Due to its reliability, compliance and security, Coinbase is a great option for any business that handles cryptocurrency as part of its operations. In this article, we will show you how to open a Coinbase business account and address some of the most common questions users have on the topic of using Coinbase for business purposes.
Create Coinbase Account
How to open a Coinbase business account? A step-by-step guide
In order to open a Coinbase business account, you should first head over to the Coinbase accounts page and select “Business”.
You will be asked to provide your name, address, and a password. Then you will receive an email to verify that the email address belongs to you. Please keep in mind that you can’t use an email address that’s already associated with another Coinbase account.
After your email address is verified, you will be asked to set up 2-step verification. You will be asked to provide a business phone number, and you will receive a verification code via text message.
The next step is to associate your business organization with your Coinbase account. It’s important that the name of the organization you input here matches the name of the organization on the documents (certificate of incorporation, etc.) you provide.
Now, it’s time to select your client type. Essentially, this refers to what you plan to be using your Coinbase business account for. Select the client type that best describes your business.
After selecting your client type, Coinbase will ask you to provide details about your business. This includes basic details such as the date of incorporation of your business, monthly transaction volume estimates, as well as questions about what you plan to use Coinbase for and which of the exchange’s products you want to access.
Now that you have filled out the basic information about your business, it’s time to select which Coinbase features you would like to use.
After your business profile is completed, you will have to complete questionnaires which will ask for information about your business related to these 4 areas:
- Operations
- Management
- Required documents
- Product settings
In the “Required documents” section, you will be asked to provide documents such as an authorized representative list, a certificate of incorporation, a directors register, shareholders/members register, source of funds, and an IRS Form W-9. If your business is not based in the United States, the required documents will be different.
After you fill out all of the questionnaires, select “Submit Application”. Coinbase will review your application and notify you when it’s approved or when they need additional information about your business. If no additional information is required, you should be able to access your Coinbase company account in a few days.
Please keep in mind that you will need a Yubikey if you want to use Coinbase Prime. A Yubikey is a physical device that enables secure 2FA (2-factor authentication). If you want to learn more about these devices, take a look at our article explaining how to choose the best Yubikey for your specific needs.
Another important consideration is that you don’t need to maintain a minimum balance if you just want to use the Coinbase Advanced platform. On the other hand, the Coinbase Prime and Coinbase Institutional platforms have a $1,000 onboarding cost.
FAQs
Now, let’s quickly answer some of the most common questions users have on the subject of Coinbase corporate accounts and business accounts.
What are the Coinbase business account requirements?
There are no public guidelines for all the requirements Coinbase takes into consideration when evaluating a business account application. Make sure to accurately fill out all the information required by the exchange, and provide any additional information if you’re contacted by a Coinbase representative via email after you submit your application.
You will need to provide various documents when making your Coinbase business account application. Here are the required documents for businesses based in the United States:
- Authorized representative list
- Certificate of incorporation
- Directors register
- Shareholders/members register
- Source of funds
- IRS Form W-9
What are the Coinbase business account fees?
The fees charged by Coinbase for trading on a business account depend on several factors, including the specific Coinbase product you’re using to make trades. The starting fee on Coinbase Exchange is 0.60% for taker orders and 0.40% for maker orders, but these fees can be lowered significantly if your account reaches certain trading volume thresholds.
While we’re on the subject of fees, we should also point out that Coinbase charges a $1,000 fee for Coinbase Prime and Coinbase Institutional accounts.
If you want to pay less in fees when using Coinbase, make sure to check out our article explaining how to avoid Coinbase fees.
The bottom line
Opening a Coinbase business account is not exactly a quick process, as the exchange requires a considerable amount of information about your business before you can even submit your application. Even after you submit your application, it might take several days for the application to be processed, and Coinbase might request additional information from you before you can start using your business account.
If you’re also interested in cryptocurrency exchanges other than Coinbase, make sure to take a look at our shortlist of the best Coinbase alternatives.
Source: https://coincodex.com/article/46644/coinbase-business-account/