How Long Does Coinbase Verification Take?
When you sign up for a new cryptocurrency exchange such as for a Coinbase account for their exchange platform, financial regulations require you to complete an identity verification process. But, how long does Coinbase verification take and why do you need to do it?
Identity verification is generally required before you can do any activities on the Coinbase website such as buying, selling, or trading digital assets. You can deposit crypto assets into the platform, but without completing the verification process you won’t be able to do anything with them.
Thankfully, the Coinbase verification process will only take 10 to 48 minutes to be completed and once your identity is verified you can start trading on Coinbase. In this guide we’ll answer all your questions about Coinbase verification including how long Coinbase verification takes and the steps to do it yourself. Let’s jump in.
Key Points
- 10 to 48 minutes is typically how long Coinbase verification takes
- Coinbase need to verify your identity to help prevent fraud and crime
- Coinbase has a good system in place for quick identity verification
- Having all your info ready is a key way to speed up the verification process
How to Verify Your ID on Coinbase
The first step to complete your ID verification on Coinbase is to log into your Coinbase account either on the Coinbase app on your mobile device or through the Coinbase website. If you don’t already have one, you’ll need to sign up for a new Coinbase account before proceeding. This can be done with an email or phone number. Email or phone verification will be required as well.
Assuming you already have an account, or have now created one, when you log in, you’ll see the below image. Click “Verify Info” to begin the verification process.
The next step is to choose from the Coinbase document verification options seen in the image below. Photo ID verification is required so be sure to have photos ready or have the ID document nearby to take new photos. Choose the document you want to use for ID verification, then follow the on screen instructions.
You’ll have to upload images of your government issued photo ID to Coinbase, verify they’re clear and use a plain background to help the ID verification process go smoother. Once you’ve uploaded your documents, you’ll then have to provide personal information such as your address that matches the ID.
Once you submit everything, you’ll then have to wait for Coinbase to verify them. There are 3 verification levels for Coinbase, the verification level that your account has can be found in the account settings menu, under “Account limits”. You can then increase your verification level by completing further identity documents.
Finally, you’ll have to complete the Coinbase account assessment seen below before being able to withdraw any funds.
How to Verify Bank Info on Coinbase
After you have verified your identity, Coinbase also allows you to link your bank account to your account if you’re a US, EU, or UK resident.
When you add this info to your Coinbase account, you can verify that you have successfully linked your bank by checking your statements. There should be two small amounts sent to the account from Coinbase.
You then go to your Settings on your Coinbase account, and under your “Payment Methods”, you have to enter the two amounts in order to verify your bank account.
Once this is done, your bank account is successfully linked to Coinbase.
Why Do I Need to Complete Identity Verification?
The main reason that you need to complete a verification process for your Coinbase account or any other cryptocurrency exchange is to help prevent criminal activity. Without a verification procedure it would be easy for criminals to use platforms such as Coinbase to commit various crimes, with the main purpose being anti money laundering. There would be many fraudulent accounts without it.
The other reason Coinbase identity verification is required is to assess your aptitude for investing in digital assets. They want to know things like how long you’ve been investing in crypto assets, where your investment income comes from, how much you plan to trade, how much you’re willing to lose, and more. This verification process is more so about ensuring that you aren’t going to be making poor financial investment decisions, and they may limit the spending and trading that can be done on your Coinbase account depending on your answers.
How Does Coinbase Verification Work?
Coinbase verification is a fairly simple process. It’s a fairly standard ID verification process that is used by all reputable cryptocurrency platforms, but also by more traditional financial institutions such as a bank when you go to open a new account. You provide them with your ID verification document, including pictures of it, and then provide information such as your residential address, so that they can verify that you are who you say you are.
So, How Long Does Coinbase Verification Actually Take?
Coinbase claims it takes only 10 to 48 minutes to verify your ID and it can be as little as 5 minutes, and this is true in some respects. Assuming you have your ID verification documents ready and know all your info, it probably does only take about 5 minutes to fill it all out, and assuming it’s all correct your account will be verified within the window they claim.
How long it takes for Coinbase to verify ID will depend on how clear the images you take are when submitting them, in addition to the accuracy of the info you provide.
Coinbase Account Verification FAQ
Coinbase users can provide most forms of government issued photo ID. All the documents that Coinbase accepts are:
- driver’s license
- passport (non-US residents only)
- medicare (AUS)
- government issued id
- national identity card
Yes, you can verify your identity on the Coinbase mobile app or on the Coinbase website.
No, cannot withdraw funds from Coinbase until you complete the photo ID verification process.
No, you can’t verify your identity on Coinbase using a US passport, it has to be a state-issued IDs such as a driver’s license or identification card.
Coinbase needs your photo ID to match it to the address you provided as your residential address.
You can unlock verification level 3 by verifying personal information, including proof of address, using valid identification documents. You’ll then be able to send and receive on the blockchain.
There are only 3 verification levels, and the verification levels have different benefits depending on your location. For example, you can withdraw to a blockchain network in Europe with level 3.
If the verification procedure is taking too long, then contact Coinbase support.
No, but to ensure your Coinbase verification process is smooth, take clear photos of your ID verification documents submitted.
When you Coinbase verification status is complete, you’ll receive an email confirmation from Coinbase.
