As cryptocurrency payments have become increasingly popular in recent years, many businesses are looking to open official business accounts to ensure they are on the right track.
What better way to get started than with a Coinbase Business account, one of the most trusted cryptocurrency exchanges?
Whatever your business objectives are, whether you want to accept cryptocurrency payments for goods and services through the Coinbase Commerce platform, invest in cryptocurrency, raise capital, or manage your business capital reserves with cryptocurrency, it all comes down to opening a Coinbase Business account.
As you would expect, in today’s article, we’ll be walking you through how to open a Coinbase Business account, what the essentials are, and providing you with a step-by-step tutorial to help you open and get started with your account in 2024 quickly.
What is a Coinbase Business Account?
Coinbase is a financial institution and one of the world’s largest cryptocurrency exchanges in the industry, so anyone can open a personal or business account and start trading cryptocurrency.
As a result, Coinbase Business Accounts, as the name suggests, allow any business institutional investments, advanced trading options, etc. and separate personal and professional accounts, meaning that through a Business Account, businesses can buy and sell cryptocurrency and store it within the account.
moreover, 1 Coinbase Business Account Opening new doors Coinbase’s Business:
- Coinbase Commerce;
- Coinbase Prime;
- Coinbase exchange;
- Coinbase International Exchange;
Please note that you can create a Coinbase Business account on either the primary Coinbase platform or the Coinbase Pro platform.
The basic Coinbase account is suitable for beginners, but having a Coinbase Pro account gives you lower fees and access to more advanced trading options and other features that can be useful for your business.
Coinbase Business Account: Pros and Cons
Benefits of a Coinbase Business Account
Before opening a Coinbase Business account, it is important to understand the pros and cons of this type of account to better prepare your business.
Customized Solutions
As you can see, Coinbase offers a variety of products for businesseseach aimed at mitigating business pitfalls. As a result, Coinbase Commerce will be used to process cryptocurrency payments from anyone, while Prime will be the intermediary platform.
The exchange will power institutional investments across all regulated crypto spot exchanges, and the international exchange will open the door to perpetual futures contracts on BTC, ETH, LTC, XRP, SOL, and AVAX.
Needless to say, institutional investing is one of the most popular uses for the Coinbase Business account type.
Security Features
As Security is a must In the cryptocurrency trading industry, the Coinbase Business account offers two-factor authentication, crypto wallets, and more.
Lower fees
If you want to open a Coinbase business account, Low Cost Coinbase ProFor many businesses, getting the best price discounts can be the starting point for cryptocurrency trading.
Personal and business accounts
The first advantage is Separation of personal and business accounts. This simplifies expense tracking and makes it much easier for businesses to track cryptocurrency payments and manage their cryptocurrency trading activity.
Access to advanced trading options
of Coinbase Business Accounts Offer More Advanced Trading Options Apart from the above, businesses can manage their crypto-related initiatives from the first steps to full-scale operations.
Cons of Coinbase Business Account
The only drawback to this type of Coinbase account is Onboarding and verification process, This is because opening a personal account takes quite a bit of time.
This is understandable, as business entities must comply with legal and registration requirements.
Coinbase Business Registration Documents
Additionally, businesses will need to link a bank account or credit/debit card to make necessary purchases, as well as provide proof of ownership status, business registration certificate, and several documents proving the business's existence.
Breakdown of information required:
- Corporate name;
- Country and state of incorporation;
- Location of business
- Type of business;
- Business description;
- Number of employees worldwide;
- The fund’s assets under management;
Coinbase Business Account: Minimum Balance Requirement
To make sure your business has enough traction within your Coinbase Business account, the Coinbase exchange requires a minimum balance of $1,000, which proves your company has enough capital to trade cryptocurrencies.
Step by Step Guide to Creating a Coinbase Business Account
Signing up for a Coinbase business account isn't difficult, but it does require a lot more information than opening a personal account.
However, if you follow our step-by-step guidelines, you can quickly mitigate the process and open a Coinbase account.
Step 1: Visit the official website
visit Coinbase Click Sign Up Button.
A new window will appear where you need to select the type of account you want to create. In this example, Business Account.
Step 2: Create a business account
Once you have proceeded to the next step, you will need to complete the application process as shown in the image below. First name and last nameyour email address,and A password you choose.
Step 3: Set up two-factor authentication
Remember those security features we mentioned earlier?
In this step, Business phone number to receive the code via SMSyou will need this to complete the process. Once you have the code, proceed to the next step, Enter the required code.
lastly, Please check your email address (Used to create your account).
Step 4: Create an organization
In this step, Please enter your company name. It means your company name.
Step 5: Select the client type
you must Choose your business type Please operate as shown in the figure below.
Step 6: Add legal entity details
This step is tricky as you will need to fill out a form on Coinbase to customize your business needs along with the products you need, such as the Coinbase Commerce platform we just mentioned. We will explain it in detail.
Entity type: Non-profit, cooperative, corporation, etc.
Depending on your type of business entity, we will require additional contact details, or you can select your desired product, such as:
Expected monthly activity: Select only the most suitable ones from the dropdown, but it is better to start small and expand gradually.
Selection of top 5 countries;
Funding source: Select all the sources you will use to fund your Coinbase Business account.
This step will give you an accurate answer as to whether you can open a Coinbase Business account based on Coinbase’s regulatory policies.
If your business qualifies for a Coinbase Business Account, you will be asked for additional contact details to create your business profile.
Step 7: Business Validation
These following steps are fundamental to the business account application process and are what you need to submit: Operation details, Tax and billing informationand the Applicant for approval contact address Name, email address, date of birth, ID type, LinkedIn URL, etc. Business registration documents, proof of address.
Below are some of the documents you will need, but it all depends on the type of business you have, for more information, check out the official Coinbase page.
- Articles of Association/Memorandum of Association;
- List of authorized representatives;
- Constitution;
- Proof of business address of the entity;
- Shareholders and members register;
- Shareholders and members register;
- Funding source;
Step 8: Your application is being reviewed
At this time, your Your application is under review.
What to do after creating your Coinbase business account
Once you have submitted your Coinbase business account application, sign in to your business account. Applications tab.
Possible statuses include Submitted, In Review, In Progress, and Approved.
Coinbase Business Account FAQs
What is the difference between Coinbase Business and Individual?
A Coinbase business account allows business entities to buy, sell, and store cryptocurrency just like they would with a personal account, allowing them to perform the same operations with cryptocurrency.
What are the benefits of a Coinbase Business Account?
Here are the top 5 benefits of a Coinbase Business account.
- Customized solutions and products.
- Security features;
- Lower fees
- Separation of personal and professional accounts.
- Access advanced trading options.
What does a Coinbase Business account offer?
A Coinbase Business account provides a way for businesses to interact with the cryptocurrency industry through a variety of Coinbase solutions that cater to different aspects of their business.
Thus, businesses can choose between Coinbase Commerce, Prime, Exchange and International Exchange.
Conclusion
I hope you'll make it to the end of this step-by-step guide and that it will help you overcome some of the obstacles you've probably come across.
Opening a Coinbase business account also opens up a new world of financial possibilities for your company, regardless of your business objectives: Whether your business goal is to accept cryptocurrency payments, streamline your investments, or explore the cryptocurrency trading niche, Coinbase offers a robust suite of business-oriented solutions.
* The information in this article and the links provided are for general informational purposes only and do not constitute financial or investment advice. We recommend that you conduct your own research or consult a professional before making any financial decisions. Please note that we are not responsible for any losses incurred as a result of the information published on this website.
