Coinbase is a cryptocurrency platform that offers cryptocurrency exchange services to its users. Founded by Brian Armstrong and Fred Ehrsam in 2012, the platform allows people to make exchanges from fiat currency to cryptocurrency and also exchange among cryptocurrencies.
The platform is accessed through a mobile application also called Coinbase, on the platform cryptocurrencies available include Bitcoin, Bitcoin Cash, Ethereum, LiteCoin.
Coinbase has various provisions for every user on its platform, a user-facing app for beginners who are starting out in cryptocurrency trading, that can be used to trade, sell and store their cryptocurrencies.
Coinbase Pro, a more advanced platform as other digital products are also traded on this platform. There are also other services the platform offers which include its Wallet, Card, Prime, e.tc
In March 2021, Coinbase was the platform with the highest record of cryptocurrency exchange by trading volume in the United States. Despite this astonishing feat, the crypto platform is yet to situate a headquarters where they can be located physically.
Coinbase currently has its use in hundred countries with different enabled functionalities, some of the countries can convert, buy and sell cryptocurrencies on their platform while others can only convert cryptocurrencies.
Out of the hundred supported countries, Coinbase is functional in thirteen African countries with Nigeria not included. The thirteen African countries include Ghana, Benin, Angola, Botswana, Zambia, Uganda, Tunisia, South Africa, Rwanda, Namibia, Mauritius, Kenya and Cameroon.
However, to use Coinbase in Nigeria you need to download the Coinbase wallet and use it to store your cryptocurrencies as that’s the only thing you can do with Coinbase in Nigeria.
You cannot convert, buy or sell using Coinbase in Nigeria.
Steps in opening a Coinbase Account in Nigeria
Opening a Coinbase Account has some requirements to be met, they include:
- An ID card – A government-issued card. You must be up to 18 years of age.
- A phone number and a smartphone with an up-to-date operating system as text messages will be sent to you)
- The browser on your phone or computer should be of the latest version preferably use Chrome browser. Alternatively, use the latest Coinbase App version.
Creating the Coinbase account
From the browser on your computer, go to its site OR Download the Coinbase App on your mobile device.
When this is done, you can do the following:
- Select Get started
- Enter your full name correctly, your email address and create a strong password
- Enter your state and then select Create Account if you are doing it on a computer and select Sign Up if you are using your mobile device.
Please note: Every information entered will be verified, you will be asked to provide the proofs.
Then a verification mail is sent to verify your email from email@example.com.
Click on the link in the email and it will take you back to Coinbase.com.
Here, you will sign back in using the email and password you created during the registration process. This completes the email verification process.
After this, your phone number will be verified.
- Enter your phone number, select your country and then select continue.
- A seven-digit code will be sent as a text message, which you will input and then select continue. However, if you did not receive a code, tap resend SMS.
Your personal information will be required next,
- First Name
- Last Name
- Date of Birth
Then, you will answer the following questions:
- What do you intend to use Coinbase for?
- What is your source of funds?
- What is your Current Occupation
- Who is your Employer?
- Last 4 digits of National ID card.
This completes the application process, however, more instructions will be sent to your email.
Coinbase does not charge a fee for account creation or maintenance, Read their privacy, pricing and Account policy. Be properly guided.
About the author
Chibuzor Elizabeth Chijioke a graduate of Abia State University is a Nigerian-based entrepreneur and content writer. She trained as a digital marketer at Innovation Growth Hub. She is committed to teaching people how to apply technology to better their lives and businesses. She spends her leisure reading sci-fi and fantasy novels.
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