The world of crypto seems to be in a continual boom. With so many current events changing the way the world works, crypto and Bitcoin have proven themselves through several stress tests, and investors everywhere are taking notice.
Because of crypto's popularity, there are hundreds of different crypto apps that function as trading platforms and digital wallets, all with their own unique features.
Coinbase is a great way to dip your feet into the world of crypto. With its clean user interface, and easy-to-navigate app, many crypto users find Coinbase as their 'first base' when investing.
However, sometimes you want to see all of your different investments in one place. Coinbase is a great crypto app, but it doesn't have any features that allow for users to keep track of the stock market, or invest in mainstream assets.
Public is a growing platform that allows for both stock and crypto investing, as well as being a great place for learning about investing in a social media format!
You might want to transfer your cryptos out of Coinbase into Public to take advantage of these features, but there's one problem that's been confusing people left and right:
Public doesn't currently offer crypto wallets with its accounts, and thus, users can't transfer their coins directly. Instead, you'll have to sell your crypto positions inside Coinbase, and rebuy them in Public. This can be a little frustrating, and it's easy to get lost in the weeds.
Today, we're going to be your travel guide, and help you carve a path to transfer from Coinbase to Public!
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Here's how to transfer your crypto positions from Coinbase to Public:
Let's go through each step in depth.
While this step can sound straightforward, there are a couple of things you'll want to keep track of before selling your crypto:
At the time of writing, Public only offers trading with 25 of the top coins, including Bitcoin, Ethereum, Cardano, Solana, Dogecoin, Shiba Inu, Chainlink, and Litecoin. Check their list here to make sure they've got your coins.
As well as this, if you've made a profit with your crypto after selling them in Coinbase, you may be liable to capital gains tax implications.
Okay, with all that in mind, here's how to sell your crypto in Coinbase:
The money you receive from your transactions will enter your cash balance in your Coinbase account.
From there, you'll have to transfer your cash balance to your bank account.
On the app's main screen:
Withdrawing money from Coinbase usually takes around 1-3 business days before you can access the cash from your bank.
Next, you'll have to sign up for Public if you haven't done so already. If you have, skip to step 3!
Use this link when signing up for a free stock slice, on us!
How to Sign up for Public:
It may take a couple of days for your application to get approved.
Now that your Public account is set up, and the cash has settled from your Coinbase withdrawal, you can get back into your crypto investing inside Public!
Here's where your notes from step 1 will come in clutch.
Take the following steps to re-buy each of your Cryptos in Public:
Due to the volatility of crypto markets, you may not be able to re-purchase your crypto at the same price you bought it for originally in Coinbase.
This is the biggest drawback of Public not having a dedicated wallet for its user accounts.
As well as this, with the delays of having to transfer your Coinbase funds to your bank, you may lose out on opportunities for your crypto positions to profit before you can buy them back.
Until Public offers crypto wallets for their users, selling and re-buying their crypto picks will be the only way users can "transfer" their cryptos into Public.
One thing you can do to keep control of your investments is this:
Before selling your cryptos in Coinbase, re-buy as much of your crypto positions inside Public as you can afford.
This might not be useful for some users with limited funds, and it could be risky - the crypto market could swing the wrong way for your crypto during that time.
However, this way, at least you have some more control over your crypto investments.