Coinbase is one of the most reliable cryptocurrency trading platforms, having drawn millions of users in the last few years. You might have noticed that there is a little learning curve as a new user of the site, particularly when it comes to withdrawing money from Coinbase.
, even though I have money? These platforms frequently impose restrictions as a means of security and occasionally to finish verification procedures.
You can get around the limitations and take your money out of Coinbase with the aid of DoNotPay. This post explains the reasons why you can’t withdraw money from Coinbase and how DoNotPay can assist you in quickly getting your money back.
A safe online marketplace for buying, selling, storing, and transferring cryptocurrencies is Coinbase. It provides a safe platform for cryptocurrency trading and investment. Users can take their money out whenever they’d like after receiving it.
Unfortunately, some customers have been complaining recently about . Some complained that their money was held back for up to three weeks.
Users’ anxiety was only increased by these reports and complaints, particularly in light of the current state of the market and rumors that Coinbase is having operational difficulties.
Coinbase is a popular cryptocurrency exchange that allows users to buy sell, and trade various digital assets. While the platform boasts millions of users some may encounter difficulties withdrawing their funds, leading to confusion and frustration.
This comprehensive guide aims to address the question “Why can’t I withdraw from Coinbase?” by exploring various reasons for withdrawal restrictions, providing solutions, and offering additional resources for further assistance.
Understanding Available Balances
Before delving into withdrawal restrictions, it’s crucial to understand the concept of “available balance” in Coinbase Your available balance represents the amount you can currently withdraw from your account, either by sending cryptocurrency or cashing out. It’s calculated by subtracting any funds on hold from your total account value.
Funds on Hold
When you use a linked bank account (ACH) to buy cryptocurrency or add cash to your account balance these funds are placed on hold and won’t be immediately available for withdrawal. This hold period typically lasts a few days and serves as a security measure to prevent fraudulent activity.
Factors Affecting Hold Periods:
- Account history
- Payment activity
- Transaction history
Important Note: Coinbase cannot reduce the hold time, and the hold period typically expires by 11:59 PM PST on the date listed.
Reasons for Withdrawal Restrictions
Several factors can contribute to withdrawal restrictions on Coinbase:
1. Incomplete Verification:
Coinbase requires users to complete KYC (Know Your Customer) verification to ensure compliance with regulations and prevent financial crimes. Incomplete verification can hinder your ability to withdraw funds.
2. Recent Credit Card Purchase:
If you recently made a purchase using a credit card, Coinbase may place a temporary hold on your account for security purposes. This hold typically lasts a few days and will be lifted automatically.
3. Account Flagged for Fraud:
Coinbase may flag your account for suspicious activity or potential fraud, leading to withdrawal restrictions. If this occurs, you’ll need to contact Coinbase support for further assistance.
4. Frozen Account:
In rare cases, Coinbase may freeze your account due to compliance issues, security concerns, or other violations of their terms of service. If your account is frozen, you won’t be able to withdraw funds until the issue is resolved.
5. Geographical Restrictions:
Coinbase operates in specific countries and may have restrictions on withdrawals based on your location.
6. New Account Holder:
If you are a relatively new account holder, Coinbase may impose temporary withdrawal limits as a security precaution. These limits will typically increase as you establish a positive account history.
How to Fix Withdrawal Issues
1. Complete Verification:
Ensure you have completed all required verification steps on Coinbase, including identity and address verification.
2. Wait for Hold Period to Expire:
If your funds are on hold due to a recent ACH transfer or credit card purchase, wait for the hold period to expire.
3. Contact Coinbase Support:
If you believe your account has been flagged for fraud or frozen, contact Coinbase support for assistance. They will investigate the issue and provide guidance on resolving it.
4. Use DoNotPay for Faster Resolution:
DoNotPay offers a convenient and efficient solution to bypass withdrawal restrictions and access your Coinbase funds. Their automated system can send a demand letter to Coinbase, potentially expediting the resolution process.
Additional Resources
- Coinbase Help Center: https://help.coinbase.com/en-au/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/available-balance-faq
- DoNotPay: https://donotpay.com/learn/why-cant-i-withdraw-from-coinbase/
Understanding the reasons for withdrawal restrictions and available balances on Coinbase is crucial for managing your funds effectively. By addressing incomplete verification, waiting for hold periods to expire, contacting support, or utilizing DoNotPay’s services, you can overcome these restrictions and access your funds.
Convert From Crypto to Fiat
- After logging into your Coinbase account, select “Trade” from the menu on the left. Alternatively, click on the “Buy/Sell” button on the top right. You’ll see a dialogue box appear with the option to exchange cryptocurrency for fiat.
- Choose the “sell” tab at the top and enter the desired amount of cryptocurrency to be converted. Select the cryptocurrency asset you want to convert and the cash you want to take out. Lastly, choose “Preview Sell” to confirm your transaction details.
- Head over to your portfolio page. Once you reach the “Your assets” section, scroll down and select the fiat balance that you converted in the preceding step. For context, assume youre withdrawing USD.
- On the USD asset page, select “Withdraw” by clicking the box on the right. Select if you wish to take out the entire balance of your assets or just a portion of it from your account. Click “withdraw” to proceed.
- On the following screen, select your payment method from the available options. The payment methods associated with your Coinbase account determine which options appear on the screen. Click the “Continue” button after choosing your payment method. Before completing the transaction by clicking the “withdraw now” button, double-check the transaction details.
How Long Does It Typically Take to Withdraw from Coinbase?
A formal withdrawal takes one to five business days, and the exact time it takes to receive your withdrawal depends on a number of factors. Unfortunately, some withdrawals can take up to three weeks to process, so this isn’t always the case. In some cases, withdrawal from Coinbase is almost impossible.
How to cash out your funds using the Coinbase app
FAQ
How long do I have to wait to withdraw from Coinbase?
Why can’t i cash out instantly on Coinbase?
Why is my Coinbase account restricted to withdrawals only?
How to withdraw money from Coinbase?
There is an option on the platform to withdraw directly to the bank account or one’s debit card. While the minimum withdrawal of money may change occasionally, there is a fixed requirement for withdrawals in crypto. Coinbase does not allow the user to even go through with the withdrawal process at all if the amount mentioned is low. Solution.
Why do Coinbase withdrawals get rejected?
It is best to scan the QR code or copy it to the clipboard to avoid typing mistakes. This is a common reason for Coinbase withdrawals getting rejected. A blockchain getting congested is usually caused due to an immense number of transactions being carried out on the respective network.
How do I Cash Out my Coinbase account?
To cash out your balance: Sign in to your Coinbase.com account. Select MyAssets. Select your local currency balance. Select the Cash outtab and enter the amount you want to cash out. Select Transfer to and choose your cash out destination. Select Review. Select Withdraw cashto complete your transfer.
Does Coinbase have a withdrawal limit?
Also, Coinbase has withdrawal limits for both cryptocurrency transactions and fiat – $100,000 per day, and it’s available for all currencies. Moreover, as a universal bonus tip, it is wise to avoid buying, selling, or withdrawing funds on weekends, as network congestion can result in slow transactions and increased fees.