Despite the fact that Coinbase is a beneficial service for many individuals, some users may wish to deactivate or delete their accounts for several reasons. Either the users want to shift their cryptocurrency to a new wallet, or it’s just that they’re fed up with their skyrocketing fees. Therefore, in this article, we’d be taking you through the steps to move your funds out of Coinbase and delete a Coinbase account.
Summary
- Coinbase is a crypto-trading platform that can be used to trade several currencies.
- Allows transfer of several crypto-based coins onto different platforms.
- However, due to recent security issues, and other factors, including high fees is making people jump on other platforms.
- To close a Coinbase account, you have to first convert your Altcoins into Bitcoins, get a Bitcoin Wallet address, and then close it.
What is Coinbase?
Coinbase is a cryptocurrency exchange platform that enables users to buy and sell bitcoin, Ethereum, Litecoin, and more than 50 other cryptocurrencies. In addition, Coinbase stores the user’s different digital assets in an offline wallet that also supports storing Bitcoin on Coinbase.
Further, Coinbase’s mission is to provide a fair, cheap, and easy-to-use cryptocurrency trading platform to users all around the world. This platform also offers the most user-friendly interfaces and better customer service in the bitcoin industry.
Also, read our Coinbase review to get more details.
Also read, Coinbase Staking – Earn staking rewards on your Crypto [2021]
Why do you want to delete a Coinbase account?
People who are currently using the Coinbase Accounts must have faced many issues while storing bitcoin on Coinbase or others. This platform offers a lengthy procedure and frequently suffers “going down” during the bitcoin rallies. Moreover, other factors might permanently lead you to close your Coinbase Account and shift towards other cryptocurrency storage platforms.
So, let’s discuss some of the significant reasons why users are opting to delete the Coinbase account and shifting to the alternative to Coinbase.
1. Security Issues During Blockchain Analysis
Although Coinbase is a secure platform with a solid track record, it is also in charge of employing former members of the Hacking Team for blockchain analysis. In effect, this implies Coinbase is a foe of Bitcoin’s fungibility and anonymity.
2. Strict and Harsh
The Coinbase Company account is more complicated because they’re dealing with open-ledger assets. The blockchain network records every Bitcoin transaction. As a keeper, this provides them with a lot more power. At the same time, other exchanges have opted to be more lenient than Coinbase.
3. Wants to Learn Every Detail
The origin of a transaction is examined when it is transmitted to a Coinbase wallet. And the surveillance technology continues to track those who withdraw money from Coinbase. Thus, Coinbase wants to know everything and every detail about the cryptocurrency they are selling.
4. Demands High Fee
The fees on a Coinbase Company Account are among the highest in the cryptocurrency market. On the other hand, other cryptocurrencies, or the better alternatives to Coinbase, have far lower fees.
Also read, Coinbase Card: Best Crypto Debit Card
Steps to Delete a Coinbase Account
If you have made up your mind and want to know “how to close a Coinbase account?” we will support you with step-wise details. However, it is essential to know that you need to withdraw all your Coinbase balance before closing your account. Therefore, we will direct you towards the correct way of withdrawing the Coinbase balance and closing the Coinbase account with the following solution:
Transform the Altcoins into Bitcoins
It’s advisable to convert any cryptocurrencies like altcoins into Bitcoin immediately. This is because owning Bitcoin is usually preferable despite any altcoin. So, to make this efficient conversion of altcoins into bitcoins, follow the below steps:
- Navigate to the Coinbase page and look for the “Trade” option. It will be present at the top right of this page.
- Click on the same option and then go to the “Convert” tab.
- If you have any other cryptocurrency rather than Bitcoin, and the same displays a non-zero value, replace them with Bitcoin.
Create Your Own Bitcoin Address
For a perfect withdrawal of all the Coinbase balances, you need to ensure that you have an appropriate Bitcoin address. This address will act as a safe and secure bank vault on the Bitcoin blockchain, and it will be immutable.
Note: If you don’t transfer your crypto to a different wallet before deleting your Coinbase account, all the funds would be lost forever.
Now let’s delete a Coinbase Account
Follow the steps below to withdraw and delete a Coinbase account:
You can easily withdraw the Coinbase minimum account balance and thus become eligible to terminate your Coinbase Account through the above steps. Once all your bitcoin amount is successfully removed, you can simply click on the “Close Account” option to close it permanently.
- You’ll need to use a desktop web browser to log in to your Coinbase account.
- After that, navigate to the User Settings tab and then move to the Activity tab.
- Next, scroll down and look for the option denoting “Close Account.”
- A pop-up window box will appear on the screen. Then, in the pop-up window, type the account’s password.
- You may now close your account by clicking the “Close Account” button.
Alternatives to Coinbase
Coinbase isn’t the only place where you can store or purchase Bitcoin. Different platforms have sprouted up with the same functionalities of trading Bitcoins and other cryptocurrencies in recent years. As a result, numerous companies have introduced various methods for purchasing Bitcoin. Therefore, here are some of the best alternatives to Coinbase:
- Binance is a crypto exchange platform that offers the best pricing in the entire market. It is the best and easiest way to exchange cryptocurrencies. Along with less pricing, it has more functionalities. Also, read our Binance review to know more.
- Kraken is a cryptocurrency exchange and a better alternative to Coinbase. It was founded in July 2011 and stood as one of the most significant and oldest cryptocurrency exchanges. It’s also possible to exchange one cryptocurrency for the other. Also, read our Kraken review to know more.
- Bittrex is one of the first crypto exchange companies, started in 2014 and since then offering the best services. It allows investors and dealers to trade a wide variety of cryptocurrencies. Also, read our Bittrex review to know more.
Apart from these three alternatives, some other platforms are also offering similar trading features and benefits. Some of them are Kucoin, Huobi, UPHOLD, etc.
Also read, Top 7 Coinbase Alternatives [Latest]
Pros and Cons
| Pros | Cons |
|---|---|
| Offers a user-friendly interface. | Charges high fees. |
| Stands among the most popular programs with a sophisticated exchange service. | The platforms subsequently go down and restrict transactions, sometimes. |
| Fast KYC. | Has suffered data breaches in the past |
| Offers free cryptocurrencies in exchange for understanding various virtual currencies. | Represented poor customer support in the past. |
Conclusion
Through this article, you found out that it is easier to delete a Coinbase account. You just need to follow all the simple steps carefully to get the desired result. However, as said earlier, before closing a Coinbase account, you need to clear the account balance, else you’ll lose all the funds in your Coinbase account.
Frequently Asked Questions
1. Is it possible to delete your crypto address from the Coinbase account?
A cryptocurrency address can’t be removed from the Coinbase account. Therefore, we strongly advise you not to try deleting the crypto addresses from any wallet. This is because it can hamper the efficient work performance of the account, and any funds transferred to that address will be lost forever.
2. Can you have more than one Coinbase account?
As per the rules of the cryptocurrency market, any person is eligible to have only one Coinbase account with the Coinbase pro account. Therefore, you can use the same login credentials to use the Coinbase and Coinbase pro accounts.
3. What amount of money can I get out of the Coinbase Pro account?
The daily withdrawal limit for Coinbase Pro account holders is 50,000 USD per day. However, you can visit the Limits page and click Increase Limits to be eligible for more significant withdrawal limits.
4. Is it legal to use Coinbase?
It certainly does. One copy of Form 1099-MISC is sent to the taxpayer, while the other is sent to the IRS. So if you acquire a 1099-MISC, the IRS has already received one as well, and they will anticipate you to file tax returns on every cryptocurrency exchange.
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