Chapter · Master Coinbase
Open and secure your account
Opening a Coinbase account means passing KYC (Know Your Customer): you upload an ID and a selfie so the exchange can verify who you are. Regulated exchanges are legally required to do this to fight fraud and money laundering, so anywhere that skips it should worry you. Once you are in, your account is only as safe as its weakest login. A strong unique password plus app-based two-factor authentication (2FA) is your armour. Do this before you deposit a single euro.
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What you get asked
Why do regulated exchanges require KYC identity verification?
KYC is a legal requirement for regulated venues, not an optional extra. A platform that lets you trade real money with no identity check is a red flag, not a convenience.
For two-factor authentication, prefer an authenticator app over ___ codes, which can be intercepted.
SMS codes can be stolen through SIM-swap attacks, where an attacker hijacks your phone number. An authenticator app generates codes on your device, so there is nothing to intercept.
Order the steps to open and secure a Coinbase account
Security comes before money. Verify, harden the login, protect against phishing, and only then fund. Doing it in this order means your first euro lands in a locked account.
A message says 'Coinbase security alert, click here to verify your wallet now.' What is the safe move?
Phishing thrives on urgency. Real support never asks for your password or 2FA code. When in doubt, never click the link: navigate to the site or app yourself.
Which pair of habits best protects a new exchange account?
Reused passwords let one leaked site expose your crypto. Unique password plus app 2FA means an attacker needs two separate things you control. Guard both. 🐜
The rest of this chapter
Buy your first crypto safely, understand fees, and know when to self-custody.