Withdrawing profits from Coinbase?

[Text]

Fees are typically set by the exchange platform, which is centralized, so there is no way to pay fewer fees when withdrawing. I'm not sure if Coinbase fees can add up, but I think you can find that on their website structure. It's been quite a while since I haven't touched my small savings with them, and I haven't attempted to withdraw it yet. Hopefully, the profits you may gain won't just go towards covering your withdrawal fees. So, in the future, it might be better to store your assets in non-custodial wallets where you have full control over them, as opposed to exchanges. There are many reputable and secure options out there, and you can even set your own fees, especially for Bitcoin. Only transfer to exchanges when you want to trade.

[Shishir99]

I do have some of my holdings on a cold wallet but I have some on Coinbase too.

It costs every time I send my crypto to and from my cold wallet so trying to limit that and Coinbase is the safest exchange.

That is up to you mate. Spending a couple of dollars as a fee is okay. I don't know what altcoins are you holding. But, none of the altcoins chains are expensive except for the ETH chain. Most other chains like Tron, Solana, polygon, and others are almost free. They charge only a few cents per transaction. I don't think it's worth taking the risk for a few cents.

If you cannot bear the transaction costs, You should not hold that coin. Or you should not choose that chain. For example, Coinbase support only ERC-20 chain for USDT withdrawal which is too expensive. Who uses these chain these days? Coinbase are more expensive than usual transaction fees.

[JamesDaniel90]

I do have some of my holdings on a cold wallet but I have some on Coinbase too.

It costs every time I send my crypto to and from my cold wallet so trying to limit that and Coinbase is the safest exchange.

That is up to you mate. Spending a couple of dollars as a fee is okay. I don't know what altcoins are you holding. But, none of the altcoins chains are expensive except for the ETH chain. Most other chains like Tron, Solana, polygon, and others are almost free. They charge only a few cents per transaction. I don't think it's worth taking the risk for a few cents.

If you cannot bear the transaction costs, You should not hold that coin. Or you should not choose that chain. For example, Coinbase support only ERC-20 chain for USDT withdrawal which is too expensive. Who uses these chain these days? Coinbase are more expensive than usual transaction fees.

Yeah unfortunately quite a few of the altcoins I do hold are on ETH chain.

I currently have 50% on Coinbase & 50% on my cold wallet - I will send more to my cold wallet tonight as realise 50/50 split is too risky.

[Cookdata]

Bull run is heating up and I want to have a plan in place for when it comes to selling and withdrawing profits back to my bank later this year.

I mainly use Coinbase and I haven't cashed out any profits up till now so want to be prepared.

Is there a way of paying less fees when withdrawing?

Why are you holding the coins on an exchange? It's not norm to to keep coins on exchanges, not about the centralized reputation or what they claim, it's always better when you are done buying your crypto, the fees shouldn't be a workload for your to bear. Learn to send your coins to external wallet when you are done buying the coin.

To sell back, use the same exchange and send your coins on the exchange and sell on spot trading, it's as simple as that and you can also covert to USD and the select the available bank on your country.

You didn't specify which of the country you want to use so people can give you specific answer. You can also use the exchange P2P for fast sale to your bank just incase.

[snowpega]

Dear the plan of entry taking into the market matters but the plan of exit from the market matters more because if we see the previous bull run the market was suddenly starts going down with the big candles which means if you do not have a strong exit plan of this bull season which can prove a big wrong step for you so first make a good profit taking plan and book your profit from time to time.

Besides all that, if we come to the fee Point which you asked I am not pretty sure about it dear you have to conduct your own research for that or you can read other members suggestions mentioned above my reply. I am a Binance user the fees are quite fine for now but I am not sure if the fee may increase during the bull run. Well, it is so sure we have to keep in mind the fee problem before booking any profit I do not like one thing about Binance whenever I sell my any of the tokens totally i do not know why a small fraction left behind rather It should be sell 100% and also the order limit which is $5 atleast like we can not make any order less amount from $5.

[Shishir99]

Yeah unfortunately quite a few of the altcoins I do hold are on ETH chain.

I currently have 50% on Coinbase & 50% on my cold wallet - I will send more to my cold wallet tonight as realise 50/50 split is too risky.

Having your coins in a exchange is always risky. You can have some coins on exchanges in case of emergency trade. But, never hold it for a long term. I see that you are thinking about the withdrawal fees. You should know that exchanges always charge a fixed amount of transaction fees which is always a few times bigger than the original fees. I use centralized exchange too. I checked a few days ago that Bitcoin transaction fee on Binance was around 80K or 100K sat while the maximum transaction fee with a single input and output was around 10K sat. Did you see how big it was? It's not a good idea to keep your coin on a exchange to save fees. Instead, you are paying more fees.

[Dunamisx]

Bull run is heating up and I want to have a plan in place for when it comes to selling and withdrawing profits back to my bank later this year.

I mainly use Coinbase and I haven't cashed out any profits up till now so want to be prepared.

Is there a way of paying less fees when withdrawing?

Make use of the network that has a lower fee selection, you can see that before making the transaction because it will show you the transaction charges for that particular payment.

Also underdressed that type of exchange you're using, then if you're holding, make it temporary, its good to make trades but always consider the demands, while making a transaction also, first look into the network you're using to perform the transaction, you may have to consider all these first for your own advantage to know whether you should proceeds or not,

[JamesDaniel90]

Do we really think anything bad is going to happen to Coinbase?

If it does then the whole market will go down and there will be limited bull run.

I sent more to my cold wallet yesterday anyway , i now have 30% on Coinbase and 70% on my cold wallet.

I just like having some on exchange as it is easier to take profits quickly once something has pumped.

[Porfirii]

Do we really think anything bad is going to happen to Coinbase?

If it does then the whole market will go down and there will be limited bull run.

I sent more to my cold wallet yesterday anyway , i now have 30% on Coinbase and 70% on my cold wallet.

I just like having some on exchange as it is easier to take profits quickly once something has pumped.

Nobody thought anything bad would happen to MtGox but it happened and the market went down like there was no tomorrow. About limited bull run, I don't know, covid made BTC fell to 4k before last halving and it went up as expected, but there is no guarantee on what would happen now.

JamesDaniel90, you're free to do what you want with your investment. Cryptos are risky for several reasons and we might, for example, feel safer hodling for the long term in our shiny hard wallets and wait for too long before liquidating, after an eventual crack or disinterest comes and makes our investment worth much less. And, in that case, you'd have made the right decision holding a part in a CEX and selling at the right moment.

Chances of happening the contrary seem more probable, at least in this forum, but who knows. You already know the version of the majority, so you can make an informed decision.

And, about the fees, you're already aware too that liquidating that way will mean some costs. Assume them or calculate alternatives like swapping your coins to the one(s) with the cheapest transaction costs before withdrawing. And if the costs are not too high and doing your own research on how to reduce them will make you lose time that is more valuable to you than the potential savings, don't give them too much thought.

[nakamura12]

Do we really think anything bad is going to happen to Coinbase?

If it does then the whole market will go down and there will be limited bull run.

I sent more to my cold wallet yesterday anyway , i now have 30% on Coinbase and 70% on my cold wallet.

I just like having some on exchange as it is easier to take profits quickly once something has pumped.

Nothing happen yet on coinbase but it doesn't mean it is safe. Just as you can read on the post above mine is that many people think it's safe until something happen. I wouldn't recommend using cex to store your crypto and it is much better if you hold it in a wallet that you have full control like the recovery phrase is accessible to you alone and no one else. I am sure most people would also say the ssme thing on not storing your crypto in a centralized exchange.

[Coyster]

Do we really think anything bad is going to happen to Coinbase?

Nobody here can you tell you what will happen to any centralized exchange, so many of them have failed in the past and if the people who lost their money knew the exchanges were going to fail, they would have moved their money out. If anything happens to Coinbase, i'm afraid you will find out when you have already lost your money.

If it does then the whole market will go down and there will be limited bull run.

The whole market might definitely go down and the price of Bitcoin and other coins might fall, but it would only be temporary, after some time, the price will bounce back and return to the normal order of things.

[Bushdark]

Bull run is heating up and I want to have a plan in place for when it comes to selling and withdrawing profits back to my bank later this year.

I mainly use Coinbase and I haven't cashed out any profits up till now so want to be prepared.

Is there a way of paying less fees when withdrawing?

I can see you are saving other but you need to be wise and cash out your profits because anything can happen in the market and if things go wrong, it might affect you because you have not even taken any profits from the market. You need to learn the habit of cashing out your profits because that is the evidence that you made profit. Profit that has not been cashed can be used to trade and loses might be the outcome if necessary precautions are not in place.