What To Do If Coinbase Withdrawal Is Not Working
For those who are living in a parallel world and are unsure of what cryptocurrency is, where are you guys! The biggest trend for investing, cryptocurrencies, are ruling the world like no other. Cryptocurrencies or digital currencies are decentralized digital money.
Cryptocurrencies rely on a distributed ledger technology (DLT) called blockchain, which is decentralized (i.e. No single entity is in charge of it). Withal, if you want to trade in digital currencies, you need a platform to trade them, and also a mediator to communicate with the network.
What’s so special about Coinbase? Coinbase is one of the most popular and well-known brokers as well as trading platforms in the world.
A global digital asset exchange company (GDAX), Coinbase provides a secure and reliable platform to buy, sell and store digital currencies. Moreover, Coinbase serves as a wallet too to store the digital currencies. Presently, Coinbase has over 10 million customers.
Buying and selling cryptocurrency on Coinbase
You simply need to link a bank account/credit card/debit card to your Coinbase account to purchase cryptocurrencies. And while selling cryptocurrency, once the sale has been confirmed, it takes about two to four days for the proceeds to be reflected in your bank account. Furthermore, you can purchase digital currencies by just transferring funds from that bank account to the site. All of these transactions are instantaneous.
One of the best ways to guard your crypto investments is by creating a vault. You hand over the management of your cryptocurrency whenever you manage your cryptocurrency at an exchange.
Coinbase provides its users with the choice to create a vault that works like a real, physical vault. In simpler terms, a Coinbase vault allows you to store your cryptocurrency in cold storage. This offers additional security to the user in case a hack occurs on the platform. The service of a Coinbase vault is to give users a peace of mind for storing their cryptocurrency. All in all, a Coinbase vault shields your investments against hackers/thieves/buggers.
In a Coinbase vault, you can store your cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH), and further these vaults work as same as your normal wallet. The only difference being that these specialized wallets (vaults) require multiple degrees of authorization to withdraw cryptos from along with a certain period until your funds are released. This is done to prevent immediate withdrawals.
A vault is an ideal way to keep your crypto investments safe. In this blog, we are going to discuss how to transfer crypto into a vault on Coinbase and what to do in case your Coinbase vault withdrawal is not working.
Head’s Up: In order to create your vault, you need to use your Coinbase on PC. You cannot create on the mobile app since it’s not available. Once done, you can use the vault in your Coinbase app on your Android/iOS.
How to transfer into the vault on Coinbase?
Follow the steps below to transfer your crypto into the vault on Coinbase-
- Sign in to your Coinbase account.
- Tap on ‘Accounts’ on the very top of the page.
- Next, scroll down to the tab having your wallets and click on ‘Vault’.
- You will see the option to create a vault on the right side.
- Tap on ‘Create Vault’.
Note: Enable two-factor authentication to proceed with creating the vault.
Select a cryptocurrency you want to create a vault for.
You will be asked to give your vault a name. Give a simple name and then click on the ‘Next’ button.
Now you need to choose how you can withdraw funds. You have two options to choose from: Individual (where the vault that you just made only need your approval to withdraw the assets in the vault) or Group (where the vault that you just made only need the permission of the members you pick as co-signers for the withdrawal to be successful). Choose which one you like and click on ‘Next’.
In case you chose Individual then you would need to provide a secondary email address. So enter your secondary email and hit the ‘Next’.
Finally, you’ll receive a confirmation email to the secondary email. Open your email and confirm by clicking on the received link. Use this email to approve withdrawals.
Open your Coinbase app to see the new vault on your Accounts page.
- Let’s transfer funds into your new vault now.
- Go to the Accounts page.
- Choose the wallet where your funds are and then tap ‘Send’ below it.
- Enter your vault’s address under Recipient and enter the amount you want to send.
- Click on ‘Continue’. Make sure to check all the details of the transaction and then click ‘Send’.
To withdraw from the vault, you just go to the Accounts page and choose your vault where your funds are. Next, tap on the Withdraw button in the top right. Enter the amount you want to withdraw and enter your two-factor verification code. Tap on ‘Withdraw’ to finish.
P.S: Coinbase takes 48 hours for any withdrawals out of your vault.
What if Coinbase vault withdrawal does not work?
Don’t worry. Your funds will be withdrawn instantly, in 48 hours, from your vault whenever you make the transaction. You will receive emails from Coinbase stating that your transaction has been completed.
Keep your eyes open while making each step. Check it no longer says pending when you have clicked both the emails. If not, cancel the transfer and try again.
Read more if your Coinbase Transaction Not Showing Up
Also, it is sincerely recommended to do a little homework before you step out into the crypto sphere and start trading.