Coinbase is a digital currency platform which enables its users to participate in the exchange of digital cryptocurrencies like Bitcoin, Litecoin, and Ethereum. However, to use all its features, you will need to have a verified payment method in the form of an account. With that in mind, how long does Coinbase take to verify a bank account?
Coinbase takes about two to three minutes to verify a bank account with its Instant Account Verification system. However, this method is not always available, so the platform also offers Deposit Verification, which typically lasts between two to five business days.
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Coinbase understands that safety is a primary concern when using any digital currency exchange platform, so the company made sure that anyone using their app could set up several verification levels to restrict unauthorized access.
Verifying a bank account on Coinbase is nearly instantaneous for most large banks in the U.S. as the Instant Account Verification is typically completed in about two to three minutes. Although using a Bank wire is usually instant, not everyone will have access to it, while others might not even want to use it for security reasons.
Although the Deposit Verification also allows customers to be fully verified and ready to buy or sell digital currency on Coinbase, the process is much slower, lasting anywhere between two to five business days.
This mostly depends on when you’ve started the verification, as requests sent in after the usual business hours are typically processed the next day. While there are a few situations where the procedure might be delayed or slowed down, it shouldn’t take more than five business days for your bank account to be verified and linked to the platform.
However, if you don’t receive a confirmation email within this period, it’s best that you contact your bank and Coinbase customer support. This will help you learn what might be causing the verification delay and failure.
As I already mentioned, there are a few factors that can prevent Coinbase from linking your account within the five-day period. Some of the most common reasons why your verification requests keep getting denied can include:
- Your bank is not compatible – If there’s a delay in your request, it’s very likely that Coinbase hasn’t approved it simply because your bank is not compatible with the platform. That’s why you need to check whether the institution is supported by Coinbase before you attempt to verify your account.
- Your debit card has been blocked – If your account had any suspicious activity that violates the company’s terms of service, your debit card would be blocked by the platform entirely. In that case, you’ll have to contact Coinbase customer support and request that they unblock the account.
- The verification process isn’t completed – Last but not least, your bank account might not be verified because the platform hasn’t processed the request yet. As Coinbase is continuously updating its list of supported cards and banks, remember to check whether your request has been approved once every few days.
After you link your checking account to Coinbase, the platform will allow you to choose one of two verification methods.
In case you are in a hurry and want to use the exchange platform right away, choosing the Instant Account Verification allows you to finish the process in only a few minutes. You only need to enter your account details, and Coinbase will log into it on your behalf to check all the information. If the login is successful, the verification will be completed.
If you don’t feel comfortable letting someone else enter your account, you can go with Deposit Verification. While this method is somewhat slower, it’s available in all markets where Coinbase is present. The process is the same on both the website and the app, as the only significant difference between the platforms is the user interface.
When verifying the checking account through the Coinbase app, click on Settings in the bottom right-hand corner of your screen. This will take you to the Payment methods page, where all your linked checking accounts are located. The account that needs to be verified will have an exclamation point beside it.
If you use this method, Coinbase will automatically make two small deposits into the account you’ve added, which will then have to be verified. To complete the verification process, select an account with the exclamation point, and click on the pop-up screen’s Verify button. This will require you to enter the two deposit amounts, after which the account will finally be verified and ready to use.
While some might be concerned about using the instant account verification method for obvious safety reasons, Coinbase implemented several security systems that prevent potential misuse of its customer’s account information.
The platform offers three verification levels that provide varying restrictions and privileges, ensuring that only someone with all the necessary information can access their account. For more information about each of these levels, take a look at the table below.
|Security Level||Level 1||Level 2||Level 3|
|Requirements||Achieved by verifying your account with a photo ID and phone number.||Requires you to add proof of address and other personal information.||The highest level is achieved by verifying valid government ID completely.|
|Benefits and Restrictions||Make weekly digital currency sales and purchases across all payment methods, but with imposed limitations.||Enables wire transfers and unlocks unlimited investments for the account.||Enables the user to receive and send various cryptocurrencies through the blockchain.|
Check All the Details and Complete the Coinbase Account Verification Process
If you’re looking to verify your bank account on Coinbase and want the process as easy as possible, there are a few steps that will help. Find an institution with which they currently work, and follow the simple verification instructions. Lastly, don’t forget to use only one browser window at a time for this whole process, and make sure that all the details you’ve entered are correct.