Is it possible to have multiple Coinbase accounts?
Yes. You can theoretically create a multiple Coinbase accounts, but you won’t be able to earn any of the ‘free crypto’ on the quizzes with it. If you want to get around the restrictions, know that if you’re a verified member, there are no restrictions on wire transfers.
Are there withdrawals Limits on Coinbase accounts?
Yes, Withdrawals are limited to $50,000 (US) per day for any currency withdrawals made through wire transfers. You can seek a limit increase by signing into Coinbase Pro, selecting the account drop-down, and then heading to limitations and requesting a limit increase. All you have to do is seek a limit, explain why, and attach your LinkedIn profile and/or a recent bank statement to your request.
Users can have several Coinbase accounts, however, there are some limitations. Users can only have one account per email address, and each account can only be linked to one bank account or credit/debit card. You’ll need to utilize separate email addresses and link different banks and payment sources if you wish to have numerous Coinbase accounts.
Is it really necessary for me to have multiple Coinbase accounts?
One of the main reasons for having numerous Coinbase accounts is to get around the platform’s withdrawal limits. Limits refer to the amount of money you can deposit and withdraw via PayPal, bank transfer, or wire transfer, as well as the quantity of cryptocurrency you can send and receive. These limits will vary depending on your country, state, and platform verification level. Coinbase follows the regulations, therefore they’ve most likely already discussed and agreed on user limitations with your country’s authorities.
Get on Coinbase and go to settings, then account limitations to see what your restrictions are. My restrictions are shown in the image below. I’m a fully verified user in the United States (I’ve completed all of the Know Your Customer procedures).
What is the best way to get started with a Coinbase account?
Coinbase is simple to use, but it does demand certain information, such as your legal name, home address, date of birth, Social Security number’s last four digits, and how you intend to use Coinbase. This is to adhere to federal requirements. Here’s how to get started.
- Install the Coinbase app first
- To get started, go to Coinbase and hit “Get Started.”
- After you’ve created an account with your email address, click Start.
- Verify your email address by clicking on a link provided to your inbox.
- Enter your phone number and confirm it with a text message code.
- Fill in your name, date of birth, and Social Security number’s last four digits.
- If you are 18 you will utilize it
- Fill in your address.
Why do I need a Coinbase account?
You can use Coinbase for a variety of purposes, including investment, online payments, online purchases, and investing in other exchanges.
- Confirm your income source.
- “Let’s Go” should be selected.
- You’ll now begin to link your bank account. Look for your financial institution.
- Log in to your bank account using the same username and password you use for online banking.
- Tap “Continue” after selecting the bank account you want to link to Coinbase for purchases.
That is all there is to it. You’ll now be directed to Coinbase’s main page, where you can begin purchasing cryptocurrency.
How to Use Coinbase to Purchase Cryptocurrencies?
Now I’ll demonstrate how to purchase cryptocurrency. Let’s start with a fraction of a bitcoin. This procedure, however, is the same for all of the currencies available on the Coinbase platform.
- Tap “Get started.”
- You’ll see a list of cryptocurrency assets that you can purchase. Choose bitcoin from the top menu.
- Decide how much you want to spend. Remember that you can buy fractions of cryptocurrency, so you could spend $5 on roughly.0006204 bitcoin (at its current price of $64,635) or any amount you desire. The minimum purchase amount is $1.99.
- “Preview buy” should be selected.
- Examine the following order: Note that Coinbase takes a percentage of the buying price, so if you’re looking to buy $5, it’ll cost you roughly 99 cents. It will cost around $7.34 to purchase $500 worth of bitcoin.
- Select “Buy Now.”
- That concludes our discussion. After you buy bitcoin, you can trade it right away, but you’ll have to wait eight days to send it to someone.
On Coinbase, here’s how to sell cryptocurrency?
Let’s imagine you’re ready to sell your cryptocurrency holdings. Here’s how you go about it.
- On the main page, tap the blue circle icon. It has two arrows on it.
- Decide to sell.
- Choose the asset you’d like to sell; in this case, bitcoin.
- Choose how much you wish to sell, or hit the “Max” button on the page’s left to sell everything.
- Review the website and take note of the Coinbase fee once more.
- “Sell now” should be selected.
How can you withdraw your money out of Coinbase?
Perhaps you’re ready to cash in on some of your winnings. You’ve sold your cryptocurrency and now want to transfer the funds back to your bank account.
You may still have a withdrawal-based limit if you’ve just bought or sold funds. For example, whatever I just bought and sold this morning for the sake of this tutorial can’t be sold for more than eight days. Here’s what you should do after that period has passed:
- Tap your portfolio balance at the top of the screen from the home page.
- Select the US dollar as your currency. If you’ve sold any cryptocurrency, this should be worth something other than $0.
- Select “Withdraw.”
- “Preview withdraw” is the option to select.
- Choose a bank account. It takes one to three business days for the money to be transferred. For a modest cost, you can also connect a debit card for a quick transfer.
That is all there is to it. You now know how to set up Coinbase and use it to buy and sell cryptocurrencies, as well as withdraw funds to your bank.
What’s the deal with Coinbase Pro?
There is a tight limitation that users can only have one account on Coinbase Pro. The good news is that you can use your existing Coinbase login credentials and bank account to access Coinbase Pro and save money. Coinbase Pro’s user interface is only slightly more difficult than Coinbase’s, and the fees are a fraction of what Coinbase charges.
You may always trade your crypto on other platforms like Kraken, Binance, Gemini, KuCoin, Voyager, Uphold, and others depending on your location to get around daily withdrawal limits.
CONCLUSION
Assume you’ve recently relocated and have two verifiable addresses and identification. On Coinbase, you create two accounts. What do you hope to accomplish? Do you want to get more money out of your account faster? Do you want to get the ‘free crypto’ twice from the quizzes? It’s not going to work. The amount of cryptocurrency you can send and receive is unrestricted. If you want to raise your cash out limit, simply go to Coinbase Pro and complete the steps outlined above. Because you log in with the same credentials as your standard Coinbase account, everyone who has a Coinbase account automatically has a Coinbase Pro account. You might also open a Kraken account and fund it, as well as examine Uphold, Gemini and Voyager.
