How to Delete a Coinbase Account
Posted by Frank Gogol in Crypto | Updated on November 15, 2022
Even though Coinbase is a useful app for many people, some might want to delete their accounts for various reasons. They may want to transfer their cryptocurrency to a different wallet, or they just don’t like Coinbase anymore – therefore, they do not want to use it for cryptocurrency storage. If you are part of this category, you must learn how to delete a Coinbase account. In the paragraphs below, we will focus on this aspect and teach you how to delete your account (both a Coinbase and Coinbase Pro account) for good.
Table of Contents
Is it Possible to Close a Coinbase Account?
A Coinbase account can be deleted if you don’t need it anymore. Many people started deleting their accounts in order to look for better alternatives for buying Bitcoin. There are individuals who do not like what Coinbase has to offer anymore. Others just want to give up on storing Bitcoin altogether, which is why they decide to delete their accounts.
Before someone deletes their account, they should know one important thing, respectively the difference between a Coinbase and Coinbase Pro account. Of course, this aspect is of interest when you have both accounts. While Coinbase.com and Coinbase Pro are separate accounts, the Pro one shares a lot of your profile information and settings.
The two of them come at different prices as they are distinct products. Not to mention that they are both intended for different audiences. While Coinbase is mostly directed towards retail customers and wants to make the buying experience easier for people, Coinbase Pro is made for more advanced traders. The experienced ones would then help bring some volume to the exchange.
It is essential to know that deleting your Coinbase account will also result in your Coinbase Pro account being deleted.
In general, deleting your Coinbase account is not recommended because it is a permanent action. If there is any suspicious activity detected on your account, the best thing to do is to disable it, because this is temporary and can be reactivated later.
Only delete the account if you are sure you don’t want to use Coinbase again and you are ready to move on to other platforms.
How to Close a Coinbase Account in 3 Steps
Closing your account is easy if you know what steps to follow. But first, you will have to make sure your balance is zero before proceeding with the account termination. This means you should send the balance you have left to another Coinbase user or transfer it to an external wallet. You can even give the amount to GiveCrypto.org, which helps distribute the crypto to people who live in poverty.
So, here is how you can transfer your balance before deleting the account and close your account after that:
1. Sell All Your Altcoins for Bitcoin
If you have any altcoins, it’s best to convert them into Bitcoin instead. It’s usually better to hold Bitcoin instead of gamble using any altcoin, so do that first. To sell your Boitcoin for Altcoins:
1. Click on the “Buy/Sell” button found on any page on Coinbase.
2. Go to the “Convert” tab and convert all the currencies aside from Bitcoin into Bitcoin.
2. Set Up Your Bitcoin Address
In order to withdraw your Bitcoin from Coinbase, you must make sure you have a Bitcoin address set up. This is the only way you can get these funds back so you don’t lose them.
The address will serve as an unhackable bank vault, which will exist on the Bitcoin network. Think of it as a digital bank vault. All it takes is a button to make it happen. The most important aspect is storing the key that you get with it because it is the one that will keep the account secure.
Setting up this address can either be done by getting help from a collaborative custody provider for a certain cost or by doing it yourself from beginning to end. What is great is that in recent years, there have been a lot of amazing companies made to help people get their own private keys.
After finally obtaining a Bitcoin address and storing your private keys safely, you can start withdrawing your money. But you must know one important thing first. When you use the “Send” button to withdraw Bitcoin from the balance page, a small amount of Bitcoin will remain there. It is usually called “dust”. Then, since you still have Bitcoin in your account, Coinbase will not allow you to close it. Not only that but withdrawing the leftovers will not work either, as the amount is way too small to send. But the next step will explain how you can withdraw properly.
3. Withdraw Your Entire Coinbase Balance
To withdraw your Bitcoin to the new address, you will have to:
1. Navigate to your Coinbase account on a desktop browser and click “Sign In”.
2. Plug in your login credentials and click “Sign In” again.
3. Then, go to the User Settings.
4. Choose the “Activity” tab.
5. Scroll until you find the “Close Account” option.
6. Enter the password of the account in the pop-up box.
7. Confirm that you want to close your Coinbase account by clicking “Close my account”.
This will allow you to withdraw your Bitcoin balance as part of the Coinbase account termination.
After your balance is withdrawn and you have no Bitcoin left in your account, you can click “Close Account” and delete your account for good this time.
Alternatives to Coinbase
Coinbase is not the only option you have for storing your Bitcoin or buying it. There have been many other businesses emerging over the years, especially as they all know that the interest in Bitcoin and other cryptocurrencies has boosted too. So, other businesses brought different ways to buy Bitcoin to the table, and you can pick one that is convenient for you and meets your requirements.
Swan Bitcoin as An Alternative to Coinbase
If you are someone who lives in the U.S., one of the most popular options at the moment is swanbitcoin.com. When it comes to self-custody automatic recurring purchases, the fee is very low with this company. Not to mention that the platform is also very dedicated to educating customers about cryptocurrency, as well as serving them.
Swan Bitcoin is not the only alternative for people in the U.S., though. You can also use something like River Financial and Cash App.
People outside the United States have some amazing options as well. For instance, people who live in Canada can use Bull Bitcoin, while people in Australia can look towards Amber. In the U.K., one of the great options for Bitcoin investment is Coinfloor.
Read More About Crypto
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
Final Thoughts on Closing a Coinbase Account
As you can see, deleting your Coinbase account is very easy, and if you make sure to follow the process properly, you will obtain the result you desire. Before deleting your account, you need to make sure you withdraw the amount you have stored there – if there’s any left. Without withdrawing your balance first, you will not be allowed to delete your account.
Once you are done, you will just need a few clicks and you will successfully terminate your account. If you still want to invest in Bitcoin, there are alternatives such as SwanBitcoin, Coinfloor, and many others. Coinbase is not the only one out there.
Need a Loan? Get One in 3 Simple Steps
If you are considering applying for a personal loan, just follow these 3 simple steps.
Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers.
If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.
The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.
Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future.
We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible.
Learn what others are saying about us on Google, Yelp, and Facebook or visit us at https://www.stilt.com. If you have any questions, send us an email at [email protected]