What is Coinbase?
Coinbase is a secure platform(fiat<->digital currency exchange) that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, Litecoin, and more. The digital currency exchange is headquartered in San Francisco, California.
What can I do with Coinbase?
You can buy cryptocurrencies with a Debit/Credit card, Bank account, PayPal.
You can also sell, send and receive any of the available cryptocurrencies on Coinbase( Bitcoin, Ethereum, Ethereum Classic, Litecoin, 0x, Bitcoin Cash, Zcash, Basic Attention Token. XRP and more).
How can I buy bitcoin with USD or Euro from Coinbase?
After you complete the registration, you will need to verify your identity in order to make USD/EURO deposits or withdraws. Best and fastest way to verify is to use Coinbase’s mobile app. The website requires a hight quality photo of your ID(front and back) and a selfie. Best practice shows that doing this trough the Coinbase mobile app is faster because the images quality of your phone is better than a USB or laptop webcam. The photos will not be rejected for being blurry, noisy etc.
Once you log in via the Coinbase app, you can verify your identity fast and easy by uploading your ID or passport photo and a selfie photo. It takes less than 5 minutes to get you approved.
Doing this you will gain 1 Level account status. A verified user with the following limits:
- Weekly Bank Account deposit/withdraw limit 5000 euro/dollars
- Weekly Debit/Credit card deposit/withdraw limit 5000 euro/dollars
- PayPal withdraw limit 20 000 euro/dollars a day
- Send crypto enabled and unlimited
- Receive crypto enabled and unlimited
After that is up to you what you gonna do, buy bitcoin, litecoin etc.. send it to someone, buy something with crypto or just store it on the website waiting for the next bull run.
A step by step tutorial:
Activate your Coinbase account via email
You will then receive an email with an activation key. You will need to click the link in the email to get started.
Once you do this, Coinbase has a 2-step verification process. The next step needs your mobile number.
Once you enter your mobile number you will receive the OTP (One Time Password) you will have to click on ‘Send Code’.
2. Get verified on Coinbase
Once you complete the steps above, you will see your account dashboard. To deposit funds in Coinbase, first you need to verify your identity.
Click on the ‘Settings’ tab, then navigate to ‘Account Levels’.
This is how a Level 1 Verified account looks like. To verify yours, you need to upload a back and front copy of your ID card or drivers license + a selfie of yourself.
3. Add Funds to your Coinbase account
After completing your Level 1 Account verification, you will be able to link a Debit/Credit card, Paypal account or a Bank Account. You already can deposit funds from PayPal or the Debit/Credit card options and buy cryptocurrencies. But, if you want to withdraw, you will need to verify a bank account.
To be able to deposit and withdraw money via a Bank Account , you will need to add and verify that Bank Account. Navigate to ‘Settings’, then ‘Linked Accounts’
Click the ‘Link a New Account’ button and choose the Bank Account option.
Usually the verification process is the following:
You will need to send a small amount of ~6$ to the provided Coinbase Bank account. In that way Coinbase ensures that the name on your bank account matches the name on your Coinbase account. After that you will be able to move fund in and out freely.
EU citizens Bank Account verification steps:
- Confirm that your bank supports SEPA transfers before sending funds.
- Have a verified ID and phone number added to your Coinbase account.
- Ensure the name on your bank account matches the name on your Coinbase account. Corporate or institutional bank accounts are not supported unless you have completed our institutional onboarding process.
- Verify your bank account. Before making a deposit, visit Settings > Linked Accounts and enter your bank account details to verify your account. You will use the information provided to make an initial verification deposit.
- Include your unique reference code in your bank transfer EXACTLY as it appears. No spaces or additional text please.
- Only send deposits denominated in EUR. SEPA transfers only support deposits in EUR.
- Send at least €6 for verification deposits. If your bank transfer is successful, this deposit will be credited to your EUR wallet and your linked bank account will be automatically verified for deposits and withdrawals.
UK citizens Bank Account verification steps:
UK customers have access to both a GBP and EUR wallet within their Coinbase account, but the wallets are funded using different payment methods.
Coinbase currently offer the following payment methods for UK customers:
- GBP bank transfers
- EUR bank transfers (via SEPA)
- 3D Secure credit and debit card purchases
Deposit with a UK Bank Account
Please link your UK bank account in Settings > Linked Accounts before initiating a transfer. After you’ve linked your bank, follow these steps to initiate a GBP deposit:
- Select Accounts on the menu at the top of the page.
- Select the Deposit button in the GBP Wallet.
- Use the information displayed to initiate a UK bank transfer in GBP from your bank account. It’s important to include the Reference Code listed to ensure that the deposit is correctly associated to your Coinbase account.
Please note that in order for Coinbase to process your GBP deposit, you MUST:
- Verify an UK ID and your mobile phone number in your Coinbase account.
- Ensure that the name on your bank account matches the name on your Coinbase account. Corporate or institutional bank accounts are not supported unless you have completed our institutional onboarding process.
- Include the reference code EXACTLY as it appears: no spaces or additional text.
Withdraw to a UK Bank Account
Before you can withdraw GBP to your UK bank account, you will need to complete an initial deposit of GBP from your bank account to your Coinbase account. Instructions for this can be found above.
To withdraw GBP from your Coinbase account, follow these steps:
- Select Accounts on the menu at the top of the page
- Select the Withdraw button in the GBP Wallet
- Select the UK bank account you want to withdraw to, and enter the amount
- Confirm the withdrawal. Please note that a withdrawal fee of £1 will be deducted from the amount.
Using EUR bank transfers (SEPA)
4. Buy Crypto
Navigate to the Accounts tab and select one of the cryptocurrencies. For this example we will use Ripple’s XRP.
Click the “Buy XRP” button.
- Select the crypto currency that you want to buy, in this case XRP.
- Select the payment method that you want to use.
- Choose how much money to spend.
- Click the button and finish the process.(You will receive an code via SMS to verify the purchase).
- That’s it !