If you haven’t used your Coinbase profile in a while, you must know how to close Coinbase accounts permanently to ensure your privacy.
Coinbase is a crypto exchange service that allows users to purchase, trade, and store cryptocurrencies worldwide.
Coinbase Global Inc manages the network, which was developed by Brian Armstrong and Fred Ehrsam to establish an international banking network.
Online banking systems, such as Coinbase, acquire confidential info for safety purposes and to abide by the regulations.
Despite the fact that Coinbase is a beneficial service for several individuals, many Coinbase users may choose to deactivate their registrations because of a range of factors.
They will wish to move their money to a new wallet or they may simply dislike Coinbase and hence avoid using it for cryptocurrency trading.
One should know how to close Coinbase accounts irrespective of their reason to do so.
We’ll concentrate on this issue in this article and show you how to permanently remove your Coinbase account.
Can I Delete My Account on Coinbase?
If you no longer require your Coinbase membership, you can delete it.
Many users began canceling their Coinbase profiles in the hope to seek out better cryptocurrency purchasing options.
Some people are dissatisfied with Coinbase’s current offerings. And, many just don’t wish to save cryptocurrency anymore, therefore they choose to deactivate their wallets.
Before we explain how to close Coinbase account, you need to be aware of one crucial distinction, that is, the distinction between a regular Coinbase profile and a Coinbase Pro profile.
Obviously, you’ll be interested in this only if you have both Coinbase and Coinbase Pro accounts.
While your Coinbase.com and Coinbase Pro accounts are independent, the Pro account definitely has a lot of private details and preferences.
They have different pricing since they offer completely different values to consumers.
Where Coinbase is primarily targeted toward regular users and aims to simplify the purchasing process, Coinbase Pro is designed for professional users.
Seasoned players would then assist in bringing considerable liquidity to the market.
It’s important to understand that canceling your Coinbase profile will also terminate your Coinbase Pro membership.
Usually, we never encourage you to remove your Coinbase profile. The reason behind this is, that if once deleted, it cannot be undone.
It’s an irreversible process. If your profile has been flagged for abnormal behavior, the best option is to deactivate it.
This way you can reopen it anytime in the future. You should remove your Coinbase profile if you’re certain you are done with the platform and willing to switch to some other service.
What Should I Keep in Mind Before Deleting My Coinbase Account?
You should ensure that your Coinbase account is totally empty before you learn how to close Coinbase account.
If it’s not, you can transfer the money to another wallet or a person who already owns an account on Coinbase.
Individuals can also donate cryptocurrency by using the givecrypto.org gateway.
Coinbase recognizes such charity groups, which assist vulnerable sections by linking them to a monetary plan for economical support.
Although previously stated, the termination acts cannot be reversed. Once an individual closes their Coinbase profile, nothing can be done afterward.
Meanwhile, sometimes when individuals believe they may no longer be interested in dealing in cryptocurrency in the future, it’s indeed preferable to remove the account instead of keeping it like that.
Note: Coinbase could seize some of your personal data for at least five years to avoid illegal transactions, settle conflicts, or comply with statutory requirements.
How to Close Coinbase Account Permanently in 2022
One should have no cash in their Coinbase bank account before closing their account.
If their account has an amount, individuals should send that to their other account. There are five simple steps to get the details of your Coinbase account.
- Access to Coinbase webpage. Login into one’s profile to proceed. Once you sign in, you will be automatically directed to the dashboard.
- Tap on your profile picture towards the uppermost right corner of the window. Tap on Settings to go back to the last window.
- Using your Coinbase account, go over to the Activity Tab.
- You can deactivate your account by clicking the “Close Account” button at the lower corner of the Activity Tab.
- For completing the transaction of closing your account, enter your password again and click ‘Close Account.’
How Can I Send Funds from Coinbase to Another Exchange Service Like Crypto.com?
For sending cryptocurrency from Coinbase to Crypto.com, follow these instructions:
- To transmit cryptocurrency to another site, open the Crypto.com app and select Transfer. Then select Deposit.
- Choose the coin you wish to send; for example, bitcoin if someone wants to send Bitcoin from the list. When the wallet address of the coin appears, note it.
- Install the Coinbase application from one’s desktop. Tap on the transfer symbol at the bottom of the webpage.
- Select Transfer Crypto to Some other Account from the drop-down menu. Choose the coin you would like to send, such as Bitcoin, and afterward tap Bitcoin.
- Tap Continue after entering any quantity of coin you would like to send. This will take you to a separate page on which you can check your contacts. There, you need to click on Not now.
- Click Send after entering the previously noted mobile email address and coin address.
- All financial records would be easily displayed, after which you can select the option of transfer immediately.
- Input your two-step verification security code and then click on submit.
- On the window, the quantity of money being sent is shown. Proceed by tapping on done for completing the transaction.
How to Initiate Trading with Coinbase Pro?
Follow the below-mentioned steps to create a Coinbase Pro account and start trading:
- To enroll, just go to the main website.
- Fill up basic banking information, such as your name and email address. After this, a message will be sent to you seeking confirmation of your email account.
- You will be asked to provide your contact information even if you have verified your email account. You have to give your working mobile number to validate it through text messaging.
- You will be prompted to submit your name, birthdate, location, purpose, the origin of finances, employment, plus company, depending on the location from where you are.
- You would be required to submit or post a picture of your government-certified identification documents.
- Users in the United States or the United Kingdom would be required to verify their ID for their profile and documents.
- Other users would be required to prove two separate pieces of identification. Passports, driving licenses, plus government-issued identity cards all are valid types of identification; however, healthcare cards and school IDs are not.
- When the verification process gets finished, you can connect your bank accounts to start trading in cryptocurrencies.
How Can a Trader Start a Coinbase Pro Account While Keeping Their Coinbase Account Functional?
If a user really has a Coinbase account, they should link it to the Coinbase Pro account using the same email ID as their Coinbase profile.
Their Coinbase account will be linked directly and they will be able to transfer funds in any currencies across their Coinbase and Coinbase Pro accounts.
After signing up, they can go to another website and click on Log In.
Even if they’re registered at Coinbase.com, they will automatically be requested to agree to the Coinbase Pro User Terms but may be asked for details.
Keep in mind that a single person can have one Coinbase Pro and Coinbase.com account.
There is no restriction that a person can carry a single account at once.
However, traders must use the same login email ID if they currently own an account on Coinbase and want to create a new Coinbase Pro profile.
Why Can’t I Trade with My Coinbase Account Anymore?
Users may not be able to purchase crypto or contribute funds to their wallet if their wallet isn’t recognized as a reputable transaction channel.
To safeguard sites from fraud, Coinbase employs an AI-driven algorithm.
If you cannot trade with your Coinbase account anymore, then it’s due to one of these two factors:
- It is possible that a chargeback or reversal that you got while trying to complete one of your transactions is stopping you from completing more transactions. If you are informed of such chargebacks on a possible exchange, then kindly provide this detail when you contact them.
- In certain circumstances, Coinbase might require more details to verify the ownership of the payment methods in your account. If you haven’t already, you can submit a valid identification document for every individual whose details have been validated on your Coinbase account. This will aid in the speeding up of their assessment process.
I’ve Heard Coinbase Froze the Accounts of A Few Traders. Is It True?
There are certain basic things every trader should be aware of before understanding the “Freeze” option.
Stopping buy/sell tools, deleting a Coinbase account, and restricting access to the money are all crucial things to keep in your mind.
1. Deactivating Buy/Sell Options
Coinbase might deny access to buy/sell services on a customer’s account for changes due to breaches of their Consent Form.
This could also occur due to a variety of factors, such as a significant risk of default, or any other fraudulent behavior.
Users can still utilize individual digital money accounts, however, if buy/sell services are disabled whenever this occurs.
Every extra amount within USD, EUR, GBP, CAD, or other domestic currency wallets can also be transferred to a working bank account.
2. Removing your Coinbase Account
Coinbase might close user accounts for breaches of its Terms and Conditions, as described previously.
This could occur for a variety of factors, such as participating in banned activities as specified in their Terms of Agreement.
Whenever this occurs, users simply wouldn’t be able to use any Coinbase account as a digital money wallet and its buy/sell services.
Yet, users can take their cash from their Coinbase account and send it to any virtual wallet they like; thus, digital money accessibility is never blocked in this situation.
Even before an account is closed, users can clean all funds in a domestic currency wallet simply by transferring them to a confirmed bank account.
If users close their account even though a buy or deposit is pending, the funds will be available to withdraw after the transaction is finished successfully.
3. Restricting the Account Access
In certain situations, Coinbase may decide to temporarily suspend or freeze the user’s access to their funds due to legal obligations.
This happens whenever:
- Coinbase is required to legally adhere to a judgment from the court or any legal power, which prompts the platform to take necessary action against law offenders.
- As part of their legal obligation, Coinbase will have to freeze or suspend account activities, under the sanction criteria governed by the US Office of Foreign Assets Control (OFAC).
Note: A few services that Coinbase offers, like digital wallets, are not directly administered by Coinbase.
Hence, in such cases, Coinbase is not legally bound for the activities taking place in those domains.
Here are a few of the most frequently asked questions related to Coinbase accounts and transactions:
How Do I Connect My Coinbase Account to My Coinbase Wallet?
Coinbase.com is a regulated trading platform that allows trading and storing accepted cryptocurrencies.
Coinbase Wallet is just a self-regulated wallet system that allows users to store their cryptocurrency, graphic imaging, as well as other assets safely and securely on their phones.
Coinbase doesn’t hold any commodities n the Coinbase wallet.
One’s cryptocurrency is routed to a cryptocurrency platform that is not managed by Coinbase if you use Coinbase Wallet.
Once the crypto is kept by the traders in Coinbase wallet, they have to be alert in maintaining their cryptocurrencies safely.
To access one Coinbase account settings, follow the below-mentioned steps:
1. On the smartphone, click Coinbase Wallet
2. Go to Settings
3. Tap on Buy or Transfer
4. Choose crypto that is allowed
5. Click Next after entering the amount of money you would like to send
6. After finishing this transaction, perform the rest of the steps
What Are the Benefits of Connecting Your Coinbase Wallet with Your Coinbase Account?
Users may swap crypto, which is accessible on a cryptocurrency platform with a Coinbase wallet.
A DEX, such as Uniswap, is an external service that allows users to store their cryptocurrency without utilizing a centralized platform.
In other words, you can independently store and trade your cryptocurrencies without the need for any central authority to govern your transactions.
When someone is using the above facilities, they are transferring crypto through their Coinbase wallet instantly to a DEX provider to start trading.
Once users choose “Open Coinbase Wallet,” they will get invited to install the Coinbase wallet.
To get started, go to the App Store on iOS or Google Play on Android and then download and install the app.
When users already have the Coinbase wallet application, they will be directed to a particular fund’s webpage over the app to complete that transaction.
Coinbase does not hold any of the assets in its wallet.
Users’ cryptocurrency is routed to a cryptocurrency platform that is not managed by Coinbase if someone uses a Coinbase wallet.
It’s not a difficult task to remove your account from Coinbase, given you know all the right steps.
However, we will advise that before you make such a decision, you transfer the money that you have kept in your Coinbase account.
If you don’t do that, Coinbase won’t allow you to remove your account.
After doing this, you will need to follow a few simple steps to entirely remove your profile from Coinbase.
If you want to continue trading in cryptocurrencies, you don’t have to stick to the Coinbase membership.
There are plenty of other options like Coinfoor or Crypto.com available on the market.
We hope you continue your journey with Coinbase. If you feel like quitting, now you know how to close Coinbase account.