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Withdrawing money from Coinbase

Discussion in 'Crypto Currency & Mining' started by Rossuk89, Aug 22, 2017.

  1. Narj

    Capodecina

    Joined: Feb 19, 2010

    Posts: 11,416

    Location: London

    Yep I'll still use them to buy, I just send the BTC to my own wallet. Easiest just to sell on LBC if you need to methinks. :)
     
  2. tigerstyle

    Sgarrista

    Joined: Oct 18, 2002

    Posts: 8,959

    Location: UK


    What fees do Coinbase charge for this? Is it all cheaper going from DDAX instead?
     
  3. friddela

    Hitman

    Joined: Feb 10, 2006

    Posts: 798

    Location: Nottingham

    Its free to transfer to Coinbase so avoids the stupid fee they put on card payments.

    Then transfer to GDAX and buy using a limit order which is again, free! If you buy at ask they charge a small commission though nothing compared to Coinbase.

    Does feel a little underhand when Coinbase own GDAX... For another click of the button, it can save a decent chunk.
     
  4. SpartaK

    Mobster

    Joined: Jun 19, 2009

    Posts: 3,738

    Location: London

    Not having much luck with coinbase either, they replied to a query i had sent in 5 months ago only last week!

    I've put a transfer request in for my BTC and ETH to bitstamp, hopefully they let me do that and then good riddance!
     
  5. tigerstyle

    Sgarrista

    Joined: Oct 18, 2002

    Posts: 8,959

    Location: UK

    Aaahhhhhhh man, got my knickers in a twist. I was thinking about withdrawing from Coinbase not depositing!
     
  6. Maccy

    Commissario

    Joined: Nov 23, 2004

    Posts: 33,105

    Location: Malmö

    I'm still trying to understand Coinbase, I put £50 into Bitcoin with them recently and wondered how the withdrawal process worked.
    I looked at adding the bank account details and sending the payment through my Natwest online banking, but they wanted a £10 fee (I think?) - reading this thread suggests there's other means that are cheaper to withdraw but I need it dumbed down if possible?!
     
  7. Ayahuasca

    Capodecina

    Joined: Apr 23, 2014

    Posts: 16,494

    Location: County Durham

    The process for withdrawing is the same as depositing but for some reason, they don't want people withdrawing currency it seems, I've did the verification process twice and it still won't let me withdraw.
     
  8. Psycho Sonny

    Caporegime

    Joined: Jun 21, 2006

    Posts: 26,338

    they have made withdrawing really expensive.

    you never get the market rate. you get BTC fees, withdrawal fees, currency exchanging fees. after all that you are left with bugger all.

    the best way and easiest is using that giftoff gift card website. however that means your limited to spending your profits on amazon and M & S, etc. rather than using it as cash. but if you were going to use the cash to buy something from M & S or amazon it makes perfect sense to just go down the gift card route.
     
  9. chrcoluk

    Wise Guy

    Joined: Feb 27, 2015

    Posts: 1,104

    Location: Leics, UK

    how you all even managed to verify on coinbase?

    the app has an error when trying to upload photo, the website says unknown technical problem, for last 2 months. Many complaints on reddit, so I know I am not alone, weird company.

    Cex lets you withdraw and deposit normal currencies like GBP and USD, I send to my credit card, but it also can be used on bank accounts.
     
  10. Psycho Sonny

    Caporegime

    Joined: Jun 21, 2006

    Posts: 26,338

    i have heard so many bad stories about coinbase i would avoid them tbh. they are only in it to make money for themselves. they don't care about any of it's users
     
  11. Ava 21

    Associate

    Joined: Dec 2, 2017

    Posts: 5

    Seems like im not the only mug ( mean that in a nice way lol) seems totally impossible to withdraw money from coinbase. My last resort is trying to add PayPal.
    Must be a reliable way of getting bitcoin in the uk?
     
  12. Legend

    Soldato

    Joined: Dec 31, 2006

    Posts: 5,499

    Depending how much you have, might be easier to move to Localbitcoins and sell, but unless they've changed their policy, you need at least 0.1 BTC in your wallet there in order to sell, which is now £800 worth. Plenty of people have less than that which they'd like to sell I'm sure.

    I'm still surprised a UK based entity hasn't sprung up offering an easier service... loads of money to be made in this space.
     
  13. Ava 21

    Associate

    Joined: Dec 2, 2017

    Posts: 5

    Luckily its £80 and not £800. Still can't understand why they don't let people use PayPal. Good job I didn't jump in feet first.
    Thanks for the comment
     
  14. Narj

    Capodecina

    Joined: Feb 19, 2010

    Posts: 11,416

    Location: London

    Isn't it only 0.1BTC to place an advert? You can sell any amount of BTC on there?
     
  15. Legend

    Soldato

    Joined: Dec 31, 2006

    Posts: 5,499

    You may be right, but how do you sell without posting an ad? I've not used it to sell, only to buy, so I don't know. I just noticed on their site it says, "for your ads to display you need to have Bitcoins in your LocalBitcoins wallet. You need 0.1 BTC or more for advertisements with online payment methods and 0.1 BTC or more for local advertisements (Cash)."
     
  16. Narj

    Capodecina

    Joined: Feb 19, 2010

    Posts: 11,416

    Location: London

    Just look at quick sell category and pick one...?

    Those are effectively adverts to buy BTC.

    Annoying how many traders on there want ID now. No way am I sending a stranger a scan of my passport or driving licence.
     
  17. Minusorange

    Wise Guy

    Joined: Nov 25, 2005

    Posts: 2,076

    It's something I wanted to do as the market is screaming for a simple UK Fiat - Crypto - Fiat exchange but no idea where you'd even start to do something like that, not to mention the security and legal aspects.
     
  18. Legend

    Soldato

    Joined: Dec 31, 2006

    Posts: 5,499

    I imagine it probably is precisely those security and legal roadblocks which have prevented it happening... although it's bound to at some point in the near future.
     
  19. Minusorange

    Wise Guy

    Joined: Nov 25, 2005

    Posts: 2,076

    Do you think it's the lack of regulation and no actual laws surrounding it yet that has prevented people setting one up ? I'd imagine most wouldn't have the straight up cash (or willingness) to invest into making something like for fear of losing everything if it crashes and getting a business loan from a bank would be difficult due to no laws/security so they would see it as a bad idea to loan money for ?

    I mean on paper, an exchange is a fully autonomous money printing machine, but in practice it must be a hell of a lot more complex than any of us imagine it to be otherwise somebody with the technical expertise would have done it already no ?

    The basics are pretty simple when you think about, have wallets setup for users to deposit and hold coins, have a function trading web app (bonus points if you can transfer it into app form), have FIAT "wallets" for users and just use paypal to allow users to transfer money and get money out, link it all to a user database and it effectively runs itself by charging a small fee for each trade. How hard can it be if you do everything above board and have it secure ? There's gotta be something else that prevents people from setting it up right ?
     
  20. Ava 21

    Associate

    Joined: Dec 2, 2017

    Posts: 5

    Is it possible to send funds from coinbase to an external wallet? Ig so please give me a lesson