Topic: Newbie - Wallet - Payout - Timeframe. - page 2. (Read 239 times)

What are you referring to with 'taking profit' ?

Withdrawing the funds to your own wallet ? This takes a few minutes until they broadcast the transaction. Additionally the time it takes to confirm the transactions (this depends on the amount of transactions in the mempool and the fee paid by coinbase).
Overall this can take between 5 minutes and a few hours until you have your balance confirmed in a wallet.

If you refer to selling your crypto to get fiat profit, you can do this instantly. Just sell your crypto via limit order or market.




Trading fees? No, only if you use another exchange.
Withdrawal fees? All exchanges have withdrawal fees. They have to cover multiple transactions (Consolidating deposits, moving to and from cold storage and your withdrawal itself). There are exchange which charge more and less than coinbase.


This forum here is a good place to get started.
There are tons of threads and guides which are helpful for beginner.


And as OmegaStarScream said.. don't use an exchange or an online wallet for storage.
If you can afford (i.e. if the costs are not half of your crypto holdings), get a hardware wallet. They store your private keys isolated and never release them.
If you can't or don't want to buy one, a desktop wallet would be the best way to go (e.g. electrum).


And if you at some point need help, feel free to ask. There are a lot of people here ready to help you out.

1. You shouldn't store large amounts in online wallets or exchanges.
2. Not sure about iOS but for Android, it's the best wallet out there.
3. They will make the payment instantly (or a few minutes) but when it will arrive all depend on the payment method you're using and your bank processing speed.
4. If you're referring to the network fees, you can lower them but your transaction will take time to get confirmed. As for the exchange, you can look for exchanges that has lower fees, but that's pretty much it, you can't lower them.

Hello,

Complete newbie since a week and a bit overwhelmed by surprise.

Bought crypto coins for the first time ever last weekend in a mood.
Without reading anything, just a gamble you could say.

Opened an account and downloaded the Coinbase app.
Bought quiet a lot of one type of coin and now I’m stuck.

There’s so much to read that I don’t know what to do at all.

some questions.....
1. Is Coinbase ok to keep a whole lot of crypto coins/value on?
2. Is Mycelium a good wallet to transfer my coins to?
3. If I wanna take my profit on Coinbase can they instantly payout the amount I want or does it take time?
4. Can I avoid the fees somehow or have less fees as they are big amounts which surprised me to be     honest!

Any suggestion or advise whatever  would be nice, I’m reading quiet a lot but can’t seem to choose because there’s so much info in several directions.

Thanks in advanced