How to withdraw from money Exodus Wallet? This guide explains the fastest route to convert crypto into cash by using the Coinbase option.
Exodus Wallet is one of the ‘old-school‘ crypto wallets out there. Since the introduction of altcoins back in 2015, this wallet was one of the first to offer the storage of multiple cryptocurrencies at the same location.
Additionally, this is a very convenient way to manage your crypto portfolio. However, what to do if you want to sell a part of your crypto portfolio for ‘real cash’? In other words, how to withdraw funds from Exodus?
By continue reading this guide you will get all the answers you are looking for regarding Exodus Wallet:
- How to withdraw money from Exodus Wallet
- Know what to do before making crypto withdrawals
- Best alternatives to transfer and swap crypto for ‘real‘ money
How To Withdraw Money From Exodus Wallet: Quicktake
In short, below are the necessary steps to cash out crypto from the Exodus wallet. Additionally, I assume you already have an existing Coinbase account and are using the Exodus wallet on a mobile device. Overall, you have to do the following:
- Sent crypto from Exodus wallet to Coinbase
- On Coinbase, sell crypto for fiat(USD, EUR, GBP, etc)
- In ‘My Assets‘, choose ‘Cash out all‘ option
- Link your bank account to Coinbase
- Transfer money to the bank
The steps above are a quick take of the steps you have to follow. Later on in this guide, I’ll go more into detail by including screenshots. Remember that I use Coinbase as an example in this guide, however, you can use the same procedure for any other crypto exchange as well.
Understanding Crypto Withdrawals
Exodus is a multi-coin wallet and if you are using it on a regular basis then you already know that this wallet can be used on different blockchains. Moreover, besides Ethereum(ETH), Bitcoin(BTC), or BNB, you have several other coins that can be traded or used on different blockchains.
Even though Exodus has a lot of interesting features, there isn’t a direct option to cash out crypto for money. To do this, you need a centralized exchange like Binance or Coinbase to achieve.
In other words, you need to withdraw your crypto to another platform first before you can cash out. How to do this properly?
Withdraw From Exodus Wallet to Bank Account
Again, when you want to cash out crypto from Exodus by initiating a withdrawal, you need to send your funds elsewhere. Also, to receive the funds in your bank account you must find a platform that supports this.
To continue with this guide, I’ll use Coinbase as a practical example, however, it’s up to you to decide what kind of exchange to use here.
Step 1: Create an Account at Coinbase
First of all, you need to open an account which shouldn’t be a complicated step. On top of that, you can use this link to open a free account at Coinbase.
In short, Coinbase is a very popular crypto trading platform mainly focused on US customers. Also, it has millions of cryptocurrency traders using its platform on a daily basis. In addition to trading and wallet services, Coinbase also offers various other features such as a merchant payment gateway and educational resources for beginners to learn about the world of cryptocurrency.
Remember that crypto exchanges use custodian wallets for holding crypto and are subject to attack by hackers all the time. As a result, security is a top priority for them, and withdrawing money to your bank account requires you to verify(KYC).
In short, an account verification(KYC) process consists of the following:
- Upload official documents(passport, identity card, driving license, or else)
- Take pictures of both sides of the document
- Make a selfie
Step 2: Send funds from Exodus
After you have finished the sign-up process at Coinbase it’s time to use your newly created profile in order to withdraw cash from Exodus.
The plan you might have is to swap crypto for the money so you need to send crypto funds from Exodus to Coinbase here. How to do this? Below are the necessary steps for Coinbase(using ETH as an example):
- In Coinbase above, click ‘Send & Receive‘
- Choose Receive tab, and click Bitcoin to search for ETH
- In the search bar, type ETH and choose Ethereum result
- Click ok and copy ETH address to clipboard
Next, go back to your Exodus, enter your password to log in, and find your ETH funds.
Consequently, in order to transfer, click on ‘Send‘. Now tap on your ETH funds and paste the Coinbase ETH address from the clipboard into the Send to Ethereum address field.
Finalize the withdrawal of ETH funds from Exodus by giving the amount of ETH and approving the transaction.
Step 3: Receive ETH funds at Coinbase
As the Ethereum blockchain processes transactions very fast it’s just a matter of seconds waiting before funds arrive in the Coinbase account. Just make sure that you have received the funds by going to your assets wallet on Coinbase.
On top of that, Coinbase will send you a notification message when the ETH funds have reached their platform.
Consequently, the withdrawal process for crypto from Exodus to Coinbase has been finished. Additionally, we are ready to start the withdrawal process to cash out crypto for money on Coinbase.
Step 4: Trade ETH for USD on Coinbase
At this point, you can start selling ETH for fiat currency(USD, EUR, etc). All you have to do now on the platform is to go to ‘My Assets‘ and choose ‘Buy & Sell‘. It’s all very straightforward.
In the pop-up screen, find ETH, also make sure to choose USD as fiat option and click on the ‘Sell‘ option. Simply enter the amount you wish to sell, click “Preview Sell”, and then hit the “Sell Now” button.
Next, after the platform has processed the transaction(which takes seconds) your wallet will be updated with the amount in USD.
Step 5: Withdraw Cash from Coinbase to your Bank
Finally, we have reached the level where you can transfer money to your bank account. Now go to your money account under “My Assets”. Next, click on this to view the Cash Out option and select “Cash Out All”.
Click the continue button and a new screen appears that asks you to choose a destination for your cash withdrawal. You have the following options:
- Add a debit card
- Add a bank account
If you just created a new account on Coinbase you have to link your bank account first. Therefore, choose the second option: Add a bank account. (*skip this step if you already did this).
Particularly, the screen for adding a bank account differs and depends on your local situation. As I’m an EU habitant I can only add an EURO bank account here.
However, if you are from the USA or some other country outside the Eurozone, you will be able to add your local bank here.
Next, just follow the steps by adding the necessary details including verifications steps to link your bank account to Coinbase.
Finally, if everything went well you can finalize the withdrawal process and receive the cash within a few days in your bank account!
And this is how to withdraw money from Exodus wallet to your bank account! Enjoy your profits and don’t forget to share this guide if it was helpful 😁
FAQ – Withdraw Money From Exodus Wallet to Bank
Can You Directly Withdraw Money from Exodus?
Unfortunately, there isn’t a direct way to transfer your funds from Exodus to an external bank account. The main reason for this is that Exodus is connected to a blockchain network and runs autonomously. At the moment, banks can’t deal with decentralized technology or non-custodial wallets.
As a result, it’s necessary to send your funds from Exodus to a major cryptocurrency exchange to cash out from crypto. In other words, ‘to get money out of Exodus’ you need a centralized crypto exchange like Coinbase.
Is Exodus Wallet Trustworthy?
Exodus Wallet provides solid security features, and it doesn’t store any user passwords, data, or seed phrases on its servers. All that information is stored on your device where you’ve installed Exodus Wallet. Meaning, you are in charge of your funds and this makes it a safe way to store crypto.
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