Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, hosts many traders on its platform on a daily basis. Coinbase Exchange has made it possible for investors to use the Bank Account (ACH). This payment method, along with other payment methods such as Debit Card, Wire Transfer, PayPal, Apple Pay, has been able to attract the attention of cryptocurrency enthusiasts to Coinbase.
Choice of Payment Methods
To select a payment method on the web, go to Payment Methods while on the mobile app go to Settings> Payment Methods. Select Add a payment method. Now you need to select the type of account you want to use. After this step, execute the necessary commands to add a payment method.
Add Bank Account
In this way, after verifying your account and giving your online banking username and password, you can quickly and securely link many banks to an exchange office. This security is also guaranteed if your bank needs your identity information or your password.
Activation
Go to the Payment Methods section. Select Add a payment method> Bank Account> Continue. On the new page, you can see the list of active banks and you can select anyone in which you have an account. Now enter your banking information. After completing this information, your bank account will be linked to the exchange and you can use it immediately. You can also manually link your bank to exchange with the deposit verification process. But the previous method is much simpler and easier.
How to manually link your bank account
This time, go to Payment Methods and Bank Account> Continue. On the new page, the names of the banks are displayed and you can search among the list of banks. When you search for a non-listed bank, you can see that there is an option to Link your bank manually. Select Get Started.
It now asks you for the following information:
- Bank’s routing number
- Your bank account number
- The name on the bank account
- The type of account being linked (Checking or Savings)
Now enter the Verify Account by entering your bank details and full name (must be the same as your Coinbase account name).
Once bank deposits have reached your account (generally in 2-3 business days), you can go to the Payments Method page and confirm the amounts. After completing these steps, you can start your own buying. Also, note that once your linked bank account is verified, You can use it to receive funds from Sell orders or cash outs from your USD wallet.
Security
Above all, the Coinbase exchange is licensed in the United States to transfer money to most U.S domains jurisdictions and is registered as a Money Services Business with FinCEN. Therefore the exchanges comply with the money transfer laws of the states, The Bank Secrecy Act, The USA Patriot Act. Coinbase is also available to non-US residents in Europe. This exchange with C.B. Payments Limited has a contract that is licensed by the Financial Conduct Authority.
Benefits of Using a Bank Account (ACH)
- Buy
- Sell
- Add cash
- Cash-out
- Large and small investments suitable for
As a result, you can make your own transactions by opening an account in this exchange, And by adding your own bank account to this exchange, the interaction between your bank account and your digital currencies is well done in Coinbase exchange.