Source : cryptodaily.io
If you’re thinking of getting started with cryptocurrency, one of the first and most obvious places to start is by setting up a Coinbase account. This platform is a great option as it offers many benefits.
It can be used to purchase cryptocurrency using your debit or credit card directly. It also provides users with an integrated digital wallet that can be used to store their coins securely almost anywhere.
But sometimes, even an excellent service like this one has drawbacks. If you decide at any point that you no longer want to use your Coinbase account or that it’s no longer providing you with value, here’s how to delete a Coinbase account permanently so that nobody else can re-access it.
Things You Must Know Before Deleting Your Coinbase Account
Before you decide to get rid of your Coinbase account, you should be aware that doing so requires certain precautions. Coinbase users have reported unexplained account closures and suspensions before, and in some cases, the company has said that it has frozen user funds as well as account balances. If you decide to close your Coinbase account, you must ensure that you retrieve any funds currently in your account before removing them.
Otherwise, you may find that you can’t re-access them. If you decide to close your account, you should also be aware that Coinbase keeps detailed records of all previous transactions associated with your account. This means that the company may be able to provide information about your past transactions to third parties in the future, including law enforcement agencies.
After withdrawing your funds, transferring them to another external wallet is a great option for you. You can actually transfer your crypto from Coinbase to Trust Wallet to secure them for future use.
How to permanently close a Coinbase account
Closing an account is not the same as the “deactivate account” option, although some users advise that you try deactivating your account to help you decide if you want to delete it permanently. If you decide to close your account for good, you will lose access to your Coinbase wallet and all the cryptocurrencies stored there. Closing your Coinbase.com account means that you will also be closing your Coinbase Pro account if you’ve subscribed to one.
So, if you have finally decided to close your account, just follow these instructions:
- Go to the Coinbase website and log in with your account details. It’s important to note that you cannot close your account on mobile, like on iPhone or Android devices. You can either use your computer or do it on your phone from a web browser.
- Click on your profile at the top right corner of your screen. Then, tap settings.
- Click on “Activity.“
- Scroll all the way down and find the “Close Account” button.
- Read the warning message, and input your password before clicking “Close Account.,” Otherwise, just tap “Cancel” to cancel account closure.
Coinbase advises you to withdraw all the tokens in your wallet. Once you have officially completed it, you can finish by closing your account.
If you have decided that you no longer wish to use Coinbase, you can delete your account at any time. Keep in mind that doing so will result in the permanent removal of your account, along with all associated funds. Make sure that you have withdrawn all funds that were currently in your account.
If you have any questions or concerns about deleting your Coinbase account, or if you need assistance with withdrawing funds from your account, you can always contact customer support at any time.
Is Coinbase Safe?
Coinbase is among the most trusted exchanges today. It was hacked in 2021, and the platform was able to regain control over the accounts and reimburse the funds lost by the account holders.
That experience helped them secure their accounts and safely connect and trade through your bank account. Coinbase is now more cautious in blocking suspicious accounts to make that users’ funds and information are safe.
Will Coinbase close my account for inactivity?
Coinbase does not necessarily close inactive accounts. On the other hand, they may freeze your account if you violate User Agreements, such as engaging in prohibited activities.
Frozen accounts usually recover within 48-72 hours. But, for some more serious issues, it could take longer.
Does Coinbase retain my email address after I close my account?
Yes. After you’ve closed your account, Coinbase will still retain some of your personal information for reasons of legal obligations, preventing fraud, and resolving disputes. The platform will keep your data for up to five years after closure.
What will happen to my fund after I close my account?
You are advised to withdraw your fund before closing your account. Coinbase permits fiat currency balances to be withdrawn. They provide options such as Bitcoin and Etherium as third-party options for withdrawing funds.