Delete Coinbase in 3 Easy Steps!

In light of the recent SEC actions against Coinbase, you may have wondered, “How do I get my money out of my Coinbase account?” 

Today, we’ll take you through step-by-step how to move your crypto assets off Coinbase and then permanently deleting your Coinbase account in just three simple steps.

Let’s get into it!

Your instinct may be to convert your satoshis to dollars before withdrawing your money from Coinbase. But it’s worth considering why many consider Bitcoin the best money in human history. You don’t want to part with such a precious asset lightly.

Before closing your account, convert all your altcoins into Bitcoin. This is a deep topic to explore, but suffice it to say that you are better served by holding Bitcoin than gambling on any altcoin.

To sell your altcoins for Bitcoin, click 'Trade' at the top right of any Coinbase page.

Then select the 'Convert' tab. For any cryptocurrencies besides Bitcoin with a non-zero balance, convert their full amount into Bitcoin.

Time to get your Bitcoin off Coinbase. First, you need to set up a Bitcoin address to receive those funds.

If you’re not familiar with what this means, don’t worry!

All it means is that you’ll create your own unhack­able bank vault on the Bitcoin network with the click of a button — that’s really what a Bitcoin address is, a digital bank vault. As with any bank vault, what’s essential is securely storing the key that goes with it.

That’s here you have a choice:

1. Hold in a self-custody option with total control or…

2. An afford­able collab­o­ra­tive custody provider to help you set up and secure your Bitcoin address.

Whichever direc­tion you choose, there are 1000's of companies serving Bitcoiners, making it easier than ever to take the next step toward self-sover­eignty.

To help you evaluate your best Bitcoin wallet and vault options:

• Once you have a Bitcoin address set up and have securely stored your private keys, you’re almost ready to withdraw your Bitcoin from Coinbase and send it to your new Bitcoin address. But not just yet!  

• If you withdraw your Bitcoin by clicking 'Send' on your Bitcoin balance page and entering your new Bitcoin address, that withdrawal will leave a tiny amount of Bitcoin behind, known as “dust.”

• When you try to close your account, Coinbase won’t let you if you have a non-zero balance due to network transaction costs.

• To avoid this frustrating situation, you must wait to withdraw your Bitcoin as part of the account closure process in Step 3.

It’s no surprise Coinbase doesn’t readily tell you how to delete your Coinbase account… But, closing your Coinbase account and transferring your Bitcoin to your new address is easy.

Below is the step-by-step process laid out screen by screen…

1. Log into your Coinbase account on a desktop browser:

2. Navigate to your user Settings and Activity tab with three clicks. First, click your profile circle in the upper right-hand corner:

3. Next, select 'Settings' from the drop-down box window.:

4. Find the Activity tab:

5. Scroll down to the bottom of the Activity tab and click 'Close Account.'

6. Enter your account password in the pop-up box, and click 'Close Account.'

7. You will be prompted to withdraw your Bitcoin balance from Coinbase as part of the account closure process.

8. You will be presented with a page that shows every possible digit asset on Coinbase.

With everything zeroed out, scroll to the bottom and click 'Close Account' in the bottom right-hand corner:

Why does the #DeleteCoinbase movement continue to grow?

Top three reasons:

1. Bitcoin already has an insur­mount­able lead on all other cryptocur­ren­cies in terms of market cap, liquidity, brand recognition, and total users. In the coming years and decades, Bitcoin will likely accrue 90 — 99% of all the future value in the digital asset space.

2. Coinbase does not want you to accumu­late and hold Bitcoin. Every aspect of Coinbase’s product and marketing is designed to encourage you to trade as many assets as possible as often as possible. Coinbase makes money when you trade like any other casino, hoping to keep gamblers on the casino floor.

3. 96% of traders fail. Unless you’re a career profes­sional, the sophis­ti­cated algorithm-aided pros who dominate the space will eat your lunch. You wouldn’t sit at a table with the best poker players in the world; trading is the same thing.

You are best served by simply buying and holding Bitcoin in cold storage or a Swan Bitcoin IRA.

• This regulatory uncertainty surrounding Coinbase raises concerns leading to a loss of customer trust and confidence in the platform.

• If Coinbase cannot demonstrate it is not engaged in selling unregistered securities, the consequences can include:

Is Coinbase even safe?

According to data from Glassnode, Coinbase currently holds close to 390,000 Bitcoin, worth approximately $20.5 billion.

This figure constitutes under 2% of the overall Bitcoin supply on exchanges, reaching its lowest since 2015.

Bitcoin, which had just spiked to its highest since November 2021, saw its price drop by about $2,800 in a matter of minutes as reports of an outage surfaced.

Swan boasts remarkably low fees, especially for automatic recurring purchases. The recurring purchases feature allows you to consistently invest in Bitcoin effortlessly, empowering you to build your digital wealth over time.

Swan has best in class customer service, ensuring a seamless and informed experience throughout your Bitcoin journey.

If you’re outside the United States, our “Bitcoin Invest­ment Sites for 2024: Top 6 Trusted Sites” article has you covered!

Become a Swan and get started today!