Since its inception in 2012, Coinbase has evolved to be one of the world’s biggest exchanges for digital currencies. Once solely accepting Bitcoin as digital money, the site now accepts many other well-known cryptocurrencies. The platform is a cryptocurrency exchange broker with complete registration and regulation, and it operates in over 100 countries across the entire globe. In this article, we are going to explore how long verification takes.
It is widely recognized as one of the most accessible platforms to purchase and sell Bitcoin, serving more than 56 million customers worldwide with nearly 2,000 employees. In the first quarter of 2021 alone, the exchange processed more than $300 billion in transactions and more than $200 billion in assets.
In addition to the Coinbase crypto brokerage services, Coinbase now offers a professional trading platform known as Coinbase Pro and the institutional-focused Coinbase Prime, which was just launched.
A centralized exchange like Coinbase is required by law to comply with global financial regulations and norms. The platform or the number of accounts a user may open are both subject to Coinbase’s discretion. Because of this, consumers must go through a thorough screening procedure.
What Are the Pros and Cons of Coinbase?
Why are so many people flocking to Coinbase? There are many positive attributes related to Coinbase – as well as a few negatives as well.
Here are some of the biggest reasons why people choose Coinbase as opposed to other options on the web:
Firstly, beginners may buy, sell, and swap cryptocurrencies with ease using Coinbase’s main website as well as the Coinbase mobile app. It is perhaps the most popular online exchange for people who are just getting into trading cryptocurrencies.
It also provides a huge number of cryptocurrencies that owners can buy. Coinbase presently allows the trading of more than 100 cryptocurrencies, which is growing all the time.
New coins are constantly being added to Coinbase’s list of supported cryptocurrencies. There are too many currencies to mention here, but here are a few of the most popular:
|Bitcoin (BTC)||Cardano (ADA)||Ethereum (ETH)||Dogecoin (DOGE)|
|Solana (SOL)||Polkadot (DOT)||USD Coin (USDC)||Uniswap (UNI)|
|Litecoin (LTC)||Shiba Inu (SHIB)||Algorand (ALGO)||Stellar Lumens (XLM)|
|Polygon (MATIC)||DAI (DAI)||SushiSwap (SUSHI)|
It is important to keep in mind that new cryptocurrencies are seemingly entering the market every single day. Keep an eye on any new coin you are interested in, and check back with Coinbase often to see if the latest and greatest coins have been added.
Coinbase recently released a new platform for more seasoned and serious traders. Coinbase Pro, an active trading platform with greater features and lower costs, is accessible to all users.
And what are some of the reasons why people choose against Coinbase?
Perhaps the biggest complaint again Coinbase is its transaction fees. Transaction fees on the Coinbase platform may be rather high at times, and that is enough to scare some potential investors away.
Additionally, Coinbase’s customer response has received some majorly unhappy comments, especially in the face of major account security problems. More than a few reviews have said that Coinbase could do a lot to improve its customer service.
At times Coinbase indeed has a hard time with customer service. Customers may reach out to the company through email, Twitter, or a form on the company’s website to request a phone call. It’s evident, though, that Coinbase first tries to assist you to resolve any issues by providing a support website.
An automated phone system is available if you suspect that your account has been hacked or that suspicious activity has occurred.
Why Do You Need Verification?
With so much money floating around and the potential to gain great financial value, security is important. Coinbase understands that users need to feel secure that their funds will not be compromised; hence an efficient verification system is implemented.
Perhaps the biggest reason why verification is needed and welcomed by Coinbase users is enhancements to account safety that it adds. To verify that a client is who they say they are, Coinbase employs a complicated system that prevents fraud and lawlessness. Fraudulent account creation and usage are prevented by a multi-step method. So consumers may use the platform with confidence.
The verification process allows cryptocurrencies to be bought and sold without restriction. Coinbase has three degrees of verification, each with a different set of rights and limitations.
It is possible to make weekly purchases and sales across all payment options at level 1 by merely authenticating your phone number or picture ID. However, there are enforced restrictions.
To activate limitless investments and permit wire transfers into and out of the account, you must first verify your personal information at Level 2, including your residence address.
To reach Level 3, the highest possible level, the user must transmit and receive Cryptocurrencies on the blockchain.
Coinbase also follows international financial rules. To continue using Coinbase, Coinbase now requires every new customer and any current user who has not previously proven their identity to do so. One method the platform assures that it abides by international standards and regulations is via mandatory ID verification.
For further protection, ID verification restricts who may access and modify your personal information. Once you’ve passed the ID verification process, you can’t update any of your important credentials, such as your bank account details. Adding a withdrawal method necessitates matching your account’s existing details.
How to Complete Identity Verification?
To complete your identity verification, you must submit your photo ID and confirm you are who you say you are.
As a first step in the photo ID verification process, make sure your ID is current, not expired, and free of any changes. It is imperative that you do not alter, watermark, or otherwise obscure any component of your ID. Afterward, click on the start button and follow the onscreen instructions.
To do this:
- Make sure that all of the information on your ID is accessible, including your full name, date of birth, and ID number.
- Place the ID on a table or flat surface with a simple backdrop to make it more noticeable.
- Click on the Continue button to proceed with the verification of your photo ID.
Select the kind of ID you have when you come to the ID verification step. Uploading a picture of your ID is required once you’ve selected your kind of ID. Once you’ve selected your document type, click on one of Coinbase’s document verification alternatives.
Coinbase only accepts the following forms of identification for ID verification:
You must submit a state-issued ID such as a driver’s license or identification card in the U.S.
Outside of the United States, you need to submit a government-issued photo ID, National Identity Card, or Passport.
Next, follow the onscreen directions to submit your ID document. There must be no edges or sides missing from the picture. It’s better to take the picture in a well-lit, glare-free environment and use natural light if at all feasible to get the finest effects. To make sure that the picture on your ID is appropriate, double-check the following points.
Creating a Coinbase account using the Coinbase app is the most convenient approach. Take a picture of the front and back of your ID using your phone’s camera.
Coinbase will send a text message to the phone number you’ve provided. To submit your ID, click the link in the message and follow the instructions to take a picture of the front and back of your ID using your smartphone camera.
Coinbase identity verification is complete after all of the steps have been performed, and you may begin trading cryptocurrencies on the platform.
So that you can get started with Coinbase right away, Coinbase wants to make the ID verification process as easy as possible for you. Don’t forget to contact the customer support staff at support.coinbase.com if there are any difficulties with your picture ID verification.
How to Verify Identity Through the Mobile App
Many people use the Coinbase mobile app to make their trades. You can verify your identity through the app and the site, and it couldn’t be easier to do so.
To verify your identity through the mobile (whether you are using iOS or Android), follow the simple steps:
- Tap the menu button that looks like three lines
- Choose “Profile & Settings”
- Select “Enable to send and receive” at the top of the page. If you cannot select that option, go to the Coinbase document verification page.
- Choose your document type
- Follow the step by step prompt to upload your verified ID document
- Following those steps, your identity process is completed, and you can now trade coins via Coinbase.
How Much Time Does Coinbase Verification Take?
Typically identity verification only takes about 2-3 minutes to complete. However, this is only true if all of the documentation is submitted correctly. If something isn’t uploaded in the right way, you will have to start the process again.
It is also important to note that the 2-3 minute timeline is only related to the actual verification process. It might take more time to compile the needed documents and prepare them for scanning and submitting. All in all, you should allow about 15-20 minutes to complete the entire process from beginning to end.
Troubleshooting the Verification Process
If you are having any difficulty uploading your ID and becoming verified, you should make sure:
- That your ID document has no glare on it and is easy to be read
- The image is bright and well lit
- The image is clear, and all of the borders are visible
- The ID document is not expired or damaged
- The information on the ID document is accurate, including the address and full legal name
How to Finance Your Coinbase Account
Coinbase in the United States may utilize PayPal, wire transfers, and credit and debit cards to purchase and sell crypto coins. You may use this payment method for both buying and selling crypto and depositing and withdrawing monies, making it the greatest choice by far.
After validating your identification, you’ll be prompted to add a payment method to your account. Click on the Buy/Sell link located in the top menu and add a new account under Payment Method from the drop-down menu to add a payment method.
You may purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on Coinbase using your debit or credit card if you provide your bank account details. You may also add PayPal instantly. However, there is normally a two-day (or more) waiting time before your bank account information can be used to purchase or sell.
Your buy limit, which is the amount of bitcoin you may buy each week, can be increased by verifying your identity on Coinbase. This will also help keep your account more secure. On the link in the email you received after registering your Coinbase account or in the Dashboard security settings, you’ll be prompted to fill in some personal information.
The safety and privacy of Coinbase users is a very important topic that the online exchange takes seriously. They have plenty of room for growth. However, their mandatory verification process is a great step to ensuring that all customers feel confident that their funds and private information are not being leaked and will not be in the future.
The process for verifying your identity to Coinbase is incredibly simple too. The Coinbase verification time is short, and the process is incredibly accurate and efficient too. The good news is that you can start the verification process and be completed in only minutes. That means that in just a few minutes, you will be trading coins with millions of other cryptocurrency experts.
If you have a spare few moments, you can create your Coinbase account, verify your identity, and start your cryptocurrency trading career.
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