No. Unfortunately, Rocket Dollar cannot support a Coinbase account as of December 8th, 2021. All questions about onboarding must be directed to Coinbase itself. Rocket Dollar offers other instructions for other exchanges on our partner's page and our knowledge base.
We have instructions for...
Why does Rocket Dollar not provide updated Coinbase instructions?
- Over time in 2020-2022, the Coinbase application process, through their institutional channel, has become much more difficult to apply.
- Customers with applications below $500,000 received subpar customer response times
- Customers under $500,000, if their application is considered, must pay minimum monthly fees to Coinbase, which can make the account expensive and prohibitive to use for all but the heaviest-volume traders.
- Application times stretched over 6+ months in the bull market, and some customers were still not approved. Our other exchange partners can typically approve applications in two days to two weeks.
- Coinbase requires significant and expansive documentation that a non-operating company does not possess (documents on company letterhead, shareholders registrar, directors registrar, etc) and was not willing to make exceptions for non-operating companies like an IRA Trust or IRA LLC. Customers who were diligent about creating these documents were still rejected.
- Rocket Dollar worked closely with diligent customers willing to work through any hurdle, to see if we could shorten or alleviate the above issues, and they, too, were rejected in Coinbase onboarding. After several meetings attempting to address these concerns with our partnerships team, Rocket Dollar has decided to focus on other exchange partnerships for the IRA Trust, Solo 401(k), and older customers with an IRA LLC.
Can I view the old instructions?
Here are the old instructions as updated from September 25th, 2021. You may download and use them as a guide.
- It is advised you do not try to apply to Coinbase unless you are bringing in $500,000 in assets or more to the exchange. Customers below that asset level will be denied or charged minimum trade fees per month. If you are still determined to apply, apply to another crypto exchange at the same time that has supported instructions, so that you may use the backup exchange if you run into any issues.
- The Rocket Dollar support team will not be able to answer any questions related to these old instructions.
- The Rocket Dollar sales and partnerships team will not be able to answer any questions related to these old instructions. The team is busy working on instructions and partnerships with other exchanges and cryptocurrency channels. Crypto demand continues to evolve, and we are working every day with our current and future possible exchange partners.
- All questions about onboarding applications should be directed to Coinbase support.