Create a Coinbase account
This tutorial is only appropriate if you are attempting to use Coinbase’s retail features, which include the interface for professional and consumer trading. The process for opening an account on other additional platforms, such as Prime or Custody, will vary.
To qualify for a retail account, you must meet three criteria:
- You must be at least eighteen years old.
- You must be a citizen of one of the 100 nations that Coinbase supports.
- You must have documentation to support the above.
Although Coinbase serves almost every region in the world, the services provided for each supported region may differ. For example, if you reside in one of the 13 African countries supported by Coinbase, the only functionality you have access to is converting between currencies. However, all of the features we’ve highlighted in ‘Features’ are available if you reside in the US. Visit this page to see if your country is supported: https://www.coinbase.com/fr-fr/.
Visit Coinbase.com or pro.coinbase.com to sign up. Click the ‘Get started’ button on the top right. Alternatively, you can use the Coinbase app to create an account.
It will show the Sign Up form above. Enter your name as it appears on your identity document, a working email address, and a strong password.
Click the activation link Coinbase sent you to confirm your email address.
Sign in to your new account. As soon as you log in, Coinbase will ask you to verify your phone number. Provide your phone number and country of residence. You will receive an SMS from Coinbase with a seven-digit code for verification.
Providing your personal information will be the last step in creating your account. This covers any personally identifiable information (PII), such as birthdate, address, job title, and social security number (SSN) for US citizens.
Submit the form and wait for an email response from Coinbase.
Verify Identification
In the event that Coinbase responds positively, you will need to authenticate your identity before you can access your account. The following are the documents you will require to complete this step:
In the United States:
- Documents of identity issued by the government. This might be a legitimate identification card or driver’s license.
Outside the United States:
- International passport
- ID card
- Government-issued identification documents with photo
You must present a utility bill or bank statement in your name that was issued within the last three months as proof of residency.
Verification of Coinbase ID is mandatory to stop fraud and maintain the security of the community. Additionally, it strengthens security by guaranteeing that only you have access to your bank account or credit/debit card information, which is linked to your payment information.
Deposit Money to Your Account
You will need to make a deposit in order to use your new Coinbase account. Cryptocurrencies and regular fiat currencies, like the US dollar, can be used for this. Your location will have a major impact on the financing options you have because distinct regions have different payment methods. While there may be some overlap, some options are more popular among residents of one region than others.
For US residents, there are 4 ways to deposit and or withdraw from a Coinbase account:
- Deposit and withdraw money via bank (using ACH)- taking 4 to 5 business days.
- Bank transfer – taking 1 to 3 business days
- PayPal – instant
- Debit card – instant
For UK residents, there are 5 payment options:
- Faster Payments (FPS) – taking 1 to 3 business days
- SEPA transfers- taking 1 to 3 business days
- PayPal (withdrawals only) – 1 business day
- 3D Secure Card – instant
- Instant Card Payments (withdrawal only) – instant
For a comprehensive list of all available payment options for deposits and withdrawals in other regions, visit this page. Everyone can deposit or withdraw any supported asset on the platform to any external wallet address, cryptocurrency deposits and withdrawals are not restricted globally.
Apple Pay
On August 5, 2021, Coinbase launched new and simple methods for enabling cryptocurrency purchases with debit cards linked to Apple Pay. Assume that your Apple Wallet is already linked to a Visa or Mastercard debit card.
In that case, Apple Pay will show up as a payment option when you purchase cryptocurrency with Coinbase using an iOS device or the Safari web browser that supports Apple Pay. It’s reliable, safe, and acceptable to use a credit or debit card with Apple Pay in stores and online everywhere in the world.
Coinbase Fees and Prices
With Coinbase, fees and pricing are not as obvious because the exchange provides users with a variety of services and each has a custom pricing model.
Consider the following fees for some of Coinbase’s popular services:
Brokerage fees (buy and sell cryptocurrency)
- Using Coinbase’s consumer platform to purchase and sell cryptocurrencies is not cheap. The platform’s fees depend on the user’s location and chosen payment method.
- Fees vary depending on the transaction value: $0.99 for transactions under $10 and $2.99 for transactions up to $200 or the equivalent in another currency.
- Transactions over $200 are charged a percentage fee of 1.49% for standard payment methods and 3.99% for payment cards.
- For cryptocurrency conversions, Coinbase charges up to a 2% margin.
- ACH transfers are free.
- Free cryptocurrency transfers between Coinbase accounts. External transfers only attract a network fee.
- Bank transfers are $10 in and $25 out;
- PayPal fees are 2.5%.
Remember that these costs differ depending on the method of payment used, and the ones mentioned above are specific to US citizens. Visit Coinbase’s fees and pricing page for more detailed analysis.
Trading (Coinbase Pro)
Compared to the consumer platform, fees are much lower and more competitive on the Coinbase Pro trading platform. The trading fee structure is illustrated in the picture below. The pricing tier is calculated by adding up the trading volume over the last 30 days. The higher the trading volume, the lower the fees.
You’ll see that terms are better for Makers than Takers. By putting orders on the order book, makers increase market liquidity, while buyers decrease liquidity by carrying open orders.
Deposit fees
Coinbase charges 25% of staking
Coinbase Card Fees
- The release fee is £4.95 / €4.95 / $4.95
- Payments charge a fee of 2.49% except for payments made in USDC
In general, fees may be more affordable or more expensive than those of other competing platforms based on the service you use, your location, and the method of payment.
Coinbase Security
Coinbase is one of the most trustworthy and secure cryptocurrency investment platforms on the market. Its track record demonstrates the efficiency of its strategy and its proactive approach to security.
Its security measures have been segmented to cover its entire portfolio of products and services. Security measures that are made public include:
- Secure Asset Storage: Coinbase distributes its cold storage wallets globally and keeps 98% of all customer cryptocurrency assets offline.
- Wallet encryption: The strong AES-256 encryption standard used to securely encrypt wallet addresses and their private keys.
- Data management: All sensitive account information, including personally identifiable information (PII), is initially stored offline. After that, the data is split up into multiple copies, encrypted with AES-256, stored on a FIPS-140 USB drive, and backed up on paper for redundancy. These copies are stored in different safe places.
- To enable safe payments, the mobile app and website are SSL encrypted.
- Account passwords are hashed with bcrypt before being stored.
To make sure that their systems are safe and less susceptible to human error and security flaws, Coinbase has implemented a number of internal security measures. These precautions include:
- Unique passwords and 2FA authentication are used on all employee devices.
- All employees must pass criminal background checks;
- The hard drives in employee workstations must be encrypted, and access must be controlled with strong passwords.
Furthermore, it is recommended that all users utilize two-factor authentication (2FA). Users of accounts can choose from three different 2FA techniques:
SMS/phone – the least secure option, but still better than one-factor authentication. A one-time passcode is sent to the registered phone number of the user each time they log into their account.
The 2FA app – gives users a limited-time random code to enter when logging in. Popular 2FA applications include Twillio’s Authy, Google Authenticator, Duo or Microsoft Authenticator.
Hardware keys – these are physical token devices similar to flash drives that can be used to add extra authentication when logging in. This is the most secure 2FA method available.
Human security flaws may occur in even the world’s most secure system. As a result, it is advised that users exercise caution and never entrust the security of their assets to a third party.
Furthermore, Coinbase has FDIC insurance that protects consumer deposits up to $250,000 per account. However, only US customers with deposits made in US dollars are covered by this policy.
In conclusion
It is undeniable that Coinbase is one of the largest cryptocurrency investment platforms. It has a stable, secure platform and provides an extensive selection of services and products that appeal to the market. Additionally, it continues to expand its coverage to more users.
