When it comes to cryptocurrency, if you have been involved in the markets for any duration, you have probably heard of Coinbase.
Founded in June 2012, Coinbase was one of the first major crypto exchanges to explode and become mainstream.
One of the most notable things behind the market is that it is extremely user friendly, and therefore, very easy to navigate around. There are three major factors that can account for the popularity of Coinbase today:
- Coinbase has competitive fees similar to other markets out there
- The large number of users means that the market will be strong on the website.
- A large amount of cryptocurrencies to choose from.
You’ll never be able to escape fees, no matter what website you plan on trading with. You do want to find a website however that is going to offer you the most features for as little fees as possible.
Do you really want to be losing a large chunk of your money towards miners and the website itself?
A High Volume
When you are buying and selling on these websites, you are not actually doing business with the website itself, but instead other buyers and sellers.
If there are no buyers and sellers using the market, no motion will be generated at all. As Coinbase is one of the most popular sites out there, you can guarantee there are going to be plenty of users.
A Variety of Coins
While Coinbase doesn’t offer every coin out there, it does offer a large variety of them. You can look to jump into large scale coins like Bitcoin or Ethereum, or go for some of the penny cryptocurrencies. The large variety makes it ideal for every type of trader.
This is great and all, but unless you get money onto the website, you won’t be able to take advantage of anything it has to offer.
Once you have made your profits, you also have to be able withdraw the money from your wallet. One of the most common ways to do this is to move from Coinbase to PayPal.
PayPal has extremely fast transactions making it a great choice if you want to move large sums of money quickly. When it comes to fees for withdrawal, you are generally looking at a 1% fee to convert and withdraw your crypto to fiat along with any standard network fees.
These fees are due to the decentralization of the blockchain, and go towards miners, not the website itself. Let’s now talk about how you can move money from Coinbase to PayPal.
Add Your Account
Before you can withdraw your money from Coinbase to PayPal, you are first going to have to connect your account to the website.
To do this, you are going to head on over to the Coinbase website on any secure device and then click “Settings”.
Once there you are going to want to click “Linked Accounts” from then select “Link a New Account” to get to the next page. You are now going to see a list of provided services. You are going to want to click “PayPal”.
Once you have clicked “PayPal”, you are going to be taken over to the login page for PayPal. Simply enter in your credentials and and hit “Agree” to give Coinbase access to your PayPal account.
Once you have done this, you are now able to move to the next step and start withdrawing your money from Coinbase to PayPal.
Now that we have linked our account, we are now going to navigate over to the page that will allow us to move our money from Coinbase to PayPal.
If we are planning on transferring money to our PayPal, we are going to have to sell our cryptocurrency to get fiat money.
Go to the home page of Coinbase and select the “Buy/Sell” option from the toolbar. You are going to want to select the “Sell” feature and once you have done this you are going to want to select the wallet you are planning on transferring or withdrawing the funds to. For the most part, you are either going to be using an EUR/USD wallet.
Select the amount of cryptocurrency you would like to sell and then confirm the transaction. You should now have some money sitting in your USD wallet waiting to be moved out.
Now that we have converted our cryptocurrency into USD, it is time for us to transfer it from Coinbase to PayPal.
Go to your wallet and click on the “Withdraw” button. Once you have done this, you will want to select the option to withdraw to PayPal and then select the amount you are wanting to withdraw.
After moving forward with several confirmations, the money should be on its way towards your PayPal account.
Unlinking Your PayPal Account
After the transaction is completed, you might want to remove your PayPal account from the website for security’s sake.
This is quite easy as all you are going to want to do is navigate back towards the page where you initially linked your PayPal account.
Once you are there, you are simply going to want to find your PayPal account and click the remove box.
You will be asked to confirm multiple times before the account is removed from the website. At any point you can easily re-add the account by following the above steps and then withdraw again.
This is all you have to know when it comes to linking and withdrawing your money from Coinbase to PayPal.
As we’ve stated before, make sure you are aware of the fees behind your transactions as not only do you have to beat the market, but you also have to beat the fees that are going to be imposed on you.
Overall, Coinbase is moving in the right direction for a crypto exchange. While there is still a lot of work to be done in regards to the integration of Coinbase and Paypal, it is showing enough promise to be something we recommend.