By now, you have successfully signed up or opened a coinbase account and the next question that comes to you is how to verify Coinbase account to raise wallet limits level.
Nothing beats the joyous feeling of crypto enthusiast like the feeling of your documents getting approved thereby getting your account verified on highly reputable exchanges like coinbase.
Without knowing how to verify your account, it poses a lot of wallet limits to the great things you can achieve with your coinbase account.
Some of the great features of coinbase like coinbase trading, coinbase learn and earn, coinbase investing and a whole lot of functions will be inaccessible to you.
To avoid this drawback, it is important that you verify your account as soon as you finish with the Coinbase sign up process.
Don’t get worried about it as how to verify Coinbase account to raise wallet limits level is exactly what we are going to comprehensively show you in this tutorial.
What Is Coinbase Limits
Coinbase limits are certain restrictions that is placed in the account of a Coinbase user by Coinbase.
These restrictions placed on Coinbase user’s wallets reduces the level of functionality that a user’s Coinbase wallet can perform.
Meanwhile, Coinbase limits placed on a user’s wallet is not by any means meant to scare users away from fully using the platform but it is meant to achieve a lot of positive objectives that will help Coinbase and its users function well.
Coinbase limits exist in a lot of forms which include Coinbase deposit limits, Coinbase withdrawal limits as well as others in which we are going to have a look at very soon.
These various levels of Coinbase limits are easily removed when you verify your Coinbase account.
Why are there Coinbase Limits on Users Wallets?
A lot of users on Coinbase find it a high level of inconvenience and restriction with the limits that Coinbase places on their account.
What some users forget to understand is that Coinbase places limits on users account for the safety of Coinbase and also for the safety of its users.
Below are the various reasons why Coinbase places limits on users account;
- For Coinbase KYC
One of the most common features of trusted and reputable businesses and crypto exchanges has to do with Know Your Customer policy.
KYC is a system of collecting data from users to help Coinbase have a more vivid knowledge of who is using their platform.
This information about its users that is submitted is highly protected and not shared with third parties.
Without placing limits, people will not see the need to verify their coinbase account but when the limit is there, it will propel users to verify their coinbase wallet and access the full functionality of Coinbase.
- To protect Coinbase from hackers
Another reason why Coinbase puts limits on users account is to protect itself from the activities of hackers.
When users do not have their personal details submitted to a crypto exchange, they always find ways of manipulating the system.
But when they know that they have submitted their personal details which can be traced back to them, they halt the use of bad actions that endangers the crypto exchange.
- To protect you from hackers
When hackers see that hacking the account of a crypto exchange is near impossible, they simply try their luck with the account of users.
To avoid Coinbase users falling prey to hackers, Coinbase has placed limits which can only be raised when you have verified your Coinbase account thereby increasing its security.
This is why Coinbase does not joke with account verification and the use of 2FA security system.
Types of Coinbase Limits
Coinbase limits exist in different forms which include;
- Coinbase Withdrawal Limits
When a withdrawal limit is placed on a Coinbase user account, it limits the amount of funds that can be withdrawn from the wallet.
Coinbase withdrawal limit exist in different forms which can be a daily limit in which the amount of funds that can be withdrawn in every 24 hours is limited to an amount.
It can also be a weekly limit in which the amount of funds that can be withdrawn in the range of 7 days is limited to a certain amount.
The limit can also be a monthly limit in which the amount of funds that can be withdrawn within 30 days period is pegged to a particular amount.
Irrespective of the type of limit that is imposed on an account, every successful level of verification raises or increases the limits.
- Coinbase Deposit Limits
Coinbase deposit limit is a type of Coinbase limit that is placed on a users account to restrict the amount of funds a user can deposit within a given period of time.
Just like the case of Coinbase withdrawal limit, the limit on deposit that is placed on a users account can be a daily, weekly or a monthly limit.
After the expiration of the limit period, the limit quota recycles back.
For example if you have a Coinbase deposit daily limit of $100 on your account and you make use of a deposit of $90, the remaining limit for the day is $10 meaning that you cannot redeposit funds for that day more than an extra $10.
Once you enter a new day, irrespective of the amount of limit that remained, the limit will be reverted back to a fresh $100 for the day until you verify your Coinbase account to a higher level to lift this limit.
- Coinbase Debit Card Limit
Coinbase debit card limit is a limit that Coinbase places on an account when transactions are made with the use of a debit card.
Levels of Wallet Limits on Coinbase
Coinbase limits are not the same across all users account and this is due to the level of verification that they have successfully completed.
The Coinbase withdrawal and deposit limit that is placed on a newly registered users account cannot be the same with a user that has completed level 2 verification.
The higher you verify your Coinbase account, the more Coinbase trusts your account for transactions thereby increasing the limits in your account.
The various levels of coinbase limits are;
- Coinbase level 1 limit
This is the least coinbase limit on a users account.
This is commonly seen in the account of new users or users that have not submitted any verification document to Coinbase before.
- Coinbase level 2 limit
After you verify your coinbase account for level 1, you will still need to verify for level 2 in order to increase the limit of your account.
When you verify your Coinbase account for level 2, you will be able to access more functionality of your account more than a user that has only verified for level 1.
- Coinbase level 3 limit
Depending on the trading volume that you trade on daily, Level 2 might be okay if you do not trade and make large amount of transactions.
If you are one of the big traders or users that make large transactions on a daily basis, then you will need to provide Coinbase with more documents so as to be given level 3 clearance.
How to Increase Coinbase Account Limit
After knowing of the various types of Coinbase limits, why Coinbase places limits on users account and Coinbase Limit levels, the victory lies in knowing how to increase Coinbase account Limits.
Coinbase account limits can be easily increased by verifying your Coinbase wallet or account from a lower level of Coinbase limit to a higher level of Coinbase limit.
Once you have verified your Coinbase account, it will be easy for you to carryout large volumes of transactions.
How To Verify Coinbase Account to Raise Wallet Limits Level
Step 1: Sign up for an account with coinbase
Before you can verify an account on Coinbase, you must first have an account with Coinbase.
If you are yet to sign up for an account with coinbase, learn how to sign up or open a Coinbase account.
Step 2: Check if Coinbase Supports your Country
After signing up for an account with coinbase, the next step is to verify your account to remove the limits that has been placed on your account.
But before coinbase can verify your account with them, you have to make sure that you have passed some certain criteria that coinbase has put in place.
One of the most important criteria that coinbase has put in place before your account can be verified is that you must be a citizen from a country that is supported by Coinbase.
The list of countries that is supported by coinbase all around the world is listed below.
- North America (18 countries are supported)
Aruba, Barbados, Bermuda, Canada, Costa Rica, Nicaragua, United States, Dominican Republic, El Salvador, Guatemala, Panama, Jamaica, Bahamas, Mexico, Honduras, Trinidad and Tobago, Virgin Islands, Curacao, British.
- South America (8 countries are supported)
Paraguay, Argentina, Brazil, Peru, Chile, Ecuador, Colombia, Uruguay.
- Oceania (1 supported is country)
- Africa (13 countries are supported)
Angola, Botswana, Mauritius, Cameroon, Kenya, Ghana, South Africa, Benin, Tunisia, Namibia, Rwanda, Zambia, Uganda
- Asia (20 supported are countries)
Bahrain, Hong Kong, Philippines, India, Taiwan, Brunei Darussalam, Indonesia, Kuwait, Jordan, Korea, Kazakhstan, Kyrgyzstan, Maldives, Macao, Nepal, Mongolia, Oman, Singapore, Armenia, Uzbekistan.
- Europe(39 countries are supported)
Poland, Bulgaria, Serbia, Cyprus, Luxembourg, Croatia, France, Denmark, Finland, Estonia, Czech Republic, Gibraltar, Iceland, Greece, Hungary, Guernsey, Isle of Man, Ireland, Italy, Latvia, Jersey, Malta, Lithuania, Liechtenstein, Monaco, Norway, Portugal, Romania, Montenegro, San Marino, Slovenia, Andorra, Slovakia, Spain, Turkey, Switzerland, Belgium, United Kingdom, Sweden.
You can always check the latest coinbase supported countries
Step 3: Verify your Coinbase Account
After you have confirmed that your country is in the list of countries that is supported by Coinbase, you can proceed to verify your documents.
Make sure that the documents that are needed for your account verification by Coinbase is available with you.
Apart from having the documents for verification with you, you must make sure that they are valid and up to date.
This means that for example if you are using your international passport to verify your Coinbase account, the international passport must be active and not expired.
Coinbase Verification levels
There are basically three levels of Coinbase verification which are;
- Coinbase level 1 verification
- Coinbase level 2 verification
- Coinbase level 3 verification
Documents needed for Coinbase Verification
The following documents will be required from you by Coinbase for your Coinbase account verification.
- a valid phone number
- a valid photo identification document
- a personal information document not older than 3 months
To verify your Coinbase account,
- Login to the Coinbase account and click on your dashboard
- go to account limits under settings
- Supply coinbase with the information needed to verify your account.
Note: make sure that you verify your account up to at least level 2 in order to have the good functionality of your account when carrying out transactions.
The verification will be completed within 24 hours after submitting the required documents and you will be notified in case any of your documents does not meet the standards of Coinbase.
Documents Required For Level 1 Coinbase Verification
- a valid phone number
- a valid photo ID
Documents Required For Level 2 Coinbase Verification
- your personal information document
Documents Required For Level 3 Coinbase Verification
- an address verification document
How to Verify Your Phone Number on Coinbase
As one of the verification requirement for level 1 verification on Coinbase, you have to verify your phone number to help strengthen your account security.
Step 1: Sign in to your Coinbase account and click on security under settings
Step 2: Input your phone number that is functional and click to proceed
Step 3: Copy the verification code that has been sent by coinbase to your phone number then paste and then verify your phone number.
Once you are done with the phone number verification, congratulations as you have finished the first part of level 1 verification on Coinbase.
When you have successfully verified your phone number on Coinbase, it will show on your dashboard like the picture below and you can manage it by changing to another phone number if any need for that arises.
Note: make sure that the phone number that you verify is your own and always accessible as Coinbase will send codes there to complete your login and transactions as part of the security measures used.
Advantages of Verifying Phone Number on Coinbase
1) Phone Number Verification Increases Coinbase Limits
As part of the verification requirement that exist on Coinbase level 1 verification, when you verify your phone number, it helps in increasing the limit on your Coinbase account.
2) Phone Number Verification Secures your Coinbase Account
When you verify your account on Coinbase, it strengthens your account as a code will be sent to your phone number to validate your login or transactions.
With this measure in place, it helps in making the activities of hackers in your account hard to accomplish.
How to Verify Your Photo ID on Coinbase
After verifying your phone number on Coinbase, the next verification to proceed to in order to increase the limit on your Coinbase account is to verify your photo ID.
Step 1: make sure that you have successfully verified your phone number on Coinbase
Step 2: go to account limits under settings and upload your photo ID to Coinbase.
Note: to make your verification fast, if you are not a US citizen, use your international passport to verify but if you are a US citizen, use your state issued ID.
How to verify your personal information on Coinbase
Step 1: before peoceeding to this step, make sure that you have completed the level 1 verification successfully by submitting your photo ID and also verifying your phone number.
Step 2: go to account limits under settings and upload your personal information document to Coinbase.
After successfully completing your personal information verification on Coinbase, congratulations as you have successfully complated your level 2 verification on Coinbase..
How to Verify Coinbase Account to Level 3
Step 1: make sure that you have successfully completed Coinbase level 1 and level 2 verification
Step 2: Verify your address with Coinbase
To verify your address with Coinbase, you have you send a PDF copy of your utility bill or your bank statement not older than 3 months to Coinbase.
How to Know if your Coinbase Account is Verified
Coinbase will always send you an email when the documents that you sent to them for verification has been accepted or not.
When Coinbase has verified your account, a message will be sent to you and your dashboard account limits will show green as the one in the picture below.
How Long Does it Take Coinbase to Increase Limit
It does not take Coinbase long to increase the limit in your account.
It takes Coinbase within a day to increase the limits on your account. A lot of times it is just a matter of few hours.
When you submit your documents for the verification of your Coinbase account, make sure that the documents that you submit are;
- clearly visible when you snap and upload them to Coinbase
- documents are in the correct format as required by Coinbase
- documents are not older than 3 months
Why I Cannot Verify my Address on Coinbase
If you cannot verify your Coinbase address, there might be quite a number of reasons that might be responsible for the error. Some of the reasons are;
- incorrect address
Bear in mind that the reason why Coinbase request for your utility bill or your bank statement is so that they can use it to confirm a match in the addresses.
If the address that you filled in your Coinbase personal details section is different from the address that is provided in your utility bill or bank statement, Coinbase will not verify your account.
This is because the address on your Coinbase account is not the same as the address on your utility bill or bank statement.
To easily correct this, make sure that the address on your dashboard is the same as the address on your utility bill.
If you still encounter any error, feel free to chat with the customer care of Coinbase and it will be speedily resolved.
- poor visibility of documents
another reason why you cannot verify your Coinbase account is that the documents you send to Coinbase is poor in visibility.
Make sure that you send documents that can be easily read when you are sending your utility bill or bank statement for your Coinbase account verification.
- documents are older than 3 months
when the verification documents you send to Coinbase is older than three months, such documents may not be verified by Coinbase.
Make sure you always send documents that are recent and not more than 3 months old.
Advantages of verifying your coinbase account
When you verify your Coinbase account, it comes with a lot of benefits that will make you enjoy the use of the crypto exchange more. Some of the benefits are;
1) access to a higher level of security
When you verify your Coinbase account, it gives you a direct access to a higher level of security as compared to when your account was not verified.
This is because when your Coinbase account is verified, other means of account security like sending OTP to your phone number before a transaction of login is validated gets enabled.
This will reduce the direct impact of hackers on your account thereby keeping your crypto assets with Coinbase safe.
2) increase of Coinbase account limits
The limits that is placed on your account is increased with every verification level that you successfully finish in Coinbase.
When you verify your account up to level 3 verification, you will enjoy a much higher limit during your transactions on Coinbase.
3) to have access to Coinbase learn and earn
Coinbase learn and earn is an innovation that aims at making Coinbase users earn free crypto assets while learning about cryptocurrency for free.
Without being a verified user on Coinbase, access to Coinbase learn and earn is not possible.
So if you want to follow and enjoy the benefits of earning free crypto assets while learning on Coinbase, then verify your Coinbase account as soon as possible.
Over the course of this tutorial, a lot of ways on how to verify coinbase account to raise wallet limits level have been comprehensively shown to make your Coinbase account verification stress less.
Our advice from Obongcrypto is that you verify your Coinbase account as soon as you finish your sign up process.
This will prepare and make your account fully ready for transactions anytime you wish to make cryptocurrency transactions on Coinbase.
It will also help you transfer crypto from coinbase to coinbase pro.
Read also: How to Open a Coinbase Account