Introduction to a Step-by-Step Guide on How to Delete Coinbase Accounts or Coinbase Wallet and Exploring Alternative Wallets

It is easy to delete your Coinbase account. In this article, Decentradecoded intends to walk you through the steps on how to delete Coinbase Accounts.

Please note that this is a permanent action, so you should only hurry into it if you are certain you won’t use Coinbase again. Make sure you have a zero balance before deleting the account.

Do you want to know more about Coinbase? Please read our full Coinbase Review here.

You may be looking for a Coinbase substitute after your Coinbase account closure. There are many decentralized and centralized exchanges in the cryptocurrency space, giving you a wide range of platforms for trading, token swapping, and cryptocurrency exploration.

Among the most prominent centralized exchanges, Binance, Bybit, Local Bitcoin and Kraken are well-known for their strong security measures. Exchanges like UniSwap, 1inch, and ParaSwap are becoming increasingly popular. For storing or purchasing Bitcoin, consider other platforms like Swan Bitcoin, River Financial, Cash App, Coinfloor, or Amber.

With the steps outlined in this guide, closing your Coinbase wallet will be easy.

Do You “Really” Want to Delete a Coinbase Account?

Although Coinbase may be a helpful service for many users, some may wish to delete their accounts for various reasons. They may no longer want Coinbase to store their cryptocurrencies because they prefer another wallet or simply no longer like it.  

It might even be related to Coinbase’s regulatory problems, including the Wells’ notice that the SEC sent to Coinbase in March 2023, alerting the business to possible violations of U.S. securities law.

In addition, ten U.S. state authorities imposed a ‘Show Case Order’ against Coinbase on June 6, 2023, by the Alabama Securities Commission (ASC). According to the order, the cryptocurrency exchange will have 28 days to justify selling unregistered securities in the state.

If Coinbase has not fulfilled its legal obligations, exchange users may be understandably wary of using it.

If you fall into any of these categories, you must want to delete your Coinbase account. Hence, this comprehensive guide will help you achieve it.

Preparatory Steps Before You Delete Your Coinbase Wallet Account

Step-by-Step Beginners’ Guide on How to Delete Coinbase Accounts

Knowing what to do makes it simple to delete your account. If you decide to delete your Coinbase account, you must confirm that your funds are intact.

You should move your remaining amount to an external wallet or send it to another Coinbase user. You can even donate the sum to GiveCrypto.org, which assists in providing cryptocurrency to the underprivileged.

Thus, the following is the procedure for transferring your money before account deletion and deleting your account after that:

Sell All Your Altcoins for Bitcoin Before You Delete Your Account

If you have any altcoins, converting them into Bitcoin is best. It’s usually better to hold Bitcoin instead of gambling using any altcoin, so do that first. To sell your Bitcoin for Altcoins, follow these steps:

  1. Click the “Buy/Sell” button on any Coinbase page.
  2. Go to the “Convert” tab to convert all the currencies into Bitcoin.

Set Up Your Bitcoin Address

You must have a Bitcoin address before withdrawing it from a Coinbase. It is the only option to ensure you regain your funds so you don’t lose them.

The address will function as a Bitcoin network-based, unhackable bank vault. Consider it as an electronic safe. Storing your key is the most crucial step to saving your Bitcoin.

You have two options for setting up this address: either do it yourself or pay a collaborative custody provider to assist you. So many businesses have emerged in recent years to help people obtain their private keys.

You can withdraw your funds after securing your private keys and establishing a Bitcoin address.

However, you must first understand one crucial point: a tiny quantity of Bitcoin will stay on the balance page after you press the “Send” button to remove it. It is usually called “dust.”

Then, Coinbase won’t let you close your account because Bitcoin is still in it. However, the following step will clarify how to initiate the deletion process properly.

The Process of Deleting Your Coinbase Account

Step-by-Step Beginners’ Guide on How to Delete Coinbase Accounts

To delete your Coinbase account, follow the steps outlined below:

  1. Visit the Coinbase website.
  2. Navigate to your Coinbase account using your desktop browser and click “Sign In.”
  3. Put in your login credentials and click “Sign In” again.
  4. Navigate to the Account Settings.
  5. Choose the “Activity” tab.
  6. Scroll to the bottom until you find the “Close Account” option.
  7. Enter the account password in the pop-up box.
  8. Confirm that you want to close your Coinbase account by clicking “Close my account.”

As part of deleting your Coinbase account, the process will enable you to withdraw your remaining balance.

You can select “Close Account” to erase your account permanently when you withdraw your balance, and there will be no more Bitcoin.

After you have completed these steps, you can be sure you no longer have a Coinbase account.

One crucial thing that users should understand before deleting their account is the distinction between a Coinbase and a Coinbase Pro account.

Since they are two different things, their costs vary, and the target audiences for each are distinct. Coinbase Pro is for more experienced traders, while Coinbase primarily aims at retail users and seeks to simplify the purchasing process.

It’s important to understand that closing your Coinbase account will also terminate your Coinbase Pro account.

What Is a Better Alternative to Coinbase for Bitcoin Transactions?

Other options are available to you besides Coinbase for purchasing or storing Bitcoin. Numerous other businesses have emerged over the years, given that everyone is aware of the surge in interest in cryptocurrencies. As a result, several companies have offered various purchase options, and you can select the one that best suits your needs and is convenient for you.

Swan Bitcoin as a Coinbase Substitute

Swanbitcoin.com is currently one of the most well-liked choices for Americans in the United States. This organization charges a very minimal cost for self-custody automated recurring transactions. Not to add, the platform is committed to helping users learn about cryptocurrencies in addition to providing them with services. You can create a new account on this platform and try out their services.

Other options are also available to Americans besides Swan Bitcoin. There are cash apps like Cash App and River Financial. There are also some incredible options available to people outside of the U.S. For example, Bull Bitcoin is open to Canadians, and Amber is available to Australians. Coinfloor is a fantastic option for investing in the United Kingdom.

Bybit, Local Bitcoin, Crypto.com, Gemini, and Kraken are renowned exchanges known for their robust security and crypto products. Binance and OKX are also known for their wide range of tradable assets. Remember that these platforms need KYC (Know Your Customer) compliance and typically charge trading fees from 0.1% upwards.

Also, decentralized exchanges like Uniswap, 1inch, and ParaSwap are becoming popular, especially if you like peer-to-peer trading and anonymity. These platforms have a unique advantage: you do not need to transfer funds onto the exchange, making it a safer trading option. Their popularity underscores the growing trend toward decentralization in the crypto world.

Remember that your needs and risk tolerance determine the best exchange for you.

What Happens After Account Closure?

What Happens to Your Funds After You Close Your Account?

The amount you have left in your Coinbase account does not vanish right away when you start the deletion process. Instead, your money is in a “pending” state for a 30-day buffer. The funds are effectively frozen and become unretrievable when the period ends.

To prevent losses, log in to your Coinbase account and transfer or withdraw all funds before you delete the account.

Moreover, any unfinished business, including open orders and transfers still in progress, will be automatically canceled, and the corresponding funds will return to your Coinbase wallet.

Additionally, links to third-party financial instruments such as credit cards or bank accounts will cease, ending future transactions between Coinbase and those accounts.

What Happens to Your Data After You Close Your Account?

Your information will be kept on file by Coinbase for a predetermined amount of time after your account is closed to fulfil legal and regulatory requirements, including tax and anti-money laundering laws. This process means Coinbase will retain your information for at least five years.  Depending on the jurisdiction, this retention period may differ, but it usually lasts several years.

Following their privacy policy and any applicable laws, Coinbase must delete your personal information after meeting these obligations, meaning that you will no longer have access to your Coinbase Account.

However, Coinbase takes precautions to protect your personal information from unauthorized access or breaches, and no one will use your data for commercial purposes during the retention period.

Step-by-Step Beginners’ Guide on How to Delete Coinbase Accounts

Closing your Coinbase account is a relatively simple process that will give you the desired outcome if you follow the instructions strictly.

Make sure you take out the money you have stored in your account that is, if any remains, before you delete it. In other words, ensure that you have withdrawn your balance.

After finishing, a few clicks will be all it takes to close your Coinbase wallet successfully. Alternatives like Binance, Bybit, Kraken, Local Bitcoins, Coinfloor, SwanBitcoin, and many more exist if you still wish to invest. It’s not just Coinbase that exists.

Final Thoughts on How To Delete Coinbase Accounts

Deleting your Coinbase account is straightforward, but make sure you’ve done everything you need first. Deleting your account involves taking out any outstanding balances and downloading your transaction history.

Recall that many alternative platforms are accessible in the vast and diverse world of cryptocurrencies, even though Coinbase is a widely used option. We hope that this guide has helped you on your crypto journey.

Trade and invest wisely and ensure you remain informed!