While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees. You will be charged higher fees when using cards but you will also make an instant purchase. Here you can either choose to provide a credit/debit card or use a bank transfer. You will be asked to add a payment method. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, Coinbase is regulated in most countries such as the US, the UK and the EU. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.įollow the next step to finish your identity verification.
Choose a strong password so that your account isn't vulnerable to hackers. Make sure you provide your real name as Coinbase will need it for account verification.
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