In this tutorial, I explain how to delete a Coinbase account and withdraw your money or crypto assets. 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, then follow this guide on closing your Coinbase account.
How to Delete Coinbase Tutorial
What is Coinbase?
Coinbase is a centralized cryptocurrency exchange where users can buy and trade Bitcoin and other cryptocurrencies. There are three core Coinbase 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 $10 sign-up bonus. Also, their Coinbase Earn feature is a great way to learn and earn free crypto tokens.
Many new users will get Coinbase confused with a wallet, although Coinbase has an inbuilt wallet, it’s actually an exchange. With Coinbase you do not have access to your private keys. Therefore you are not in control over your funds. It is also not recommended to keep your funds on Coinbase.
With Coinbase, you need to provide your personal details and photographic identification to open an account. Therefore you lack anonymity. There have also been reports of Coinbase sharing data of user’s personal data being shared, upsetting the community and turning users away from the exchange.
How to Delete Coinbase (Step-by-Step Guide)
If you’re ready to close and delete your Coinbase account, below is a quick guide to deleting your Coinbase Account. When you close your account, Coinbase will retain some of your personal information. Coinbase will retain your information for a minimum of 5 years or as long as necessary to comply with legal obligations in your location. They do this to prevent fraud and resolve potential disputes, etc.
Step 1: Withdraw from Coinbase
Before you start to delete (or close your Coinbase account) you’ll need to ensure you have withdrawn or transferred any funds currently held in their wallet. You could sell and withdraw, or simply send these funds across to another external wallet.
If you need some help with withdrawing from Coinbase please follow the below tutorial.
Step 2: Navigate to your activity
The next step is closing your Coinbase account. To do this go across to your account/profile in the top right-hand side of the screen and go to “Settings“.
Then, click on the “Activity” at the top of the screen and scroll down to the bottom of the screen.
Step 3: Close Coinbase Account
Click onto the “Close Account” button and you will then be prompted to enter your password. At this point, if you have not already withdrawn your funds or have any pending activity you will be prompted to complete these actions.
Once these steps have been completed you can select “Close My Account“.
You will then be logged out of your account and receive an email notification that the account has been closed.
If you are looking for Coinbase alternatives, then you are in luck. There are a whole host of centralized and decentralized exchanges available where you can trade and swap tokens to get exposure to new cryptocurrency assets.
The most similar alternatives to Coinbase are centralized exchanges such as the likes of Binance, Gemini, or Kraken. These exchanges allow you to trade for a wide range of cryptocurrency assets. They will require an element of KYC and have trading fees which 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 method of trading, anonymity and because you do not transfer funds onto an exchange it is deemed as a safer way of trading.