Back in the early 2010s, buying Bitcoin (BTC) was a complicated process due to the lack of exchanges and its widespread usage across the world. Nowadays, buying crypto is very simple because there are limitless possibilities of how you can acquire it. The most popular way is through a cryptocurrency exchange.
If you’re a beginner in the cryptocurrency industry, you might feel overwhelmed by the abundance of options online. Maybe this has led you to open an account or two on different crypto platforms just to see whether they’ll work for you.
But what if you don’t intend to stick around on a platform anymore? What if you want to close your crypto account because you’ve found a platform that suits you better or you’ve cashed out all your coins and feel like you could use a little break from crypto trading? Can you do that, and if yes, then how?
In this article, we’ll take one of the most popular crypto platforms, Gemini, as an example in order to show you how to close your crypto account. Keep reading for more!
About the Gemini Exchange
Gemini is a private crypto exchange that’s owned by the famous Winklevoss twins, Tyler and Cameron. Users can purchase, trade, exchange, and store cryptocurrencies like Bitcoin (BTC), as well as over 40 other altcoins like Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and others. Their headquarters are based in New York and the official company name is Gemini Trust Company, LLC.
Gemini sports its own currency called the Gemini dollar (GUSD), which falls into the stablecoin category. The Gemini dollar is tied to the U.S dollar (USD) in a one-to-one ratio. They also offer a multi-tier service for different kinds of users, whether beginners or active traders in the crypto trading industry.
One of the main concepts behind the Gemini cryptocurrency trading platform is the combination of cryptocurrencies and existing fiat currencies like the US dollar or Euro (EUR). Like most of the other crypto exchanges, Gemini offers users the option to trade in cryptocurrency pairs and offer more than 20 currency pairings. These pairs are mostly tied and exchanged as USD/BTC but are not limited only to Bitcoin. Altcoins like ZCash, Polygon, and other less known low market cap currencies are included.
Gemini’s main focus is the client information safety and security as well as the security of the digital assets of their clients. Most of the assets that are stored in their wallets are kept in cold storage that’s hacker-proof. They operate every business day for business contacts but if you have any issues, their Gemini support team is available 24/7. The main website of operation is listed as gemini.com and their mobile app is called Gemini: Buy Bitcoin instantly.
They implement multiple fee systems for different activities like ACH transfers, wire transfers and the app is supported on different devices like iPhone, Android, macOS.
How to Open Gemini Account
Let’s briefly go over the opening account procedure, as it will shed some light on the requirements for closing your account as well.
In order to create an account, simply head to the Gemini web page and click on the Create Personal Account prompt on the homepage. The first step of identity verification starts here. You’ll be asked to enter your full name, email address, and password. Once you’re done, click on Create My Account. You will find a confirmation code sent to your email and you should copy that in the account creation tab and click on Submit.
The next move is a three-step identification process. You will be asked to link your mobile phone number with your newly created Gemini account. This is common practice with many exchanges and makes daily login verifications and two-factor authentications easily accessible while enhancing the security of your personal information and assets in your account.
The second step is linking your bank account with your Gemini account. Simply log in to Gemini and select the Link Bank Account prompt. Make sure that the account name in Gemini is the same as the name in the bank account. If you don’t want to share your debit card information for bank transfers, you can opt-out to use a wire transfer but this isn’t available in every region in the world.
The last step is to verify your identity with a document or some kind of form that’s issued by a government or a bank. The most common and easy document to procure is a regular bank statement that has your residency address and full name.
When all of this is done, you just have to load your account with funds and make your first purchase.
How to Delete Gemini Account
There are a few methods that you can use to delete your Gemini account depending on the device or app that you are using. We’ll list a full guide for account cancellation for both the main Gemini website and their mobile and desktop apps.
How to Close Your Website Account
In order to close your main website account on Gemini, whether through the browser on your computer or your mobile device you will have to do the following:
- First of all, you should make sure that you don’t have any money in your account and your account balance should state $0.0. If you are waiting on some pending ACH transfers, then you might be asked to wait up to 5 business days to initiate a withdrawal.
Once this has been completed, you should proceed to the Profile Settings window and follow the hyperlink that states Account Closure. You will be asked to type in the word CLOSE in all caps and the account closure will be completed. If you want to reopen your account, you should send an email to their customer support and they will guide you into the account restoration process. Alternatively, you can contact Gemini customer support at [email protected] and request an account cancellation.
How to End Your Gemini: Buy Bitcoin Subscription
There’s a couple of steps you need to be aware of when you’re canceling subscriptions on exchange apps. When subscribing to a plan, there’s no automatic cancellation and you need to manually cancel it. Keep in mind that you should revoke your subscription at least 24 hours before it automatically renews itself and charge you whatever fee you have initially settled for. Below we’ll list a full guide on how to cancel accounts and subscriptions on the Gemini app on various devices.
Cancel Your Subscription on iPhone Devices
First of all, you should open the Gemini app and under the Settings tab, you will find your username prompt. After that, open the Subscriptions prompt. If you don’t see the subscriptions tab, just tap on iTunes and Appstore. The next step is to click on your Apple ID, log in and find your way to the Subscriptions prompt. There you will see the Gemini App, tap on it and click Cancel. Don’t worry if you can’t spot the Cancel prompt, this means that your account has already been cancelled.
Cancel Your Account on a Mac Device
The first step of cancelling your Gemini account on a Mac computer is to open the Mac Store on the device and locate your username, which is most commonly located at the bottom of the row. You will see a View Info tab and you’ll probably have to sign in again. When this is completed, scroll down to the following page until you reach the Subscriptions section. Click on it and then click on Manage. There you will see the Gemini app and next to it you will see the Edit prompt. Click on it and then choose Cancel Subscription. Now your Gemini subscription is cancelled.
Cancel Your Subscription on Android Devices
In order to cancel your subscription on the Gemini Android application, you shouldn’t delete the app but follow these steps. Open the Google Play Store, making sure that you’re signed in to the account that’s connected to the Gemini app. Click on the menu and select Subscriptions. Select the Gemini app and click on Cancel Subscription. This should delete your account subscription and the app will be removed from your Google Play account.
Cancel Your Account on PayPal
When you wish to cancel your Gemini account on Paypal the first thing you need to do is log in to your account on PayPal. When you’re logged in you should find the Settings tab which is conveniently placed next to the logout prompt. After that, you will need to scroll down and find the Payments tab in the menu and in the next window select the Manage Automatic Payments tab. There you will see every merchant transaction and subscription that you’re using. Click on the Gemini app and click Cancel Subscription. You will be rerouted to a confirmation panel and a prompt will ask you to clear the Cancel Automatic Payments of the Gemini app. When you complete this step your subscription will be cancelled.
A Few Words Before You Go…
Many cryptocurrency exchanges have a complicated system for cancelling subscriptions but they allow account creation to be conducted with ease. This is due to a marketing and management trick that will ease you into account creation and then demotivate you to cancel it after some time by making the cancelling process a bit of a hassle.
The more accounts exchanges have, the larger they grow. After reading our article you will be equipped with the essential skills for account deletion and you can create and cancel accounts on a whim. This time we addressed the cryptocurrency exchange Gemini and provided detailed information about the exchange, their exchange app, and the account cancellation process.