Coinbase is one of the most famous and largest crypto trading platforms. It is available in over 100 countries and has over seventy-three million users. The platform contains Coinbase Pro and Coinbase Standard; the pro account offers more products than the standard account.
Overall, both accounts have tons of benefits. You get to trade with over 96 cryptocurrencies, earn free crypto, utilize educational resources, etc. With Coinbase, trading is easy-peasy and secure. However, it reaches a time you feel like you want to close your account.
Deleting Your Coinbase account
Where do you start? How do you do it? Below are step-by-step guidelines on how to delete your Coinbase account. The procedure is similar for web and app users.
Step 1: Withdraw All Your Funds
Login to your Coinbase account and ensure you don’t have any balance. If you do, transfer your funds to any external wallet. Another option is to utilize the funds to cover withdrawal costs.
If the amount doesn’t meet the withdrawal criteria, do the following;
Donate: You can donate the balance to various organizations like GiveCrypto.org. These organizations help create financial awareness for people living in poverty. Once you tap on the 'Close account' option, select ‘Donate balance’ to donate.
Transfer your funds to another user: All you need to have is the user's address, and viola.
Forfeit: The amount can be too little; you can opt to leave it. Forfeiture, however, requires you to contact Coinbase customer service.
Step 2: Click on the Account Settings Option
This option is on the account activity tab. Once you tap on it, a list of options will appear.
Step 3: Tap on the Close account Option
When you click on the close account option, a checklist will appear. Also, you have to enter your password once more. Then viola, your Coinbase account is deleted.
You should note that Coinbase will still retain your personal information such as email, name, phone number, etc. The information is kept for five years for legal obligations.
Reasons for Deleting Your Coinbase Account?
There are many reasons for closing your Coinbase account; they can be:
- You have found a better crypto trading platform. Nowadays, several trading platforms have numerous advantages. People and firms are indeed getting super creative.
- Coinbase allows other users to view your profits and personal information to avoid identity theft. This makes you susceptible to fraud and identity theft.
- For security purposes, maybe you are not comfortable with Coinbase having your data. The platform asks for personal information during account creation. This data can be compromised in case of a security breach.
- You don't want your details used by third parties for marketing purposes. Coinbase has the right to share users' information with third parties.
Coinbase has pretty clear guidelines on how to close your account. Additionally, their customer service is always willing and ready to help. This is a plus compared to other online trading platforms.
You can always open a new Coinbase account when you deem fit. The platform is always coming up with incredible ways to provide user comfort.