Coinbase is a well-known centralized crypto exchange as it is one of the most secure online platforms for buying, selling, storing, and transferring cryptocurrencies.
In this lesson:
Why Coinbase?
Let’s take a look why we picked Coinbase:
- It offers great options for beginners and advanced traders, particularly due to its friendly user interface, which is also one of the reasons why the exchange is popular in over 100 countries and has a vast user base of more than 108 million verified users.
- Users on Coinbase can choose from over 10,000 different assets, including the most popular cryptocurrencies like Bitcoin and Ethereum, to others less popular ones like SUI and MAGIC.
- Other products of Coinbase are Coinbase wallet, which gives users the ability to store all of their wallets in one place. Coinbase One is a monthly subscription service that gives additional benefits to traders. Coinbase Pro is designed for professional traders as it is equipped with professional-grade tools.
- Coinbase Card, which makes it easier for users to spend crypto directly and earn rewards while using it. Direct Deposit allows you to deposit your money on Coinbase with zero fees, and Coinbase Borrow gives users cash using Bitcoin as collateral.
Other pros of using Coinbase include:
- Native NFT platform: Coinbase offers an in-exchange NFT marketplace, allowing users to easily trade, create, or simply collect NFTs with their main account.
- Passive Earning Opportunities: Coinbase offers an annual interest on more than 100 assets, giving users crypto rewards on eligible cryptocurrencies. This feature is ideal for users who want to grow their crypto investment in a safe environment. Coinbase offers 12% APR on stablecoins, 7% on BTC, and 15% on other cryptocurrencies. The return or the Yield payout is dependent on the particular cryptocurrency as some are paid weekly, while others are paid monthly or even annually.
- Excellent customer service: Another pro of Coinbase is its 24/7 customer service, which offers timely solutions to customers’ queries. There are several ways through which users can approach customer service, including a live chat feature, a social media help platform, and a ticketing system.
- Security: Coinbase has a compulsory 2-factor authentication (2FA) system, which is designed to ensure account safety, among various other methods. If you want to learn more about the pros of the platform, you can read our Coinbase review!
Create a Coinbase Account: Step-by-step Guide
Now, let’s look at how you can create an account on Coinbase so you can immediately start your crypto journey & claim up to $200 reward!
Signing up using a desktop
- Go to coinbase.com and select “Sign up” in the upper right corner.
- Verify which account type you want. If you are an individual, then click “Individual”, and if you are associated with a business, then click on “Business.”
- Fill out your first and last name. Provide an authentic email address and a strong password. Coinbase also allows you to directly sign up using your Gmail account.
- Coinbase will send a verification email. After verification, Coinbase will also ask for your phone number, which is part of Coinbase’s 2-step verification.
- Enter the 7-digit code sent to you via a text message and then click “Submit.”
- Upon verification of your phone number, you will now have the option to select your citizenship and provide further personal information. However, this step can be completed at another time.
- Depending on your country, Coinbase will ask you to select a payment method. Different choices will be given to you based on your country, and you can select which works best for you.
- Once selected, Coinbase will link your payment method with your Coinbase account. Allowing you to easily send or receive money.
Signing up using the Coinbase App
- Download Coinbase’s application on your phone using the Apple or Android store.
- Once installed, start by tapping on “create free account” at the bottom.
- Fill out your first and last name. Enter your email address and a secure password.
- Upon selecting “create account,” Coinbase will ask you to verify your email account.
- After verifying your email address, Coinbase will ask you to verify your phone number and identity. However, this step can be completed at another time.
- If you wish to do a verification at another time, you can select “skip” and start exploring Coinbase right away, but you will be unable to trade or earn rewards.
Verify Your Identity on Coinbase: A Comprehensive Guide
To remain the world’s most trusted crypto exchange, Coinbase requires all of its users to prove their identity using Know Your Customer (KYC) laws.
KYC is a multi-step process that helps to confirm the identity of Coinbase customers and also helps to prevent fraudulent activities on the platform.
The following are the steps to verify your identity on Coinbase:
- Open your Coinbase account on the mobile app or desktop.
- Visit the “document verification” page.
- Select the ID type you want to use in order to verify your identity. There are three options to choose from: driver’s license, passport, and state-issued ID. Click on whichever you want to use.
- Apart from your Passport, you will need to upload two pictures of your ID card. One will be the front of the ID card, and the second will be the back of the ID card.
- On the app, you can take pictures of your chosen ID card directly. Whereas on the desktop, you will first have to take the two pictures and then upload them.
- On desktop, Coinbase will only approve your account if the document matches your current account details.
- On the app, Coinbase will ask for a selfie, which will be used to verify the picture on your chosen ID card.
- Verification approval can take some time. Once approved, Coinbase will send an email and open all of its features for you.
🎁 Bonus time: Spin the Wheel & claim up to $200 in crypto
Once you successfully create a Coinbase account and buy your first crypto, you will have a chance to spin the wheel and get a guaranteed bonus from Coinbase.
Rewards are given in either USD or Bitcoin and range between $3 to $200. So depending on your luck, Coinbase can give you a good start! However, as of now, this program is only available to US residents.
To spin the wheel:
- Open account on Coinbase and verify it.
- Make a first purchase of cryptocurrency.
- Spin the wheel for potential rewards.