Coinbase is considered to be one of the best ways to buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Once you have created a Coinbase account, you can buy these cryptocurrencies using your Debit/Credit card or Bank account just like you do online purchases or payments. One doesn’t need to have advanced knowledge of Cryptocurrency to start using Coinbase. If you are looking to know how to create a Coinbase account for Bitcoin, go through the information provided below.
Guide to Set up Coinbase Account for Bitcoin
1.) Go to the Coinbase website via link https://www.coinbase.com/ and click on the Signup button located in the top-right corner of your account. You will be directed to the Sign-up page.
2.) On the Sign-up page, enter the prompted information such as first name, last name, email address, and password.
NOTE: Make sure to use your real name which you used in your IDs such as Passport, Driving License, etc. Also, when creating a password, make sure to create a combination of upper/lowercase letters, numbers, and special characters (if applicable).
3.) Next, select the checkbox next to the option – I am not a robot and User Agreement and Privacy Policy.
4.) Then, click on the Create Account button to confirm the information added by you. You will receive a confirmation email to your registered email address. Open the mail you receive in your email account and follow the instructions provided in it to complete the email verification process.
5.) Once your email address will be verified successfully, your Coinbase account will get activated.
Authentication of your Identity on Coinbase
There are several options offered by Coinbase to verify your identity during and after the creation of your account. Authentication of your identity on Coinbase not only helps in enhancing your purchase limit but also in enhancing the security of your account. Following are the options that you can use to verify your identity for the Coinbase account.
Phone Number
You can get your account verified via your phone numbers as well. You will be prompted to select the country for which your phone number is registered. After providing the required information related to your phone number, Coinbase will take you to the next page where you will be asked to enter the code sent to your phone number. Enter the code in the prompted field and click on the Verify Phone Number button to complete the verification process.
Address
Here, you will be prompted to provide your residential address after you have successfully confirmed your phone number in the initial account creation. Make sure to provide the correct address information as based on your location, Coinbase will determine to which financial services you can use and how much you can transact for selling and purchasing.
Document Authentication
In document authentication, you will be asked to provide any legally approved IDs such as your driving license, Passport, etc. The validity of a document may vary from country to country, so make sure you have a document that is acceptable for authentication.
- You will be given a Start Verification option to begin the process of setting up an account.
- When going through document verification process, you will be given a couple of options for document types. Choose the one you have access to.
- On the next screen, your webcam feature will get activated. You will need to holde your ID in front of the cam and click Take snapshot button to take a photo of it.
- A preview of your snapshot will be shown on the page. If the photo taken is clear and your face appears clearly, simply press the Finish & start verification If you wish to take the photo again, click on the Take another snapshot button for a new snapshot.
- Once you are done with the above-given steps, Coinbase will process the verification of your document. It may take from a couple of days to a week for the verification to get completed.
Payment Options for Coinbase
Coinbase users in the US can use their Debit/Credit card for purchasing crypto coins and PayPal accounts for redeeming Cryptocurrency for cash, or wire transfers for depositing or withdrawing funds. Also, you can simply link your bank account to your Coinbase account and use it for selling or buying crypto coins or withdrawing or depositing funds.
In the initial account setup, you will be prompted to add a payment option after the authentication of your identity. If you wish to skip this step, for now, you can later add a payment method from your account by selecting Buy/Sell link located in the top menu and clicking Add a new account under the Payment Method option.
If you add your debit or credit card information to your Coinbase account, you will be able to perform a quick purchase of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Similarly, you can also add PayPal to your account, However, if you wish to add your bank account information, it will take a couple of days to link your bank account with the Coinbase account.
Increase Coinbase Purchase Limit
Generally, Coinbase restricts new accounts by offering a maximum buy limit of $300. The limit is capped in order to prevent money laundering and other illegal activities. To increase your buying limit, you will need to follow these steps:
- Make Regular Purchases: If you use your account frequently, your buying limit is more likely to get increased. Try making a small purchase each week for a month or two.
- Complete your Profile: Another way to increase your buying limit is provide all of your Coinbase account information. Provide your phone number, document for identification etc. This way also you will be able to get your purchase limit enhanced.
- Patience: The older your account gets, the more chances you have for your buying limit to get enhanced. So, wait for some time and keep using your account frequently. Soon your purchase limit will get higher.
Get US$10 Free Bitcoin with Coinbase
When you sign up for Coinbase via someone’s invitation, not only that person will get us$10 worth of Bitcoin but you also get the same freebie when you spend over $100. Moreover, when you have created your account, you can also refer and invite your friends to earn another US$10 of Bitcoin. You can invite someone to Coinbase by following these steps:
- Click on your name located in the upper-right corner of your screen. This will open a drop-down
- From the drop-down menu, click on the Invite friends
- You will be directed to a new page where you will get options to invite your friends via Facebook, Twitter, or email. Also, you will get a website link to share to your different social networking accounts like Instagram, blogging sites, Google+ etc.