Coinbase is one of the most popular cryptocurrency exchanges, but it does not offer support for all of the available digital currencies. To get your money from Coinbase to another wallet or exchange, you need to transfer it out of your Coinbase account first. In this guide we will show you how to do that using Lobstr to make the process much easier than if you did it manually by yourself.
Step 1: Sign up on LOBSTR
To transfer funds, you first need an account on LOBSTR. The sign up process is pretty simple – just click HEREand follow these instructions.
Step 2: Verify your email
Next, you’ll need to verify your email address in order for it to be associated with your account. Click Activate Account. You will then receive an email with a link that directs you back to GDAX. Here, click Verify Email Address. This will bring up a new page with some text in it.
Step 3: Fund your account on LOBSTR
Login to your LOBSTR wallet and go to Balances. Select on Bitcoin, then click on Receive. Copy your Bitcoin address.
Step 4: Trade BTC for ETH
Sign into your Coinbase account and click on Buy/Sell at top right corner. This will open up a new window where you can add your payment method, in fiat or crypto, select an amount of BTC you wish to exchange for ETH, then click Buy ETH Instantly. Once you submit your transaction you will be shown a confirmation screen that shows how long it may take until Coinbase transfer is complete.
Step 5: Send ETH to COINBASE Wallet
If you have any ETH balance in your account, you can send it over to COINBASE. Go back to your COINBASE account, and click on Deposit and then select ETH Wallet. Copy your ETH Deposit Address. Switch back over to LOBSTR, go down and click on Send. Paste your COINBASE ETH wallet address into Recipient field.
Step 6: Exchange ETH into USDT in COINBASE
After you buy Ethereum, you can use an ETH wallet like MyEtherWallet (or any other wallet that supports ERC-20) to send it over to COINBASE. Go here and follow instructions on how to set up an account. Once there, click Accounts, then Send.
Then you will get your ETH Deposit Address where you need to send it over from your MyEtherWallet or another ETH wallet like Parity. And voila, now you have USDT on COINBASE!
Final notes
There is no official fee on transfer amounts less than $200. That said, there are a few caveats that you should be aware of. First, your bank may charge a small fee (usually $3). Second, and more importantly, there’s always a risk your payment won’t go through — if that happens, you need to follow up with PayPal.