your bank. I had to wait 3 business days but the money arrived this morning.

If this guide has helped you, you are welcome to send a token thank you to one of my wallets.

Bitcoin: 31kV7nG571t8j7oWFf3ErEWfTt9iyaxA1v
Bitcoin Cash: 1CkBv1x69yrB9ekTibQNdnMQbmbF34bird
Ethereum: 0xE6dCFfee98f9C63D4F488bd72473c5936Afea968
Litecoin: 33AeT5fvo4wPJh3tvwAcHWeepCfAv5hshm

 

 

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