Step-by-step Crypto Off-ramp through Coinbase guide
This article is meant for Singaporeans or a Singapore based person to off-ramp crypto to fiat through Coinbase. I will write in as much detail as possible. Disclaimer: This is article is not paid by Coinbase in case you are wondering. If you found it useful, please support me through the use of my referral link to set up Coinbase account. We both get $10 worth of BTC, win-win!
Updated 23rd May 2023
Coinbase needs little introduction. They are the biggest cryptocurrency exchange in the U.S. They started in 2012 and have survived numerous crypto winters to emerge as a popular platform to send, receive and trade cryptocurrencies. Over 200 assets can be accessed through the centralised exchange such as Bitcoin and Ethereum. They have also received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide regulated Digital Payment Token (DPT) services. More information here.
Coinbase recently (15th Mar 2023) enabled on/off-ramp for SGD through FAST to/from their platform. Coinbase is currently offering 0 fees for the direct transfer of SGD to your Singapore bank account. This makes the use of Coinbase one of the cheapest off-ramp channel around. The use of FAST was also hassle free and practically instantaneous.
For this guide, I’ll use the Coinbase app on mobile to demonstrate the process. There should little difference through the use of Coinbase web app. Here is the step-by-step guide:
- If your digital asset is not in Coinbase, transfer them into Coinbase by tapping the ‘receive’ icon on the Home page, selecting the correct asset and network, and then transfer your asset to the address specified
2. Once your asset is in your Coinbase wallet, you will need to sell the asset to get SGD. Tap the triple horizontal line on the top left of the app, then tap the ‘sell’ icon.
3. Now select the cryptocurrency and amount you want to convert to SGD, then tap ‘Review order’
4. Check the transaction details and tap ‘Place order’ to complete the conversion of your cryptocurrency to SGD
5. Tap on the triple horizontal line on the top left of the app, then tap the ‘Cash out’ icon.
6. Input the amount of cash to cash out and select the bank account to deposit to. Then tap on ‘Preview cash out’
7. Finally check on the transaction details and tap on ‘Cash out now’ to confirm the transaction. Your funds should arrive in your selected bank account almost instantly.
And that is how you off-ramp your money from your Coinbase account to your bank account. Do you have a better way to off-ramp your money? Share it with us in the comments. If you have found this useful, consider using my referral link to set up your Coinbase account.
Set up Coinbase account (Referral code: n5nkws ) — We both get $10 worth of BTC, win-win!
Read about the offer from Coinbase that you may not know.
On-ramp guides:
Read my Crypto on-ramp comparison guide
