Coinbase is a cryptocurrency broker. Coinbase trades several cryptocurrencies in exchange for regular fiat currency:
- Bitcoin Cash
- Ethereum Classic
Coinbase is definitely one of the easiest cryptocurrency brokers to use. It is also one of the most popular crypto-brokers. However, before other crypto-users jump on me: Coinbase is by no means the best crypto-broker coinmarketcap.
The thing is, Coinbase has a number of stop-checks in place for new users, and that means it’s forgiving. You can use Coinbase as temporary storage for your cryptocurrency, but you shouldn’t use it for long-term storage. For that, you’d be better off with a cryptocurrency cold wallet instead.
Create a Coinbase Account
Head over to Coinbase and hit the Sign-up button in the top-right corner. Or sign up using this link to get $10 of free Bitcoin after buying or selling your first $100 in Bitcoin.
When you come back to the Coinbase site, you need to add a phone number to secure your account. Coinbase then sends you a verification code. Next up, add your personal information. The information Coinbase requires varies slightly by locale, but you will need to confirm your date of birth, an address, your source of funds, and so on.
Finally, you need to use an official photocard document to complete your verification. In the US, Coinbase only accepts state-issued driving licenses or identification cards. A US passport is not acceptable. However, outside the US, Coinbase will accept your passport.
For more information, check out the official Coinbase documentation on identity verification.
Account verification time varies hugely. Coinbase verified the account I’m using for this tutorial within five minutes, but I have other Coinbase accounts that use the same verification image and phone number. Coinbase may request extra information from you, so be sure to check your email account frequently.