Your guide: Do you need SSN to use Coinbase?
Coinbase is designed to work for everyone, from people who have never traded before to people who do it all the time. Before you start using the site, you should know how to make an account. Have you ever wondered, “Do you need SSN to use Coinbase?” If so, you’re in the right place. Today, we’ll cover this and more.
Also read: Is Coinbase FDIC Insured?
Setting up an account
There are some basic things you need to give Coinbase to make an account.
- Name: This is your full legal name just like it looks on your ID.
- Email Address: An email address that you can use and get to.
- Use a strong password to protect your account.
- After you enter this information, you’ll get a proof email to make sure your account is real. You can sign in to your new Coinbase account after making sure your email address is correct.
The process of checking
To make sure that its users are safe and real, Coinbase has a process in place. The main parts of this process are:
- ID: To follow the rules set by regulators, Coinbase may ask you to show proof of who you are. Most of the time, this means showing a government-issued photo ID, like a driver’s license or passport.
- Proof of home: You might also have to show proof of your home. You can use a bank statement or a bill to do this.
Do you need an SSN?
For many, the question of whether or not they need to give their SSN to use Coinbase comes up. Which service you want to use and where you are will determine the answer.
People in the US
During the verification process, US users are often asked to give their SSNs to make sure they are who they say they are. This is why:
- In order to follow the Bank Secrecy Act (BSA) and other rules, Coinbase has to make sure that its users are who they say they are.
- Tax purposes: The SSN is needed for tax purposes because the IRS wants cryptocurrency exchanges to report transactions.
People who are not in the US
The rules might be different where you live if you’re not in the United States. People from Australia, Canada, and the EU might not have to give their SSNs all the time. They might be asked to show other forms of ID instead, such as:
- Everyone needs an ID card.
- Passport numbers and tax ID numbers that are unique to their country
Why Verification Is Important?
A lot of things make it important to show who you are on Coinbase. First, let’s look at why this step is important:
Better safety
By making sure you are who you say you are, Coinbase can better protect your account from fraud and people who shouldn’t be there. Adding this extra safety measure helps make sure that only you can get to your money.
How to Get to All the Features
You might not be able to use all of Coinbase’s features if you don’t sign up. Some things that accounts that haven’t been confirmed might not be able to do are:
- Limits On Withdrawals
- How many deals are made
- How to get to some cryptocurrencies
- The law needs to be followed.
Many places do business with Coinbase, and each one has its own rules about how to sell cryptocurrencies. You have to show proof of who you are for Coinbase to follow these rules. Everyone is safer when they trade because of this.
The numbers you need for taxes
In some places, you may need to show a tax identification number (TIN) or something similar. This number helps the government and tax authorities in the US prove who you are. It works like an SSN.
A Step-by-Step Guide to the Test Process
To help you get through the verification process, here are the steps:
- Make an account.
- To get started, sign up on the Coinbase website or app. Type in your name, email address, and password, among other things.
- Look at your email.
- Watch your email for a confirmation message from Coinbase. Click on the link to make sure your email address is correct.
- Start finding out who you are.
- Go to your account settings and find the verification area once you’re logged in. You will be asked to send proof of who you are here.
- Put the files you need to upload.
- Just follow the steps on the screen to upload your government-issued ID and any other proof of address documents that are asked for. This picture should be simple to read and see.
- Wait to hear back
- Coinbase will look over what you send them. It could take a long time or a short time. You will get a confirmation email when everything is done.
A lot of the time, verification problems happen.
The verification method is pretty easy, but some users might have trouble with it. Why these problems happen and how to fix them:
Turning down the document
If your name is turned down, make sure these things are true:
- This picture is clear and not fuzzy.
- It is possible to read and see everything.
- That paper is still valid.
Also read: How to Unstake ETH on Coinbase?
Late Verification
Check your email to see if Coinbase has asked for more information if the verification process is taking longer than promised. There are times when they may need more paperwork to finish the process.
Conclusion: Do you need an SSN to use Coinbase?
Anyone who likes Bitcoin can have fun and learn new things by using Coinbase. To make the onboarding process go smoothly, you need to know the rules, especially about why you need an SSN. People who aren’t in the U.S. may not need to give an SSN to prove who they are and live outside of the U.S.
Going through the Coinbase registration process is easy as long as you follow the steps and have all the documents you need. Before you try to buy Bitcoin, Ethereum, or any other cryptocurrency, you should be ready. The process will go more quickly and be more fun.