Cryptocurrencies have been one of the fastest-growing financial trends in recent history, with at least 150 million people taking part in the digital coin market since the 2009 inception of Bitcoin. As this new form of money inches closer and closer to the mainstream, the question of who the bank for this currency will naturally follow. Coinbase sought to provide the answer. Coinbase is easy to set up but requires some information, including your legal name, home address, phone number, date of birth, and last four digits of your Social Security number. To protect your personal data security, here’s how to create a Coinbase account without a personal phone number.
Coinbase History and Operations
Coinbase is one of the oldest and most popular cryptocurrency exchanges since it has been founded in 2012. So far, it has successfully navigated major obstacles and overcome challenges that led to the demise of some of its competitors. This is an advantage for those seeking an exchange with years of experience and a good reputation. Coinbase was founded by Fred Ehrsam and Brian Armstrong. They launched the exchange through a U.S. tech startup called Ycombinator.
The exchange was originally set up as a marketplace for bitcoin trading but has since expanded to include thousands of other cryptocurrencies. Coinbase currently boasts to have over 2,700 workers worldwide, and operations in over 100 countries. Its ecosystem also supports approximately 9,000 institutions in the financial sector.
Coinbase Regulation and Security Measures
Coinbase is not only one of the pioneers in the crypto space, but also one of the first cryptocurrency exchanges to be approved by US regulators, which makes it one of the best, especially for US customers who have strict guidelines regarding trading. This also means that exchanges need to implement proper security measures, such as KYC (Know Your Customer) and anti-money laundering (AML) measures that all users must follow.
Coinbase implements KYC primarily as a means of curbing money laundering, although the information provided is heavily used in 2FA. Coinbase enforces KYC by setting some user restrictions; for example, you may only be allowed to purchase a limited amount of cryptocurrency until you verify your ID, phone number, and personal information.
A Step-by-Step Guide to Creating a Coinbase Account
Go to the Coinbase website and click on “Register”.
In the pop-up window, click on the phone number and enter your phone number and enter your password at the bottom. Once you click “Sign In”, it will lead you to confirm the number.
Creating a Coinbase account is as easy as opening a bank account, and fortunately, the process is both quick and easy. You can start building your crypto portfolio on the exchange as soon as possible. Verifying your account is the best way to ensure that you can trade crypto safely with fewer restrictions. You will be asked to provide some personal details, such as your social security number or ID number and personal contact information, to verify your account.
Coinbase will also ask you to prove your information, which you can do by submitting a photo of your ID issued by the government. After verifying your account information, you can buy and sell cryptocurrencies as you wish as long as you have sufficient funds.
How to Circumvent the Coinbase Number Verification
Like other cryptocurrency exchanges, the service requires a confirmed phone number for successful verification and registration. Luckily for you, Dingtone numbers can help you with account verification. All you need to do is follow the steps in our guide.
Step 1. Create an account on the Dingtone website or app.
Step 2. Click on the Buy button to purchase a virtual number and get a Coinbase verification code.
Step 3. Click on the “Get SMS” button and you will receive the verification code. It is recommended to wait 10 to 15 seconds after requesting the code.
Simply perform this simple step and you will create a Coinbase account. For those who need to receive an unlimited number of messages instead of just one, there is a long-term number rental service. It is a little more expensive but more conducive when you activate a large number of services at once.
Another advantage of Dingtone is the possibility to choose the country where the mobile operator is located. The site offers numbers from more than 250 countries and locations or with real area codes. Especially when changing the login device, Dingtone is not constrained by the SIM card and device and can log in from multiple devices to receive the verification code.
Coinbase and Other Exchanges
The exchange Coinbase also offers a trading platform called Coinbase Pro. Like Binance, Coinbase is a leading exchange with a good reputation and a high adoption rate. On the downside, Coinbase only supports 103 countries/regions, thus limiting its access globally.
Binance also offers a variety of cryptocurrency options and accepts credit cards for cryptocurrency purchases. On the downside, the purchase fees are very high, over 5%. When we focus only on crypto-to-crypto exchanges, Binance definitely outweighs it with a much lower fee of 0.1%.