Cryptocurrencies have been around for more than a decade, proving their potential as an alternative to traditional fiat currencies like the U.S. dollar (USD), which are becoming increasingly outdated and controlled by governments. With the rise of Bitcoin (BTC) in 2009 and the blockchain technology it introduced, the need for alternative currencies became evident.
When Bitcoin first emerged, there were very few platforms where you could buy it. However, by 2012, cryptocurrency exchanges began to grow in popularity. That same year, Coinbase, a U.S.-based crypto exchange, was launched.
Coinbase revolutionized the way people buy cryptocurrencies. Today, it’s one of the most widely used crypto platforms globally, offering a range of options for both beginners and experienced traders. This article will focus on one particular question: can you have more than one Coinbase account using the same credentials?
About the Exchange
Coinbase is one of the oldest and most popular cryptocurrency exchanges, second only to Binance. Since its launch in 2012, Coinbase has grown rapidly, offering improved security, regular updates, and a wide variety of cryptocurrencies. The platform provides users with an easy-to-navigate trading platform, custodial accounts, and a digital wallet for storing crypto. It even offers its own U.S. dollar-pegged stablecoin, USDC.
Coinbase is known for its beginner-friendly interface, educational resources, and robust security measures, such as two-factor authentication and 24/7 customer support. Users can trade over 50 different cryptocurrencies.
Although Coinbase’s convenience comes at the cost of slightly higher transaction fees than some competitors, it remains one of the most trusted exchanges. However, one downside is that users do not have full control over their private keys when using Coinbase’s free wallet service. To avoid this, users can purchase their own hardware wallet for added security.
Overall, Coinbase is an excellent platform due to its wide selection of cryptocurrencies, secure environment, insurance policies against fraud, and mobile app availability. It also offers crypto rewards for participating in educational tools and daily activities. One unique feature is its low $2 minimum purchase, which makes it more accessible for beginners compared to other exchanges with higher minimums.
Mobile Apps and Accounts
The Coinbase app is available for both Android and iOS, as well as desktop. The app is easy to use, featuring two-factor authentication and a clean interface where everything can be accessed from the home screen without being overwhelmed by notifications.
Creating an account on Coinbase involves multiple layers. Initially, users are asked for basic information such as an email address. Providing more details will unlock additional features, such as higher daily purchase limits.
How to Create Your Coinbase Account
Creating an account on Coinbase is simple. The same account works for both the regular Coinbase platform and Coinbase Pro, an advanced version of the exchange.
To create an account, visit coinbase.com and click the “Sign Up” button. You’ll need to provide basic information like your full name, email address, bank account, and a password. Make sure your name matches your official ID. After agreeing to the terms and conditions, you’ll receive a confirmation email.
Once your account is set up, Coinbase will ask for additional identity verification, such as proof of address and a phone number. Completing this step will remove certain restrictions, such as daily purchase limits.
If you wish to use Coinbase Pro, you don’t need a separate account. You can upgrade your existing account through the Coinbase app or website.
Payments on Coinbase
For U.S. users, Coinbase supports PayPal, wire transfers, credit and debit cards for crypto purchases, and bank transfers for deposits and withdrawals. International users can link their bank accounts for buying and selling cryptocurrencies.
Once your payment method is verified, you can start purchasing crypto. PayPal transactions are instant, but available only to U.S. users. Bank transfers may take longer for identity verification.
The more information you provide to Coinbase, the higher your weekly purchase limits will be. You can manage your account verification under the “Settings” tab.
Free Crypto on Coinbase
Coinbase offers $10 worth of Bitcoin as a reward for every new account created through a referral. Both the referrer and the new user receive the bonus when the new user spends over $100.
Some users might be tempted to create multiple accounts to earn more rewards. However, creating multiple accounts would require different email addresses, bank accounts, and other credentials, making it difficult and impractical.
Coinbase Fees
Coinbase charges a combination of deposit and spread fees, which vary based on the transaction type and amount. The regular platform has higher fees than Coinbase Pro, which is more suited to advanced users.
Here are some of the fees charged by Coinbase:
- U.S.-based accounts: 1.49% fee
- PayPal or debit card transactions: 3.99% fee
- Instant card withdrawals: up to 1.5% with a $0.55 minimum withdrawal
- ACH transfers: free
- Wire transfers: $10 to $25 fee
- Crypto conversions: 2% fee
The spread fees decrease as the transaction amount increases. For example:
- Below $10,000: 0.50% spread fee
- Between $10,000 and $50,000: 0.35% spread fee
The more crypto you buy, the lower the fees. Additionally, there’s a separate Coinbase fee based on your location and purchase value.
Coinbase Pro
Coinbase Pro offers a more advanced trading experience, with features like different markets, order limits, and margin trading. Users don’t need a new account; they can simply upgrade their existing Coinbase account.
Coinbase Pro supports over 100 currencies, with many paired to the U.S. dollar, and 80 crypto-to-crypto trading pairs. It’s available in more than 40 countries and is primarily used by experienced traders. The fees on Coinbase Pro are significantly lower compared to the standard platform.
Coinbase Safety and Wallet
Coinbase offers multiple security features, including two-factor authentication, biometric protection, and insurance for stored assets. The platform keeps 98% of users’ assets in cold storage, reducing the risk of theft. However, because cryptocurrencies are not considered legal tender, they are not insured by the FDIC or SIPC.
Coinbase also has a standalone wallet app. Users don’t need a Coinbase account to use the wallet, but it’s recommended to connect the two for better security and convenience.
A Few Words Before You Go…
To sum it up, Coinbase is one of the most popular and trusted crypto exchanges in the world, catering to both beginners and advanced traders. While the platform offers many features and security options, having multiple accounts with the same credentials is not allowed.
It is technically possible to create multiple accounts with different email addresses, bank accounts, and credentials, but these accounts will be limited and not fully verified. To get the best experience, it’s advisable to stick to one verified account, ensuring higher security and better access to the platform’s features.
We hope this article has answered your questions about Coinbase, how it works, and whether you can have multiple accounts. Best of luck on your crypto journey, and don’t forget to take advantage of Coinbase’s $10 referral bonus when creating your account!
