3 Easy Steps to Delete Your Coinbase Account (w/ Screenshots) July Update
You may have wondered “How do I get my money out of Coinbase?” This guide will show you step-by-step how to transfer Bitcoin from Coinbase and then how to delete your account forever in July of 2024!
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 threesimple steps.
Let’s get into it!
How to Close Your Coinbase Account in Three Steps
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.
Step 1: Sell Your Altcoins for Bitcoin
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.
Step 2: Set up a Bitcoin Address of Your Own
Okay, it’s 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:
Hold in a self-custody option with total control or…
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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 Coinbase account closure process in Step 3.
Step 3: Withdraw from Coinbase and Delete Your Coinbase Account
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 of how to close your Coinbase account 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:
Top three reasons to delete your Coinbase account:
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.
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.
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.
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:
A cease and desist order
Financial penalties
Legal proceedings
Additional operational restrictions imposed by regulatory authorities
What Happens When You Close and Delete a Coinbase Account?
When closing a Coinbase account, the following actions are typically taken:
Withdrawal of Funds: Ensure all funds and cryptocurrencies are withdrawn or transferred from your Coinbase account. Sell or transfer holdings to an external wallet or another exchange.
Account Deactivation: Closing your account means losing access to it. You won’t be able to log in or perform any account-related actions. Coinbase may retain your account information as required by law or for other legitimate purposes.
Termination of Services: Closing your Coinbase account terminates your relationship with them and their associated services, including buying, selling, or trading cryptocurrencies on their platform. You’ll lose access to features, tools, and customer support.
Reopening Limitations: Closed accounts may not be reopened. If you for some reason wish to use Coinbase again, you’ll need to create a new account and go through the registration process anew.
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.
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Cory Klippsten is the CEO of Bitcoin financial services firm Swan.com. He is a partner in Bitcoiner Ventures and El Zonte Capital, serves as an advisor to The Bitcoin Venture Fund, and as an angel has funded more than 50 early stage tech companies. Before startups, Klippsten worked for Google, McKinsey, Microsoft and Morgan Stanley, and earned an MBA from the University of Chicago. He grew up in Seattle, split 15 years between NYC and Chicago, and now lives in LA with his wife and daughters. His hobbies include basketball, history and travel (Istanbul and Barcelona are favorites).
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