Coinbase was launched in 2012 and is one of the largest digital currency exchange networks. Recently, the platform only supported bitcoin. But its support for other digital currencies also began.
The American company currently has more than 56 million customers and 1,700 employees and is one of the best platforms available for buying and selling bitcoins. The exchange has more than 223 billion assets and 335 billion circulation investments in the middle of 2021.
The Coinbase platform has three public infrastructures: Coinbase crypto brokerage services, Coinbase Pro, and Coinbase Prime for enterprises.
Coinbase is a centralized exchange platform that relies on global financial rules such as KYC and AML. In addition, Coinbase can limit the number of accounts each user can create, so customers must have an authentication system.
Here are the general id verification methods in Coinbase with the benefits of doing so.
Benefits of Getting Verification ID on Coinbase
Increase user account security. Coinbase uses KYC as a general standard for authenticating customer accounts. This process is a multi-step process that prevents the creation and verification of unauthorized charges. Therefore, customers can use this system with complete security.
Coinbase has three authentication steps that impose specific restrictions at each level.
- Level 1 is obtained by confirming the phone number and photo ID and allows you to buy and sell every week with a series of special restrictions.
- Level 2 will ask you for personal information such as residential address verification to open a total investment and the possibility of wireless transfer.
- Level 3 By providing government ID, you can experience an infinite number of transactions at any time.
Coinbase now obliges all its old and new users to achieve one of the three levels of authentication by submitting documents to continue operating on the platform.
In addition, ID Verification can increase the security of your account by restricting access and modifying user information. More critical information such as bank account after ID Verification is unchangeable because they are essential security information.
Two factor authentication (2FA) authentication
To increase account security, Coinbase has considered a two-factor authentication method.
In addition to activating this process, each time you log in, you must enter a verification code that will be sent to your mobile phone along with your username and password on the login page.
Security Key Authentication
At this level of security, a hardware security key helps you log in to your account and unlock it with a one-time password. This is the safest and best way to authenticate with two factors.
Duo and Google Authenticator (TOTP) Authentication
These applications also help you enter the Coinbase platform by receiving a one-time password and a security key.
In this method, you have to scan a QR code through Dou and Google Authenticator programs to get the security key to enter the program.
SMS / Text Authentication
The method of sending a one-time password via SMS also has good security. You can receive a one-time code by entering your mobile number and ensure that other users do not attack your account.
The best method for ID Verification in Coinbase
You must first create a new account on the Coinbase platform. After that, log in to your account and click on the settings button at the bottom right.
From this section, select the Limits and Features option.
In this case, you have two separate systems ahead. First, you can do it by confirming the photo ID, and second by entering personal information. Each level you select gives you a specific type of access.
Photo ID verification
- To begin photo id verification, you must first verify that your ID is valid and has not expired. No watermarks or problems should remain on your ID image. You can then upload the Photo ID
- Next, you need to make sure that your ID is evident in the image. The name, Last name, date of birth, and ID number must be legible. Try to place the ID on a flat table and take a photo of it with high accuracy.
- When you reach the ID Verification step, select your ID type. You must then upload the photo taken from the ID. Then choose one of the Coinbase document verification options to specify the ID type.
- Then follow the steps through the instructions. The photo must show the entire ID and must not have any cuts or crops. There should be no extra light on it, and it is better to use a natural light source to photograph it. Follow these steps to get your ID verified quickly.
- The Coinbase app is the easiest way to create a Coinbase account. You can quickly get the ID confirmation by tapping the phone camera and the steps we mentioned.
- Coinbase will send you a message to verify your mobile number. Click on the link sent to you in the statement. Send your ID image according to the template with the instructions
- Once you have completed the process, ID Verification is done in Coinbase, and you can start your transactions.
- The Coinbase platform seeks to simplify ID verification procedures so that you can trade as quickly as possible. Remember that if you have any problems sending your Photo ID, you should contact Coinbase Support at Coinbase.com.
For iOS and Android devices:
- First, select the settings option
- Click Limits and Features.
- Then select Enable to send and receive. If this option is not available, go to the Coinbase document verification page.
- Select your document type
- Follow the instructions and upload your ID Document. Once the process is complete, the authentication process is complete.
Complete guide to Verify Personal Information
- To verify your personal information, you must first select the Coinbase Document Verification page. Coinbase will ask you to identify information such as your legal name, home address, and DOB, and you will be asked how you help Coinbase prevent fraud.
- If you choose to confirm the process, you will be sent to the section where you must enter your personal information along with your legal name, date of birth, country or place of residence, and identification number.
- In this section, you have to enter your primary residence address and the name of the street, city, or neighborhood and postal code and then go to the next step.
- After this step, you will be asked to explain why you are using Coinbase and your job title.
- After completing this step, you will have to wait for your full authentication on Coinbase.
Conclusion
Because Coinbase uses centralized security verification systems, all ID verifications on this platform will also be performed by official government regulations. Most users use the Coinbase app for easy authentication to easily take photos and upload their documents or IDs.
On this platform, according to the central rules of finance and fraud, you have to go through a multi-step process to verify your ID to do your business. As we explained in the article, there are three levels of user authentication, according to which you can release trading restrictions.
The procedure in Coinbase is straightforward, and after confirming the ID, you can trade digital currencies or encrypted assets in a few minutes. Have you ever used Coinbase?