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Cashing out at binance to coinbase then withdrawing from coinbase to your bank account?

Discussion in 'Crypto Currency & Mining' started by Pts25f, Dec 28, 2017.

  1. Pts25f

    Associate

    Joined: Dec 26, 2017

    Posts: 13

    Hi

    If someone theoretically cashes out if a cryptocurrency they invested in at binance (where you have already sent say ethereum to binance to buy some cryptocurrency that you can't buy at coinbase) makes them a good return, say 500k or even a million pounds can someone explain how one gets the money into their bank account?

    Would you have to sell your currency say xrp at binance or do you convert it to ethereum again and then send it to coinbase, almost the reverse process as in sending ethereum to binance from coinbase?

    How would one cash out at binance as once you send your money or eth etc how does one go about transferring 500k to 1 million to your bank account when coinbase has daily withdrawl limits?

    Or do you withdraw 1 million in stages to your bank account or do coinbase allow you to raise your daily limits for such an amount?
     
  2. slr722

    Associate

    Joined: Dec 28, 2017

    Posts: 5

    Just wondering the same thing!
     
  3. MoRT489

    Soldato

    Joined: Aug 21, 2006

    Posts: 6,604

    Location: Jersey

    Binance also has withdrawal limits unless you go through full verification (currently 2 BTC per day I believe).
     
  4. Pts25f

    Associate

    Joined: Dec 26, 2017

    Posts: 13

    Anyone?

    I am fully verified with binance so have 100 btc daily withdrawal limit.

    Can anyone explain the process as asked above?
     
  5. slr722

    Associate

    Joined: Dec 28, 2017

    Posts: 5

    Apparently.. sell your altcoins to ETH
    ETH to coinbase
    Coinbase to GBP