Coinbase Review – The 1 Thing You Have to Know About
Coinbase required verification methods
All Coinbase accounts have a wallet the can be used for sending / receiving Bitcoins. In order to open such an account you will need to supply your full name, verify your email address and accept Coinbase’s user agreement.
If you want to be able to buy Bitcoins with Coinbase you will need to supply a valid bank account to allow bank transfers to Coinbase.
Coinbase buying / selling limits
Once your Coinbase account is set up (tutorial later down in this post), you are able to buy a small amount of Bitcoins until you raise your limit. For example, US residents who have a credit card on file in their Coinbase account (as backup) will be able to purchase up to $1000 worth of Bitcoins a week.
In order to raise your limits on buying Bitcoins you will need to supply the following:
- Identity verification
- Credit card verification
- Debit card verification
If you are a fully verified US resident you can reach the highest limit which is currently $50K worth of Bitcoin a day. Limits may also be sent depending on the payment method you choose to buy the Bitcoins with. For example, ACH transfer has higher limits than buying Bitcoins with a credit card on Coinbase.
Coinbase accepted payment methods
Coinbase transactions and fees
Coinbase transaction times depend on the payment method you will use. For example, a wire transfer can take up to 5 days to be approved whereas a credit card purchase will be instant. Once your account is funded you will receive the Bitcoins after placing your order (tutorial to follow). Depending on your payment method there can be different fees to the transaction.
From Coinbase 2018 Review - The 1 Thing You Have to Know About |
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