Coinbase started its operations in 2012 when times were more straightforward and competition was limited.
Fast forward to 2022, and Coinbase is not only the largest US-based crypto exchange, but it is also among the few blockchain-related companies listed on the NASDAQ stock exchange.
It’s highly regulated and holds the highly coveted BitLicense from the New York Department of Financial Services (NYDFS).
In this guide, we’ll consider the steps to deposit into Coinbase, and we’ll show you how to withdraw your crypto from Uphold, another popular multi-asset exchange.
Can you transfer crypto from Uphold?
You can transfer your cryptocurrency assets from Uphold to an external wallet or platform. Uphold is a brokerage service provider that supports precious metals such as gold and silver, cryptocurrencies such as Bitcoin and Ethereum, national currencies and US-based stocks.
The platform touts an “anything to anything” trading philosophy, which means its users can trade their assets for any other asset supported on the platform.
Assuming you have gold, you can easily sell it for Bitcoin and vice versa. Or, you can get Tesla stock for your Ethereum.
If you happen to have some Bitcoin or any of the other seventy-plus supported cryptocurrencies, Uphold allows you to withdraw it to another wallet of your choice.
It provides all the tools necessary to transfer any digital currency off the platform, and the process is easy and almost effortless. As long as you know how to do it and avoid losing your crypto, you can finish the process in a few minutes.
Typically, investors deposit fiat or national currencies, including USD, EURO or AUD, and use them to purchase crypto.
Once they have acquired the cryptocurrency, they can then send it to an external wallet, where they have absolute control over their assets as they hold the private keys that unlock these crypto assets.
Uphold users have the option to send their crypto to a standalone wallet such as Coinbase Wallet, Trust Wallet or Metamask. Optionally, they can send straight to another cryptocurrency exchange such as Coinbase, Coinbase Pro or Binance.
Learn more: Transfer ETH from Exodus to Binance
What are the pros and cons of Coinbase?
Coinbase is one of the most recognizable names of all cryptocurrency exchanges, and for a good reason. It offers its users several benefits, but even then, it also suffers some drawbacks. Here are some of its pros and cons.
- The platform is highly regulated, making it widely accessible, especially in restrictive jurisdictions such as the state of New York.
- It supports more than a hundred different cryptocurrency assets, and more are added frequently.
- It has a highly intuitive user interface both on its web and mobile applications.
- It offers a standalone mobile and web wallet that integrates easily with the Coinbase exchange introducing extra features such as web3 functionality.
- There’s broad support for various payment methods, including PayPal, bank transfer and payment cards.
- It offers better services than most exchanges, including staking, custody, payments, Coinbase debit card and lending.
- It maintains a comprehensive knowledge base with information about cryptocurrency and blockchain.
- The consumer brokerage fees can get steep;
- In most countries or regions, the exchange has only enabled partial features and payment methods;
- Being highly compliant to financial regulations limits which cryptocurrency-related trading features it can offer its users.
Why transfer to Coinbase?
There are several reasons to transfer your crypto from Uphold to Coinbase. They include:
- To get access to more crypto assets. Uphold currently supports about 75 digital assets, while Coinbase has more than 100.
- To utilize the broader selection of fiat withdrawal channels such as PayPal or the Coinbase debit card;
- To access more utility for your assets because Coinbase has more features and products such as staking for more assets, lending, paying for goods and services on commerce marketplace.
Learn more: Transfer From eToro To Exodus (Step-By-Step)
How to transfer from Uphold to Coinbase?
Here’s a simple process to withdraw your cryptocurrency assets from your Uphold account to Coinbase. In this step-by-step guide, we’ll show you how to transfer Bitcoin (BTC), but the process is similar for another Uphold-supported crypto.
Step 1 – Access your Uphold account.
Log in to Uphold and tap (or click) on the transact icon on the button navigation bar (on mobile).
This will open up a transaction wizard to specify the transaction details.
Step 2 – Fill in the transaction form.
In the follow-up screen, choose which asset you want to transfer to Coinbase on the [From] section. Tap the down arrow to open the list of available assets, choose the one you prefer to withdraw.
Below that, you’ll see a fiat symbol showing the equivalent value of the amount of assets you want to transfer. Fill in the amount, then choose the withdrawal network option.
In the [To] field, tap the down arrow to choose the crypto network to which you want to send your asset. In our case, we selected Bitcoin as the cryptocurrency network.
Tap the [Preview withdraw] button to display the wallet address form field.
You can choose to copy-paste your Coinbase wallet address, but we encourage you to use the QR code scan tool. Tap the three small squares seen to the right of the wallet address field.
Now let’s head to Coinbase to get the Bitcoin wallet address.
Step 3 – Access your Coinbase account.
Log in to Coinbase and click (or tap) on the [Assets] tab on the left to open a list of assets supported.
Each row listing each asset has three dots to their extreme right. Click on these dots to reveal extra options. Choose the [Receive BTC] option to display the BTC wallet address. Or you can just click the large [Send/Receive] button at the top right of every page to reveal the transaction dialogue box.
Use the Uphold scan tool to scan the QR code shown above. Alternatively, you can copy the crypto address shown below that and paste it into the withdraw address form field.
Step 4 – Confirm the transaction.
Once Uphold picks up the BTC wallet address, it’ll automatically prepopulate it on the transaction screen as shown below:
Tap the [Preview withdraw] button to continue to the confirmation stage. Check to make sure that the wallet address matches your Coinbase wallet address, then click [Confirm].
The transaction will reflect on your Coinbase BTC wallet account as soon as the blockchain miners validate it.
That’s the simple process of withdrawing your Uphold crypto assets to Coinbase. As we have noted in this guide, there are several reasons to transfer funds from Uphold to a highly versatile platform such as Coinbase.
Try it out for yourself but remember to always double-check that the withdrawal address on your confirmation screen always matches your destination address.