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 profile.
2. Provide Know-Your-Customer (KYC) information
Financial services companies in the United States are legally required 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, Cybrid.
To complete your KYC, you will need to provide the following:
- A live photo of a valid government-issued ID such as a driver's license or passport
- Basic information, including your full legal name, date of birth, and a residential address
- Social Security Number (SSN) or Social Insurance Number (SIN) OPTIONAL**Providing your SSN is optional. If you choose to provide it, your bitcoin buying limits will increase.
- Three live photos of yourself that include two side views and a center photo.
If you experience difficulties with the KYC process, don't hesitate to contact our support team, who can provide further assistance.
Note: Any customer going through KYC with a non-US IP address will be flagged for review and asked to verify the reason they are not in the US.
3. Connect an external bank account
A U.S.-based bank account is required to deposit dollars into your Cybrid custodial account. These deposits are used to pay for your bitcoin purchases. Your cash will be sent to this account 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 usually 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 have an account that is not supported, you will be able to link your bank account manually (coming soon).
4. Make your first bitcoin purchase
There are several ways to purchase bitcoin on Coinbits, but each requires funding your Cybrid custodial account with dollars. You can choose to fund your Cybrid account in two ways:
- Make a manual USD deposit (ACH or wire)
- Allow our Balance Manager to deposit just enough dollars to fulfill any DCA features automatically.
Once your Cybrid account is funded, you can begin purchasing bitcoin. If you want to buy bitcoin quickly, use our Buy Bitcoin feature. If you want to save in bitcoin consistently, set up Saving Habits. If you would like to start small by saving your spare change, set up Round Ups.