Lexi Webster
Coinbase users in Australia cannot sell their cryptocurrency on the platform and therefore cannot directly withdraw Australian dollars from their Coinbase accounts to their bank accounts. To withdraw money from your Coinbase account, you will need to send your cryptocurrency to a separate crypto exchange, sell it there, and then withdraw your money to your bank account. This process may involve paying withdrawal fees, depending on the method you use to withdraw.
| Characteristics | Values |
|---|---|
| Can Australians sell their crypto on Coinbase? | No |
| Can Australians withdraw AUD from Coinbase? | No |
| Solution | Send crypto to an Australian crypto exchange like Swyftx, Digital Surge, or CoinSpot, sell it there, and withdraw your money. |
| Coinbase withdrawal fee | Free for USDC withdrawals. For other methods, the fee will depend on the coin, network, and method chosen. |
| Default daily withdrawal limit | $100,000 |
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What You'll Learn
Convert crypto to AUD
As Coinbase does not allow users in Australia to sell their cryptocurrency, it is not possible to directly withdraw AUD from your Coinbase account. However, you can convert your crypto to AUD by following these steps:
- Choose a separate crypto exchange that supports AUD withdrawals. Popular options include Swyftx, Digital Surge, and CoinSpot.
- Create an account on the chosen crypto exchange and complete the verification process.
- Transfer your crypto from Coinbase to your new crypto exchange account. Ensure that the wallet address you are sending your crypto to supports the coin and network you are transferring.
- Sell your crypto for AUD on the new crypto exchange.
- Withdraw your AUD to your bank account. Follow the instructions provided by your chosen crypto exchange to add your bank details and complete the withdrawal process.
Please note that you may need to pay a withdrawal fee, depending on the withdrawal method you choose. Additionally, always ensure that you have correctly followed the verification and security procedures for your accounts to avoid losing your funds.
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Choose a crypto exchange
As Coinbase does not allow users in Australia to sell their cryptocurrency, you will need to send your crypto to a separate crypto exchange to withdraw your money. Here are some tips on choosing a crypto exchange:
Firstly, choose a legitimate and safe exchange that is easy to use for selling crypto and withdrawing AUD. Australian crypto exchanges are excellent options as they are secure and allow you to withdraw money in Australia. Examples of such exchanges include Swyftx, Digital Surge, and CoinSpot.
You may also want to consider an exchange that offers free withdrawals, such as Swyftx, so that you do not lose any money during the transfer process.
Additionally, some exchanges may only deal in certain cryptocurrencies, so ensure that the exchange you choose supports the type of crypto you want to sell. For example, Coinjar only deals in BTC.
Finally, consider the ease of use and features offered by the exchange. Some platforms may offer additional benefits such as instant Australian dollar purchases from a linked debit card or free AUD deposits and withdrawals using PayID.
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Verify your account
To take money out of Coinbase in Australia, you must first send your cryptocurrency to a separate crypto exchange, such as Swyftx, Digital Surge, or CoinSpot. However, before you can do this, you will need to verify your account.
Verifying your account is a necessary step to withdraw money from Coinbase. Here is a step-by-step guide to verifying your account:
- Log in to your Coinbase account.
- Navigate to the "Trading" section of your account.
- If you have two-factor authentication (2FA) enabled, complete the verification process. This adds an extra layer of security to your account.
- Ensure that your withdrawal address is correct and confirm that it supports transactions from the selected network.
- Check if your crypto wallet address is valid and supports the coin and network you intend to send.
- Complete any additional verification steps as prompted by Coinbase. These steps may vary depending on your account details and location.
By following these steps, you can verify your Coinbase account, which is a crucial step in the process of withdrawing money from Coinbase in Australia. Remember that you will need to convert your crypto to your local currency before submitting a withdrawal.
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Withdraw to your bank account
Withdrawing money from Coinbase in Australia requires a few steps, as Coinbase does not support direct AUD withdrawals. Here is a detailed guide on how to withdraw money to your bank account:
Choose a Crypto Exchange
Firstly, you need to select a separate crypto exchange that operates in Australia, such as Swyftx, Digital Surge, or CoinSpot. These platforms allow you to sell your cryptocurrency and withdraw the funds to your bank account.
Create and Verify an Account
After choosing your preferred crypto exchange, you need to create an account on that platform. Follow the platform's instructions to sign up and verify your account. This usually involves providing personal information and completing security checks.
Send Crypto to the New Exchange
Once your account is set up, you can transfer your cryptocurrency from Coinbase to your new crypto exchange account. Ensure that the wallet address you're sending your crypto to supports the specific coin and network you're transferring.
Sell Crypto for AUD
After your crypto arrives in your new exchange account, you can sell it for Australian Dollars (AUD). This step allows you to convert your cryptocurrency holdings into fiat currency, which you can then withdraw to your bank.
Withdraw AUD to Your Bank Account
Finally, you can initiate a withdrawal of the AUD funds from the crypto exchange to your bank account. Follow the platform's instructions for withdrawing funds, which may include specifying the amount, reason for withdrawal, and providing your bank details.
Please note that the withdrawal process may vary slightly between different crypto exchanges, and there may be associated fees and waiting times depending on the withdrawal method chosen. Always ensure that you understand the risks and potential losses before proceeding with any transactions.
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Avoid losing money
As Coinbase does not allow users in Australia to sell their cryptocurrency, it is not possible to withdraw AUD directly from Coinbase. To avoid losing money, it is recommended to follow these steps:
Firstly, choose a reputable crypto exchange that operates in Australia, such as Swyftx, Digital Surge, or CoinSpot. These platforms are secure and allow for withdrawals in Australia. Create an account on your chosen platform and verify your identity.
Next, transfer your cryptocurrency from Coinbase to your new crypto exchange account. Once the funds have been successfully transferred, you can sell your cryptocurrency for AUD on the new platform. Finally, withdraw your AUD to your bank account. This process ensures that you can access your funds without losing any money in the transaction.
It is worth noting that some crypto exchanges may charge fees for withdrawals, so it is important to review the terms and conditions of your chosen platform before proceeding. Additionally, always ensure that you are following secure practices to protect your funds and personal information when transferring between platforms.
Another method to avoid losing money when withdrawing from Coinbase in Australia is to convert your LTC to BTC through GDAX. Then, send a BTC request to an Australian service, such as Coinjar, and transfer your BTC to your Coinbase wallet address. Finally, convert the BTC to AUD through Coinjar and withdraw to your bank account. This method may be more complex, but it provides an alternative option for users who prefer to utilise different platforms.
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