Coinbase is a platform that specifically carries out digital currency exchange.
When using Coinbase, you can exchange various cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin, Tezos, and many more.
Therefore, if you need to cancel a pending transaction when using Coinbase, then you will find this article useful.
How to Cancel a Pending Transaction
You may start a transaction on your coinbase wallet using any crypto; for instance, Ethereum, then it gets stuck.
However, that should not worry you because you can cancel the transaction but there are certain steps you will need to follow.
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Important Aspects to Note
It is challenging to cancel a pending transaction using your coinbase Wallet. On the good side, you can use Metamask Wallet to cancel the pending transaction. Here are the steps to follow:
Using the chrome browser extension, you will need to install Metamask wallet first. You will then use the seed phrase to link the Metamask wallet to your coinbase wallet.
You may directly open the pending transaction using the Etherscan platform and identify the Nonce.
The next step is to send a zero (0) dollar transaction to the address that bears your pending transaction. It would be best to choose a fast gas which will charge you approximately ($1-$3).
Ideally, it will cost you some money to cancel a pending transaction, but it will be worth the while.
Lastly, replace the current Nonce with the pending transaction on custom settings, then send it. It will automatically cancel the transaction and replace it with a new one.
However, be sure to lose your gas fee of the pending transaction.
What Causes Pending Transactions on Coinbase
Coinbase uses independent digital currency nodes that facilitate communication with the entire network.
Whenever a user conducts a transaction, coinbase broadcasts it on the network for confirmation.
When nodes lose sync with the entire network for some time, that is when pending occurs. Usually, transactions will remain pending for about an hour before normalcy resumes.
Occasionally, pending transactions are not accepted by the network and coinbase can never consider them as confirmed. When this happens you will have to refresh and start the transaction process.
The good thing is that your traction will remain untouched and when the network goes back to normal you will be able to continue and nothing will have to go wrong
The reason most transactions remain pending is that users submit with a low gas price. As a user, you need to remember that it will be easier to cancel the pending transaction if it is still on the network.
Coinbase: How to Cancel Pending Transaction
- Install Metamask wallet or open the pending transaction using Etherscan
- Send a zero dollar transaction to the pending transaction address
- Replace the Nonce with the one from pending transaction and press send.