- Trying to deposit a non-supported token may result in the loss of tokens.
- Send a small test amount first
- Beware when choosing the network which you want to use for sending crypto
How to Withdraw Cryptocurrency on Coinbase
Sometimes we would like to send some crypto to our friends. It could be to repay a debt or just to get them started on crypto, whatever the reason, we have friends that we exchange crypto with. In today’s article, we will see how we can send crypto from Coinbase to our friends.
First of all, we go to our Coinbase account. Here you can see that we have a “send/receive” button at the top right corner. This is the place you will do every deposit and withdrawal move in and out of your Coinbase account. Normally in all other exchanges, they are called “deposit/withdrawal” but Coinbase is unique in this sense. Click on it and you will see a tab opened.
On this tab, the left side is Send and the right side is Receive. We will be “sending” to our friend so click on the “send” one. You will see four places that you need to fill out to send.
First of all, how much you would like to send, Coinbase uses dollar figures so you will write how much in dollar terms or you could click on the “send all” button if you want to send it all. Then we have the “to” column which is the address we want to send to.
👉 This part is important because we are not getting it from a website this time around, we are getting it from a friend. Talk with your friend or help them set it up themselves and learn their address. You need to double-check it and make sure it is the right one. From coin to network, everything needs to be understood correctly. After you get the address from your friend, go back to this page and paste that address on the “to” column.
The note is irrelevant and not a “must”, you can write something quirky for your friend or you could leave it empty if you do not want to.
Then we come down to the most important part, the coin selection. As we have talked with our friend and learned his address, we need to pick the same coin that they want to receive as well. Also making sure which network they gave and which network we are sending from Coinbase as well. Click on the “pay with” column with the coin name to go to the selection part.
Here we will select which coin we want to send with. It will be the last stage before the confirmation part comes along. Either pick from the list or search for it, the same thing in the end when picking it, that will be the coin you are sending. Any mistakes and the money will be forever gone.
After you have filled each column, and double-checked with your friend, you will see this page. It will show you the address, the coin, the fee, and everything else, this will also show you how long it will take for your friend to receive the coins as well (estimated). At the end of the day if you are not sure, check it all over again here before you send it. If you are certain that all the information is correct, click the “Send now” button. After clicking it, the coins will be on the way.
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How can I follow my transaction?
Depending on which coin you are sending, almost all of them have a thing called “blockchain explorer”. These are the websites where you will be able to follow your transaction. So if you picked BNB to send or anything on the BSC network, then you could use https://bscscan.com if you want to. These are the places that you could use in order to see if Coinbase sent it, or if your friend received it.
What is the transaction speed average?
Coinbase is not a slow exchange to send crypto. They will notify you once they received your confirmation, and they will notify you as soon as the coins leave your account as well. However, the time usually depends on which coin you have picked. Since Coinbase is quick, usually the transaction will be done within 15 minutes no matter which coin you have picked.
Does Coinbase have crypto withdrawal fees?
Coinbase doesn’t have a fixed rate on what they charge you. This means you will need to use the estimated cost they give you during the process. You can see on the last page where it shows the estimated costs of withdrawal. That is the amount you should be expecting to be charged when sending coins. You could see how their system works from this page.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com