Crypto advice, Coinbase & Paypal

drt1710

I bought some crypto many many years ago and I now find it has matured nicely into a few thousand GBP.

It's currently in my Blockchain wallet.  

I'd ideally like to sell the BTC for GBP and withdraw the cash, I am possibly interested in using Coinbase as I see they have the option of withdrawing GBP to PayPal which would be ideal for me, nothing sinister I'd just rather my family didn't know about it.

The one thing that worries me is, would Coinbase take exception to me transferring BTC from one source to them, selling it, then withdrawing the funds?  I can't find anything in their FAQs about this, but I have seen a lot of people complain about locked accounts with them, but I guess there are issues with all exchanges?

Has anyone done the above before?  

Cheers D

la531983

One option you could do is Cryptopay, they offer a prepaid Visa Debit card, which you can load up (minus a 2% fee), really depends what you are planning to spend the money on?

I only ever use Coinbase to buy small amounts from time to time, so cant advise on your proposed scenario.

drt1710

la531983 said:

One option you could do is Cryptopay, they offer a prepaid Visa Debit card, which you can load up (minus a 2% fee), really depends what you are planning to spend the money on?

I only ever use Coinbase to buy small amounts from time to time, so cant advise on your proposed scenario.

Thank you, that card looks good.  I had considered a pre-paid credit card, which I could top up with PayPal if needed, but I did not know about the CryptoPay card,  very useful, thank you. 

jefaz07

drt1710 said:

I bought some crypto many many years ago and I now find it has matured nicely into a few thousand GBP.

It's currently in my Blockchain wallet.  

I'd ideally like to sell the BTC for GBP and withdraw the cash, I am possibly interested in using Coinbase as I see they have the option of withdrawing GBP to PayPal which would be ideal for me, nothing sinister I'd just rather my family didn't know about it.

The one thing that worries me is, would Coinbase take exception to me transferring BTC from one source to them, selling it, then withdrawing the funds?  I can't find anything in their FAQs about this, but I have seen a lot of people complain about locked accounts with them, but I guess there are issues with all exchanges?

Has anyone done the above before?  

Cheers D

Wouldn’t think so. They all get their fees regardless. I use kraken though, they have smaller fees. 

Scottex99

Yep they won’t care, they are charging you for the BTC/GBP trade. Kraken also a good option.

And Swissborg, I’ve been using their app for years.

There does seem to be a rise in locked Coinbase accounts, at least according to Reddit although account issues can happen at various venues, like you said.

Remember when you do move the BTC, to do a test transaction initially, always good practice 

Cheers 

drt1710

Scottex99 said:

Yep they won’t care, they are charging you for the BTC/GBP trade. Kraken also a good option.

And Swissborg, I’ve been using their app for years.

There does seem to be a rise in locked Coinbase accounts, at least according to Reddit although account issues can happen at various venues, like you said.

Remember when you do move the BTC, to do a test transaction initially, always good practice 

Cheers 

Thanks, I looked at Kraken but couldn't see the withdraw to PayPal option.  I'll checkout Swissborg too cheers.
That's good advice about test transactions thank you.

Scottex99

Ah yeah good point, my fault I missed the Paypal bit. Not sure off the top of my head who else will support withdrawals there so CB might be best option 

jefaz07

I know etoro support PayPal withdrawal, I have done so. Excessive fees in my opinion. 

I have deposited money via PayPal in Kraken so I’d think they’d support a withdrawal via this method too.