1. Verify your email
To get started, submit your email address. After doing so, you will receive a verification email. Open the email and click the link to continue setting up your account.
2. Provide Know-Your-Customer (KYC) information
Financial services companies in the United States are required by law to collect information that helps prevent financial fraud, a process known as Know-Your-Customer, or KYC. Coinbits does not store this information. Instead, it is processed by our regulated custodian, Prime Trust.
To complete your KYC for Coinbits, you will need to provide the following:
- Basic information, including your full legal name, date of birth, phone number, and a residential address
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- A photo of a valid government-issued ID such as a driver's license or passport
3. Link a bank account
A U.S.-based bank account is required to make bitcoin purchases. It will be used to pay for your Bitcoin purchases. This will also be the account that your money will be sent to if you cash out (sell) your bitcoin.
Coinbits uses Plaid, the industry-leading solution for connecting bank accounts to apps. To link your bank account to Coinbits using Plaid, you will need the username and password that you normally use to access your bank account online. Coinbits does not see your username and password during this process.
Plaid supports most banking institutions, but if you happen to have an account that is not supported, you can link your bank account manually. To do this, you will need to provide your bank account’s account number, routing number, and a photo of a voided check or bank statement.
4. Make your first bitcoin purchase
Now, you’re ready to get some bitcoin of your very own.
There are several ways to purchase bitcoin on Coinbits. If you want to buy bitcoin fast, use Buy Instantly. If you want to save in bitcoin consistently, set up Saving Habits. If you want to start small by saving your spare change, set up Round Ups.