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Why does coinbase need photo id

Is Coinbase safe to give ID?

Yes it is safe to show ID. And required by law for all legit crypto exchanges including the ones other posters will steer you towards. If an exchange doesn’t ask for these documents, they are probably a bit shady.

Does Coinbase need ID verification?

As part of our commitment to remain the most trusted cryptocurrency platform, all IDs must be verified through the Coinbase website or mobile app. We do not accept emailed copies of ID for verification purposes.

Why is Coinbase not verifying my account?

If you’re having trouble verifying your ID, we recommend using the Coinbase mobile app. … 90% of customers are able to resolve issues with ID verification by using the Coinbase mobile app and the camera on their mobile phone. Once the app is installed, go to Settings > Identity Verification.

How long does it take for ID verification on Coinbase?

2-3 minutes

Should I trust Coinbase?

The short answer is “yes, Coinbase is a legitimate cryptocurrency exchange and broker”. That is because of its high profile investors and highly regulated location (San Francisco). Coinbase is very unlikely to run away with your money.

Should I give Coinbase my SSN?

Coinbase does require that you provide your Social Security number to them when opening an account on their platform. 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.

How do I verify my ID on Coinbase app?

How do I verify my identity when using the mobile app?

  1. Tap the Settings icon located in the bottom right of the app.
  2. Select Limits and Features.
  3. Tap Enable send and receive at the top of the page. …
  4. Choose your document type.
  5. Follow the prompts to upload your ID document.
  6. Once the steps are completed, the identity verification process is complete.
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How can I buy Bitcoin without ID?

Top 7 Ways To Buy Bitcoin Without ID & anonymously

  1. CEX. CEX.io is a USA registered exchange that allows users to buy crypto worth $100/day without needing any ID. …
  2. CoinMama. CoinMama is the best option for beginners to purchase Bitcoin anonymously. …
  3. LocalCryptos. …
  4. Person to Person Purchase. …
  5. Bitcoin ATMs. …
  6. Bitsquare (aka BISQ)

How does Coinbase verify bank account?

Instant verification

To link your bank account: Visit your Payment Methods page. Select Link a New Account, select Bank Account, and select Continue. You’ll be presented with a screen where bank logos are displayed.

Does Coinbase report to IRS?

Coinbase may be reporting your trade activity to the IRS even if you’ve only been trading recently in the 2018, 2019, and 2020 tax years. They are doing this by sending Form 1099-Ks. … As it the case for tax forms in general, if you receive a 1099-K, then the IRS receives a copy of the same form.

How do I recover my Coinbase account?

Wallet Account Recovery

  1. Sign out of your Coinbase Wallet account through your settings.
  2. Reopen your Wallet app and select I already have a wallet.
  3. Select if to restore your Wallet using iCloud or your unique recovery phase.
  4. Follow thr remaining onscreen instructions.

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