Last updated on July 9th, 2021
You’ve previously bought some crypto on Coinbase’s platform.
However, Coinbase no longer has integration with Xfers. This means that you can’t cash out the crypto you have directly into SGD from your Coinbase account!
So how do you go about withdrawing the crypto that you have with Coinbase?
Here’s what you need to know:
How to withdraw from Coinbase in Singapore
Here are the steps you’ll need to withdraw your crypto from Coinbase as a Singaporean:
- Go to ‘Send/Receive’
- Select the cryptocurrency you wish to withdraw
- Enter the amount that you wish to withdraw
- Find the address of your external wallet
- Enter the address you wish to withdraw to
- Receive the crypto in your external wallet
- Sell your crypto for SGD
#1 Go to ‘Send/Receive’
On Coinbase’s platform, you will need to go to the ‘Send/Receive‘ section.
#2 Select the cryptocurrency you wish to withdraw
Once you are there, you’ll need to select the currency that you wish to withdraw.
You can only withdraw from cryptocurrencies that you already own!
#3 Enter the amount that you wish to withdraw
You’ll need to enter the amount that you wish to withdraw.
Alternatively, you can choose to send all of your cryptocurrency.
#4 Find the address of your external wallet
You can see that the picture above has a ‘To’ field. This is where you can send your crypto to 3 different destinations:
- A mobile number
- An email address
- An external wallet address
The best way to send your crypto would be by depositing it into another exchange.
This allows you to sell your crypto to SGD, and then withdraw it as fiat currency!
However, there are some things you need to take note of when sending your currency:
1. You need to send it to a wallet that accepts the cryptocurrency
When you want to send your crypto to your wallet, you’ll need to make sure that the wallet address is in the same currency.
On the exchange that you wish to deposit your funds to, make sure that you select the correct currency.
If you send to an address of a different currency, your crypto will be lost forever!
2. Network fees can be high
When you want to send your crypto on the blockchain, the network fees can be pretty high.
Coinbase does not charge any fees for any withdrawal.
However, you’ll be charged the prevailing network fee.
This fee is dynamic, and depends on the demand for the blockchain.
Moreover, this fee will be charged regardless of the amount that you’re sending.
If you’re sending only a small sum, it is possible that you won’t receive anything on the other end!
As such, you may want to consider the amount you’ll receive after the fees, before making the transaction.
#5 Enter the address you wish to withdraw to
After you have obtained the wallet address that you want to send to, you can paste it on the ‘To’ field.
You will also need to make sure that the address that you’re sending to is exactly the same!
The string of letters and numbers are really long. If you make any mistake when typing out the address, your crypto will be lost forever!
As such, you may want to directly copy and paste the address instead.
#6 Receive the crypto in your external wallet
Once you have sent the crypto, it may take a while before you receive the funds in your exchange.
Again, this depends on how busy the network is when you are depositing your funds.
If the network is really busy, you may expect to receive your funds a few hours later!
#7 Sell your crypto for SGD
Once you have received your funds in the exchange of your choice, you can choose to trade it to SGD and sell it off!
Where can I withdraw my crypto to from Coinbase?
If you are wondering where you can withdraw your crypto to, here are some suggestions:
Coinhako is an exchange that has both Xfers and FAST support.
This means that you are able to withdraw your SGD easily after selling your crypto!
Coinhako also allows you to sell a wide variety of crypto directly to SGD.
They are the only exchange that allows you to directly trade DOGE with SGD!
However, there are 3 main issues with this platform:
- You will incur a 1% fee for every trade you make
- You will incur a $2 fee for every withdrawal that you make
- Coinhako does not allow you to receive certain currencies like ADA, THETA or XMR
The fees may be quite hefty if you are only withdrawing a small amount of money.
Nevertheless, it seems to be a small price to pay to easily withdraw your SGD!
Luno is another exchange that allows you to withdraw your SGD.
If you sell on their Exchange platform, the fees are only 0.10%.
However, Luno Exchange only has BTC/SGD as their trading pair. If you want to sell other crypto to SGD, you will need to make 2 trades:
- From the currency (e.g. ETH) to BTC
- From BTC to SGD
Luno only allows you to transfer your SGD back to Xfers.
This is slightly more troublesome compared to Coinhako, as you need to make another transfer from Xfers to your bank account.
Moreover, Luno only supports 5 currencies:
While Luno has cheaper fees, its features are more limited.
You are able to send a variety of cryptocurrencies to Gemini to sell to SGD.
However, Gemini charges one of the highest fees if you use their Exchange platform.
The fees start from 1.49%, and are really high if you trade a small sum each time!
If you use Gemini’s Active Trader platform instead, the fees are reduced all the way to 0.35%.
However, the main drawback is that you can only trade 2 currencies to SGD:
As such, they are even more limited compared to Luno!
Crypto.com does not charge any trading fees for trades you make on their app!
However, it does have some limitations:
- You will be charged a 0.4% fee when selling your crypto to Xfers
- You can only sell 8 currencies to SGD
- The exchange rates between currencies are not as favourable compared to the current rates
Crypto.com only allows you to sell 8 currencies to SGD:
As such, Coinhako is the exchange that allows you to sell the most types of currencies to SGD!
#5 Crypto interest accounts
Instead of selling your crypto for SGD, why not buy and hold your crypto, and earn some interest on it too?
There are a few crypto interest accounts where you can earn a high interest:
You can compare the interest rates to see which one gives you the highest rates for the crypto that you own!
Why can’t I withdraw my money directly from Coinbase?
Coinbase suspended its partnership with Xfers. As such, you are no longer able to sell any digital assets you have directly to SGD. With this suspension, Coinbase does not have the sell feature in Singapore.
As such, you can only purchase crypto on Coinbase!
After the Xfers suspension in 2018, there has not been any updates regarding this.
Hopefully, there will be this integration again! This will allow you to sell your assets and withdraw SGD from Coinbase.
What are the limits to withdrawing from Coinbase?
Coinbase does not state the minimum withdrawal you need for each currency on their website.
However, if you are withdrawing too little, you may get a warning message like this:
It’ll always be good to preview a trade first before you commit to it!
Can I sell my crypto on Coinbase in Singapore?
Coinbase does not allow you to sell crypto on their platform if you are a Singaporean user. You are only able to buy crypto from your credit card, or withdraw your crypto to another platform.
There is limited support for Coinbase in Singapore, which means that you can’t sell the crypto you own on Coinbase!
This is quite limiting, so you will need to seriously consider your exit strategy before you buy any crypto on Coinbase.
Coinbase does not allow you to directly withdraw your crypto assets to your Singaporean bank account.
As such, the best way will be to:
- Send your crypto to another exchange
- Make a trade with that crypto to SGD
- Withdraw SGD from that exchange
While this may sound quite straightforward, here are some things you’ll need to consider:
- Does the exchange support the trading of my crypto directly to SGD?
- What are the fees that I’ll incur when withdrawing my SGD?
- Will I be able to send my funds directly to my bank account, or just to Xfers?
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