Category: 2. How to cash out bitcoin on various platform and apps

Each exchange has a slightly different process for selling your cryptocurrency and cashing out. Here is the process for several top exchanges.

How to Cash Out Bitcoin on Coinbase

At Coinbase (or Coinbase Pro), start by selling your crypto for U.S. dollars.  This is the process:

1. You do this by clicking on the “Buy/Sell” button on your web browser or the Coinbase mobile app.
2. Next select the sell option and set the amount you want to sell.
3. Then click the button to preview your sale and the final “sell now” button to confirm.

There may be a short processing time to complete your transaction before you can withdraw. Also, if you made deposits recently, there may be a holding period for your deposit to clear before you can withdraw.

When your funds are eligible to withdraw, open your USD wallet to initiate the withdrawal. Transfers to your bank account via ACH (electronic funds transfer) are free with Coinbase.

Whether you’re a newly minted crypto millionaire or just want to get out before you lose any more, the process to cash out bitcoin is the same. In general, you follow the opposite steps you took when buying bitcoin, and there may be a few more clicks involved than when purchasing.

The main steps when cashing out cryptocurrency are:

1. Exchange your cryptocurrency for your local currency.
2. Transfer funds from your cryptocurrency account to your bank account.

If you have funds held in any cryptocurrency wallet that’s not connected to an exchange, you may have to transfer your cryptocurrency to exchange before you start with step one. (Or sell by direct trade or other methods.)

When transferring crypto between wallets, take extreme care that your receiving address is 100% accurate. If you send to the wrong address or an incompatible wallet, your funds will likely be gone for good.

Has the latest crypto crash and the possibility of an impending crypto winter got you spooked? If so, you’re not alone. With Bitcoin and Ethereum tumbling in 2022 amidst the one-two-punch of rising interest rates and soaring inflation, some crypto holders may be looking to cash out their assets before they fall any further.

Thankfully, withdrawing crypto is often fairly painless, although the level of ease will vary depending on the platform that you use. To cash out Bitcoin, you’ll first sell it using your preferred crypto exchange, a payment platform, or Bitcoin ATM. From there, you’ll withdraw funds to your bank account.

Keep reading to learn more about cashing out bitcoin to your bank account, with examples for some of the most popular crypto exchanges today.