Coinbase is a bitcoin and cryptocurrency broker founded in San Francisco in 2012 by Brian Armstrong and Fred Ehrsam. It is one of the longest-running and perhaps the largest and most popular bitcoin buying / selling company in the world.
Coinbase is a company with all the licenses and registries necessary to operate legally both in the United States and in the other countries in which it provides services. Coinbase started as a broker service (selling bitcoins directly to its customers in exchange for dollars or euros) but has been adding other types of services over time.
In addition to its broker service, it offers a bitcoin exchange or exchange service for other cryptocurrencies. Likewise, it has a purse or wallet for the storage of cryptocurrencies.
How to Open an Account in Coinbase
Registering and buying bitcoins in Coinbase is quite easy compared to other websites and similar services. The platform will guide you and indicate what you should do at any time, but in case there is a problem we’ll explain it step by step.
First go to: COINBASE.COM
1. Sign In Coinbase
You’ll get a notice indicating that Coinbase complies with the General Data Protection Regulation (RGPD) of the European Union. Click on Next. A new notice will appear asking if you want to receive your newsletter. Opt for the option you prefer.
2. Verify Your Email Address
Once you do, you’ll get a screen that will ask you to check your email. You must go to the email inbox that you just provided (check the spam tray in case you can not find it) and locate the email that you just sent.
3. Access the Coinbase Website with Your Username and Password
Once verified your email you can access the web with your email and the password you chose. Once you access your website you’ll access your control panel. Before you can make your first purchase the web will ask you to provide certain information: you must verify your phone number, verify your identity and choose the payment method. In principle, the web will guide you automatically in the whole process, but if not, follow the next steps.
4. Verify Your Mobile Phone
For security reasons, Coinbase will ask you to provide and verify a phone number. For this, they will send you an SMS with a verification code that you must enter in your web.
Once verified, that phone will serve as a second layer of security, both to access the platform and to confirm the operations you perform on the platform.
It is what is known as Two-Factors Authentication (2FA) and later you can modify the security options and choose another to choose the one that best suits your needs.
As you can see, we have completed the first two steps and the time has come to verify our identity.
Coinbase is an American company that is obliged to follow the legislation on Know Your Customer (KYC, Know Your Customer) and Anti Money Laundering (AML, Anti Money Laundering), so you must ask your customers to verify your identity. These laws are intended to prevent money laundering and other illicit activities.
Unfortunately for us, this means that we must provide a large amount of personal information including a copy of identity documents.
If you weren’t redirected directly when confirming your phone with the SMS code, then you must access the Buy / Sell Tab and select Send ID + Photo.
You can upload a copy of your passport, driving license or other photo ID (the options may vary depending on your country), and you can do it through the webcam, the mobile camera or uploading a file. You’ll also be asked for a photo of the front and back of the document. This verification may take several minutes.
Once your photo and documentation are verified you can proceed to buy bitcoin, for which you must first choose the payment method you prefer.
5. Choose a Payment Method
You have two options to buy bitcoin in Coinbase. You can use a credit/debit card or pay by bank transfer.
Payment by credit or debit card is faster. You’ll receive your bitcoins in your Coinbase wallet instantly upon completion of the purchase. On the other hand, the commissions payable by card are higher than if you pay by transfer.
The bank transfer has very low fees but it can take several days until Coinbase receives the payment and you receive your bitcoins.
6. Add data Credit / Debit Card in Coinbase
Buying bitcoin with credit or debit card is a good option if you need to buy small amounts or if you want to have your bitcoins immediately to make a quick trading operation with them or if you want to exchange them for other cryptocurrencies.
The commission for card purchases is 3.99%, so it is not the most recommended option. Depending on your level of verification you can have limits on the amount you can buy by credit or debit card. To be able to buy with a card you must first add your card information on the web.
As we have just indicated, to do this you must go to Settings / Linked Accounts / Link a new account and in the window that appears select Credit / Debit Card. A window will open in which you must indicate the billing information of the card (the address you provided to your bank).
When completing the data a second window will open where you enter the data that appear on the card. Once your card is done, it will appear in the tab linked Accounts within Configuration.
Beginners will find the platform of Coinbase simple to use and much less confusing than exchanges or markets of cryptocurrencies, being able to make the purchase with the forms of payment to which everyone is accustomed (cards and bank transfers).
As you can see, the process of buying bitcoins in Coinbase is quite easy and intuitive. It can be a bit heavy throughout the verification process and provide personal data, but this is the price to pay to be sure that you work with a serious platform that meets all the rules and regulations.