If you have been using Coinbase to manage your bitcoin, you will have probably encountered a range of problems. From the lengthy onboarding process and the platform regularly “going down” during bitcoin rallies to seemingly nefarious account closures and a lack of customer service, Coinbase customers have seemingly seen it all.
If you have had any of these experiences and want to delete Coinbase, you are not alone.
In this step-by-step guide, you will learn how to delete your Coinbase account. What’s more, you will be introduced to the #DeleteCoinbase movement and why switching to Relai makes sense.
The #DeleteCoinbase Movement
If you follow bitcoin on social media, you will have likely encountered the hashtag #DeleteCoinbase.
What started as a hashtag by a handful of disgruntled customers morphed into a full-fledged movement in the Bitcoin community. Many in the Bitcoin community consider Coinbase “an enemy of bitcoin,” and there is plenty of reason for that.
Coinbase went from being a startup providing an app for buying bitcoin to becoming a global financial company more akin to a bank than a Bitcoin company, adding support for numerous speculative, high-risk digital assets that probably shouldn’t be held in the portfolios of private investors.
What’s more, As San Francisco-based Coinbase went on to become a publicly traded company, its focus moved away from providing a simple solution for individuals to buy and store bitcoin to focusing on serving institutional investors, which many argue goes against the ethos of bitcoin as many believe that “bitcoin is money for the people.”
Coinbase also went ahead to acquire Neutrino, a highly controversial analytics firm run by former executives of Hacking Team, a notorious surveillance company that sells hacking services to governments, law enforcement, and corporations looking to clamp down on dissent. As the Bitcoin community values integrity and privacy, Coinbase’s move to hire some of the most controversial individuals in surveillance tech only added fuel to the fire of the #DeleteCoinbase movement.
It has also come to light that Coinbase has a track record of discriminating against its Black employees and paying both female and Black staff less than their white male counterparts. Given that Bitcoin’s ethos is about openness, accessibility, and financial inclusion, the reported discriminatory actions by Coinbase managers goes against what Bitcoin stands for.
Finally, Coinbase has also been called out for charging higher fees than many of its peers, especially when it comes to its offerings targeted as private investors.
How to Get Your Money Out of Coinbase?
Before you go ahead and delete Coinbase, you first need to make sure you withdraw all your funds from Coinbase. The crypto service provider will only allow you to close your account if it has a zero balance.
- Any funds you have in dollars, euros, or any other fiat currency, you will need to withdraw to your bank account. If you have not already linked your bank account to the app, you will have to in order to make the withdrawal transfer. Alternatively, you could use the funds to buy cryptocurrency and withdraw all funds in digital currency.
- If you hold bitcoin (or any other digital assets) in your Coinbase account, you will need to transfer them to an external crypto wallet that you control.
How to Close Your Coinbase Account
To delete Coinbase, you need to check and know the difference between your Coinbase and Coinbase Pro account, especially if you have both accounts.
Coinbase.com and Coinbase Pro are separate but share most of your profile information and account settings. The difference between the two accounts is the target audience. Coinbase Pro was created for advanced traders while Coinbase.com was designed for retail customers and its goal is to provide customers with the easiest possible crypto buying experience. However, it’s important to mention that should you delete your Coinbase.com account, your Coinbase Pro account will also be automatically deleted.
To delete your Coinbase account, ensure that you have a zero balance in your account. If there is any remaining balance in any of your wallets, you’ll need to transfer the funds to an external wallet.
Once that is done, go to the ‘Activity’ page and select the ‘Close Account’ option that’s located near the bottom. Once done, you will be automatically logged out of your Coinbase account. You will then receive an email notifying you of your account closure.
How to Get Started with Relai
Now that you have deleted Coinbase, you probably want a simple, easy-to-use, and secure app to buy and store bitcoin.
That’s exactly what we created Relai for! 😃
Relai is Europe’s easiest bitcoin investment app that allows anyone in the Eurozone and Switzerland to buy bitcoin within minutes and without the need for ID verification.
In addition to no-KYC bitcoin purchases, Relai users can set up bitcoin auto-investing to invest in bitcoin on a weekly or monthly basis in a fully automated and hands-off manner.
Best of all, Relai users don’t need to undergo a lengthy onboarding process, there’s no account setup, and you don’t need to fund your account before you can start buying bitcoin.
Simply download the Relai app, back up your Relai wallet, put in the amount of bitcoin you want to buy, and pay for the bitcoin using a bank transfer. The entire bitcoin buying process only takes one minute and your bitcoin will arrive in your Relai wallet as soon as the bank payment settles.
*Disclaimer: None of this content constitutes investment advice. Always conduct your own research before investing in any digital asset.