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Yes, you will have to provide lots of personal information to to buy from them.
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Security and insurance: While cryptocurrency exchanges are not protected by the Federal Deposit Insurance Corporation or the SIPC, Coinbase says that all of the digital currency it holds online is insured….Coinbase features you should know.
How to move bitcoins from coinbase to blockchain wallet verification#
We didn’t always require Identity Verification to sign up for Coinbase, but we now require all customers to input their information. Per the Coinbase User Terms, we require all customers to verify their identity to continue using our service. Is it safe to upload your driver’s license to Coinbase?Ĭan I trust Coinbase with my ID? Yes, as much as I hate to say it, they are one of the few Cryptocurrency Exchanges that you can trust with fully protecting your KYC data to the best of their ability. If you having a difficult time uploading your Identification Document, please check out our best practices and tips. You will need to unlock level 3 by verifying a valid Identification Document before being able to make sends and receive on the blockchain. They use your SS# for several reasons such as checking your background information, tax reporting purposes as well as to comply with anti- money laundering laws of the United States. Coinbase keeps almost 99% of their assets in an offline cold storage that can’t be accessed - when in cold storage, they cannot be hacked! Can I trust Coinbase with my SSN?Ĭoinbase does require that you provide your Social Security number to them when opening an account on their platform. While it is never 100% safe to your money on any online exchange, Coinbase is one of the safest web wallets you can use.