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Written by Sam Pennington on November 30, 2023
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How To Transfer From BlockFi To Coinbase 2023

On November 11th 2022, BlockFi suspended withdrawals from the platform and discouraged new user deposits. This guide was written prior to the suspension. Please refer to the official BlockFi website for more information.

If you currently have crypto assets with BlockFi and are looking to transfer them over to Coinbase, the process is very simple and straightforward.

Whatever your reason is for making the switch, we will show you how to transfer crypto from BlockFi to Coinbase step by step!

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For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.

In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.

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1. Open A Coinbase Account

The first step is to open a new Coinbase account if you don't have one already.

Trade cryptocurrency with Coinbase

With Coinbase, users can easily buy, sell, transfer, and store crypto.

Coinbase allows users to store coins for free on the platform, however they do collect fees on crypto transactions. This fee ranges based on the size of the transaction.

You are able to trade over 100 different cryptocurrencies over on Coinbase, with new additions every few weeks.

2. Verify Your Coinbase Account

In order to send or receive crypto, you will need to verify your Coinbase account.

This verification is done through uploading a copy of your driver's license or other state issued ID:

  1. To do this, you will click "Send/Receive" once logged into Coinbase
  2. A popup will appear that prompts you to upload a photo of your ID
  3. This can take 1-2 business days to complete

If the images are clear and match your information on file, your account should be verified in minutes.

3. Gather Necessary Information

In order to transfer crypto out of BlockFi, you will need an address to send the crypto.

Finding this wallet's address in Coinbase is easy:

  1. Determine what type of crypto you are sending from BlockFi to Coinbase
  2. Find the cryptocurrency on Coinbase and click "Send/Receive"
  3. A popup will appear with a QR code and the wallet's address
  4. Copy this address with the "copy" function on your phone

Keep in mind, BlockFi only offers 1 free withdrawal per month from the interest account. You may want to consolidate all of your crypto together before sending it.

4. Withdraw From BlockFi

Here are the steps to withdraw crypto from BlockFi:

  1. Click "Withdraw" once logged in to BlockFi
  2. Select the cryptocurrency you would like to withdraw
  3. You will then select which wallet you would like to send to
  4. If you selected "New Wallet," then you will need to paste in the new wallet's address
  5. After pasting in the address, click "Review"
  6. After reviewing the withdrawal for accuracy, you will click "Confirm"

Be advised that any withdrawal with BlockFi will take one business day and will be processed by 8:00pm on a weekday.

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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