Coinbase, Exchanges

Why Does Coinbase Need My Bank Login?

If you’re a Coinbase user, you may have noticed that the process of buying and selling cryptocurrencies has gotten a bit more complicated. Instead of being able to simply link your bank account or credit card to your Coinbase account and make purchases, you now must go through a process of verifying your identity and adding a bank account.

This may seem like an unnecessary hassle, but there’s actually a very good reason for it. In the past, Coinbase has been the victim of fraudsters who have used stolen credit cards to buy cryptocurrencies and then quickly sell them for a profit before the cardholder realizes what’s happening.

This has cost Coinbase a lot of money in chargebacks and fraudulent activity, so they’ve implemented this new process in order to protect themselves (and their users) from such activity.

NOTE: WARNING: Entering your bank login information on Coinbase can be risky. Your bank account could be hacked and your funds could be stolen. Coinbase is a legitimate company, but it is important to make sure you are entering your credentials on a secure website. Be sure to double-check that the website you are entering your information into is secure and reliable before providing any sensitive information.

In order to verify your identity, Coinbase will require you to upload a photo ID (such as a driver’s license or passport). They’ll also need some proof of address, such as a utility bill or bank statement.

Once your identity is verified, you’ll be able to add a bank account and begin buying and selling cryptocurrencies.

So why does Coinbase need my bank login? In short, it’s for security purposes. By requiring users to go through an identification verification process and add a bank account, Coinbase is able to better protect itself (and its users) from fraudsters who might try to use stolen credit cards to buy cryptocurrencies.

Previous ArticleNext Article