Coinbase is an American-based company that operates in over 100 countries. The online trading platform has been rapidly growing since 2012. It is mostly due to its amazing benefits, such as; trading discounts, rewards, and security.
The three main products offered by Coinbase are; Coinbase crypto brokerage firms, Coinbase Prime for institutions, and Coinbase Pro trading platform. All these packages have exciting deals and features.
How Does Coinbase Maintain Security?
Coinbase is a pretty secure platform. Listed below are some of the ways it ensures the safety and privacy of its user's accounts.
A) Identity Verification
For security purposes, identity verification is a must. Also, Coinbase is a centralized platform that follows the Know your customer (KYC) and Anti-Money Laundering (AML) laws. All users must verify their phone number, personal information, and government ID.
Verifying all these factors has several benefits. You can utilize all payment methods, unlock investments and receive cryptocurrencies from blockchains, etc. So, how long does Coinbase verification take? Don't worry. It only takes two to five minutes, and you are all done.
How to Verify Your Government ID
Step 1: Check the validity of your ID
Ensure that your ID is intact and it hasn’t expired.
Step 2: Focus on your ID details
Capture the details in your ID, which are your first and last name, date of birth, and ID number.
Step 3: Select your ID type
The next step is to choose the type of ID you possess. Afterward, upload the picture of your ID and make sure no sides are cut off. Once you are done, you can begin trading with Coinbase immediately.
B) Verification of Your Personal Information
Not only does Coinbase require you to verify your identity but also your personal information. It only takes you five minutes to achieve this. Below is a simple guideline on how to verify your personal information.
Step 1: Go to the Coinbase Document Verification Page
On this page, you will enter your personal information. It would be best to fill in your first and last name, date of birth, ID number, etc.
Step 2: Enter Your Residence Address
You will then be asked to fill in your residence address, for example, your street name, city, etc.
Step 3: Purpose of Using Coinbase
Lastly, you have to enter your occupation and reason for using the Coinbase platform. Then you are done.
C) Two Factor Authentication (2FA)
Coinbase encourages users to utilize 2FA as it adds another layer of security. Enabling the 2FA allows you to set a password and a passcode.
D) SMS Authentication
Coinbase sends SMS to your phone number for authentication purposes. It’s a great security measure but also susceptible to hacks.
Today many trade platforms lose their assets due to hacking. One of the main reasons is that crypto utilizes blockchain technology. Meaning it is easy for hackers to gain and download data from nodes.
Coinbase values the security of its users; that's why it has tons of measures to prevent any breach. However, you have to enable some of these verification procedures. Security of your account starts with you.