How to close a Coinbase account permanently?

What Is the Process to Close a Coinbase Account Permanently?

Closing a Coinbase account permanently involves several steps that users must follow carefully. Before initiating the closure, it is essential to ensure that all digital assets and fiat balances are withdrawn or transferred. Users should also cancel any recurring buys and disconnect external accounts linked to their Coinbase profile. Once these prerequisites are met, the user can log in to their account, navigate to the settings section, and submit a request to close the account.

Why Should You Withdraw All Funds Before Closing Your Coinbase Account?

Before proceeding with the account closure, it is crucial to withdraw all funds, including both cryptocurrencies and fiat currencies. If there are remaining balances in the account after closure, recovering them may become significantly more complicated or even impossible. Users must transfer cryptocurrency holdings to another wallet or exchange and withdraw any USD or other fiat balances to a verified bank account. Failure to do so could result in permanent loss of access to those funds.

• Log in to your Coinbase account.
• Go to the 'Assets' section.
• Select each cryptocurrency you own and initiate a transfer to an external wallet.
• For fiat balances, go to the 'USD Wallet' or equivalent and select 'Withdraw.'
• Confirm the transactions and wait for them to complete.

How to Cancel Recurring Buys and Disconnect Linked Accounts

Another important step before closing a Coinbase account is canceling all recurring buys and removing any connected payment methods. Recurring buys are automated purchases of cryptocurrencies based on a schedule set by the user. If these are not canceled, they may continue processing even after initiating the account closure, which can lead to complications.

• Navigate to the 'Recurring Buys' section under the 'Trade' menu.
• Review the list of active recurring buys.
• Click on each one and select 'Cancel.'
• Proceed to the 'Payment Methods' section.
• Remove all linked bank accounts, credit cards, or debit cards by selecting 'Remove.'

This ensures that no automatic transactions will occur after the account is closed.

Submitting the Request to Close Your Coinbase Account

Once all funds have been withdrawn and external connections removed, the next step is submitting a formal request to close the Coinbase account. Unlike some platforms where users can click a single button to delete their accounts, Coinbase requires users to contact customer support directly to initiate the closure process.

• Visit the Coinbase Help Center.
• Log in to your account.
• Use the search bar to look for 'close account' or 'delete account.'
• Follow the prompts to contact support via live chat or email.
• Clearly state your intention to close the account permanently.
• Provide any required verification details if prompted.

It's important to note that Coinbase does not offer a self-service option for account deletion, so reaching out to support is mandatory.

What Happens After You Close Your Coinbase Account?

After submitting the closure request, Coinbase typically takes several business days to fully process the account termination. During this time, the account remains accessible but will be locked from making new transactions. Once the account is officially closed, all personal information, transaction history, and preferences associated with the account are deleted from Coinbase's systems, although some data may be retained in compliance with legal and regulatory requirements.

Users who wish to return to Coinbase in the future will need to create a new account and undergo the verification process again. It's also worth noting that closing an account does not affect previously filed tax reports or records that Coinbase may have already submitted to authorities.

Frequently Asked Questions (FAQs)

Q: Can I reopen a Coinbase account after closing it?Yes, you can create a new Coinbase account using the same email address or phone number, but you will need to go through the identity verification process again.

Q: Will closing my Coinbase account remove my transaction history from tax reporting?No, closing your account does not erase transaction records that Coinbase has already reported for tax purposes. You remain responsible for any tax obligations related to past trades.

Q: Do I need to uninstall the Coinbase app after closing my account?While it is not mandatory, uninstalling the app is recommended to avoid confusion and prevent accidental login attempts after the account has been closed.

Q: Can I close my Coinbase account without logging in?No, you must be logged into your Coinbase account to initiate the closure process. If you've lost access, you’ll need to recover your account first before proceeding with closure.