In this Coinbase tutorial, I explain how to delete your Coinbase account and withdraw all your funds. If you’re concerned about your anonymity and worried that your personal information or data is being shared. Or, if you’re fed up and frustrated with Coinbase service outages, then follow this guide to closing your Coinbase account.
What is Coinbase?
Coinbase is a centralised exchange where users can buy and trade Bitcoin and other cryptocurrencies. There are two core products Coinbase, their broker exchange and Coinbase Pro, a professional trading platform (formerly known as GDAX).
Coinbase is a great place for users to get started with their cryptocurrency journey as offers an easy way to buy Bitcoin as well as introductory offers for new sign-ups.
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 and 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.
Quick Guide to Deleting Your Coinbase Account
If you’re ready to close 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 Your Funds
Before you start to delete (or close your Coinbase account) you’ll need to ensure you have withdrawn or transferred any funds currently held in their wallet.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 this guide.
Step 2: Navigate to your activity
Your next step is to go across to your account/profile in the top right-hand side of the screen and go to “Settings“.
Then, click onto the “Activity” at the top of the screen and scroll down to the bottom of the screen.
Step 3: Close 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 as there are a whole host of centralised, or decentralised exchanges available where you can trade and swap to get exposure to new cryptocurrency assets.
The most similar alternatives to Coinbase are centralised exchanges such as the likes of Binance, Blockchain or Crypto.com. These sites allow you to trade for a wide range of cryptocurrency assets using order books, they will require an element of KYC and have trading fees which will range from 0.1%.
Whereas more recently decentralised exchanges such as UniSwap, 1inch and KyberSwap 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.