Setting up an account:
To begin head to coinbase.com, download their app on the App Store or download their app on the Google Play Store.
If you don’t have an account with Coinbase, you will need to sign-up and also connect your bank account.
We also recommend securing the account using two-factor authentication and a strong unique password.
📌 Important to note that most methods to withdraw or deposit crypto to fiat (or vice versa) have a waiting period where you aren’t allowed to buy or sell the assets you purchase.
Sending your tokens to Coinbase:
After you log in you’ll want to navigate to the “Send / Receive” modal by clicking on the link in the top right of the screen:
From here choose “Receive” and then read the warnings they give you and proceed through them (the quickest way is to read them all and click “skip for now”). From here choose ETH (or whichever token you decided to consolidate your funds as). A QR code and an address should be at the top and bottom of the popup:
In the Rainbow app, you can either scan the QR code, or copy and paste the address.
If you scan it, you will have a popup modal that asks if you want to add the address to your contacts, or watch this wallet. If you want to send funds to it, add it to your contacts.
Now in the Rainbow app, click on the token you want to send to Coinbase, then click on the “Send” option.
From here you can either search for the Coinbase account you added to your contacts, or paste the address you copied in the last step.
Type in the amount of your funds you would like to send, then hit send!
📌 If you’re nervous about this part, feel free to send a small portion at first to check that you’re doing it correctly.
After a few minutes you should see the funds show up in Coinbase. You should also receive an email from Coinbase confirming this.
‼️ We’d recommend double checking for malicious email addresses. If ever in doubt if an email is authentic from Coinbase, you can connect with Coinbase support at their request page here.
Selling your tokens on Coinbase for USD & sending to your bank:
At the top of the page you’ll want to select “Buy / Sell” and then click on the “Sell” tab. Then select the asset you want to sell (Likely Eth). Choose how much to want to sell then click Sell. Then confirm your sell order. This should be pretty quick and you’ll receive a confirmation email:
From the homepage, you’ll need to make sure you are on the Asset tab. From there, click on your USD balance. That should bring you to the following page:
From here choose the amount of USD you want to cash out and then click on the “Continue” button. From there you will choose the destination click “Continue” again, then click “Cash out Now.” You will receive a notification via email when this has been completed.