How to open a contract cooling-off period at Coinbase

Coinbase's contract cooling-off period empowers users to cancel a cryptocurrency transaction within 24 to 48 hours, providing a buffer for meticulous investment decisions.

Nov 16, 2024 at 10:12 am

How to Open a Contract Cooling-Off Period at Coinbase

Coinbase's contract cooling-off period is a feature that allows users to cancel a cryptocurrency transaction within a specified time frame. To open a contract cooling-off period, follow these steps:

Steps:

Log In to Your Coinbase Account
- Visit the Coinbase website (www.coinbase.com) and log in to your account using your email address and password.
Select "Buy" or "Trade"
- Click on the "Trade" or "Buy" button located on the top of the Coinbase website.
Choose a Cryptocurrency
- In the "Buy/Sell" field, select the cryptocurrency you want to open a contract cooling-off period for.
Adjust Purchase Parameters
- Enter the desired amount of cryptocurrency you want to buy/sell and choose your payment method. Specify the amount of time you want the contract cooling-off period to last, which can range from 24 to 48 hours.
Confirm Transaction Details
- Review the transaction details carefully and make sure you understand the contract cooling-off period duration and any associated fees.
Open Contract Cooling-Off Period
- Click on the "Open Contract Cooling-Off Period" button.
Receive Confirmation
- Coinbase will send you an email confirming the opening of the contract cooling-off period.
Cancel Transaction within Cooling-Off Period
- During the cooling-off period, you can cancel the transaction at any time by logging back into your Coinbase account and navigating to the "Orders" section. Find the transaction that you want to cancel, click on the "Cancel Order" button, and follow the instructions.
Expiration of Cooling-Off Period
- If you do not cancel the transaction within the specified cooling-off period, the transaction will be executed automatically.

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