Coinbase is a popular platform for buying and selling cryptocurrency. However, for several reasons, you may one day choose to close your account.
Maybe you’ve lost interest in cryptocurrency and see no reason not to cash out. Perhaps you’ve decided you need to do more research on the subject to avoid making the wrong buying and selling decisions.
Jump ahead to these sections:
- How to Delete a Deceased Loved One's Coinbase Account
- How to Close Your Own Coinbase Account
- Frequently Asked Questions: Deleting a Coinbase Account
Or, as with needing to cancel credit cards after a death, maybe you’re in charge of canceling a deceased loved one’s Coinbase account, but they didn’t provide any information regarding how to access it in their will.
Keep reading if you’re not sure how to close a Coinbase account, whether for yourself or someone who’s recently passed on. In both instances, the process is much easier than you might expect.
How to Delete a Deceased Loved One’s Coinbase Account
The team at Coinbase understands that there are instances when it’s necessary to access a deceased person’s account. That’s why they’ve made the process of doing so relatively easy with these basic steps:
Step 1: Gather documentation
Coinbase requires you to provide documentation before accessing a deceased loved one’s account. This includes the following:
- Death certificate
- Last will and testament and/or probate documentation
- Current and valid government-issued ID of the individual the Letters Issued name
- If the last will and testament doesn’t indicate what to do with the deceased’s Coinbase funds, a letter with the signature of the individual named in the probate documents explaining how Coinbase should handle the funds
According to Coinbase, they’re willing to help if you’re unable to provide all the necessary documents. Naturally, if you have any other documentation showing that managing the deceased’s Coinbase account is among your executor duties, you should provide that as well.
Step 2: Contact Coinbase
Coinbase instructs those trying to access a deceased individual’s account to contact them directly via their website to notify them of the situation. As long as you have the proper documents, they’ll guide you through the process of accessing the account.
Once you have access, the process of closing it is the same as it would be if you were closing your own Coinbase account. See below.
How to Close Your Own Coinbase Account
Closing a Coinbase account is actually extremely simple. Just follow these steps:
Step 1: Remove funds
You can’t close your Coinbase account unless you have a zero balance. Thus, if you have any remaining funds in your account, you need to first send them to an external wallet. You can also send them to another Coinbase user you trust.
Tip: If you want to be charitable when closing your account, Coinbase recommends sending your funds to GiveCrypto.org. This charity provides impoverished people with cryptocurrency. It also connects them to an open financial system so the recipients can use the funds.
Step 2: Go to the Activity page
Sign in to your Coinbase account once you have a zero balance and head to the Activity page.
Step 3: Select ‘Close Account’
Find the Close Account icon on the Activity page. It will be towards the bottom. All you have to do is click it and you’re all set!
Tip: If you haven’t used your Coinbase account in a long time, you may have trouble remembering your password. Consider using a password manager to avoid problems like this in the future.
Frequently Asked Questions: Deleting a Coinbase Account
Along with wondering how to close a Coinbase account, you might have various other questions related to the topic. The following points may address them.
What happens when you close your Coinbase account?
The nature of what happens to your funds when you close a Coinbase account depends on what you choose to do with them. The next answer will describe your options in greater detail.
Otherwise, when you close your account, Coinbase warns you that you’ll need to essentially start over with a new account if you decide you want to start using Coinbase again in the future.
Be aware that, for various legal reasons, Coinbase will retain some of your personal information (such as your email address) for five years after you close your account. Y
How do you transfer your cryptocurrency or money out of your Coinbase account before you close it?
Again, there are various ways you can do this. You can send your funds to another Coinbase user if you trust them not to essentially steal the funds from you. Or, you can donate them to charity.
Of course, you can also simply withdraw them yourself. To do so, sign in to your Coinbase Commerce account, navigate to the relevant balance, and select Withdraw.
Because Coinbase funds consist solely of cryptocurrency at this time, you can’t link a bank account directly to a Coinbase Commerce wallet. Luckily, you can convert withdrawn funds to USDC, or you can withdraw them to your Coinbase account.
Your Coinbase Commerce account holds your cryptocurrency, but your Coinbase account is the one you use to purchase cryptocurrency. Thus, you can link it to your main bank account.
It’s worth noting that Coinbase charges a 1% network fee when you make a withdrawal. This allows the decentralized cryptocurrency network to process the transaction.
How to Close a Coinbase Account: A Few Simple Steps
Whether you’re closing your own Coinbase account, or you’re responsible for managing a deceased loved one’s digital afterlife, closing an account shouldn’t take much time. That said, if you’re closing the account of someone who recently passed, remember that the process will run much more smoothly if you prepare by gathering all the needed documents ahead of time.
- “How can I close my account?” Coinbase, help.coinbase.com/en/coinbase/managing-my-account/account-information/how-can-i-close-my-account
- “How do I gain access to a deceased family members Coinbase account?” Coinbase, help.coinbase.com/en/coinbase/managing-my-account/other/how-do-i-gain-access-to-a-deceased-family-members-coinbase-account
- “Withdrawals.” Coinbase, help.coinbase.com/en/more/coinbase-commerce/getting-started/withdrawals