Pros&Cons
Pros
- Lower fees when making large purchases
- Maximum daily purchase amount (limit) is high
Cons
- Relatively higher fees for small purchases
- Verification takes longer and requires more personal information (typically 4-5 business days)
Bottom Line
Linking your bank account is best for larger purchases (more than $200) and regular buyers.
It takes longer to setup, but you’ll have more flexibility and you’ll be saving money on fees in the long-term.
Our recommended platform: Coinbase
Creating a Coinbase account
- Go to www.coinbase.com or download the app
- Follow the instructions to sign up, starting with “Get started”
You’ll need:
- An active email account to receive the verification email
- A phone number to receive the authentication code by SMS
Verify your identity
You’ll need at least one of the following forms of ID:
- Driver license
- State-issued ID
- Passport
- Last four digits of your social security number
NOTE: the information on your ID must match the information you register for both the Coinbase account and the bank account you’re transferring from.
