There are several reasons why you would want to delete your Coinbase account. These include exiting the cryptocurrency market altogether, security and privacy concerns, fees, or shifting your trading activities to a different cryptocurrency exchange.
Regardless, deleting your Coinbase account should be a straightforward process. In this article, we’ll walk you through the process of closing your Coinbase account, ensuring your assets are handled properly.
How to delete Coinbase account – At a glance
Deleting a Coinbase account is a straightforward process involving three simple steps:
- Sign in to your Coinbase account using your email address and password.
- Retrieve all the assets or funds still in your account. Before permanently deleting your account, ensure all your assets are transferred to another wallet, sold, or withdrawn.
- Once your account reads zero, navigate to “Account Settings” and select “Close Account”. Follow the prompts to complete the account deletion process.
It is important to note that once you have closed your account, you won’t be able to access your transaction history or any other related information. Make sure you download any important documents you may need afterward.
Disclaimer: Before closing your Coinbase account, ensure all remaining assets are sold or transferred to an external wallet. If you prefer to store your assets instead of selling them and do not have another wallet, consider creating one to mitigate the risk of losing your cryptocurrency.
How to close a Coinbase account – Step-by-step guide
Deleting your Coinbase account involves a few detailed steps to ensure your assets are handled with the utmost care.
1. Sign in to your Coinbase account
While this is the most straightforward step, it is also the most important for security reasons. Coinbase is one of the most secure crypto exchanges. It involves a two-factor authentication process that adds another layer of protection to your assets. Ensure you have access to the email address or phone number linked to your Coinbase account, as you may require them to complete this process.
If you log in from a different location or a new device, the platform will require you to verify your identity using a code sent to your email or mobile phone. This security step ensures that unauthorized users cannot log into your account.
If you have forgotten your account password, Coinbase provides a straightforward way to recover your account. The platform sends a recovery link to your email address. Updating your password before proceeding with the account deletion process is essential.
2. Retrieve any funds/assets still in your account
Before closing your Coinbase account, ensure that your balance reads zero. If you have some funds or assets in your account, consider selling, transferring, or withdrawing them. Here are three ways to handle your remaining assets before deleting a Coinbase account.
1. Withdraw to a bank account
If you have fiat currency like US Dollars or Euros in your account, you can withdraw the funds to the bank account linked to your Coinbase account. Go to the “Assets” tab, select the currency, and click “Withdraw”. Follow the prompts to complete the process. Note that depending on your bank, this process may take a few days. Also, consider the transfer fees that may apply.
2. Transfer your cryptocurrency to an external wallet.
If you hold crypto assets, you have the option of moving them to an external wallet. Navigate to the “Assets” tab, select cryptocurrency, and then hit “Send”. The system will prompt you to enter your wallet address. Ensure the address is accurate because the slightest mistake in this step could mean a complete loss of your assets. After confirming the transaction, your assets will be moved out of Coinbase, and you can proceed to delete your account.
3. Sell your crypto
If you do not want to risk transferring your assets to another wallet, consider selling them directly in Coinbase. Navigate to the “Buy/Sell” button and select the cryptocurrency you want to sell. You can withdraw the earnings from the sale directly to your bank account.
Selling is the best option if you want to avoid managing an external wallet or are considering exiting the crypto market altogether.
4. Forfeit to Coinbase
In some cases, you may wish to forfeit your remaining assets to Coinbase, especially if the balance is too low to justify the fees involved in transfers. However, remember that forfeiting means giving up any future value your assets may gain.
Ensuring that Coinbase account balance is zero is a critical step before proceeding to the final step. Failure to clear your account may delay the account deletion process.
Once your account balance is zero, close your account using the following steps.
- From your account dashboard, navigate to “Profile and Settings”. If you’re on the website, this option is at the top right corner of your screen. If you’re using the mobile application, it is in the “Account Menu”. The settings section is where you manage all the actions related to your account, including account closure.
- From the “Account Settings” page, scroll to the bottom and select the “Close Account” option. Click this option, and the platform will prompt you to confirm that your account balance is zero and that you are sure you want to close the account. This step informs you of the consequences of closing your account, including the permanent inability to access your transaction history.
- Follow the prompts to complete the account deletion process. Coinbase will guide you through the steps, which may include reentering your password and other security checks designed to ensure you are indeed the account owner.
The platform will send an “Account Closure” confirmation email. It is important to note that Coinbase will retain some of your personal information for regulatory purposes after you delete your account.
Please note that once your Coinbase account is closed, you will no longer have access to any remaining funds or transaction history. As such, you must ensure everything is in order before pressing the “Close Account” button.
Alternatives to Coinbase
If you are leaving Coinbase but want to continue trading or holding crypto, there are alternative exchanges to consider. Each platform has different features and offers different services with varied fees, so it is critical to explore each exchange before settling for one.
Here are three of the best exchanges to consider.
Kraken
Kraken is one of the most reliable exchanges to consider after Coinbase. It is renowned for its robust security and privacy features, a wide range of cryptocurrencies, and advanced trading tools. The platform was founded in 2011 and has since grown to establish itself as a trusted crypto exchange, especially among experienced traders.
The exchange provides traders with multiple trading options, including futures, spot trading, and margin. This makes Kraken a versatile platform for traders who are looking for more than just a basic crypto exchange.
Kraken offers a competitive fee structure that allows high-volume traders to transact with low fees. It also provides traders with detailed charting tools and indicators. The exchange is well-regulated with robust compliance measures, offering peace of mind to traders who are concerned about security and compliance adherence. Kraken also offers one of the most reliable customer support services with live chat, email, and more.
OKX
OKX is another reliable crypto exchange, especially for traders who prefer low trading fees and a host of trading assets. OKX was founded in Hong Kong but has grown to serve a global market. Its user-friendly interface makes it a popular choice for both seasoned and beginner traders.
One of the most outstanding features of this exchange is its wide range of financial products, including future trading, options, crypto staking, and lending. This makes OKX a versatile platform for traders who want more than just a spot-trading exchange.
The platform operates under strict international standards, and its customer support is available around the clock, offering various support channels, including live chat, email, and a comprehensive FAQ section
MEXC
MEXC is a standout crypto exchange thanks to its extensive list of supported crypto assets, including lesser-known and newly launched tokens. MEXC is particularly popular in Asia but has been expanding its reach to the global market. The platform offers competitive fees and regular promotional offers, making it a go-to platform for cost-conscious traders.
MEXC offers a variety of trading options, including margin, spot, and futures trading. The platform also offers staking options. Highly responsive customer support is available in English and Mandarin.
