Coinbase is a well-known America-based centralized crypto exchange that allows users to buy, sell, trade, and exchange cryptocurrencies.
The exchange provides access to trading popular cryptocurrencies, including Bitcoin, Ethereum, Solana, BNB, and 212 other crypto listings. The exchange boasts more than $1 billion in daily trading volume, making it one of the most suitable platforms for global crypto trading.
Coinbase has excelled in the provision of unparalleled service for new and expert traders. There is a beginner-friendly Coinbase that newbies can easily get the hang of. The Coinbase Pro features a wide array of advanced trading and analytical tools for expert traders.
However, even with Coinbase’s prominence as one of the most important centralized crypto trading platforms, it has many unaddressed disadvantages. This has made many traders reconsider using the platform and delete their accounts.
It is absolutely okay to delete a Coinbase account if you don’t want to use it anymore. Fortunately, the steps are even easy. This article will take you through a step-by-step guide on deleting your Coinbase account (both Coinbase and Coinbase Pro accounts).
Let’s get to it!
Reasons Why People Delete Coinbase Account
There are a lot of reasons for deleting a Coinbase account. For many, the reason is justified since Coinbase’s services do not suit their trading or investment style. However, for others, it’s just an issue of preference. Here are some of the reasons why people delete their Coinbase accounts:
High Trading Fee
It is no hidden secret that despite Coinbase’s excellent service, one of the disadvantages of using the exchange is its high transaction fee.
Coinbase charges unarguably one of the highest transaction fees among crypto exchange platforms. From Kraken to Binance, Kucoin, and Coinmama, the fee is generally lower than that of Coinbase.
For instance, the fee on $10 or less worth of purchase is $0.99, which is at least a 10% fee. Although the transaction fee reduces with increased trading volume, you can still buy more coins for the same budget on other exchanges with low fees.
Poor Customer Service
Coinbase has also received backlash for customer service, especially during account security issues. TrustPilot rating for Coinbase Support is 1.6 out of 5.
Other reasons include:
- Fair coin listings
- Privacy issues
- Patent exploits
- Insider scandals
Steps to Delete a Coinbase Account
Coinbase users can delete their accounts to look for better alternatives for trading cryptocurrencies. However, before you delete your account, it is important to evaluate the pros and cons of your action because it is irreversible.
You can still temporarily disable your account so that you can reactivate and use it later. Meanwhile, if you’re deleting your account, you will not be able to access the platform anymore permanently.
Before deleting your account, ensure you transfer your assets and make sure your account is empty. If you have some funds in your wallet, the exchange will not allow you to delete your account.
If you have some money left in your account, you can easily sell it off and withdraw fiat to your bank account.
Alternatively, you can send the asset to another Coinbase user, withdraw it to a non-custodial wallet or donate it to charity online.
Meanwhile, you can still contact Coinbase about your request if you’d like to forfeit your remaining Coinbase balance.
After emptying your Coinbase account, you can now delete it. Here’s a step-by-step guide on how to delete your Coinbase account:
- Log in to your account
- Go to account settings
- Close Coinbase account
1. Log in to your account
Open your web browser and navigate to the Coinbase website at coinbase.com.
NOTE: Deleting a Coinbase account is not possible via Coinbase mobile app. You can delete your Coinbase account via web browser only. Also, remember to empty your account before getting started.
On the homepage, click on SIGN IN from the top right corner.
Input your email address and password. Complete 2FA verification to approve your login.
2. Go to account settings
After logging into your Coinbase account, click on the round-shaped profile icon in the top right corner of your Coinbase account.
From your profile menu, tap SETTINGS from the few options that pop up.
In your account settings, go to the ACTIVITY tab.
3. Close Coinbase account
The ACTIVITY tab shows every detail of user activity, including SIGN IN and user history.
Scroll down and look for the CLOSE ACCOUNT option.
Here, read the instructions since deleting your account cannot be reversed.
To delete your account, click on CLOSE ACCOUNT. Input your Coinbase account password and complete 2FA verifications.
After deleting your account, Coinbase will hold your account information and personal details for five years in case any legal issue comes up.
As you can see, if you don’t need your Coinbase account anymore, you can easily delete it if you follow the step-by-step guide above properly.
Meanwhile, ensure you empty your account by withdrawing the remaining assets inside your account. If not, you may not be able to delete your account.
However, if you would still like to go on with another exchange platform, ensure you carefully Do Your Own Research and compare excellent options before using them.