Sell on Coinbase
Coinbase is one of the most popular cryptocurrency exchanges and is considered the on-ramp to the crypto world. As of this writing, you can sell BTC, ETH, LTC, and BCC for fiat currency. Since very few exchanges offer to convert to fiat, this becomes the go-to when you need to cash out. This guide will go step-by-step on how to sell on Coinbase!
If you have not signed up for an account, please consider using my referral link! We both get $10 in BTC if you purchase more than $100.
NOTE: Selling on GDAX will save you on fees. Since they are run by the same company, your Coinbase account is already connected to GDAX. Check out the guide for selling on GADX to save on fees!
Steps to sell on Coinbase
1. Go to the Coinbase website and sign in
2. Click on the “Buy/Sell” tab
3. Click the “Sell” tab
4. Use the “Sell From” drop-down box to select the cryptocurrency you want to sell for fiat currency. In this example I want to sell Bitcoin (BTC), so I chose the “BTC Wallet”.
5. Choose the account that will receive the fiat currency. This should have any connected bank accounts, credit/debit cards, and the USD Wallet that Coinbase provides. In this example I am selling to my USD Wallet on Coinbase.
NOTE: If you keep money in the USD Wallet you can buy cryptocurrencies from Coinbase instantly. While you can buy instantly with a card, the fee for cards is 3.99% and the fee to purchase from the USD Wallet is 1.49%.
6. Fill in the amount you would like to sell in either USD or BTC terms. In this example I am selling 0.001 BTC and the USD auto-populates based on this amount. Also notice that the ‘receipt’ on the right has auto-populated with the details of this sell order.
7. Click the “Sell Bitcoin Instantly – $x.xx” button
8. Double check the transaction details and then click “Confirm Sell”
9. Assuming the transaction goes through, your BTC Wallet should be debited the amount you sold and then your USD Wallet will be credited. You can go to the “Accounts” tab, choose the BTC Wallet, and there should be an entry similar to the below screenshot.
That’s it for how to sell on Coinbase!
Coinbase is one of the few exchanges that allows you to go back and forth between cryptocurrency and fiat currency. They make it a very simple process although the fees can be steep. Guides on how to avoid these fees are coming soon, so be sure to check back. Also, be sure to keep track of your trading in case you need it for tax purposes. Here are 3 great cryptocurrency tax resources that will help with that!