As a cryptocurrency enthusiast and technology geek, I understand the desire to delete your Coinbase account. Maybe you want to consolidate platforms, transition to cold storage, or just take a break from crypto.
Whatever the reason, deleting your Coinbase account is a simple but irreversible process. There are also some risks if not done properly, so let‘s walk through this carefully, step-by-step. I‘ll make sure to provide plenty of helpful screenshots, insider tips, and security best practices along the way.
By the end of this guide, you‘ll know exactly how to permanently erase your Coinbase account. Just be aware that once it‘s gone, there‘s no getting it back!
Overview: Key Factors to Consider Before Deleting Coinbase
Before we dig into the deletion steps, I want to share some quick knowledge bombs and data-driven insights around deleting your Coinbase account:
Coinbase has 68 million verified users – This makes it one of the largest centralized crypto exchanges globally. If you delete your account, you‘re walking away from a huge platform.
Over $255 billion in trading volume – Coinbase sees massive trading volumes, especially as crypto gains mainstream adoption. You‘ll lose easy access to liquidity.
Limited payment methods – Unlike some exchanges, Coinbase only supports bank transfers, debit cards, and PayPal. If you rely on those, another platform may be better.
High fees – Coinbase‘s convenience comes at a cost. Trading fees are roughly 0.5%, much higher than competitors like Binance or FTX.
Account security issues – According to a 2022 Identity Theft Resource Center report, approximately 13% of crypto account takeovers happen on Coinbase. Security is critical.
Regulatory uncertainty – As a U.S. exchange, Coinbase must comply with regulations from the SEC, FinCEN, and other agencies. This results in limited assets and features for U.S. users compared to global exchanges.
I lay all that out not to persuade you one way or the other, but to make sure you fully understand the tradeoffs before deleting your Coinbase account. There are definitely solid reasons for leaving the platform, but also benefits to keeping your account open too.
Now let‘s get into the step-by-step guide…
Step 1 – Login to Your Coinbase Account
First things first – we need to actually access your Coinbase account!
Head over to coinbase.com and log in using your current account credentials. This includes the email and password associated with your Coinbase profile.
Once you‘re logged in, you‘ll see your unique Coinbase dashboard with your account info, portfolio, and more.
Easy enough so far! With step 1 done, we‘re now inside your account and ready to close it down.
Step 2 – Navigate to Account Settings
From your Coinbase dashboard, look in the top right corner and you should see your profile icon. Click on it, then select "Settings" from the dropdown menu that pops up.
This will open up your full Coinbase account settings page in a new tab. Think of this as the control panel for your entire Coinbase profile.
We‘ll need to navigate here to find the account deletion option.
Step 3 – Go to the Profile Section
Now this part can be a little tricky…
Within your account settings, you need to specifically click on the "Profile" section on the left sidebar.
By default, it usually opens to the "General" settings, but Profile is where the close account option lives.
Once you‘re in the Profile section, you‘ll see options to update your personal info, contact details, password, etc. Scroll down…we‘re getting close!
Step 4 – Locate the Close Account Button
On the Profile page, keep scrolling down until you see the big red "Close Account" button near the bottom.
This is what you‘ve been searching for!
Go ahead and click it to initiate the account deletion process. Just be aware this is the point of no return!
Step 5 – Confirm Account Closure
After clicking Close Account, Coinbase will pop up a warning message making 100% sure you actually want to delete your account.
At this point, take a deep breath and think it over one last time.
Assuming you‘re set on leaving Coinbase for good, enter your account password again for security purposes.
Finally, click the "Close Account" button in the popup window to complete the deletion.
And that‘s it – your Coinbase account is now wiped from the face of the earth! You will immediately be logged out and unable to access your account going forward.
What to Do After Deleting Your Coinbase Account
Now that your Coinbase account is a distant memory, here are a few steps I recommend taking to protect your privacy and security:
Withdraw any leftover crypto – Double check that you‘ve withdrawn 100% of funds from Coinbase. You don‘t want anything left behind!
Delete the app – Remove the Coinbase app from your mobile devices so there‘s no accidental access.
Turn on account alerts – If you reused your Coinbase password elsewhere, turn on breach alerts and monitor your emails in case of any suspicious activity.
Enable 2FA everywhere – Make sure ALL your remaining crypto accounts and email accounts have two-factor authentication enabled. This adds an extra layer of security beyond just a password.
Research alternative exchanges – If you still plan to actively trade crypto, take some time to find the next best exchange for your needs through comparing fees, support, security features, and more.
Consider cold storage – For maximum security, you may want to look into cold wallets like Trezor or Ledger to store crypto offline away from exchanges. This gives you full control.
Monitor credit reports – Keep an eye out for any suspicious credit inquiries just in case your email was compromised. Better safe than sorry!
Closing Thoughts on Deleting Your Coinbase Account
And there you have it – a complete walkthrough on how to permanently delete your Coinbase account.
While Coinbase is a great starting point for new crypto users, there are plenty of reasons you may eventually decide to move on to other platforms. Just make sure you fully understand the implications before severing ties for good.
I hope this guide gave you clarity on how the deletion process works from start to finish. Never hesitate to reach out with any other crypto questions! Wishing you safe and happy trading.