Although many people find value in using Coinbase, there are still those who may choose to cancel their subscription for various reasons. They may have decided they no longer like using Coinbase, or they may simply choose to store their cryptocurrency elsewhere. You’re in this group? Then you need to know how to cancel your Coinbase account.
In the paragraphs below, we will focus on this aspect and teach you how to delete your account (both a Coinbase and Coinbase Pro account) for good.
Does Coinbase Allow Account Deletion?
Should the necessity arise, your Coinbase account can be closed. There was a mass exodus of users as they abandoned the platform in search of safer Bitcoin exchanges. It’s possible to find people who are unhappy with Coinbase’s services. Some users choose to cancel their Bitcoin accounts because they’ve simply become tired of the whole Bitcoin storage thing.
Before someone deletes their account, they should know one important thing, respectively the difference between a Coinbase and Coinbase Pro account. Of course, this aspect is of interest when you have both accounts. While Coinbase.com and Coinbase Pro are separate accounts, the Pro one shares a lot of your profile information and settings.
Since they are two separate goods, their respective pricing reflects this fact. Not to mention that they are both intended for different audiences. While Coinbase’s main focus is on retail clients and streamlining the purchase process, Coinbase Pro caters to more experienced investors. If enough of them were seasoned, it might add a lot of volume to the trade.
It is crucial to understand that closing your Coinbase account will also close your Coinbase Pro account. Deleting your Coinbase account is a final and irreversible step that you should avoid taking. If your account has been compromised in any way, the best course of action is to temporarily disable it and then restore it.
You should only delete your account if you are absolutely certain that you will never use Coinbase again and are prepared to move on to other services.
In 3 Easy Steps, You Can Delete Your Coinbase Account
If you follow the correct procedure, closing your account is quick and painless. But before you close your account, you need to be sure there is no money left in it.
This indicates that you should move any remaining funds to another Coinbase user or an external wallet. Giving the money to GiveCrypto.org will ensure that it is used to benefit those in need. Now, here’s how to move your money out of the account before closing it for good:
Step 1: You Should First Sell All Your Alternative Coins and Invest in Bitcoin
It is recommended that anyone holding alternative cryptocurrencies exchange them for Bitcoin. As a general rule, it is safer to own Bitcoin than to gamble with any other cryptocurrency. Bitcoin can be exchanged for other cryptocurrencies in the following ways:
- To begin, visit the site and locate the “Buy/Sell” option.
- Switch to the “Convert” menu and change any currency you don’t want into Bitcoin.
Step 2: Create a Bitcoin Address
You’ll need a Bitcoin address before you can request a withdrawal from Coinbase. This is your only option for retrieving these funds and avoiding loss.
The address is like a safe deposit box that can’t be broken into, only on the Bitcoin network. In other words, it’s like a virtual safety deposit box. Simply pressing a button will trigger the desired action. The primary concern should be safely keeping the associated key, as this is what will ensure the account’s continued security.
You have the option of hiring a collaborative custody provider to set up this address for you in exchange for a fee, or you can do it all on your own. It’s fantastic that, in recent years, so many fantastic new businesses have emerged to assist individuals in acquiring their own private keys.
Your Bitcoin withdrawals can begin once you have obtained a Bitcoin address and securely stored your private keys. However, there is something crucial you need to understand first. You will still have a fraction of your Bitcoin on the balance screen even after clicking the “Send” button to send Bitcoin.
People often refer to it as “dust” for convenience. Because of this, Coinbase will not let you cancel your account. The remainder is too small to send via withdrawal, and that option is out of the question as well. Nonetheless, the withdrawal process proper will be outlined in the subsequent step.
Step 3: Take out All of Your Money from Coinbase
- 1In order to transfer your Bitcoin to the new address, you will need to:
- Sign into your Coinbase account from any desktop browser by going to their website. Next, enter your username and password and hit “Sign In” once more.
- navigate to your account’s personal preferences.
- Select the “Activity” menu item.
- Look for the link that says “Close Account,” and click it.
- In the new window that has opened, type in the account’s password.
- After reviewing your account details, select “Close my account” to finalize the closure of your Coinbase account.
Your remaining Bitcoin balance will be available for withdrawal when you cancel your Coinbase account in this manner. When you have spent all of your Bitcoin and there is nothing left in your balance, you can close your account for good by clicking the “Close Account” button.
