Coinbase is a secure online platform for buying, selling and storing digital currencies (cryptocurrencies). It was founded in June 2012 by Brian Armstrong (Chairman of the Board) and Fred Ehrams. The head office of the stock exchange is in San Francisco (USA).
Coinbase brokers the exchange of cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC) with fiat currency in around 32 countries. Bitcoin transactions and cryptocurrency storage is possible in 190 countries around the world. The stock exchange serves over 20 million users, and the cryptocurrency turnover has exceeded $ 150 billion and is one of the two largest US cryptocurrency exchanges (together with Gemini).
Depending on the level of sophistication and customer needs, Coinbase has a diversified product offer. Below is the table with products:
ANTI-MONEY LAUNDERING (AML) & KNOW YOUR CUSTOMER (KYC) POLICY
To be able to buy cryptocurrencies on Coinbase you must verify your account with a scan or photo of your passport, driving license or ID card. This automatically causes the platform to know the identity of its users.
To buy cryptocurrencies on the Coinbase platform you must either connect your card or use the bank transfer option. In both cases, the money allocated for the purchase of cryptocurrencies comes from a bank account. Any investment in terms of the illegality of funds intended for the purchase of cryptocurrencies should therefore already take place at the level of the buyer's bank.
The first level of verification includes confirmation of your email address and providing your basic personal data (e.g. name, surname and nationality). The user must also verify his phone number.
To fully verify your account, you should also send your ID card, passport or driving license. This can be done in the form of a photo from the computer camera, photos from the phone camera or by attaching a scan of the document. In the case of ID card and driving license, Coinbase requires a scan / photo of the front and back of the document.
In order to increase the purchase limits by means of bank transfers, the user can apply for an individual increase in the purchase limits. Each application is considered individually and takes up to 4 business days.
BOOKING TIME PAYMENT / WITHDRAWAL
In the case of cryptocurrencies, the time of booking payments depends on the state of the network and its current intensity.
In the case of bank transfers, the booking time depends on the cooperation between the banks and the country from which the transfer is made.
Cryptocurrency withdrawals are sent from the client's wallet on the exchange. The transaction is placed in the first free block of the network.
Coinbase has a 2-factor authentication security system. User verification can be done via SMS, sent each time when logging in to the stock exchange or using the verification application.
Additionally, the user can set the function to confirm cryptocurrency withdrawals by SMS for a value above 1.2 BTC or for any value.
Coinbase also has the option of connecting third-party applications for verification. This can be e.g. Gmail.
On their profile, the user can check the account login history along with the IP address and the country and nearby city. Each user also has access to the history of operations on his account for cryptocurrencies and fiat currencies (deposits and withdrawals).