- Coinbase is a popular and secure cryptocurrency exchange that offers three different levels of verification: level 1 allows for small purchases, level 2 permits bank transfers and advanced trading features, and level 3 unlocks all features.
- The verification process requires users to submit relevant documents, such as photo ID and proof of address, for identity verification.
- The verification process takes about 15-20 minutes, and the account is usually verified the same day but may take up to two business days in certain circumstances.
- The verification process is critical for security and privacy, protecting users and their funds, and preventing fraud and unauthorized access.
Coinbase is certainly one of the biggest and oldest cryptocurrency exchanges that came into being all the way back in 2012. The platform has served millions of crypto investors and traders since then with the ultimate variety of crypto services they offer to everyone. The availability of popular cryptocurrencies, diversity, professionalism, and simple interface are some of the things that make Coinbase better than most of the market competitors (read our review). But if you are planning to join the platform and explore the crypto industry, keep in mind that Coinbase does not compromise even a bit when it comes to the security, privacy, and protection of their users.
That is why they require their users to go through a KYC verification process which might seem a troublesome task to many users out there. So how long does Coinbase verification take? Do you have to wait for days or even weeks just to get started on the platform, or is it a short procedure? If you just want to know how long the verification process takes, click here to jump to the answer. Otherwise, read on to understand the full process of Coinbase verification and why it is necessary.
Coinbase verification system - How does it work?
Coinbase has quite a broad verification system that is specifically designed for users with different preferences to go through. This is why the platform offers three different levels of identity verification that you can go through to unlock more features based on what verification level you have achieved. In order to understand this better, take a quick look below:
Verification level 1
This is the most basic level of verification available on Coinbase that users can go through in order to trade or invest on the platform. The level 1 verification requires the users to submit a photo ID and verify their phone number through the OTP to complete the process. This level of verification allows users to make small purchases with little to no limitations.
Verification level 2
This is where things get interesting, as Coinbase requires verification level 2 before allowing users to withdraw their funds through bank transfer or use advanced trading features. In order to achieve this, users have to verify their home address by providing a relevant document.
Verification level 3
Verification level 3 is the highest possible security level that you can achieve on Coinbase, and for that, you have to submit a government-issued ID along with any particular document Coinbase asks for. This level unlocks the full potential of the platform and gives you access to each and every feature available without any type of restrictions, delays, or hassles.
How do I complete the Coinbase verification process?
The Coinbase verification process is relatively simple and easy to go through, even if you have just created your account. After registering on the platform (sign up here), there will be prompts to guide you through the verification process immediately. If you skipped this step, you can still access it; use the screenshots below to assist you. Click on your profile button in the top right, then click on 'Settings' (as shown below).
Once you are in the Settings, click 'Account limits' (circled in red in screenshot below).
Once you are on the Limits page, you can click 'Submit ID' to begin your verification process.
Now you will be on the Document Verification page. Click on which ID type you wish to use to verify your identity, and follow the necessary instructions.
Why is Coinbase verification critical?
You might be wondering why you should go through all the hassle and time of submitting your documents. Does it have any benefit, or is it a complete waste of time? The Coinbase verification system keeps scammers, spammers, and security breachers (most of them) out of the platform by requiring official documents to prove their identity. Users with fraudulent activities would be restricted from accessing the platform, and it will benefit the whole community that is registered on the platform.
Not only that, but after you verify your identity on the platform, Coinbase will not accept any withdrawal of money to an account that is not under your official name. This means in the unlikely event that someone gains unauthorized access to your account, they will not be able to steal your funds.
Besides that, you can unlock the full potential and features of Coinbase by going through the three levels of verifications, and this aspect itself should be enough reason for you to complete the whole process.
How long does Coinbase verification take?
Well, the moment of truth is where we get to know how long Coinbase verification takes. Considering all the documents the platform requires to pass all the levels, you might guess that you need to wait a few days. Fortunately, this is not the case.
If you only want to verify level 1, you can complete this procedure within just two minutes. However, it is recommended to complete all verification levels for unprecedented security. The entire Coinbase verification process up to level 3 will take about 15-20 minutes for the user to submit the relevant documents, and then it is up to Coinbase to verify them. The account is usually verified that same day, but may take up to 2 business days in certain circumstances. In the meantime, you can still access your account, so you can start buying crypto, up to the limits of level 1 verification.
It is not difficult to verify your Coinbase account, and the process is quite fast too. In fact, the platform has made the process super efficient, and you can verify your identity through the mobile app or the browser site. The whole process of verification is for your own safety and privacy, and protects you and your funds in the long term. So take 20 minutes out of your busy schedule, grab a cup of coffee, and get yourself fully verified on Coinbase.
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