Coinbase does say that and it's true that if you transfer your USDC to an ETH address on Coinbase, you could lose your funds. However, the good news is that you don't have to do that! Instead, you can choose to transfer your coins to any other exchange that offers a deposit address on the ETH network.
For example, other exchanges like Kraken, Kucoin, or Bitfinex support USDC on the ETH network. The drawback is the large ETH fee gas fee. Secondly, you can first exchange it to BUSD (stable coin), then transfer it to the bank later. Hope this helps!
Topic: USDC - ERC20 Coin - Where To Transfer To To Sell And Put Funds In My Bank A/C (Read 137 times)
December 07, 2022, 02:36:40 AM
December 06, 2022, 10:01:35 AM
I ended up using Paybis for my wallet for storage and then I transferred that to Gemini and then cashed out that way.
Pretty simple process and costs around USD14 per USD1000 withdrawn.
Are those fees reasonable or are they high just for future reference?
It's reasonable since currently the Ethereum Network isn't busy, so the fees is cheaper than usual. You might get asked to pay $30-$50 when the network is busy, the fees is depends on the network, not on how many token or funds you've withdraw.Pretty simple process and costs around USD14 per USD1000 withdrawn.
Are those fees reasonable or are they high just for future reference?
Im not using coinbase but if you wanted to directly on your bank, then the best option is Binance P2P. Just mind you of the kyc requirement for this since you are gonna connect your bank. Also depends on your country but they almost supported all so I guess theres no proboem unless your country is highly remoted area foe cryptocurrency adoption.
The @OP already said he's using Gemini to cash out his money, so this mean he's okay with KYC matters. IMO it's better to use centralized exchange than centralized P2P since P2P has low volume and there's a chance you will get scammed.
December 02, 2022, 02:26:08 AM
Hi All,
I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
Im not using coinbase but if you wanted to directly on your bank, then the best option is Binance P2P. Just mind you of the kyc requirement for this since you are gonna connect your bank. Also depends on your country but they almost supported all so I guess theres no proboem unless your country is highly remoted area foe cryptocurrency adoption. I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
December 02, 2022, 02:16:52 AM
Thanks everyone,
I ended up using Paybis for my wallet for storage and then I transferred that to Gemini and then cashed out that way.
Pretty simple process and costs around USD14 per USD1000 withdrawn.
Are those fees reasonable or are they high just for future reference?
I ended up using Paybis for my wallet for storage and then I transferred that to Gemini and then cashed out that way.
Pretty simple process and costs around USD14 per USD1000 withdrawn.
Are those fees reasonable or are they high just for future reference?
October 11, 2022, 06:50:51 AM
Op i don’t know which country are you live in. but You can see if your country's currency is listed in Binance p2p trading and if it is then you can easily exchange your USDC to USDT and sell with your country's currency and the buyer will send the money to your Bank A/C. Binance p2p is very easy and safe place to sell crypto with Fiat. I have used it many times and i am still regularly using it
October 11, 2022, 06:47:47 AM
...Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account..
can transfer my USDC there and then sell these and transfer the funds to my bank account..
In your message, you did not specify which fiat currency you ultimately want to receive after exchanging your existing USDC. If this is one of the national currencies supported by the Binance exchange, then you can first exchange your stablecoins for it, and then make a withdrawal directly to your credit card.
October 11, 2022, 05:00:02 AM
The first question is what network you have received your USDC? this must be clear caused by when you are transferring to the different network and it may make you lose your money. I think that you shall provide more information about this. The exchange site like FTX, Kraken, binance were also accepting USDC deposits, I have been actively using USDC stable token as well. I never face any problem with it. You must be more specific about your explanation.
October 11, 2022, 04:27:02 AM
Hi All,
I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
Does this mean your coin is transfered to a wallet that is not in an exchange? If so, you actually have to transfer to an exchange where you can then trade it in the P2P so that your money will be sent to your Bank account. I understand some if not most of the cex have you do KYC so you might want to look at verified exchanges without KYC if you don't want to do one for this transaction and yes, you might also want to look at networks with lower transfer fees so that you don't lose most of your USDC. I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
October 11, 2022, 02:08:26 AM
There's no centralized exchanges offer a single address that can receive coins in various network, different network will generate different address and there's no centralized exchanges are willing to move your coins in case you send to wrong address.
Since you're saying it's USDC on ERC20 network which is ETH network, you should click the USDC receipt address on Coinbase that using ETH network, it's started with 0x...
Since you're saying it's USDC on ERC20 network which is ETH network, you should click the USDC receipt address on Coinbase that using ETH network, it's started with 0x...
October 10, 2022, 10:41:48 PM
~~
Another option is Binance, but you need to convert first your USDC to other cryptocurrencies since Binance started not to support USDC anymore. So much better convert USDC to USDT first before sending to Binance if you want to use Binance then use P2P, sell your USDT to fiat currency.
Another option is Binance, but you need to convert first your USDC to other cryptocurrencies since Binance started not to support USDC anymore. So much better convert USDC to USDT first before sending to Binance if you want to use Binance then use P2P, sell your USDT to fiat currency.
If I remember correctly, for binance there is no need to convert USDC to USDT or other cryptos. You can still get other stablecoins but once the transaction is confirmed successfully all your USDC will be automatically converted to BUSD, USDT deposit ports still working on finance.
It is important for the OP and his client to identify the exact network they both use to make transactions and this is probably quite unfamiliar to the OP, perhaps he has never used crypto before. Whether it is bybit or FTX it is still important to identify the right network or they will lose money.
October 10, 2022, 10:30:41 PM
Hi All,
I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
Obviously you already have a wallet where you got the stablecoin. If its a wallet where you have the keys, then you need Ether for transaction fee to send it.
Your employer should have told you the way to do it since they know you are new to it. If you do have Ether already just send the token to the ETH wallet also, this is important to not lose them.
P2p Platform is your option to send the money to your account. There had been lots of these including the popular exchanges like Binance.
October 10, 2022, 10:19:30 PM
If i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via.
there it could get lost as there are 3 or 4 networks that it can be transferred via.
You'll face this issue everywhere, there's no exchange that's going to be free from this (that's popular anyway).
If it is erc20 usdc, you just need to select ethereum on the network selection (but it should already be selected). You're also looking for an address that begins with 0x if sending to an ethereum/erc20 wallet.
October 10, 2022, 08:41:12 PM
Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
(......)
Try Bybit exchange, they have P2P for USDC which you sell your USDC exchange to fiat currency like USD or your country's fiat currency.can transfer my USDC there and then sell these and transfer the funds to my bank account.
(......)
Another option is FTX, but I believe it will take some time to get withdrawn to your bank.
Another option is Binance, but you need to convert first your USDC to other cryptocurrencies since Binance started not to support USDC anymore. So much better convert USDC to USDT first before sending to Binance if you want to use Binance then use P2P, sell your USDT to fiat currency.
October 10, 2022, 08:07:50 PM
Hi All,
I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
I have been paid by one of my clients in USDC which i believe is a stable coin. I have looked on coinbase and they say that technically if i transfer
there it could get lost as there are 3 or 4 networks that it can be transferred via. Can anyone recommend a similar company to coinbase so that i
can transfer my USDC there and then sell these and transfer the funds to my bank account.
Thanks in advance.
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