How To Cancel Coinbase Transaction: All You Need To Know

As most of us know, Coinbase has become a dominant force in the industry by being one of, if not the most popular platforms for buying and selling cryptocurrencies.

With that said, I hear from new users on a daily basis who have issues when trying to deposit cryptocurrency into their accounts. In fact, I even had an issue myself that I thought was unique to my situation but to my surprise, I found out it wasn’t. One of my buddies was going through the same thing but was hesitant to ask for help because he thought it was “his fault.”

So this is my attempt at clearing up any confusion that there may be surrounding how to cancel Coinbase transaction.


How to Cancel a Deposit into CoinBase?

Nearly instantly, incoming transactions in Coinbase appear in your account, but they are still listed as Pending until enough network confirmations have been received (this number varies by asset and can be found in the individual asset data in our Asset Directory).

Unfortunately, deposits cannot be canceled once placed. The request is immediately sent to the bank for processing. Once you do receive the funds, you initiate a withdrawal to send the funds back to your bank account.

When a transaction is confirmed, it will display Completed, meaning that it cannot be undone and that the money is now available for withdrawal.

1st step:

If you want to cancel a deposit, you can ask for a callback to obtain assistance with this problem.

2nd step:

The white Send/Receive button in the top right corner of your homepage must first be clicked.

3rd step:

You can then choose the cryptocurrency asset you want to send and input the appropriate equivalent US Dollar amount in the box menu that appears.

4th step:

The most important step is entering the recipient’s information, so double-verify everything before continuing. Normally, the recipient’s cryptocurrency wallet address must be entered into the screenshot below, but if they are already a Coinbase customer, you can also put their registered email address or phone number in that section instead.

Compared to typing the recipient’s wallet address, this method of sending cryptocurrency is safer since you can cancel a payment sent to an email address or phone number if you change your mind or discover you made a mistake as long as the transaction has not yet been confirmed.

What’s even better is that the system disables the blue Continue button in the popup menu if you enter an incorrect email address or phone number that is not registered with Coinbase.

When I initially started using cryptocurrencies, networks were slower than they are now, which prevented many transactions from being completed instantly.

Your transaction would then be considered “pending” and could possibly take several days to complete.

Since then, cryptocurrency networks have grown significantly. Now, it is unlikely that your cryptocurrency transfer transaction would be marked as pending at Coinbase.

However, you can only cancel a Coinbase pending transaction if your cryptocurrency transfer suddenly fails to go through.

Only the internet can be used to accomplish this operation (not the mobile app).

  1. Use a web browser on your desktop, laptop, tablet, or smartphone to access Coinbase.com.
  2. Access your account by logging in, then choose the asset for your pending transaction.
  3. To see the Cancel payment option, find and select the pending transaction.
  4. Choose Cancel payment.

The money will be back in your balance after the transaction is canceled.

Funds will be reimbursed to your account if the recipient doesn’t accept them within 30 days of sending them.


Can you cancel a Coinbase withdrawal?

Reminder: On Coinbase, all confirmed buys, sells, deposits, and withdrawals are final.

You will always get a confirmation prompt before any order is executed to make sure you are happy with the size and timing of your order. When you are certain that you want the order to be completed as specified in the confirmation window, only click Confirm.


Conclusion: How To Cancel Coinbase Transaction

Coinbase is one of the most popular cryptocurrency exchanges, if not the most popular. From more than 10 million people, they have facilitated millions of dollars worth of transactions between cryptocurrency and fiat currencies (e.g. USD) as well as other coins themselves.

Coinbase is something I would recommend to anyone getting involved with cryptocurrency because it makes the process so easy, especially for newer users who might be intimidated by the difficulty of buying and selling coins themselves.

And Coinbase isn’t just for Bitcoin buyers—it also allows you to sell your Bitcoins in exchange for other cryptocurrencies like Ethereum or Litecoin, which can be convenient if you’d rather diversify your investment into other coins like I’ve been doing lately.

Related: Coinbase Wallet Vs Trust Wallet: Which One Is More Reliable?

How To Cancel Coinbase Transaction

That being said, you always have to check and double verify all the recipient information or your own information if you make a transaction with Coinbase because canceling a deposit is impossible once it’s completed and there is no way for Coinbase to reverse the transaction or reclaim funds on your behalf unless it’s a pending transaction, then you might find a way to resolve the problem.

If you have any further questions, please reach out to them at https://help.coinbase.com/en.


Want to learn how to start day trading? Check out Martina’s Learn to Trade & Invest Crypto Academy platform to get access to a complete trading & investing video curriculum, trading resources, our trading community, e-mail support, and 2 Zoom lives with Martina every month. Try it out for 2 weeks 100% FREE!

Leave a Comment