With rising uncertainty in the market, many investors have begun looking at cryptocurrency as an alternative investment.
Like stocks, crypto is traded using a platform, and there are hundreds to choose from.
With so many options, perhaps you want to try a new crypto trading platform. Or maybe you want to take advantage of a great promotion.
Whatever the case may be, if you want to transfer from FTX to Coinbase, then we have you covered. Let's jump right in and cover the steps to execute this transfer.
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Transferring crypto from FTX to Coinbase is a quick and easy process. You can complete all the steps from your phone using the Coinbase and FTX apps.
While the process is easy, it is important to get the steps right to ensure you do not delay the transfer or lose your tokens.
The process can be completed with the 4 steps below, which only take a few minutes to complete, unless you need to wait for verification.
Each of these steps actually have a few steps themselves. Let's dive into the details.
Coinbase was originally launched in 2012. Since its founding, it has been a top option for cryptocurrency, and it's easy to understand why. With hundreds of cryptos to trade and its Learn feature (which allows you to earn free crypto!), Coinbase is definitely worth a look.
If you sign up for Coinbase using our button above, you will get $5 worth of free Bitcoin!
Before executing a transfer from FTX to Coinbase, you will need to set up a Coinbase account.
Setting up a new Coinbase account is simple:
When creating a Coinbase account, you are actually allowed to skip verification.
However, in order to send/receive crypto, you do need to verify your account.
This verification is done through uploading a photo of your driver's license or other state issued ID:
Upon verification, you will receive an email from Coinbase. If more information is needed, they will also reach out to you via email.
Typically, the verification process is completed in mere minutes. Submitting clear photos will help this process move quickly.
Cryptocurrency is held in a wallet, and each crypto wallet has a specific address in the form of an alphanumeric code.
In order to transfer crypto from one location to another, you will need this address, which can be found in Coinbase quickly and easily:
Always double check to make sure you are sending cryptocurrencies to the correct wallet type.
If you send Bitcoin to an Ethereum address, for example, it will likely be lost forever.
Now that you have a verified Coinbase account and have located your wallet address, you are ready to make the transfer.
Before we jump into those steps, there are a few things to be aware of.
First, in order to send crypto out of FTX, you will need to set up your account with 2FA through Google Authenticate. Both iPhone and Android users can download the Google Authenticate app.
Second, when you transfer crypto from one platform to another, there are typically fees involved. This is true when transferring from FTX to Coinbase. You can view applicable fees on the FTX withdrawal fee page. FTX pays a majority of fees for their members, though for withdrawals, you will pay a small fee for every transfer.
After you have clicked "Withdraw," you can check on the status of the transfer by clicking on the "Withdrawals" tab within the wallet page on FTX.US.
Once the transfer is confirmed, you will receive an email informing you of the finished withdrawal.
Moving coins from one platform to another is typically a simple process as most crypto trading platforms employ wallets.
With a crypto wallet, transferring crypto assets is as simple as copying an address and pasting it.
You do want to ensure that you use the correct wallet though. Using a Bitcoin wallet to transfer Ethereum could result in the loss of your tokens.
After verifying that you are using the correct wallet, the transfer is simple!