Are you thinking about leaving Coinbase and wondering how to delete your Coinbase account permanently? Given that this choice is a turning point in your Bitcoin journey, it should be carefully thought out.
This thorough guide will take you step-by-step through the process of permanently canceling your Coinbase account, emphasizing crucial information and factors along the way.
Whether you’re looking for better options, worried about account security, or simply eager to explore new cryptocurrency-related opportunities, we’ve got you covered.
Is it possible to delete a Coinbase account?
You can delete your Coinbase account if you no longer need it or have found a better alternative. However, before you proceed with the account deletion process, it’s essential to understand some key points.
Coinbase offers two different types of accounts: Coinbase.com and Coinbase Pro, which cater to distinct user needs and preferences. While they are separate accounts, it’s important to note that if you delete your Coinbase account, your Coinbase Pro account will also be deleted.
On the other hand, Coinbase Pro is tailored for advanced traders, offering a more sophisticated trading experience. Additionally, these two accounts come with different pricing structures.
Deleting your Coinbase or Coinbase pro account is a permanent action, and once deleted, it cannot be undone. If you suspect any suspicious activity on your account, it’s advisable to disable it temporarily, as this is a reversible action that allows you to reactivate your account later.
Only proceed with account deletion if you are certain that you no longer wish to use Coinbase and are prepared to transition to another cryptocurrency platform.
Why would you do it?
There are various reasons why individuals opt to delete their Coinbase accounts. Some may have security concerns, while others may be looking to transition to a different platform. For some, their interest in using Coinbase for cryptocurrency transactions may have waned.
Moreover, on July 31st, the US Securities and Exchange Commission ordered Coinbase to halt trading in all cryptocurrencies except Bitcoin. This is a move that indicated the agency’s ambition to extend its regulatory power over a wider market segment.
This order was issued just before the SEC filed suit against Coinbase, a Nasdaq-listed firm, for failing to register as a broker.
Privacy concerns also play a role in this decision. While Coinbase is generally considered secure and has a solid custodial track record, it has drawn attention for its recruitment of former employees of the Hacking Team for blockchain analysis.
Moreover, high fees on Coinbase have prompted users to explore exchanges with more competitive fee structures, and the platform has faced scrutiny for perceived actions against Bitcoin.
How do I permanently delete my Coinbase account?
Having your Coinbase account closed is simple. These are the steps to do it:
1. Login to your Coinbase account
To start a Coinbase account closure process, go to the Coinbase website or app and log in.
In case of 30 days of inactivity, the system will send a seven-digit authentication code to the user’s primary contact method (cell phone or email). After you’ve finished these steps, you’ll be able to use the Coinbase platform.
2. Set up a Bitcoin address
If you have Bitcoin and want to withdraw it, ensure you have a Bitcoin address set up. Then, go to your Bitcoin balance page, click Send, and enter your new Bitcoin address.
The address is like a safe digital bank vault in the Bitcoin network. Even though no one can access it, you should keep the private keys you are given in a safe place. The reason for this is that it is the only thing that can prevent unauthorized access to your account.
In case you don’t have a Bitcoin address and need to create one, you’re faced with a crucial choice. You may embark on a self-guided journey for self-custody and full control, or opt for affordable assistance from a collaborative custody provider to facilitate the process.
Regardless of your preference, the cryptocurrency landscape has witnessed a remarkable surge in the number of exceptional companies in recent years, making it more accessible than ever to take the next stride toward achieving self-sovereignty.
📚Related: Why is Coinbase Holding My Funds?
3. Withdraw funds from Coinbase account
Before you proceed with the deletion of your Coinbase account, it’s essential to handle the remaining funds in your Coinbase wallet. To be closed, accounts must have a zero balance.
In the cryptocurrency case, you have two Bitcoin withdrawal options:
- Convert your cryptocurrencies to fiat and withdraw the funds to your bank account or PayPal.
- Withdraw your cryptocurrencies to an external wallet or another exchange.
- Cash out your money from the Coinbase.
4. Close Coinbase account
Your Bitcoin will be withdrawn to the new address after you:
- Open User Settings.
- Navigate to the Activity menu.
- The third step is to look for the Close Account button.
- In the new window that has opened, type in the Coinbase account password.
- Make sure your Bitcoin balance is zero and click the Close Account button to verify your intent to terminate your Coinbase account.
Coinbase alternatives
If you want to uninstall Coinbase, you might be on the lookout for an alternate service. There are a plethora of options for trading, exchanging tokens, and discovering new cryptocurrencies thanks to the increasing number of crypto-oriented platforms in the market.
One of them is swissmoney. The simplified beginner-friendly platform offers the highest digital asset security via offline cold storage solutions. In the list of swissmoney offerings you can find
swissmoney’s crypto wallet is a passport to a dynamic world of digital assets. With the power to seamlessly convert cryptocurrencies into traditional fiat currencies, it bridges the gap between the crypto and real-world financial realms.
swissmoney’s versatile platform provides you with the tools to buy, receive, send, or sell cryptocurrencies. Accessible across Android, iOS, and the web, it ensures that your crypto portfolio is always within reach, allowing you to manage your assets on your terms.
Moreover, clients can tap into liquidity APIs to stay ahead in the ever-evolving crypto markets and diversify their holdings with access to two networks and five major currencies, including TRX, BTC, ETH, USDT, and USDC.
Your financial journey is meticulously recorded with a comprehensive transaction history, offering valuable insights into your crypto activities.
FAQ
Can I have two Coinbase accounts?
Once a user’s account is deleted, it cannot be recovered from Coinbase’s servers.
If you’ve deleted your Coinbase account, you’ll need to start fresh with a new user name, email address, and phone number to comply with legal obligations and prevent fraud, Coinbase’s Privacy Policy states that even canceled accounts will be maintained in the database for more than five years.
As a result, you won’t be able to use the same email address or phone number associated with an existing Coinbase account.
Can I delete my Coinbase account and make a new one?
Indeed, it is possible to delete your Coinbase account and subsequently create a new one. It’s important to note, though, that when you do this, some aspects won’t transfer to your new account.
Specifically, your transaction history and certain account details from the deleted account will not carry over to the newly created one.
Additionally, if you choose to open a new Coinbase account, you’ll need to use a different email address during the registration process.
How do I delete my Coinbase account on IOS?
If you want to delete a Coinbase account on IOS, follow these steps:
- Pick Profile & Settings from the main menu.
- Below the Account menu, click Close Account.
- Read the details and then proceed with the rest of the instructions.
Additionally, to close your Coinbase account, the company may request an explanation from you. Choose the most applicable explanation from the drop-down menu, or elaborate if necessary.
Can I reactivate a deleted Coinbase account?
No, it cannot be recovered once you have deleted your Coinbase account. Account deletion is a permanent action, and you will not be able to retrieve any associated data or assets.
Before proceeding with the deletion, make sure you have withdrawn or transferred any funds or assets you wish to keep. They will be inaccessible once the account is deleted.
If you decide to return to Coinbase in the future, you will need to create a new account.