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How to Delete Coinbase Account & Withdraw Funds

How to Delete Coinbase Account & Withdraw Funds

In this Coinbase tutorial, I explain how to delete a Coinbase account and withdraw 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. This is because it offers an easy way to buy Bitcoin as well as introductory offers for new sign-ups.

close Coinbase permanent

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 a 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 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Before you start to delete (or close your Coinbase account) you’ll need to ensure you have withdrawn or transferred any funds currently held in their wallet.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 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 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.

How to withdraw from Coinbase

Coinbase Alternatives

If you are looking for Coinbase alternatives, then you are in luck. There are a whole host of centralised and 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.

coinbase alternatives
How to Sell & Withdraw from Coinbase (2021)

How to Sell & Withdraw from Coinbase (2021)

Coinbase is one of the most popular cryptocurrency exchanges in the world, and once you have bought your Bitcoin you may want to sell and withdraw from Coinbase to your bank or Paypal account. Alternatively, you may want to withdraw your crypto to a secure wallet, such as their Coinbase Wallet or a hardware wallet such as a Ledger or a Trezor.

In this tutorial, I show you how to sell and withdraw from Coinbase. I explain how to sell your Bitcoin or other cryptocurrencies. Then, how you withdraw your funds to your bank or PayPal account. I show you how to do this using two different methods, first using Coinbase and then using Coinbase Pro so that you can save on transaction fees.

How to Withdraw Bitcoin from Coinbase to a Wallet

If you have a Coinbase account and are currently holding Bitcoin or other cryptocurrencies in there, you may wish to lock in your current profits by withdrawing Bitcoin from Coinbase. Within Coinbase you can withdraw to your chosen FIAT currency. Withdrawing direct from the Coinbase site is a simple process, especially for newbies but it does incur fees for this convenience.

In the UK Coinbase only allows you to withdraw from your Coinbase FIAT wallet which will be in your chosen currency. I’m from the UK so I have a GBP wallet available and a EUR wallet for SEPA transactions. If you want to withdraw GBP to your UK bank you will need to complete an initial deposit of GBP from your bank account to Coinbase.

Before you can withdraw Bitcoin from Coinbase, the first thing you need to is sell your Bitcoin.

Step by Step Guide on How to withdraw Bitcoin to a Wallet

To be able to withdraw your cryptocurrency from Coinbase you will have to sell your Bitcoin

Click Trade from the dashboard.

Select the Sell tab

Enter the amount of Bitcoin you would like to sell or click “Sell all”

Selling Bitcoin with Coinbase.com

Select the Cryptocurrency you’d like to sell

Select the wallet.

If you preview your sell you will then see your Sell order along with any associated fees.

Preview Bitcoin Sell Coinbase

When the order has completed the funds will then appear in your GBP wallet.

How to Withdraw from Coinbase to UK Bank Account

From the Dashboard, click Wallets

Click Withdraw

If you have not already done, so you will need to link a bank account and deposit an amount of £2.00 to validate your account. Once the account to validated you can Withdraw after 5 days.

Select Your Bank Account from the dropdown.-

Coinbase Withdraw to a UK Bank Account

Enter the Amount you wish to withdraw or select withdraw all.

Click Continue

A confirmation of the withdrawal will then appear showing all information and associated bank fees.

Click Confirm

The amount will then transfer across to your UK bank account within the timeframe stated.

Coinbase Withdraw Confirmation

How to Withdraw from Coinbase to Paypal

To set up a Paypal account, click onto Settings under your profile picture in the top right.

Select Linked Accounts

Click Link a New Account

Link Paypal to Withdraw from Coinbase

Select PayPal

Enter your Paypal account details

Link Paypal Account in Coinbase

Your account will then be linked

To withdraw to Paypal, go to Accounts

Click Withdraw

Select Paypal from the “Withdraw To” dropdown menu

coinbase Paypal Withdrawals UK

Enter the amount you wish to Withdraw

Click Continue

A confirmation of the withdrawal will then appear.

Withdrawing Funds to Paypal UK Coinbase

Click Confirm and your funds will then be deposited into your Paypal account by the date stated.

This is a simple process to sell and withdraw your Bitcoin. However, I would recommend Withdrawing from Coinbase Pro where fees are significantly lower.

How to Delete a Coinbase Account

If you’ve sold your Bitcoin or withdraw your money to a bank account and no longer require your Coinbase account. Or if you’re worried about your personal data being shared and are ready to close your Coinbase account, below is a guide to deleting your Coinbase Account.

Delete Coinbase Account