Coinbase is one of the worlds most popular crypto exchanges. Although Australians can buy crypto through Coinbase, we can't then sell it back for Australian Dollars. Here is my guide on selling crypto on Coinbase if you're Australian.
If you've got crypto stuck on Coinbase and you now want to cash it out, just follow this step-by-step guide.
Can you Sell Crypto on Coinbase in Australia?
No. Coinbase currently restricts Australians from selling crypto. This means you can buy crypto but you can't sell it back. It's one of the reasons why I think Coinbase is one of the worst ways to invest in crypto.
How to Sell Crypto on Coinbase in Australia
To sell our crypto, the best thing to do is sell through an Australian based exchange that supports AUD withdrawals. I use CoinSpot. When you sell using the “markets” feature, they have the lowest fees in Australia (0.10%) and they support a huge range of cryptos.
1 – Create a Coinspot Account
Sign up to Coinspot and verify your account. You will need a verified account to withdraw money to your Australian bank account. The verification process is fairly painless.
2 – Generate a Deposit Address
Generate an address to deposit crypto into Coinspot. This can be done by going to Wallets > Click on the Coin > Click on Receive.
3 – Send Crypto from Coinbase
Send crypto from your Coinbase Wallet to Coinspot. There will be a network fee involved. Read on further down to see how to avoid paying high network fees.
4 – Sell Crypto through CoinSpot
There are two ways to sell on Coinspot. An instant sell and a markets sell. I use the Markets feature. The interface is a little more complicated, but the fees are cheaper. You'll get more AUD for your crypto if you sell via a market order. Here's a help guide from Coinspot on how to sell using a market order.
5 – Withdraw AUD to Your Bank Account
That's it! You can now withdraw you AUD to your Australian bank account. I find the withdrawal process is pretty fast on CoinSpot and I don't have to wait very long.
How to Save on Network Fees
When you send crypto from Coinbase to Coinspot there is a network fee. These fees can be very high depending on how congested the crypto network is.
What I like to do is exchange my crypto on Coinbase into a crypto that has cheap network fees and then send. I will often first exchange into Dogecoin, send it to coinspot and then sell the Dogecoin to AUD.
This is way cheaper than trying to send Ethereum or Bitcoin which can have huge network fees. Exchanging between cryptos on Coinbase is usually free, so it's worthwhile doing.
Why I choose Coinspot
This is why I use Coinspot to sell my crypto from Coinbase:
- Lowest Fees – If you sell crypto using a market order, CoinSpot has the lowest trading fees in Australia of just 0.10%. It's way cheaper than using other exchanges.
- No Withdrawal Fees – There are no fees to withdraw money to your Australian bank account.
- Local Exchange – Coinspot works with Australian bank accounts and Australian customers. You're money won't be stuck overseas in a foreign currency.
- Huge Range of Supported Cryptos – I can pretty much send any crypto I use to CoinSpot. They support a huge range of cryptos. This means I can cash out and sell a huge range of cryptos.