Coinbase is one of the most popular and safe cryptocurrency exchanges for all types of businesses worldwide. It allows you to trade in various cryptocurrencies using a secure platform. But before you start buying and trading on Coinbase, you need to know how to open a Coinbase business account. Continue reading as we provide a comprehensive guideline on how to open a Coinbase business account.
Why Do You need to Open a Coinbase Business Account?
The world is rapidly shifting to blockchain technology and cryptocurrencies for secure payments without the intervention of third-party banking services or government institutes. Coinbase is among the most secure crypto exchanges that allow you to trade cryptocurrencies or buy and sell cryptos with fiat currencies, including USD, EUR, GBP, JPY, and more. Before knowing how to open a Coinbase business account, you should recognize what privileges it offers compared to a standard Coinbase account.
A business account allows you to access the Coinbase commerce platform, accept crypto payments, and securely process all your business transactions. With a Coinbase business account, it’s easier to track your expenses and revenues. By mentioning personal investments as commercial assets, you’ll not be personally liable for any losses to the business.
How to Open a Coinbase Business Account – Step-by-Step Guide
To open a business account, you’ll be required to fill out an application form and submit it for review. You can save your application progress and complete the rest of the form at any time. Here’s a step-by-step guide on how to open a Coinbase business account:
1. What You’ll Need
To open a Coinbase business account, you must have the following data available with you to fill out the application form:
- Business name
- Bank account details for funding purposes
- A government-issued photo ID
- An accessible and active email address
- If you’re applying for limited (Ltd.) or limited liability company (LLC) onboarding, you’ll require your passport with picture and signatures, identity card, driver’s license, and US military ID (if the address on ID and application are the same)
2. Filling Out the Application Form
Step 1 – Open the Application Form
To open the application form, click here.
Step 2 – Insert Basic Information
The application form consists of multiple steps. First, fill out our personal information, including first and last name, email, and password. Tick the checkbox and click the “Create account” button.
Step 2 – Provide the Name of the Legal Entity
Enter a legal entity name that coincides with the authentic business name and registration documents. The bank account details should also correspond with the legal entity name.
Step 3 – Enter “Doing Business As” Name
Enter it when your business is registered under one name but operated using some other name or has business accounts with other names. You can enter trade names or product names here.
Step 4 – Choose the Country and State of Incorporation
Select the country or state where your business is incorporated and where your accounts are operated for tax payment, currency exchange, and other business purposes.
Step 5 – Enter the Place of Operation
Choose a city or town closest to your business’s physical location. If your business operates from multiple locations, choose the location of your main office or headquarters.
Step 6 – Choose the Business Type
You’ll get numerous options, including sole proprietorship, limited company, and limited liability company (LLC). Choose the option that resonates with your business type and matches your business requirements.
Step 7 – Provide a Brief Business Description
Write down a brief description of your business. You can include your mission statement, objectives, and information related to the area of operation and geographic location. Don’t forget to mention your products and services.
Step 8 – Enter the Number of Employees
Mention the number of employees in your company. If your company operates from multiple locations, enter a collective number. It is an optional field, and if you’re starting a new business, we recommend you skip this step.
Step 9 – Fund Assets under Management
You must specify the total amount of money you want to invest with Coinbase. This sum will be reflected in the total value of money held by Coinbase users globally.
3. Verification and Approval
After you’ve provided the mandatory information and submitted the form, Coinbase will verify your business. Coinbase will counter-check whether you’ve provided the correct information, including the W8 tax document (for businesses incorporated outside the US). It may take a few days for verification until your business account is approved. You can check your application status in Coinbase Business Application Center.
Whether you’re starting a small business or want to create a business account for an existing enterprise, Coinbase business accounts offer far-reaching benefits for business owners and investors. Coinbase business accounts feature everything a business person might want: minimal processing costs, access to a secure commerce platform, and better security.
Once you know how to open a Coinbase business account, you can open the gateway to countless business and trade opportunities in an entirely different marketplace. We hope this comprehensive guide has provided you with everything you need to know about how to open a Coinbase business account.
People Also Ask
Coinbase vs. Coinbase Pro: Which is better for businesses?
People who want to know how to open a Coinbase business account are eager to know which is better for businesses. Coinbase and Coinbase Pro offer the same security features, but you can indulge in more advanced trade options in Coinbase Pro with lesser transaction fees.
Can I use Coinbase on my computer?
Certainly yes! Unofficial desktop apps for PC and Mac are available on the internet, and you can download and install it.
What does “Coinbase entity” on my business application mean?
The word “Coinbase entity” on your business application refers to the international Coinbase entity to which you will be aligned.