Adding a payment method to your Coinbase account is important to enjoy the seamless crypto-asset trading experience of the Coinbase exchange.
Launched in 2012, Coinbase is a premier cryptocurrency exchange platform that emerged after Bitcoin’s launch.
It is one of the top trading and investment platforms for cryptocurrencies. It offers buying, selling, exchange, investment, and trading service for a wide range of crypto assets, including Bitcoin, Ethereum, Solana, Dogecoin, and more than 190 other cryptocurrencies.
Coinbase is a giant name on its own. The platform boasts more than 30 million users worldwide. It also accrues more than $1.5 billion in trading volume daily.
Essentially, Coinbase is a decentralized crypto exchange platform. However, it is still regarded as a CEX since users don’t have control over their private keys.
Meanwhile, the platform is highly reliable and easy to use. Firstly, its intuitive user interface is good enough for beginners who want to get the hang of the platform.
Coinbase also offers Coinbase Pro, which by the sound of it, is meant for professional traders. The Pro platform has additional advanced trading and analytical tools, with enhanced trading charts for experienced traders.
In order for you to withdraw money from Coinbase, you do need to have your bank account linked. To link your Bank account to Coinbase, you need to go to settings. There, click on the ‘Payment Methods’. It’ll show you an option to add a payment method. Click on that and choose ‘Bank Account’. Fill in your bank details and complete the verification step. After that, you’ll be able to see your linked bank account in payment methods.
We’ve listed below all the steps to link your bank account to Coinbase in detail. Let’s go through them.
Steps To Link Bank Account to Coinbase
Adding your bank account to your Coinbase account is simple and straightforward. However, due to the sensitivity of the process, there are strict security protocols set in place to ensure the safety of assets and users.
Therefore, when adding a new bank account to your Coinbase account, you need to ensure your information matches the ones used for the KYC process.
Here’s how to add a bank account to your Coinbase account:
- Log in to your Coinbase account
- Navigate to payment methods on your profile
- Add bank account
- Verify bank account
1. Log in to your Coinbase account
Before you can add a bank account to your Coinbase account, you must have fully set up and verified your account. Meanwhile, ensure that the information on your bank account correlates with your ID documents.
To get started, go to Coinbase.com on your web browser. Tap SIGN IN on the top right corner of the homepage.
On the sign-in page, input your email address and continue with your password. Complete 2FA verifications to finally sign in to your account.
Once you’re in, click on your profile icon in the top right corner of your dashboard; from the options, click SETTINGS.
In the settings, select PAYMENT METHODS from the setting options available.
If you have any payment methods set up in your Coinbase account, you will see them in this section.
Click ADD A PAYMENT METHOD and choose BANK ACCOUNT.
3. Add bank account
There are two ways to add a bank account. You can either use PLAID, a third-party Coinbase integration, to add your bank account.
If you’re using PLAID, click CONTINUE to get redirected to Plaid. Once you’re in Plaid, you must set up a Plaid account and complete the KYC process.
Once you’re done, you can link and verify your account with PLAID and finish adding your bank account to Coinbase instantly.
However, setting up an account and completing the KYC process with Plaid can be tedious.
Fortunately, you can add your bank account manually by submitting your bank details to Coinbase directly.
To manually add your bank account, cancel the option to add a bank account with Plaid to go back and manually link your bank account.
A form where you can add your bank details should pop up afterward. You have the option to add your checking and savings account.
For any option that you choose, you must add your Routing number, Account number, and Full account name.
You can find all these details on your bank cheque. Follow all on-screen instructions.
Once you’re done adding your details, tap ‘VERIFY YOUR BANK’.
4. Verify bank account
After adding your bank details, Coinbase will verify the account by sending deposits to the bank account.
Verification usually takes two to three days. However, once the two deposits from Coinbase lands in your account, you must specify the amount sent to verify your account.
Once you’ve received the deposits from Coinbase, go back to your Profile > Settings > Payment methods.
Under Payment methods, you will find the bank account you recently added. Tap VERIFY on the account and input the transfer amounts in the boxes provided.
Click VERIFY TRANSFER AMOUNT to finally link your bank account to Coinbase.
How to Link Bank Account to Coinbase Pro?
Adding your bank account to the Coinbase Pro account is almost similar to that of Coinbase. Therefore, if you’re using only Coinbase Pro, here’s how to add a bank account to payment methods:
Navigate to Coinbase Pro at pro.coinbase.com/trade
On the left column, click DEPOSIT and choose your fiat currency (USD for American users and GBP for UK users).
From the deposit option, click BANK ACCOUNT. If you’re using your bank account for the first time, click ADD ACCOUNT.
You will be redirected to Coinbase.com to follow the steps above.