Crypto

How to Convert Cryptocurrency to Cash on Coinbase in 2021

Ever wondered how to cash out Bitcoin or how to get your money from Crypto but not sure how to do so?   

The steps you need to take to be able to cash out cryptocurrency on Coinbase are the following:

Step 1Setup your account
1.Create an account on Coinbase
2.Fiat currency selection (EUR, USD or GBP)
3.First bank deposit
Step 2Cash out Cryptocurrency
1.Access your “Trade” section
2.Sell your crypto
3.Order to sell your crypto to USD, EUR or GBP
4.Confirmation of the submitted order
5.Withdrawal of your cash
6.Selection of the related trade
7.Cash out in fiat currency
8.Define the destination of the transfer

In this article I will show you the easiest way and step by step process to convert cryptocurrency to cash in 2021. 

Platform to use: The way to do it is through the trading platform Coinbase.

Coinbase is a fully regulated and licensed cryptocurrency exchange from the USA and it’s also one of the most trusted exchanges when it comes to money transactions and storing coins.

How long does it take: It takes a little bit of time to transfer the coins to Coinbase and then get connect your bank account but it’s definitely the easiest and safest platform to do it.

To sell cryptocurrency for cash on Coinbase takes about 2-5 work days before you will see your money in your account.

How to convert Cryptocurrency to cash

Step 1 - Setup your account

The only thing you need to do is to connect your bank account with a first deposit and then you are able to convert cryptocurrency to USD or any other fiat currency.

1) Visit the exchange and create an account (it only takes a few minutes and you will need to provide your credentials, a ID document and an utility bill).

Mainpage Coinbase

2) Choose a fiat currency (EUR, USD or GBP).

3) Make a first deposit with your bank account. 

I used EUR but you can use USD or GBP.

When you have made a deposit with either EUR, USD or GBP you are free to convert cryptocurrency to cash into your bank account.

Now, after you have registered with Coinbase, let’s go through the differnt steps to cash out your cryptocurrency.

Step 2 - Cash Out Cryptocurrency

1) Access your “Trade” section.

2) Sell your crypto for a given amount (eg. EUR 25).

Mainpage Coinbase
3) Give the order to sell your crypto to USD, EUR or GBP.
Mainpage Coinbase

4) Your sell order is now submitted and the proceed of your sell will be deposited on your account.

Mainpage Coinbase

5) Now to withdraw this amount, access your “Portfolio” section. 

6) Select the related trade.

Mainpage Coinbase

7) Withdraw the amount in fiat currency.

Mainpage Coinbase

8) Define the destination of the transfer (your own bank account). The withdrawn amount will then be deposited on your account. 

It will take a little while for the funds to arrive, but after that you have connected your account to Coinbase.

This is how to sell cryptocurrency for USD, GBP, or EUR. 

As you can see, it’s very easy to cash out crypto, it only takes a few days for the bank transfers to go through.

When that is done you can convert crypto to cash as often as you want.

How to sell Cryptocurrency for USD

If you live in the USA or any other country and you want to convert cryptocurrency to USD, the way is very simple. 

The only thing you need to do is to create an account on Coinbase and then connect your bank account.

The way you do it is to make a first deposit with your bank account.

Then when it’s connected to the exchange you are able to convert crypto to USD into your bank account.

The transaction might take anywhere from 2-5 workdays, but that’s worth it if you want a safe way to cash out your cryptocurrency.

Now you know how to sell cryptocurrency for USD and if you need a guide to help you, check the step by step guide at the beginning of this article.

Conclusion

This has been a step by step guide on how to convert cryptocurrency to cash. 

If you are interested in how to cash out crypto, how to sell cryptocurrency for USD, or how to sell crypto in general, this guide is all you need.

The best way to sell your cryptocurrency is through Coinbase and in this step-by-step guide.

It’s pretty easy to do it, the only thing that takes time is the bank transfers between the Coinbase account and yours.

Once you bank account has been connected to Coinbase you are free to cash out crypto.

FAQ

Can Cryptocurrency be exchanged for cash?

Yes, it can. The easiest way to exchange cryptocurrency for cash is through Coinbase.

How do I cash out Cryptocurrency?

There are three steps to cash out Cryptocurrency. 
1. Create an account on Coinbase.
2. Connect your own bank account with a bank transfer deposit.
3. After you have connected your bank account you can now sell cryptocurrency for cash to your own bank account.

How to convert cryptocurrency to USD?

Coinbase lets you convert cryptocurrency to USD, GBP, or EUR. 

Read this step by step guide to learn exactly how to do it.

Where can I sell my Cryptocurrency for cash?

Coinbase lets you sell Cryptocurrency for cash in a very easy way. 

Read this tutorial to know exactly how to do it.

Mat

Mat is the founder of cashtipsandtricks and has been working in the financial sector in Luxembourg for the past 10 years. He brings his insights as blogger, investor and entrepreneur.

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