How To Withdraw From Coinbase In Singapore

How To Withdraw From Coinbase Singapore
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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:

  1. Go to ‘Send/Receive’
  2. Select the cryptocurrency you wish to withdraw
  3. Enter the amount that you wish to withdraw
  4. Find the address of your external wallet
  5. Enter the address you wish to withdraw to
  6. Receive the crypto in your external wallet
  7. Sell your crypto for SGD

#1 Go to ‘Send/Receive’

On Coinbase’s platform, you will need to go to the ‘Send/Receive‘ section.

Coinbase Send Receive

#2 Select the cryptocurrency you wish to withdraw

Once you are there, you’ll need to select the currency that you wish to withdraw.

Coinbase Select Cryptocurrency To Withdraw 2

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.

Coinbase Enter Amount 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:

  1. A mobile number
  2. An email address
  3. 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.

Celsius Deposit Crypto

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.

Coinbase Send Crypto 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.

Coinbase Send Wallet Address

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:

#1 Coinhako

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 Withdraw To Bank Account

Coinhako also allows you to sell a wide variety of crypto directly to SGD.

Coinhako Fully Supported Tokens Updated April

They are the only exchange that allows you to directly trade DOGE with SGD!

However, there are 3 main issues with this platform:

  1. You will incur a 1% fee for every trade you make
  2. You will incur a $2 fee for every withdrawal that you make
  3. 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!

#2 Luno

Luno is another exchange that allows you to withdraw your SGD.

If you sell on their Exchange platform, the fees are only 0.10%.

Luno Exchange Trading Fee

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:

  1. From the currency (e.g. ETH) to BTC
  2. From BTC to SGD

Luno only allows you to transfer your SGD back to Xfers.

Luno Withdraw 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:

  1. BTC
  2. ETH
  3. XRP
  4. BCH
  5. LTC
  6. USDC
Luno Available Currencies

While Luno has cheaper fees, its features are more limited.

#3 Gemini

You are able to send a variety of cryptocurrencies to Gemini to sell to SGD.

Gemini Available Currency

However, Gemini charges one of the highest fees if you use their Exchange platform.

Gemini Exchange Fee SGD

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%.

Gemini Active Trader View Fees

However, the main drawback is that you can only trade 2 currencies to SGD:

  1. BTC
  2. ETH
Gemini SGD Trading Pairs

As such, they are even more limited compared to Luno!

#4 Crypto.com

Crypto.com does not charge any trading fees for trades you make on their app!

Crypto.com xfers Link Account

However, it does have some limitations:

  1. You will be charged a 0.4% fee when selling your crypto to Xfers
  2. You can only sell 8 currencies to SGD
  3. 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:

  1. BTC
  2. ETH
  3. BCH
  4. LTC
  5. XRP
  6. CRO
  7. BNB
  8. XSGD
Crypto.com Sell Crypto To Xfers

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:

  1. Celsius
  2. BlockFi
  3. Hodlnaut
  4. Youhodler
  5. Nexo

Gemini and Luno have their own savings wallets which gives you interest on their crypto too.

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!

Coinbase Singapore Support

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:

Coinbase Minimum Amount Of BTC To Send

It’ll always be good to preview a trade first before you commit to it!

Conclusion

Coinbase does not allow you to directly withdraw your crypto assets to your Singaporean bank account.

As such, the best way will be to:

  1. Send your crypto to another exchange
  2. Make a trade with that crypto to SGD
  3. Withdraw SGD from that exchange

While this may sound quite straightforward, here are some things you’ll need to consider:

  1. Does the exchange support the trading of my crypto directly to SGD?
  2. What are the fees that I’ll incur when withdrawing my SGD?
  3. Will I be able to send my funds directly to my bank account, or just to Xfers?

Luno Referral (Earn SGD $5 in Bitcoin)

If you are interested in signing up for a Luno account, you can use the referral code ‘T5N74J‘ or my referral link to sign up for an account.

You’ll be able to earn SGD $5 worth in Bitcoin!

Luno Referral

Here’s what you need to do:

  1. Sign up for a Luno Account
  2. Deposit and buy ≥ SGD $100 of BTC via Instant Buy
  3. Receive SGD $5 in Bitcoin

You will need to purchase BTC using the Instant Buy function. The fees that you incur will be 1%.

Luno Buy BTC Fees Instant

It would be best to buy only $100 SGD worth of BTC, which only incurs you a $1 fee. The $5 SGD bonus will be able to offset the fee!

Gemini Referral (Earn $10 USD in BTC)

If you are interested in signing up for a Gemini account, you can use my referral link.

You will be able to receive $10 USD in BTC!

Gemini Referral

Here’s what you need to do:

  1. Register for a Gemini account
  2. Trade ≥ USD $100 or equivalent on Gemini’s platform
  3. Receive USD $10 worth of BTC in your account

Crypto.com Referral (Get $25 USD worth of CRO)

If you are interested in signing up for Crypto.com, you can use my referral link. We will both receive $25 USD worth of CRO in our Crypto Wallet.

Crypto.com Referral

Here’s what you’ll need to do:

  1. Sign up for a Crypto.com account
  2. Enter my referral code: ‘x2kfzusxq6
  3. Sign up for a MCO Ruby Card by staking 5,000 CRO

You can read more about the referral program on Crypto.com’s website.

Celsius Referral (Earn $40 USD in BTC)

If you are interested in signing up for a Celsius account, you can use my referral link.

Alternatively, you can enter my referral code ‘174656489c‘ when you are on the sign-up page.

Celsius Referral

Here’s what you need to do to earn the $40 USD reward:

  1. Sign up for a Celsius account
  2. Verify your account
  3. Transfer a minimum of USD $400 worth of cryptocurrency into your wallet for the very first transaction
  4. Hold your balance for at ≥ 30 days
  5. Receive $40 USD worth of BTC in your Celsius account (after 30 days)

The reward will only be unlocked 30 days after your initial transfer of $400 USD.

Celsius Referral BTC Reward

BlockFi Referral (Earn $10 USD in BTC)

If you are interested in signing up for a BlockFi account, you can use my referral link.

You will be able to receive $10 USD worth of BTC in your BlockFi account!

BlockFi Referral

Here’s what you need to do:

  1. Sign up for a BlockFi account
  2. Deposit $100 USD or more into your BlockFi account
  3. Hold the balance until the next interest paying day (1st business day of each month)
  4. Receive the $10 USD worth of BTC in your BlockFi account

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