Coinbase is one of the easiest ways to purchase Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Account creation on Coinbase is easy and users can integrate multiple payment methods. After creating an account, users can purchase any of the aforementioned cryptocurrencies as well as monitor their portfolio’s performance using Coinbase tools. No advanced knowledge of cryptocurrency is required to use the exchange which is why so many investors choose to use it. Here’s how to get started:
Coinbase Account Registration
- In your browser, navigate to Coinbase.com and click “sign up” in the top right corner.
- A form should appear; proceed to fill out the required fields for your name, address and password. Make sure you use your real name as seen on your ID or passport as Coinbase will confirm your identify later.
- Choose a password. Since you are storing money within your account, make sure you choose a cryptic password.
- Check the reCAPTCHA security box indicating you are, in fact, not a robot.
- Click the “create account” button.
- A confirmation email will be sent to your email. Visit your email and confirm the email address tied to your account. Upon doing this, your account will be active.
- Lastly, you will further identify yourself. You can confirm your identity with several methods and is recommended to increase your buying power.
Coinbase Identity Verification
- While setting up your Coinbase account, you will see a button that says “start verification.” Click it to begin.
- You may use three document types to verify your identity. Select your preferred verification document and continue.
- Using your computer’s webcam within Coinbase, take a snapshot of the document.
- A preview of the photo will be shown on the page. If the photo is clear and shows your face alongside the necessary verification text, press the “Finish” button.
- Coinbase may take several days to verify your identity. Once this is complete, you will receive an email.
Coinbase Payment Options
You will be asked to add a payment method upon completion of the verification process. If you choose to skip this, simply add a payment option later using the “Buy/Sell” link in the main menu. Within the U.S., Coinbase users can use bank wires, ACH transfers, and PayPal to redeem cryptocurrency for cash, make deposits, and purchase digital currencies. The best option is to link your bank account through Coinbase as this has the lowest fee structure. Another effective payment method for purchasing cryptocurrency is adding a debit card. Adding a debit card to your Coinbase account typically allows for the instantaneous purchase of cryptocurrency.
Coinbase Weekly Buy Limit
Coinbase typically limits new accounts with a low buy limit. This is done to prevent money laundering and other illicit activities. Limits can be increased through a number of methods.
- Regularly purchasing cryptocurrency: Coinbase accounts that are active get their buy limits increased. Filling your weekly limit multiple times will get your buying power increased.
- Complete your profile: Make sure your Coinbase account information is completely filled out. Confirm your phone number, add identification documents, and complete the verification steps to increase your buying power.
- Wait: The more legacy your account has the more legitimate it is.