Today, Coinbase Exchange is one of the most famous and reliable cryptocurrency exchanges. Now a days It is easy to get cryptocurrency. And 98 million verified users is the best proof of reliability.
Unlike other exchanges, Coinbase offers accounts for individuals and businesses. Having a personal trading account on the exchange is very convenient for some companies. If creating an account for yourself is fairly easy, starting an account for a business turns out to be a bit more complicated.
Let’s find out how to open a Coinbase business account and take a quick look at the advantages, signup requirements, disadvantages, etc.
Coinbase Account vs Coinbase Business Account
Honestly, there aren’t that many differences between a Coinbase account and a Coinbase Business account. It just depends on the user’s purposes and needs.
The Coinbase business account differs from the ordinary account in only one point: A Coinbase business account is registered under the name of a company and at the place of use. In other words, it allows trading under one company name and allows funding with a number of bank accounts associated with the company.
Coinbase Business Account users will still have the option to choose between the regular Coinbase and Coinbase Pro account types.
What other advantages does the Coinbase business account have?
- security features.
Security has always been the main priority when investing in cryptocurrency. In addition, each of the accounts has absolutely identical facilities.
- legal fees.
Compared to Coinbase and Coinbase Pro, the second one costs less. It also helps to make a sensible option in case the company has a large amount of assets to trade.
- Institutional Investments.
The popular applications of coin base is Institutional investing for business account type. There is an opportunity to separate personal activities from professional activities.
- Using the Coinbase Commerce platform.
A Coinbase business account is helpful when a merchant uses the Coinbase Commerce platform. It would become much easier to accept cryptocurrency as payment for goods or services and also to track crypto payments.
The Coinbase Pro business account has advanced trading options. However, studying the full picture of Coinbase Pro from this perspective can take a long time.
Coinbase Business Account: Pros and Cons
Now that we know the key facts about Coinbase accounts in general, let’s take a closer look at the pros and cons of Coinbase Business accounts.
This type of account offers a few more benefits than the regular one. Here you are:
- First, there is the separation between personal and professional wealth.
- Thanks to this, tracking income and expenses becomes easier and space is freed up when doing business transactions using cryptocurrency.
- Coinbase business accounts can limit liability to prevent the undesirable mix between business and personal cryptocurrency assets.
- As for the downsides, some additional verification procedures are required during registration.
- Approving a business account takes additional time.
In general, all types of Coinbase accounts have a lot in common. However, trading accounts have several disadvantages:
- Owning a Coinbase Pro account makes it possible to get lower costs even though you are a company or an individual trader.
- It can take less time for a trading account user to hit the thresholds and get better price drops. But who knows if individuals might have the same luck or not?
Knowing all these facts, every trader can make their personal decision whether to get a Coinbase business account or not.
How to open a Coinbase business account
When we know most of the pros and cons of Coinbase accounts, it is high time to find out how to open a Coinbase business account. Another fact is that the company should already be fully registered and all documents should be available to attach to the application.
Creating a Commerce account takes a bit more effort compared to creating a personal account. The mandatory fields of the registration include the specification of specific information about the company:
- name of the legal entity
- country and state of incorporation
- business type
- business description
- number of employees worldwide
- Fund assets under management
According to Coinbase rules, the legal entity name should match the company that will be using the Coinbase business account. It should also match the name on the business bank account so that there are no problems in funding the account.
Apart from the necessary items, there are also some optional ones:
- do business as. This field is created when the company is registered under one name but operates under the other name. Specifying other names is required.
- product of interest. There are a few options available: Prime, Custody, Exchange, Analytics. When choosing the first two, it would be necessary to check the possibility of meeting the minimum balance requirement.
- Personalization of the account for which products and features are to be used.
- Provision of some private data: first and last name, additional email address, telephone number, job title and additional contact details such as LinkedIn URL or another social media account.
In case a trader does not wish to add this information, it is possible to omit it and simply tick and submit a captcha.
As registration proceeds, it is necessary to verify the email address. The one supplied with the contact details.
Then traders need to provide proof of ownership and some business registration documents. The list of documents varies depending on the home country where the Coinbase Commerce account is registered and intended to operate. At this stage, Coinbase support comes alive and helps complete the process.
As mentioned earlier, the timing of the review varies.
Now everything is clear how to open a Coinbase business account. Once that’s done, don’t hesitate to start trading as it’s the perfect time to try out all the services and features chosen during registration. It will help to continue understanding the specificity of the Coinbase business account.
To make trading easier and more convenient, there is an opportunity to start using the Coinbase cryptocurrency exchange to withdraw coins from the exchange.
However, it is only up to you to decide whether you want to invest with Coinbase or find another exchange that would suit you better.