More and more people are turning to cryptocurrencies, but one common concern is how long it takes to get verified on Coinbase. Existing cryptocurrency companies don't typically have all of the same security precautions as large banks and credit card companies. This can lead to delays in account verification and the inability to deposit funds. Do you know how you can verify your Coinbase account? Here is a detailed guide on how to do it if you are a beginner.
What is Coinbase?
Coinbase is one of the world's largest digital currency trading platforms. The online platform is secure, and you don't have to worry about storing, selling, buying, or transferring Cryptocurrency. Coinbase is an American distributed company whereby all employees work remotely.
It also doesn’t have a physical head office because all its transactions are online. However, the company is committed to ensuring all its clients are satisfied and can go on with their businesses stress-free.
Why do you need to complete an authentication process?
Coinbase operates completely remotely, and they don't have physical offices where you can visit to get help when buying or selling Cryptocurrency. Therefore, you need to verify all your details before using their platform.
Doing so helps the company to enhance the security of its clients. Here are three major reasons you need to complete the authentication process of your Coinbase account.
1. Enhance account security
As a Coinbase user, you must complete the authentication process so the company can verify that you're the customer you claim to be. That way, the company can prevent the creation and use of falsified accounts. Coinbase is committed to enhancing the security of its customers so that they can feel safe using its platform.
2. Unlimited buying and selling of digital currencies/assets: They offer three levels of verification, each with different trading limits
To qualify for level one, you need to verify your phone number and photo ID. This level allows users to buy and sell Cryptocurrency weekly and use all payment methods but with restrictions. You need to confirm your personal information, such as your address, so that you can qualify for level two verification.
At this level, you enjoy wire transfers to and from your account. You also have access to unlimited investment options. Level 3 is the highest one, and you have to verify your government ID to qualify for it. Users in this level can use a blockchain platform to send and receive Cryptocurrencies stress-free.
3. Legal requirements for digital finance
Coinbase is compliant with global financial regulations. Consequently, it’s a requirement for all its customers to comply with the existing laws that regulate digital finance. Both new and old Coinbase customers are required to provide their identification details for verification. The mandatory requirements are a move to ensure that all users adhere to the international rules that regulate the digital finance market.
What to prepare for verification
Generally, it would help if you had everything ready before verifying your Coinbase account. During your preparation, you should get your Photo ID, passport, driver's license, and other documents that you use to verify your identity and residential address. It would help if you also had a computer or a smartphone with a good camera to complete the verification process.
Sign up for a new Coinbase account
Register for a new account with Coinbase. Log in to your account and navigate to the bottom right corner of the homepage. Click on the “Settings” button.
From the settings menu, choose the “Limits and Features” option. Here you can confirm your details and verify your photo ID. Select the desired option and continue.
1. Verification by Photo ID
Step 1: Make sure your ID is valid and in good condition when doing the verification
Step 2: Ensure crucial details such as ID number, date of birth, first name, and last name are visible.
Step 3: Place the ID on a flat surface with a plain background and good lighting.
Step 4: Now, on the ID verification page, choose the type of ID you want to use. Could you take a photo of your ID and upload it?
Step 9: Follow the onscreen instructions and submit a photo of your ID document.
Remember, Coinbase can only accept the following documents before starting identity verification:
State-issued identification, such as a Driver's License or Identification Card
b. Outside the US
- Government-issued photo ID
- national identity card
2. Personal information verification
Step 1: Select the personal information verification option to verify your date of birth, home address, legal name, and other personal details.
Step 2: Choose to proceed, go to the personal information page and enter your details accurately as they appear in your respective documents.
Step 3: Enter your primary residence address (such as street name, city or town, house number, and postcode) and click the proceed button.
Step 4: Enter your job status and declare how you intend to use the Coinbase platform under federal regulations.
Step 5: Once you’re done, be patient and wait for Coinbase to verify your identity.
How long does it take to verify information?
The process of verifying your information on Coinbase is straightforward if you have all the right documents ready and if you have the right equipment. It will take 15 minutes to submit all the required information and documents. Once you send everything, it usually takes about 2-3 minutes or, at most, 5 minutes unless there are unexpected delays for Coinbase to verify your information.
What if I don't pass the verification?
Well, if for some reason you don’t pass the verification process, you can still call Coinbase at +1 888 908-7930 (US/International) and 0808 168 4635 (UK) to ask a staff why your verification did not pass. It's also recommended that you try using the Coinbase app and your smartphone to verify your account if you experience challenges doing it via the website. The app is more effective when it comes to details verification.
You cannot use your Coinbase account to trade digital currencies if you haven’t verified your details. Therefore, the earlier you do it, the better for you if you don't want to encounter unnecessary delays and challenges.
The good thing is that you can verify all the required details stress-free using the above guide. You don’t have to be an IT expert in using the guide explained in this article because it is straightforward and thus suitable for beginners.