So you are looking to delete your Coinbase account are you? I’m guessing you either are deciding to withdrawal from the cryptocurrency market altogether, you already made your investments and want to eliminate your account so you don’t have to worry about hacking, or maybe you fed up and think Coinbase is a ripoff so you are taking your money and/or cryptocurrency elsewhere.
Well no matter what the reason is, the process of deleting your account is all the same and in this short post I will be going over the four simple steps for how to delete a Coinbase account.
Requirements Before You Can Delete Your Account
Before your account can actually be deleted you must have two requirements met.
First off you must actually have an account. If you don’t have a Coinbase account you will not be able to delete one because there will be no account to delete (this is a joke).
But really, one of the requirements is that you must have a zero balance. You must not have any holdings of any kind in your account, whether it be Bitcoin, Ethereum, USD, EUR, etc. This is a good requirement to have. Could you imagine deleting your account and forgetting to send your cryptocurrency elsewhere before doing so?… And it could never be retrieved by you again? That would be an absolute nightmare.
Luckily, as you will see in the steps as I go over them below, you cannot accidentally close your account with cryptocurrency and it. You can initiate the process but it’s not like Coinbase will allow your account to be completely closed if there are any funds remaining.
How To Delete It… The Process
Step 1: Go to “Settings”
The first thing you need to do is log into your Coinbase account. After you log into your account you should see a dashboard that looks like the screenshot below. It will show the different price charts for the various cryptocurrencies on the exchange. In the upper menu you will see a tab labeled “Settings”. You are going to want to click on that…
Step 2: Click on “Security”
Now that you are on the Settings page the first thing you should see is the area where you can mess with your user profile, which is because it automatically goes to the “My Profile”. You’re going to want to go over to the right and click on the “Security” tab…
Step 3: Click on the “Close Account” button
On the Security page there is a lot going on. You will first see the area where you can set your phone number information and set up two factor verification, but of course this is not what we are interested in. What you want to do is scroll down to the very bottom of the page where you will see a Close Account section. There is a button labeled “Close Account” that will turn red when you hover your mouse over it. You are going to want to click this button.
Take note that it says “this cannot be undone”. So this should not be done on a whim. Think about this long and hard before you do it.
Step 4: Enter your password to verify and click “Close Account”
Once you click to close your account this little caution box will pop up. It tells you that you will be able to withdraw your funds from your account and after that it will be closed… Permanently. And if you’re ready to do this you can enter your password, click the “Close Account” button and that is that.
Then if you have any funds to on your account you can go and remove them and if you don’t that’s all there is to it.
On a side note: I would make sure to remove all your funds before initiating this process. I know that Coinbase make sure you are able to access your account to remove the funds after you have initiated the process, but I’ll just play extra safe… Especially if you have significant holdings on this exchange.
Where To Send Your Funds
Coinbase only deals with the top cryptocurrencies, currently being Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Since all of these cryptocurrencies are very popular it is not hard to find wallets for them. If you are planning to use a different crypto exchange then you could send your funds there or if you are planning on storing them and holding them long-term there are an abundance of different hardware wallets, desktop software wallets, mobile app wallets, or you could even create your own paper wallet.
If you’re looking to hold long-term and want to keep things as safe as possible while still having easy and fast access to your cryptocurrencies then I would suggest a hardware wallet like KeepKey, TREZOR, or Ledger Nano S. They all are great wallets and will hold all of the cryptocurrencies that Coinbase offers. TREZOR and Ledger Nano S have been around longer and are more popular but KeepKey seems to be the best bang for your buck.
The Best Coinbase Alternative
I don’t know why you are closing your account but if you are doing so because you think it’s a ripoff to use Coinbase then the best alternative that I’ll suggest using would be GDAX.
The crazy thing is that GDAX is actually end by Coinbase. GDAX is an entirely different exchange that is built more for professional and institutional users. The exchange is a bit more complicated to use and there is not as much “handholding” as you could say, but the fees are practically nothing and because it’s owned by Coinbase you get the same amount of safety/security.
The fees will vary with both exchanges but overall the fees on Coinbase are in an insane amount higher than on GDAX. Coinbase charges fees of up to 3.99% when using a debit card for purchasing and 1.49% when using a bank transfer, whereas at GDAX the highest fee they charge is only 0.3%, which you don’t even get charged half the time because of how their fee structure works. So there is a huge difference (which you can learn more about in my comparison of GDAX and Coinbase)
I almost always recommend people use GDAX instead of Coinbase. The only time I really recommend Coinbase is to those who are very new to the world of cryptocurrency and want things to be as easy as possible. While GDAX isn’t quite as user-friendly it is still well worth using.
Anyways… I don’t know your situation. I don’t know if you are looking to use another exchange. I don’t know if you are looking to store your cryptocurrency long term. All I know is you’re looking to close your Coinbase account, which I went over above. I hope you found this post helpful and if you have any questions/comments please leave them below and I’ll get back to you as soon as I can 🙂