Coinbase is a popular cryptocurrency exchange. Coinbase is based in the U.S but supports Australian customers.
In Australia you can buy Bitcoin and other cryptos from Coinbase but unfortunately you can't sell. There are better Coinbase alternatives, but for those using Coinbase, here is how you can withdraw from Coinbase in Australia.
How to Withdraw from Coinbase
In order to cashout your crypto from Coinbase you need to transfer it to a local crypto exchange. I use CoinSpot, simply because the fee is smaller compared to other exchanges.
1 – Create a CoinSpot Account
You can signup to CoinSpot here. You will need to complete ID verification (similar to what you did on Coinbase) in order to withdraw your AUD to your bank account.
2 – Transfer your Coins
Visit the Wallet page and select the wallet of the coin you are looking to transfer. Then click on the Receive button. This will generate a unique wallet address that you can send your coins too. Depending on the coin you are sending, it will take anywhere from 5 minutes to 2+ hours to transfer. The coins are added automatically to your wallet, you just need to wait for the transaction to happen.
Top Tip – While you can't sell crypto on Coinbase in Australia, it is possible to convert it into another crypto. I would recommend converting it into a crypto which you can send with low fees (such as litecoin). This will make it faster to send over to CoinSpot.
3 – Sell your Crypto
The best way to sell your crypto is on the “Markets” page. This lets you create an order to sell and is cheaper than instant selling. Enter the price you want to sell your crypto for and the amount you want to sell. You might have to wait a little while for your order to fill. You can sell instantly on CoinSpot as well.
4 – Transfer your AUD
Once you've sold your crypto on CoinSpot, you can withdraw the AUD to your bank account. This process usually takes around 24 hours. I've found that if you make a withdrawal in the morning on CoinSpot, you will receive it in your bank account by the next morning (business days only).
So as you can see Withdrawing from Coinbase takes a few steps. Hopefully they will add sells for Australian customers sometime soon. If you're thinking of buying Crypto in Australia, I would just recommend using Coinspot or another local exchange to begin with and then you won't need to worry about transferring between exchanges. You'll also save a lot of money on fees and you'll be able to deposit using POLi and PayID.