Coinbase is essentially a secure online platform that is designed to buy, sell, transfer and store digital currency. The mission of the organization is to build a global open financial system and to become the foremost global brand to assist individuals in converting digital currency to and from their local currency. Its combination of security, simplicity and ease of use makes Coinbase the best place to purchase Bitcoin.
Coinbase Signup Process
To sign up, you must be 18 years or older. Basically, all that is required to get started is to sign up to Coinbase, submit verification documents and then connect your debit or credit card to make your purchase.
Coinbase Verification Time?
After the signup process, you are almost ready to purchase your first Bitcoin; however, before you do, your account will need to be verified by uploading your identification. This process does not take long and is commonly referred to as KYC, which is the acronym for Know Your Customer. Because of the developing yet unclear regulatory framework for Crypto Assets, the majority of leading exchanges require a KYC process to safeguard against fraud.
Step 1: Begin Verification
Before adding your financial information to start purchasing Crypto Assets on Coinbase, you are required to upload your ID. To start the procedure, click the “Upload ID” tab.
Step 2: Choose ID Type
Coinbase will provide you with three ID options from which to choose one to verify yourself. They are:
• Photo ID
• Driver’s license
Step 3: Upload ID
Coinbase will then request that you either take a photo of the chosen ID with your webcam or upload photos. Once this has been done, the Upload button can be clicked.
Step 4: Wait for Verification
Once the information has been submitted, a screen will appear with the words “We’re verifying your ID.” Typically, the process takes 2 to 3 minutes and once you are verified, you will receive a confirmation email and the screen will reflect the message “Identity Verified.” You will then be ready to upload your financial details.
Common issues of ID Verification during Process
• Unable to Upload ID
This error is an indication that an issue it there when trying connecting to the ID verification service. Please wait for 15 minutes before trying to verify again. If a larger issue is at play, the company will inform you via https://status.coinbase.com/ with the newest details.
• Tried Uploading ID and Have to Wait 24 Hours to Re-try
If you have been locked out from finishing the verification process for a 24-hour period, unfortunately there is no way of bypassing this restriction. After the 24 hours have passed, try to upload again. If the problem is ongoing, it might be necessary to follow some of the troubleshooting tips available on the website to complete the verification process; these include trying a different device or browser.
• ID From One Country But Reside in Another
For this issue, you might not be able to complete the ID verification process at this time.
• Having to Upload ID More Than Once
There are some cases that require an additional verification to continue or enable trading services. This must start from the site at https://www.coinbase.com/verifications/documents/new.
You will get a prompt to choose a type of ID and then a method to upload. To finish this step you could use your webcam or opt to get a text message to upload the images via mobile device by choosing the option for “Mobile Camera.”
Coinbase Support: How to Get in Touch
You can get in touch with Coinbase support by calling +1 888 908-7930 (United States/International) and 0808 168 4635 (United Kingdom). You can also reach them via email by logging on to https://support.coinbase.com/ and clicking on the Email tab.
Coinbase versus the Competition
• Coinbase vs Binance
For those who are new to the cryptocurrency space, there is a possibility that Binance and Coinbase are the only exchanges you know. Coinbase is basically the go-to platform for new investors. Binance has rapidly become the biggest cryptocurrency exchange.
Both of these exchanges are suitable for different purposes and they should be viewed as complementary instead of competitors. Coinbase and Binance are both reputable exchanges that shine in different areas. Additionally, they complement one another easily.
If you are a beginner or you would like a fast way of purchasing coins to transfer to other exchanges, Coinbase is the ideal platform for you. However, this attracts a higher price tag. Binance is the ideal platform on which to buy a wide range of coins for minimal fees. Binance has a more complex interface, which also provides you with more information to help you to make TA-based trades.
• Coinbase vs Poloniex
There are many features shared by Coinbase and Poloniex and they basically market to the same user base. However, they ultimately serve two distinct purposes for the majority of cryptocurrency investors. For many investors, Coinbase is their first experience with cryptocurrency because of the user-friendly way in which it converts fiat currency to cryptocurrency.
Launched in 2014, Poloniex is mainly used for trading among a broad range of alternative coins, which puts it in the same category with platforms like Bittrex and Binance.
For more seasoned cryptocurrency investors, Poloniex is the better platform. However, fiat currencies cannot be directly deposited; therefore, another crypto exchange will have to be used before you can begin trading on Poloniex.
The clean user interface contains lots of useful details for each trading pair. Additionally, Poloniex provides more advanced trading features like margin lending for all users. Poloniex and Coinbase can both provide major value to investors and the one you ultimately choose to use (if not both) will largely depend on the investment objectives.
If your plan is to trade the variation of altcoin cryptocurrencies or if you are a retail investor and would like to do margin trading, Poloniex is the way to go.
• Coinbase vs Bitfinex
Both platforms provide methods of acquiring and trading crypto; however, they significantly differ.
This platform was designed to be remarkably simple way for the casual investor to buy and sell Litecoin, Ethereum, Bitcoin, Bitcoin Cash and other popular cryptocurrencies. Its user interface is extremely straightforward and only requires users to put in the sum of the crypto they choose to purchase. For more accessibility to crypto, the Coinbase website is among the few entities that accepts purchases via credit card.
This platform caters to serious institutional and retail investors. A minimum account equity of $10,000 is required by the exchange to use the platform. Bitfinex supports fiat currency deposits via bank wires; however, verification of user account is required and this is projected to take 6 to 8 weeks. Account verification is not needed if you only want to withdraw, deposit and trade cryptocurrency.
Coinbase provides a remarkable way for newcomers to cryptocurrency to start investing. This platform is incredibly beginner friendly and widely trusted. Bitfinex is among the more popular trading options for a broad range of cryptocurrencies; however, many experts favor Binance for individuals in need of this. Fiat currency deposits are not accepted by Binance; therefore, you will have to initially buy Ethereum or Bitcoin from a website like Coinbase.
Arnold Webb received a Masters Degree in Computer Science from Harvard University. Arnold currently is a full-time researcher and trader in the cryptocurrency industry. Arnold contributes content to CryptoCelebrities.co, The Bitcoin Magazine and several other publications.