Cryptocurrencies are increasingly becoming popular among investors and businesses for investment purposes and business transactions for a good reason. Cryptocurrencies have the potential to produce a high return on investment (ROI), such as Bitcoin, which has increased in value by as much as 1000 percent year over year. But if you’re just getting started, it’s important to use a platform to facilitate your cryptocurrency investment needs. Coinbase provides a secure way to store cryptocurrency and is an ideal online platform you can use to sell and buy digital currencies, such as Bitcoin and Ethereum. Get started with Coinbase by learning how to register and sign up for a Coinbase account.
1. Sign up at Coinbase.com
You can also add security by setting up two-step authentication using your mobile device. This extra step adds an extra layer of security by sending you a five-digit passcode that you would use to sign into your Coinbase account each time you access it.
2. Verify Your ID
Coinbase may require verification of your ID prior to enabling the sell and buy features on its platform. The easiest way to verify your account is to upload your ID. Take a clear and well-lit picture of your valid ID that shows the entire ID without any cut corners and upload your document using the Google Chrome browser to finish the verification process.
You can also use the Coinbase mobile app to upload your ID to an Android or iOS mobile device. You can upload a clear picture of your driver’s license, ID card or passport (for non-U.S. customers) via the mobile app by accessing the Identity Verifications tab via settings and following the steps to select and upload your ID to complete the verification process. After you finish the verification process and set up your Coinbase account, you have a variety of cryptocurrencies you can purchase and store in your cryptocurrency in the Coinbase wallet. As of 2017, Coinbase supports three digital currencies for buying, selling and depositing, including Litecoin, Bitcoin, and Ethereum. You can also withdraw these digital currencies using Coinbase.
3. Choose a Payment Option
Coinbase offers several payment options for selling, transferring and buying on its platform. These payment options are based on your location (country). For example, U.S. customers have the option to use credit cards, bank transfers, bank wires and debit cards to transfer funds. Also, U.S. customers can use PayPal to withdraw or sell their digital currencies. On the other hand, U.K. customers have the option to make deposits or buy cryptocurrencies using their bank accounts or credit cards but not via bank wire. The great news is that setting up a credit card or bank account with Coinbase is simple. Here’s how to do it:
- Configure Your Bank Account. To set up and link your bank account, click on Payment Methods tab at the top of the browser and select the Account option. Choose your bank or select the "Other Bank" account option and type in your bank’s name. Select the type of bank account you are using, such as Checking, Savings or Business Checking. Include your full first name, bank account number and checking number. Click the "Next" button to begin the account verification process. Alternatively, you can provide your bank credentials to expedite the verification process. Providing your account credentials — the username and password that you use for your bank — is one of the speediest ways to verify your bank account. Coinbase only uses this information for verification and does not store it. Once you enter your bank account login credentials, click the Next button and follow the steps to complete the verification process. What makes the bank account credential method a fast way to get through the verification process is that it immediately and securely verifies your bank with the provided password and username. That helps you to save time so you can instantly begin using your Coinbase account. Otherwise, Coinbase will deposit two different amounts of funds in your bank account as part of its deposit verification process. You have to enter that information in verification window on the Payment Methods page and select the Verify Deposit Amounts button to complete the process and start buying cryptocurrency.
- Set Up a Credit Card. Setting up a credit card is similar to setting up your bank account. Select the option to Add a credit or debit card after choosing the Add Payment Method from the Payment Methods Page. After completing the process for photo ID verification, provide your credit card billing information on the Card Verification screen. Coinbase will send two small charges to your card, which you can verify by entering the amounts charged to complete the credit card verification process. Once you finished the verification process, you can start purchasing digital currency.
Coinbase simplifies the process for investing in cryptocurrencies with its easy registration process. By following these steps, you can get started with buying, selling and using bitcoin with Coinbase.