Wondering how to create a Coinbase account? Look no further.
We’ve put together an illustrative guide to show you how to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know what else? You won’t break a sweat while at it. Follow our 4 step guide to see get up and running in just a couple minutes.
Coinbase is now available in over 100 countries and these are not limited to the U.S., Canada, Austria, Switzerland, Spain, Malta, Finland, The Netherlands, and Portugal. The potential of creating a Coinbase account is limitless irrespective of where you reside globally.
Who is Coinbase?
Coinbase is one of the largest cryptocurrency exchanges in the world and is headquartered in San Francisco, California, in the United States. Brian Armstrong and Fred Ehrsam founded Coinbase on June 20, 2012. As a broker exchange, it serves as a platform for buying, selling, withdrawing, and depositing crypto coins and tokens. As of 2020, Coinbase wallet supports Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, XRP, Stellar Lumens, Dogecoin, and all ERC-20 tokens (including USDC and DAI).
Currently one of the key benefits of using Coinbase in 2020 is the availability to withdraw directly to your PayPal account.
It’s also worthy to note that Coinbase provides its users with a wallet for sending and receiving cryptocurrencies. If you’d rather have a secure platform to accumulate your virtual assets, this would be it. There are also different versions of the platform such as the Coinbase Pro and Coinbase Prime, a trading platform for financial institutions.
Why you may want to create a Coinbase account
Coinbase is a cryptocurrency wallet and exchange which has grown into quite the common household item with over 30 million users reported in 2019. You can buy and sell cryptocurrencies using Coinbase accounts. Their security and ease of use make them also great for shopping.
Admittedly, there are several cryptocurrency exchanges based in different jurisdictions and as such, it could be difficult to make a decision on which to trust with your hard-earned money. Concerns that may arise include, “is its level of security beef up to withstand the prevalent hacks in the crypto space?“, “does it rarely experience downtime that could potentially impact your trades?”
Nonetheless, these and many more are some considerations you need to make before settling for an exchange/wallet. Consequently, Coinbase has met these criteria and more, and so here are some reasons why you need a Coinbase account:
1. User Interface:
Have you just taken baby steps into the cryptocurrency space? Then you need a cryptocurrency market that offers one of the simplest to use interface. This is because there will definitely be a lot of functionality to work with and as such, it should be very easy to navigate even without resorting to YouTube videos. Now, if that sounds good to you, you need to try Coinbase.
2. Level of Security:
It’s no longer news that a number of digital currency exchanges have been hacked in 2019, with some exchanges being hacked multiple times. Nonetheless, Coinbase continues to work on better ways of protecting customers’ funds. This is because the platform’s level of security is constantly being updated to eliminate loopholes. There are bounty programs running occasionally to discover bugs that have helped in keeping Coinbase safe.
In a bid to tighten up security, secure user funds, Coinbase provides the 2FA protection option for all its users globally. These options include an SMS-based 2FA and authenticator app (e.g., Google Authenticator). While SMS-based authentication is OK, it also has its drawbacks. However, Coinbase encourages users to use authentication apps. These apps generate codes on the mobile level and therefore aren’t accessible like the SMS-based 2FA.
Steps to create a Coinbase account
After being armed with this information, follow these simple steps to create a Coinbase account (updated for 2020):
Step 1: Create a Coinbase Account:
- From a web browser such as Mozilla Firefox, Google Chrome, or Safari, go to https://www.coinbase.com/
- At the right-hand menu, click on ‘Get Started’.
- In the spaces provided, carefully enter your ‘First Name’, ‘Last Name’, ‘Email Address’, and ‘Password’ (for security reasons, choose an alphanumeric password combination, it’s most secure when the indicator turns green).
- Accept the terms and conditions by ticking the checkbox.
- Click on ‘Create Account’.
- Click on ‘Next’.
- You can optionally choose to allow email notifications.
- Solve the captcha puzzle by selecting the images you have been asked to.
Step 2: Verify Email and Phone Number
- Next, go to your email and click the confirmation message from Coinbase in order to activate your account.
- You’ll be redirected to a page to choose your country and enter your phone number.
- Click on ‘Send Code’.
- A seven-digit code will be sent to your number, enter it in the text field, and then click on ‘Submit’.
Step 3: Verify Identity:
According to Coinbase, financial regulators demand that it requests personal information about customers it serves on its platform. This is to meet the KYC requirements in order to curb money laundering and other criminal use of cryptocurrencies.
Accordingly, you’ll need to provide details such as your:
- First Name
- Last Name
- Date of Birth
- Street Address
- Postal Code
- What will you use Coinbase for
- Your source of funds
- Current Occupation
Keep in mind that you need to supply the correct information because you will need to present either a driver’s license, passport, or photo identification in order to complete your account registration on the Coinbase platform.
However, these requirements may differ depending on the country you’re registering from and if it is the U.S, for instance, it is mandatory to supply them before you can trade. Other countries may not require it and if that’s so in your case, you can proceed to trade with your newly created account (check step 4).
- Choose a type of ID such as ‘Passport,’ ‘Driver’s License,’ or ‘Photo ID’.
- If it’s a Photo ID you’ve settled for, then you choose between taking a picture or presenting an existing ID.
- If you have settled to take a live picture of your ID, proceed to turn on your webcam by clicking on ‘Allow’ on the pop-up notification.
- First, you’ll need to take a picture of the front of your ID and as such, select ‘I’m ready’.
- Now, capture the back of your ID and select ‘Next’.
- And finally, a personal picture of yourself.
- Once you’ve submitted these items, Coinbase will begin an automatic verification of your account.
- Upon verification, you can start trading on Coinbase.
Step 4: Buy, Sell, and Trading Using Coinbase Wallet
Now that your Coinbase account has been set up, you can start trading on the platform right away. You can also learn how to buy bitcoin on Coinbase using your credit card or bank on the U.S. based cryptocurrency exchange. You can also proceed to set up two-factor authentication to secure your account.
Earn Free Money on Coinbase
Coinbase rewards its users with over $121, new or old users while educating them about cryptocurrencies. All you need do is watch educational videos about different cryptocurrencies, complete a quiz, and earn some cryptos. It’s that simple. This opportunity, however, is available to limited customers.
After going through these steps on how to create a Coinbase account, you’ll agree that it’s pretty easy. Owning a Coinbase account means that you can store your cryptocurrencies on Coinbase’s built-in wallets which makes you trade between virtual assets without the need to transfer back and forth from your hardware wallet. Nonetheless, users shouldn’t keep more than they can lose on exchanges since they may still be susceptible to attack.
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