How to Move Crypto From Coinbase to a Private Wallet
Want to move your Bitcoin from Coinbase to a private wallet? We're covering all you need to know in our Coinbase crypto transfers step-by-step guide.
If you want to take full control of your crypto, transferring your funds from Coinbase to a private wallet is crucial. A private wallet ensures that you maintain sole custody of your crypto, providing increased security and autonomy over your assets. In this guide, we’ll walk you through how to move crypto from Coinbase to a private wallet.
Can I move my crypto from Coinbase to a private wallet?
Absolutely. Coinbase allows you to transfer your crypto to private wallets or other exchanges.
Read next: Coinbase vs Coinbase Wallet
Why move crypto to a private wallet?
While Coinbase is a popular and secure platform for buying and selling cryptocurrency, keeping your assets on an exchange can be risky.
Exchanges can be vulnerable to hacks, account breaches, or operational failures. A private wallet, on the other hand, gives you full control over your funds and their security, as only you have access to your private keys.
How do I transfer my crypto from Coinbase to a wallet?
Copy your wallet address: To receive funds, you’ll need to locate and copy the receiving address in your private wallet. You can generally find this by opening your wallet, selecting the crypto you want to receive (i.e. Bitcoin), and copying the receiving address provided.
Log In to Coinbase: Log in to your Coinbase account on their website or mobile app. Ensure that you’re accessing Coinbase through a secure internet connection to protect your account from unauthorized access.
Go to send/receive: Navigate to the Send/Receive section on Coinbase. In the “Send” tab, select the cryptocurrency you wish to transfer. Paste your private wallet’s receiving address into the recipient field. Enter the amount of cryptocurrency you want to send and review all the details carefully.
Confirm the transaction: After verifying the recipient address and transfer amount, confirm the transaction. Coinbase will display an overview of the transfer, including the network fee. The blockchain charges network fees to process the transaction and vary based on current network congestion. If you have 2FA set up on your Coinbase account, you may need to complete 2FA at this point.
Monitor the transaction: After initiating the transfer, you can monitor its progress by checking the transaction status in the “History” section of your Coinbase account. You can also use a blockchain explorer (e.g., Etherscan for Ethereum) to track the transaction by entering the transaction ID provided by Coinbase.
Verify receipt in your private wallet: Once the transaction is confirmed on the blockchain, the cryptocurrency should appear in your private wallet. Open your wallet and check the balance to verify that the transfer was successful.
Important: Double-check that you are using the correct wallet address for the cryptocurrency you’re transferring. Sending crypto to the wrong address or blockchain network can result in permanent loss.
Tips for a smooth Coinbase transfer
Be aware of fees
While Coinbase itself doesn’t charge a fee to transfer crypto to an external wallet, you’ll need to pay the blockchain network fee. This fee depends on network activity and the cryptocurrency being transferred.
Use 2FA
For added security, enable two-factor authentication (2FA) on your Coinbase account. This extra layer of protection can prevent unauthorized access to your account.
Avoid common mistakes
Check the wallet address: Always double-check the recipient's address before confirming the transaction.
Choose the right blockchain: If transferring tokens like USDT or USDC, ensure you select the correct blockchain (e.g., Ethereum, Binance Smart Chain, etc.) that matches your wallet’s address.
Be patient: Transaction times can vary. Don’t panic if the transfer doesn’t appear immediately; monitor its status through Coinbase or a blockchain explorer.
Read next: How to Make Money on Coinbase
How to move crypto from Coinbase to Coinbase Wallet?
As well as its exchange, Coinbase also offers users a self-custodial wallet. If you’d like to move your crypto from Coinbase exchange to Coinbase Wallet, follow these steps:
Log in to your Coinbase Wallet account.
Select the ‘Receive’ option.
Click ‘Add crypto with Coinbase Pay’.
Sign in to your Coinbase account.
Click the blue ‘Allow Access’ button to connect your Coinbase Wallet.
Once linked, you’ll have the option to transfer cryptocurrency directly from Coinbase to your wallet.
Does it cost money to move my crypto from Coinbase to a wallet?
Coinbase itself does not charge a fee for transferring your cryptocurrency to an external wallet. However, you will need to pay the applicable blockchain network fees, which are determined by the blockchain’s current activity and conditions.
Why is Coinbase not letting me send my crypto to another wallet?
Coinbase may temporarily delay transactions if the platform suspects that the transaction could be unauthorized. In such cases, you may need to verify your identity or wait up to 72 hours for the transaction to be approved. This security measure is designed to protect your account from potential fraud or unauthorized activity.
Read next: Does Coinbase Report to the IRS?
Don’t forget your taxes…
While transfers between your own wallets and exchanges may not be taxable - you’ll still need to track these transactions in order to accurately calculate your taxes later on as you’ll need to track your cost basis across wallets - otherwise you might end up paying too much or too little in tax.
You can learn more in our crypto tax guides or sign up to Koinly crypto tax calculator free today.
FAQs
How to move BTC from Coinbase to a private wallet?
To transfer Bitcoin from Coinbase to a private wallet, follow these steps:
Log in to your Coinbase account.
Navigate to the Send/Receive section.
Select Bitcoin (BTC) as the cryptocurrency you want to send.
Paste your private wallet's Bitcoin receiving address in the recipient field.
Enter the amount of BTC you want to transfer and confirm the transaction.Make sure to double-check the wallet address to avoid sending funds to the wrong destination.
Can Coinbase transfer to Tangem?
Yes, Coinbase can transfer cryptocurrency to a Tangem wallet, as long as the cryptocurrency and network are supported by Tangem. Simply use your Tangem wallet's receiving address during the transfer process on Coinbase. Be sure to verify the wallet address and confirm the blockchain network compatibility before proceeding.
How soon can you send Bitcoin after buying on Coinbase?
You can usually send Bitcoin immediately after purchasing it on Coinbase, provided your payment method clears instantly (such as with a debit card). However, if you use ACH bank transfers, the funds might take several days to fully settle before you can send your Bitcoin.
Why is Coinbase not letting me send the full amount?
Coinbase may restrict you from sending the full amount of your cryptocurrency if:
Network fees need to be deducted, leaving slightly less than the total available for transfer.
A withdrawal limit is in place on your account.
Pending account verification or security reviews are required before the full balance can be transferred.
Can I send USDC to a Bitcoin address on Coinbase?
No, you cannot send USDC to a Bitcoin address on Coinbase or anywhere else. Each cryptocurrency has its own unique address format and blockchain. Sending USDC to a Bitcoin address will result in the loss of your funds, as the two are incompatible.
How to link Coinbase to Coinbase Wallet?
To link your Coinbase account to Coinbase Wallet:
Open your Coinbase Wallet app.
Tap the ‘Receive’ option.
Choose ‘Add crypto with Coinbase Pay’.
Sign in to your Coinbase account.
Click ‘Allow Access’ to establish the connection.
Once linked, you can transfer cryptocurrency directly from Coinbase to Coinbase Wallet.
Why won’t Coinbase let me send crypto?
Coinbase may temporarily block crypto transfers for several reasons:
Security concerns, such as suspected unauthorized activity.
ID verification or additional account checks are pending.
Withdrawal limits imposed on your account.
A hold placed on recently purchased cryptocurrency due to payment clearance times.
What are Coinbase fees for sending?
Coinbase does not charge a direct fee for sending cryptocurrency to external wallets. However, you will need to pay blockchain network fees, which vary depending on the specific cryptocurrency and the level of network congestion at the time of the transaction.