Alexis Kestler
So you‘ve decided it‘s time to delete your Coinbase account. Maybe you‘re looking to switch to a new cryptocurrency exchange, or you want to take a break from crypto investing for a while.
Whatever the reason, deleting your Coinbase account is a big step – it‘s permanent and irreversible. Once your account is closed, it‘s gone for good.
In this complete guide, I‘ll walk you through everything you need to know to safely and successfully delete your Coinbase account. By the end, you‘ll understand:
- The key reasons people delete their Coinbase accounts
- Step-by-step instructions to withdraw funds and close your account
- What happens to your information after account deletion
- Alternatives to outright account closure to consider first
- Expert tips to make the transition smooth when leaving Coinbase
Let‘s get started!
Why You Might Want to Delete Your Coinbase Account
Before we dig into the nuts and bolts of account deletion, let‘s talk about why you might want to delete that Coinbase account in the first place.
There are a few common reasons people decide to move on from Coinbase:
You‘re Unhappy With Coinbase‘s Services
For some crypto users, Coinbase just doesn‘t offer the experience they want. Common complaints include:
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High fees – Coinbase‘s convenience comes at a cost, with fees ranging from 0.5% to 4% on transactions.
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Limited selection – They only support 103 cryptocurrencies, far fewer than some competitors.
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Poor customer service – Users often complain of frustrating experiences trying to get support.
If the costs and restrictions of Coinbase have you feeling down, deleting your account to move to another exchange may be the right call.
You‘ve Lost Trust in Coinbase‘s Security
Security is paramount in crypto. If your Coinbase account was ever compromised, you may have lost trust in their ability to protect your funds.
Deleting your account and starting fresh elsewhere gives you the peace of mind of higher security.
You Want to Take a Break From Crypto Investing
The volatile world of crypto investing isn‘t for everyone. If you need a breather from the ups and downs, deleting your Coinbase account can provide closure until you‘re ready to dive back in.
No matter the specific reason, the process for deleting your Coinbase account remains the same. Let‘s get into it…
Step-By-Step Guide to Deleting Your Coinbase Account
Deleting your Coinbase account is a relatively straightforward process. But there are a few key steps you need to complete before your account can be closed:
Step 1: Withdraw Your Crypto Balances
Before closing your Coinbase account, you must first withdraw or transfer any cryptocurrency balances held on the platform. This includes:
- Crypto held in your Coinbase wallet
- Crypto stored in your Coinbase vault
Per Coinbase policy, your account cannot be deleted until the balance is $0 across all accounts.
Withdrawing is easy. Just go to your Coinbase dashboard, select either “Send” or “Trade”, enter the amount you want to withdraw, and provide the wallet address to send it to.
Pro Tip: Most experts recommend withdrawing to an external crypto wallet you control, rather than sending coins directly to another exchange. This gives you full ownership of your private keys.
Double and triple check the withdrawal address before hitting submit, as transactions on the blockchain are irreversible. Depending on network congestion, Coinbase withdrawals can take anywhere from 30 minutes to 5 business days to process.
Be patient, and your funds will be on their way out.
Step 2: Remove Any Linked Payment Methods
Next up, unlink any connected bank accounts or payment methods you have set up with Coinbase by going to Settings > Payment Methods.
Removing these ensures that no further automatic purchases or withdrawals occur through your account after closure.
Step 3: Close Your Account
Once your balances and payment methods are cleared out, you‘re finally ready to pull the plug on your account.
Head to account settings and click "Close My Account" at the very bottom of the page. Confirm your account balance is $0 when prompted, then enter your password to verify account closure.
Step 4: Wait for Account Closure
After requesting deletion, it can take up to 2 weeks for Coinbase to fully close your account. Certain account features will disable instantly, but complete deletion takes time.
You‘ll receive an email confirmation when the process is complete and your account is eliminated for good. Your journey with Coinbase has come to an end.
What Happens to Your Data When You Delete Your Coinbase Account
When you delete your Coinbase account, what happens to all of the personal information associated with it?
Here‘s an overview of how account deletion affects your privacy:
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Immediate changes: Upon account closure, you‘ll be logged out and unable to sign back in. Your account will essentially become disabled at first.
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PII removed: Within 2 weeks, all personally identifiable information associated with your account will be purged from Coinbase‘s systems. This includes your full name, email address, physical address, and more.
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Transaction history deleted: Your full trading and transaction history will be erased from Coinbase‘s records. You‘ll no longer be able to access tax documents through them.
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Some data retained: Coinbase may retain your email address and phone number to prevent fraud as required by regulations. Wallet addresses also remain intact on their blockchains.
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Reactivation not possible: Once account deletion is complete, there is no way to reactivate or reopen your closed account.
So in summary, deleting your Coinbase account completely cuts ties with their service. Be absolutely certain before going through with it.
Consider These Alternatives Before Deleting Your Coinbase Account
Deleting your Coinbase account is permanent – there‘s no going back. Before taking that drastic step, be sure to consider these less severe alternatives:
Disable Your Account Temporarily
Rather than fully deleting your account, you can choose to temporarily disable it instead. This blocks access to your account until you‘re ready to reactivate it. It‘s like putting your account on ice.
Remove Payment Methods Only
If your main goal is stopping automatic purchases through your account, removing linked credit cards and bank accounts accomplishes that while keeping your account open.
Enable Two-Factor Authentication
If your concern is account security, tightening up protections with two-factor authentication ensures stronger safety without deleting your account.
Transfer Crypto Assets to Another Exchange
Want to ditch Coinbase but keep your crypto? Transferring your assets to another exchange allows that without fully deleting your account.
Speak to Customer Support
Has Coinbase restricted your account unexpectedly? Or are you having other issues? Reach out to their customer support team to resolve problems before resorting to account closure.
How to Smoothly Transition Away From Coinbase
When you‘re ready to part ways with Coinbase for good, following these expert tips will help make the transition smooth:
Pick an Exchange and Create Your New Account in Advance
Don‘t wait until after you‘ve deleted your Coinbase account to start evaluating alternatives and opening a new account somewhere else. Do your research, pick your platform, and get set up ahead of time.
Withdraw to an External Wallet First
Rather than sending coins directly from Coinbase to another exchange, withdraw them to a private wallet you control first. This gives you full ownership between transfers.
Document Your Transaction History
Your Coinbase transaction history will be erased after account closure. Be sure to download tax documents and transaction records for your personal records beforehand.
Remove Your Payment Methods
Disconnecting any linked credit cards, bank accounts, or payment sources ensures additional charges don‘t occur after leaving Coinbase.
Export Your Tax Documents
You‘ll no longer have access to tax documents like 1099 forms through Coinbase after closure. Download a copy for your records to file crypto gains/losses on your taxes going forward.
Following this advice will help you depart Coinbase optimally.
The Bottom Line
Deleting your Coinbase account is a big, permanent decision – so be absolutely positive it‘s the right one for you before pulling the trigger. Withdraw your crypto, delete payment methods, and close your account fully in account settings.
The process takes up to 2 weeks, during which you‘ll be unable to access your account. With proper planning, you can make a smooth transition when moving on from Coinbase for good. Just be certain you‘re ready, as reactivation after deletion is impossible.
I hope this guide gave you clarity on exactly how to delete your Coinbase account. Here‘s to new beginnings!
