Topic: Withdrawing profits from Coinbase? - page 2. (Read 264 times)

You asked about some other things when it comes to that CEX, and considering all the answers you got and that every exchange has a FAQ, by now you should already be someone who helps others, and you seem like someone who just yesterday heard that cryptocurrencies exist...

Congratulations, you have officially joined the jerry0 club!

How are you sure that this is the safest exchange I have an account on Coinbase they locked my account and forced me to verify KYC even though I provided my documents according to them they are not offering any service in my country and my funds are locked and can't able to withdraw but I'm fine it's just a small amount the bad thing that I did is I submitted my documents even I already warned by some friends.

Maybe it is safe for those who live in supported countries but not safe for people outside of these countries.

Just always remember that if you don't have full control of your coins/holdings if this exchange suddenly hacked or down you don't have any chance to recover all of your holdings. Like others said "Not your keys, Not your coins"

I do have some of my holdings on a cold wallet but I have some on Coinbase too.

It costs every time I send my crypto to and from my cold wallet so trying to limit that and Coinbase is the safest exchange.

Why don't you move them to your non-custodial wallet like unstoppable or Trust wallet? Holding your coins in a centralized exchange is never advised. I do not ask you not to use the exchange. You can use it to sell your altcoins or exchange it. But, I don't understand why are you using the centralized exchange to hold your altcoins. We have seen a lot of cases where coinbase users reported that coinbase closed their account and their support did not respond to their queries. I wish that does not happens to you. But, what if something like this happen with your account?

Just to confirm , I do not hold any Bitcoin currently I am all in altcoins.

I know that many don't like that but my portfolio is up over 50% currently so not doing too bad.

I plan to make decent profits this bull run with my altcoins and then convert a lot of it into Bitcoin to hold till 2030 at least.

I guess you're a day to day and it's good to know that you're thinking of withdrawing your profits from coinbase exchange because it's not good to have your funds on a CEX.

Coinbase exchange has a fixed withdrawal fees for all digital assets. If the coin you've on Coinbase is Bitcoin and you wish to hodl bitcoin on your wallet, then the withdrawal fee is unavoidable but if you want to sell your Bitcoin immediately to fiat, then you can convert it to TRX, the withdrawal fee is cheaper. Withdraw and trade with a buyer for cash via P2P.

I am not planning on withdrawing yet , not for another few months at least until the halving.

I just want to be prepared.

If you want to withdraw your coins to put on a noncustodial wallet, that is good. Use cold wallet for huge amount. If you want to withdraw to sell your coins I think it is too early.

Coinbase is a centralized platform. The fee is based on what Coinbase put on there. There is no way that you can pay less fee if you want to withdraw your bitcoin.

Coinbase is a centralized exchange so they indirectly control the amount of fees you pay when you try moving your coins or swapping them to other altcoins or even fiat. The fees are most times high because of the charges they bill you when you move your coins. Plus most of these big exchanges have mining pools so they can use low fees to move the coins for you bill you a high fee and confirm the transaction on the network via their nodes. And since they are in control of the coins you can't alter any of these strategies.

Now withdrawing profits from your Bitcoins this early already classes you as a short term holder. Now let's say for example you had about 0.1 Bitcoins before this recent price increase . 0.1 Bitcoin before the recent value increase was worth about 4000-4200 in dollars. Now following the current increase in price of Bitcoin, you should have about 5000 -5100 in dollars which is a profit of about $1000. If you should compare this to someone who had that same amount of Bitcoins about a few years back when Bitcoin was about $22k he would have made a profit of over $2800.

When it comes to Bitcoin, long term hodling is more profitable compared to hodling for short term except you are of course a whale  

PS ; If you wish to hodl some Bitcoins please do well to avoid using an exchange because the have total control of your assets.
If you wish to hodl set up a cold wallet and keep your keys safe mate.

I haven't asked about Coinbase withdrawal fees before 

You show an incredible inability to completely ignore your previous questions and all the answers and start all over again. Before something comes to your mind, go through your post history and I'm pretty sure you'll find answers, because the chances are very high that you've already asked the same or similar question.

I have already written to you many times that every service has its price, and you are not at all special to be able to get more favorable fees when it comes to selling/buying or withdrawing fiat to your bank account.

Bull run is heating up and I want to have a plan in place for when it comes to selling and withdrawing profits back to my bank later this year.

I mainly use Coinbase and I haven't cashed out any profits up till now so want to be prepared.

Is there a way of paying less fees when withdrawing?