At times, everything may not work as we expect it to be and the same may happen to a Coinbase user as well. When you make any transaction from your Coinbase account, it is supposed to take place in an instant. However, not all transactions get completed and some may go in the pending state as well. As a result of this, a lot of users might be on the lookout for a way for Coinbase to cancel pending transactions.
However, the biggest question here is if we can actually cancel a Coinbase transaction or not. Well, we shall definitely find out in the sections to follow.
What is Coinbase Transaction?
The first transaction that takes place in a block is generally known as the Coinbase Transaction. In case you find it a little difficult to understand, then you should note that whenever you undergo any Bitcoin transaction, this transaction takes place through a network and this cryptocurrency network creates a series of blocks. The first block in this series was known to be a Coinbase transaction.
Why is my Coinbase transaction pending?
Are you constantly seeing “pending” status on your screen while making a transaction from your Coinbase account? And now you are wondering what has led to this problem and how you can get rid of it. Well, there could be numerous reasons that might be leading to this problem. But, we would like you to know the actual causes behind it. So, the points given below would definitely help you out in this:
- Since a transaction is carried out through a network, if any node of the network does not sync properly, then the transaction may not complete
- Apart from that, you should also understand that if your account does not have enough balance in it, then the transaction is sure to fail or go into the pending state
- In case the Coinbase website is undergoing some technical glitches at its end or the website is under maintenance, then also the transaction would not complete
How do I cancel a pending bank transfer on Coinbase?
If you have initiated a bank transfer to your Coinbase account and the transaction has gone in the “pending” state, then you might be interested to know if you can cancel that transaction or not. Well, if there is some issue at the end of the bank, then the transaction would get canceled itself. On the other hand, you can also contact your bank to check with them if the transaction is complete or pending. If it is pending, you can ask them to cancel the transaction anyway. On the other hand, if it is a problem with Coinbase, you can contact the Coinbase team as well or wait for some more time to let the transaction complete. And, that’s how Coinbase can cancel pending bank transfers.
Why is my deposit pending on Coinbase?
When you see Coinbase pending deposit, it means that the network through which the transaction was taking place has lost sync with the complete chain of the blocks on that network. In this case, what you can do is wait for about an hour and then proceed with canceling the transaction. If you do not know how to do that, then you can learn the Coinbase cancel pending transaction process as stated below.
How to cancel a Coinbase transaction?
As we know, Coinbase and other such exchanges work on strong protocols. And, these protocols do not allow Coinbase users to cancel their transaction, whether the transaction is pending or processing.
This is done so that merchants can conveniently receive payments and at the same time they do not have to face any chargebacks. Apart from that, this calls for users to be extra careful at the time when they are initiating any kind of transactions from their Coinbase accounts.
However, if it is a long time since a transaction is not completed, then what you can do is contact the Coinbase support team and get the necessary help from them.
How to check Coinbase transaction history?
To check the transaction history on Coinbase, the steps you can follow are listed below:
- To start, sign in to your Coinbase account
- It’s time that you navigate to the “my orders and my portfolios” section
- On this page, you will be able to locate all the transactions that have taken place
How long are Coinbase transactions pending?
If you are facing any kind of delays while making a transaction from your Coinbase account, then you should understand the fact that the transaction may get delayed for an hour or so. However,
If you see that the transaction is delayed for more time, then you can contact the Coinbase support team to find a resolution for this problem.
This article has definitely helped users clear their doubts about Coinbase cancel pending transaction. Along with that, we have also answered some more questions which would help you in finding out what needs to be done if your transactions show pending on Coinbase. However, before you contact the support team, just make sure that you are contacting them via official means of communication.