This guide will explain how to delete a Coinbase account; closing your account will also include closing your Coinbase Pro account.
If you’re concerned about your anonymity and worried that your personal information and data are being shared. Or, just fed up and frustrated with Coinbase service outages, this guide will show you how to close your Coinbase account.
How to Delete a Coinbase Account
When you close your Coinbase account, Coinbase will retain your personal information for a minimum of 5 years or as long as necessary to comply with legal obligations in your location. Coinbase retains your personal information to prevent fraud and resolve potential disputes.
If you’re ready to close and delete your Coinbase account, you will need to withdraw your FIAT or crypto assets first.
Time needed: 15 minutes.
The process of deleting your Coinbase account is reasonable simple. This guide will explain how to delete your Coinbase account.
- Sell & Withdraw from Coinbase
Before you start the process of deleting (or closing your Coinbase account), you’ll first need to ensure you have withdrawn or transferred any FIAT or crypto assets currently held in your Coinbase wallet.
You could sell your crypto to FIAT and withdraw to a bank account or Paypal. Alternatively, you can withdraw your crypto to an external wallet or another exchange.
If you need help withdrawing from Coinbase, please follow the tutorial below.
- Navigate to Coinbase Activity Tab
The next step to closing your Coinbase account is to head across to your Coinabse Account/Profile icon on the top right-hand side of the screen.
Then select “Settings“, click on the “Activity” tab at the top of the screen, and scroll down to the bottom.
- Close Coinbase Account
At the bottom of the “Activity” screen, select the “Close Account” button.
You will see a warning to “Withdraw funds and close your Coinbase account – this cannot be undone“.
- Enter Password & Confirm Close Coinbase Account
You will then be prompted to enter your Coinbase Password. You will be prompted to complete these actions if you have not already withdrawn your funds or have any pending activity.
Once these steps have been completed, you can select “Close Account“.
You will then be logged out of your Coinbase account and receive an email notification that the Coinbase account has been closed.
How to Withdraw from Coinbase
Before you can close your Coinbase account, you will first need to withdraw FIAT or crypto balances from either Coinbase or Coinbase Pro. If you are unsure how to sell and withdraw from Coinbase, check out our video tutorial below.
How to Download Coinbase Transactions
Before you delete your Coinbase account, it’s worth downloading your transaction history. You may need this information for tax purposes later on.
The process is pretty simple, but if you need help, you can check out our guide on how to export Coinbase transaction history.
What is Coinbase?
Coinbase is a centralized cryptocurrency exchange where users can buy and trade Bitcoin and other cryptocurrencies. There have three core products, Coinbase exchange, Coinbase Pro (their more advanced trading platform), and Coinbase Wallet.
Coinbase is a great place for users to get started with their cryptocurrency journey. This is because it offers an easy way to buy Bitcoin as well as an introductory £5 sign-up bonus. Also, their Coinbase Earn feature is a great way to learn and earn free crypto tokens.
Many new users do get the exchange confused with a wallet; although the Coinbase exchange has an inbuilt wallet, it’s not a wallet. Coinbase does not provide customers with access to their private keys. Therefore you are not in control over your assets, and It’s not recommended to keep your assets on the exchange.
Coinbase does require KYC, so you lack anonymity. you need to provide your personal details and photographic identification to open an account. There have also been reports of Coinbase sharing data of users’ personal data being shared, upsetting the community and turning users away from the exchange.
If you are looking for Coinbase alternatives, then you are in luck. A whole host of centralized and decentralized exchanges are available to trade and swap tokens and get exposure to new cryptocurrencies.
The most popular alternatives are centralized exchanges such as Huobi, Gemini, or Kraken. The exchanges we personally use are Binance, Crypto.com and FTX. These exchanges allow you to trade for a wide range of cryptocurrency assets. They will require an element of KYC and have trading fees that will range from 0.1%.
Whereas more recently, decentralized exchanges such as UniSwap, 1inch and ParaSwap have increased in popularity. This is due to their peer-to-peer trading method and anonymity. This is because you do not transfer funds onto an exchange, so is deemed a safer way of trading.
Here are some of our articles you may also find helpful;
- Coinbase Earn Quiz Answer
- Coinbase Earn: How to Earn Free Crypto
- How to Stake & Earn Rewards on Coinbase
- Coinbase Wallet Review
- How to Find Your Coinbase Wallet Address
- How to Close & Delete a PayPal Account
*After you make a crypto purchase, BTC will be added to your portfolio. Limited time offer. Offer available to new users only. Offer not available to new users who were referred to Coinbase through the Referral Program or who have previously opened an account using different contact information. Coinbase may update the conditions for eligibility at any time.
“Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk, and cryptocurrency may gain in value or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.”