Coinbase is a great medium for exchanging and storing cryptocurrency. But after using it for a prolonged time, you may want to explore other platforms. To do so, its common for users to close their accounts on this platform. Many of them ask how to delete Coinbase account.
The process is quite simple. After ensuring that your account has zero balance, go to your profile and choose the ‘Close account’ option. After that, you can neither access your account nor any funds linked to it. Note that when your Coinbase account is closed, it will also delete your Coinbase Pro account. We recommend that you take action to permanently close the Coinbase account only if there are security concerns.
Keep reading to learn more about deleting your Coinbase account.
Steps to Delete a Coinbase Account
Before closing your Coinbase account, ensure that the balance is zero. Follow these steps to properly and safely close your account.
1. Sell your virtual currency (altcoins) to Bitcoin.
Bitcoin is much more stable than altcoin. So, it makes sense to convert your altcoins into Bitcoin. To do so, use these steps.
● Go to the Coinbase page and click the ‘Trade’ option at the top right portion.
● Now, choose the ‘Convert’ tab.
● If there are currencies besides Bitcoin that have a balance of more than zero, convert them fully into Bitcoin.
2. Create your Bitcoin address
The next step is to set up your Bitcoin address. It will let you get the money back. A Bitcoin address is your highly secure bank vault on the Bitcoin network. In other words, it is a digital bank vault. You must secure its key.
Either configure your Bitcoin address via a collaborative custody provider or yourself. The former will require you to incur a specific charge. When your Bitcoin address is set up, and your private keys are securely stored, withdraw your virtual currency from Coinbase.
When you tap the ‘Send’ button on the Bitcoin balance page to withdraw the virtual currency and input your new address, the withdrawal will leave a small amount. This is called ‘dust.’ It will pose a problem because if you now try to delete your account, Coinbase will not let you do so. This is because your balance is not non-zero. Also, you cannot withdraw the dust as the amount is tiny.
3. Delete the Coinbase account
The third step is deleting or cancelling your Coinbase account. Follow these points now.
● Login to your Coinbase account on a desktop browser.
● Get to the user ‘Settings.’
● Now, navigate to the ‘Activity’ tab.
● Tap your profile circle.
● Now, choose ‘Settings’ from the dropdown.
● Locate the ‘Activity’ tab, go down and tap ‘Close account.’
● In the pop-up box, enter your password.
● Click ‘Close account.’
● You must have withdrawn your Bitcoin balance from your account on this platform by now.
● Now, a screen will come that will show all digit asset on Coinbase.
● Everything must be zeroed out.
● Go to the bottom of the page and click ‘Close account.’
How to Use Dust Balance Before Closing Your Coinbase Account
As mentioned above, your Coinbase account should not have any balance before you close it. But if there is a balance that is very small, also called dust, which cannot cover any fees related to selling the crypto, use the following options:
1. Send this tiny balance to the email address of another Coinbase user.
2. Donate the amount left to give Crypto.org. It is a non-profit organization that gives cryptocurrency to poor people by linking them to an open financial system. Do this by entering your password and choosing ‘Close account’ followed by ‘Donate balance.’
3. Forfeit the funds and let Coinbase zero out the residual balance. To forfeit the balance, navigate to help.coinbase.com/en/contact-us.
Will Coinbase Retain Your Email Address After You Delete the Account?
According to the official Coinbase website, the platform will retain some personal information. This data will be kept for at least five years or as per the platform’s legal obligations. The purpose is to prevent fraud and fix disputes. You can learn more about this part by going through the Coinbase privacy policy.
Frequently Asked Questions
1. Why am I unable to delete my Coinbase account?
You cannot close your Coinbase account if you don’t have a zero balance. If you have an amount that cannot cover any fee related to selling the virtual currency, you must first transfer the balance to another Coinbase user’s email ID.
2. Can I make a new Coinbase account after deleting the current one?
You can make another Coinbase account after deleting your current one. To make a new account, visit https://www.coinbase.com/signup. Here, use a new email ID to open your account on the platform.
3. What happens if I close my Coinbase account?
When you close your Coinbase account, the buy-sell services are disabled. You can, though, still send the remaining crypto amount from your account to a wallet of your choice.
4. Will I lose funds if I close my Coinbase account?
When you close your Coinbase account, your funds are in a pending state for a month. After that period, you cannot access them at all. So, it means that even if you attempt to open another Coinbase account, you can never get your funds back from your previous account.
Concluding words
Closing or deleting a Coinbase account is a straightforward process. Just refer to the simple instructions in this article when you are ready to do so. Before that, explore other crypto platforms and determine which will suit your needs.
Read Also:
· Coinbase Customer Service
· How to Coinbase Customer Service
· Coinbase Customer Service Number
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