To deposit money from your bank account to Coinbase, you need to link your bank account using Plaid.
After connecting your bank account using Plaid, you will be able to buy cryptocurrencies directly using your bank account.
You can also deposit money from your bank account to your USD wallet on Coinbase.
Once the transaction is confirmed, you can use the funds to buy or sell cryptocurrencies on Coinbase.
However, Plaid is not available in some countries.
For example, if you live in Singapore, you can’t link your bank account to Coinbase.
This is because the payment method “Bank Account” is not yet supported.
In that case, you need to buy and sell cryptocurrencies using your debit or credit card.
Get $10 USD in Bitcoin for free on Coinbase here: https://www.coinbase.com/join/lim_di1.
Here’s how to deposit money from your bank account to Coinbase:
Table of Contents:
1. Go to Coinbase.com and click on “Buy/Sell”
The first step is to go to Coinbase.com and log in to your account.
You can also use the Coinbase mobile app for this.
For the purposes of this guide, we will use the desktop version of Coinbase instead.
Once you are on the desktop version of Coinbase, you will see a “Buy/Sell” button on the top navigation bar.
Click the “Buy/Sell” button to start buying or selling cryptocurrencies.
2. Add your bank account
Note: If you don’t see the “Bank account” option, it means it’s not yet supported in your country. In that case, you can only buy cryptocurrencies with a debit or credit card.
After clicking on the “Buy/Sell” button, you will land on the purchase page.
If this is your first time buying cryptocurrencies on Coinbase, you will be required to add a payment method.
Otherwise, click “Pay with” followed by “Add a payment method” to add a new payment method.
You will then be provided with one or more payment methods that you can add.
This includes “Bank Account”, “Credit/Debit Card”, “PayPal” and others.
Click “Bank Account” to start adding your bank account.
If you don’t see the “Bank Account” payment method, it’s not available in your country.
For example, if you live in Singapore, you won’t be able to link your bank account.
In that case, this guide is not applicable to you and you must instead purchase cryptocurrencies using a debit or credit card.
3. Click on “Continue”
After clicking on “Bank Account”, a pop-up will open.
You will now be required to use Plaid to link your bank account.
Plaid is an easy way to connect your bank to popular apps like Coinbase.
This is safe as your personal financial data will be encrypted.
In addition, your credentials will never be made accessible to Coinbase.
Click “Continue” to proceed to the next step.
4. Select your bank account
After clicking “Continue”, you will be asked to select your bank.
Now you need to select the bank account you want to add.
You can use the search bar to search for your bank.
For example, if your bank is “Chase,” select “Chase.”
5. Log in to your bank account
After selecting your bank, you need to access it.
For example, if you selected “Chase”, you need to sign in to Chase.
First, enter your user ID and password.
Secondly, click “Submit” to access Chase.
Thirdly, after logging in to Chase, you need to verify your identity.
For Chase, you can verify your identity via SMS, phone, or email.
For example, if you want to verify your identity by text, select “Text” and click “Continue”.
If you have selected “Text”, a security code will be sent to your phone number.
Fourth, enter the security code in the “Code” field and click “Submit”.
After submitting the security code, you will land on the success page.
Click “Continue” to complete the link of your bank account.
6. Click on “Buy/Sell” again
After linking your bank account to Coinbase, it will be available for use.
Now you will be able to buy and sell cryptocurrencies!
You will also be able to deposit money into your USD wallet.
You can do this by navigating to your > US dollar wallet > deposit.
To start buying cryptocurrencies on Coinbase, click “Buy/Sell” again in the top navigation bar.
7. Buy cryptocurrencies directly using your bank account
If you are buying cryptocurrencies using your bank account, it will take 3 to 5 business days to complete the transaction.
After clicking on the “Buy/Sell” button, you will land on the purchase page.
On the purchase page, you need to select the cryptocurrency you want to buy, enter the amount of cryptocurrency you want to buy, and select your bank account.
First, click on the “Buy” option and select the cryptocurrency you want to buy.
For example, if you want to buy Bitcoin, select “Bitcoin”.
Secondly, you need to enter the amount of cryptocurrency you want to buy.
For example, if you want to buy $100 worth of Bitcoin, enter “100”.
Thirdly, click on the “Pay with” option and select your bank account.
This will allow you to buy cryptocurrencies directly using your bank account.
Finally, click “Preview Buy” followed by “Buy” to buy the cryptocurrency (e.g. Bitcoin).
Please note that the transaction takes 3 to 5 business days to complete if you use your bank account.
If you don’t want to wait, you can buy cryptocurrencies using your debit or credit card.
Buying cryptocurrencies using your debit or credit card is instantaneous.
Conclusion
In some cases, you won’t be able to buy and sell cryptocurrencies on Coinbase because your account is limited.
If you receive a “Limited Account” error on Coinbase, it means that you are unable to buy or sell cryptocurrencies.
This is usually due to the fact that you have not yet verified your identity.
To verify your identity, you need to take a photo of your ID and send a selfie of yourself.
The Coinbase team will typically take a few days to review your identity.
However, it can take several weeks due to increased demand.
