Topic: Withdrawing profits from Coinbase? (Read 264 times)

I can see you are saving other but you need to be wise and cash out your profits because anything can happen in the market and if things go wrong, it might affect you because you have not even taken any profits from the market. You need to learn the habit of cashing out your profits because that is the evidence that you made profit. Profit that has not been cashed can be used to trade and loses might be the outcome if necessary precautions are not in place.

Nobody here can you tell you what will happen to any centralized exchange, so many of them have failed in the past and if the people who lost their money knew the exchanges were going to fail, they would have moved their money out. If anything happens to Coinbase, i'm afraid you will find out when you have already lost your money.
The whole market might definitely go down and the price of Bitcoin and other coins might fall, but it would only be temporary, after some time, the price will bounce back and return to the normal order of things.

Nothing happen yet on coinbase but it doesn't mean it is safe. Just as you can read on the post above mine is that many people think it's safe until something happen. I wouldn't recommend using cex to store your crypto and it is much better if you hold it in a wallet that you have full control like the recovery phrase is accessible to you alone and no one else. I am sure most people would also say the ssme thing on not storing your crypto in a centralized exchange.

Nobody thought anything bad would happen to MtGox but it happened and the market went down like there was no tomorrow. About limited bull run, I don't know, covid made BTC fell to 4k before last halving and it went up as expected, but there is no guarantee on what would happen now.

JamesDaniel90, you're free to do what you want with your investment. Cryptos are risky for several reasons and we might, for example, feel safer hodling for the long term in our shiny hard wallets and wait for too long before liquidating, after an eventual crack or disinterest comes and makes our investment worth much less. And, in that case, you'd have made the right decision holding a part in a CEX and selling at the right moment.

Chances of happening the contrary seem more probable, at least in this forum, but who knows. You already know the version of the majority, so you can make an informed decision.

And, about the fees, you're already aware too that liquidating that way will mean some costs. Assume them or calculate alternatives like swapping your coins to the one(s) with the cheapest transaction costs before withdrawing. And if the costs are not too high and doing your own research on how to reduce them will make you lose time that is more valuable to you than the potential savings, don't give them too much thought.

Do we really think anything bad is going to happen to Coinbase?

If it does then the whole market will go down and there will be limited bull run.

I sent more to my cold wallet yesterday anyway , i now have 30% on Coinbase and 70% on my cold wallet.

I just like having some on exchange as it is easier to take profits quickly once something has pumped.

Make use of the network that has a lower fee selection, you can see that before making the transaction because it will show you the transaction charges for that particular payment.

Also underdressed that type of exchange you're using, then if you're holding, make it temporary, its good to make trades but always consider the demands, while making a transaction also, first look into the network you're using to perform the transaction, you may have to consider all these first for your own advantage to know whether you should proceeds or not,

Having your coins in a exchange is always risky. You can have some coins on exchanges in case of emergency trade. But, never hold it for a long term. I see that you are thinking about the withdrawal fees. You should know that exchanges always charge a fixed amount of transaction fees which is always a few times bigger than the original fees. I use centralized exchange too. I checked a few days ago that Bitcoin transaction fee on Binance was around 80K or 100K sat while the maximum transaction fee with a single input and output was around 10K sat. Did you see how big it was? It's not a good idea to keep your coin on a exchange to save fees. Instead, you are paying more fees.

Dear the plan of entry taking into the market matters but the plan of exit from the market matters more because if we see the previous bull run the market was suddenly starts going down with the big candles which means if you do not have a strong exit plan of this bull season which can prove a big wrong step for you so first make a good profit taking plan and book your profit from time to time.

Besides all that, if we come to the fee Point which you asked I am not pretty sure about it dear you have to conduct your own research for that or you can read other members suggestions mentioned above my reply. I am a Binance user the fees are quite fine for now but I am not sure if the fee may increase during the bull run. Well, it is so sure we have to keep in mind the fee problem before booking any profit I do not like one thing about Binance whenever I sell my any of the tokens totally i do not know why a small fraction left behind rather It should be sell 100% and also the order limit which is $5 atleast like we can not make any order less amount from $5.

Why are you holding the coins on an exchange? It's not norm to to keep coins on exchanges, not about the centralized reputation or what they claim, it's always better when you are done buying your crypto, the fees shouldn't be a workload for your to bear. Learn to send your coins to external wallet when you are done buying the coin.

To sell back, use the same exchange and send your coins on the exchange and sell on spot trading, it's as simple as that and you can also covert to USD and the select the available bank on your country.

You didn't specify which of the country you want to use so people can give you specific answer. You can also use the exchange P2P for fast sale to your bank just incase.

Yeah unfortunately quite a few of the altcoins I do hold are on ETH chain.

I currently have 50% on Coinbase & 50% on my cold wallet - I will send more to my cold wallet tonight as realise 50/50 split is too risky.

That is up to you mate. Spending a couple of dollars as a fee is okay. I don't know what altcoins are you holding. But, none of the altcoins chains are expensive except for the ETH chain. Most other chains like Tron, Solana, polygon, and others are almost free. They charge only a few cents per transaction. I don't think it's worth taking the risk for a few cents.

If you cannot bear the transaction costs, You should not hold that coin. Or you should not choose that chain. For example, Coinbase support only ERC-20 chain for USDT withdrawal which is too expensive. Who uses these chain these days? Coinbase are more expensive than usual transaction fees.

Fees are typically set by the exchange platform, which is centralized, so there is no way to pay fewer fees when withdrawing. I'm not sure if Coinbase fees can add up, but I think you can find that on their website structure. It's been quite a while since I haven't touched my small savings with them, and I haven't attempted to withdraw it yet. Hopefully, the profits you may gain won't just go towards covering your withdrawal fees. So, in the future, it might be better to store your assets in non-custodial wallets where you have full control over them, as opposed to exchanges. There are many reputable and secure options out there, and you can even set your own fees, especially for Bitcoin. Only transfer to exchanges when you want to trade.

Since Coinbase is a centralized exchange you won't be able to pay as arbitrary fees as you want to withdraw any coins from here. Since it is a centralized exchange, there is a fixed amount of fee set for withdrawing any coin, so you have to withdraw according to the fee given by them for any withdrawal. Let me take as an example suppose to withdraw your 600 dollar bitcoins from Coinbase exchange they charge a fixed fee of 20 dollars you want to withdraw bitcoins with less dollar fee but you can't even if you want to. So we should use wallets from which we can pay our convenient fees while withdrawing bitcoins.

When you mentioned bull market i guess you are talking about the Bitcoin bull market and if that is the case since your bitcoins are held on Coinbase and as a centralized exchange, the coin base has p2p and that is the easiest way to sell your Bitcoin when the price reaches your target, because, at some point, fees are applicable when you want to trade your coins and if that ks your situation it then means that, the amount you pay in fees will be determined by the coin you are holding.


Withdrawing to your bank account will be very easy through p2p and if you holding Bitcoin just like I earlier said, you may not need a fee to trade them on the exchange,  and from the look of things you should have known better by now because this is not the first time you have asked the question before,  you may have to take a look back on your previous threads with similar questions to find answers from replies of other there.

Then that's it, no matter what will be the fee then you have to prepare for it together with the tax that you're liable to pay.

I don't use Coinbase so, just going on through their website about the fees is where you'll mostly get the idea on how much you should be prepared for and with someone who's a regular user of it.

A plan to book the profit is a must in the bull run, because without one we might not be able to get the most benefit of it, but one thing is unsure here is that if you want to book your profit in the bull run then you can easily book them by trading, converting the tokens you want to sell into USDT or in any other stable currency. Once you will do that your profit will be booked and you can withdraw them anytime into fiat currency.

The point is you don't have to withdraw funds in order to book the profit, you just have to trade your coins in exchange of stable pegged currency. But if you want to withdraw your money, then p2p trading is not that fee consuming, I am not a user of Coinbase, but if you do p2p on Binance you see no fee there, but maybe you are charged by its that you are ok with the rates that other seller is offering. But if you want to withdraw funds from coinbase to another crypto wallet, then you have to pay fee and that's for sure.

I am not a Coinbase user, but I know that it is a good exchange platform. However, neither Coinbase nor other CEX platforms are not the safest options for holding crypto in the long term. I agree with @alastantiger that withdrawal through Bank Transfers (ACH) for US customers is free of fees. If you are not from the United States, check the link he mentioned, and if you would like to withdraw USDC currency, it is free of fees across all networks supported on the platform, such as Ethereum, Polygon, Solana, and others. ^{[They bear and cover the fees for this stablecoin for their clients]}

I hope that you will be able to withdraw your profits smoothly without any problems that you may encounter, but you must learn from the recommendations and advice of others so that you do not regret it.

I think an option is the bank transfer. It has zero withdrawal fee.  However, it is only available to only those in the United States and to have the zero fee option, you will have to be patient for some days about 3- 5days.

*https://help.coinbase.com/en/exchange/trading-and-funding/funding-your-account-with-usd

You need to chill out and not let the smallest things bother you 

Withdrawal fees are almost normal on almost all exchanges but I found the answer to withdrawing BTC from Coinbase 0.0003 BTC is equivalent to $15 at current prices, so when you have already made a profit of 50% of your portfolio then it is not a problem not to spend $15 just for the long term too?

So you now prefer altcoins as profit and then will buy bitcoin when bearish comes? Is that so? I'm not sure the bearish now will be as low as before.

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?