Applying for a mortgage for your first home can be a stressful enough situation, it is after all most likely going to be the biggest financial transaction of your life.
If crypto and other investments form a part of the funds you will be using for your deposit then the bank will 100% want to dig into all the transactions you have been making. Most likely you will need a statement that covers the last 6 months for them them to look over.
But what have Coinbase to offer when it comes to official statements?
Where you can download your Coinbase Statement?
First of all you will need to go login to your Coinbase account through the web browser as the statement will no be available on the mobile app.
The Coinbase report will look differently to other reports you are used to seeing on other investing platforms. Unfortunately, they only have a transaction report which is not ideal.
Step 1 – in the top right hand corner of the your dashboard click on your profile picture
Step 2 – Next up click on the ‘Reports’ section
Step 3 – Generate a Transaction History Report
Step 4 – Download the PDF version of the Transaction Report
How to Read your Coinbase Statement?
As mentioned above the Coinbase report that they provide is actually just a transaction report and will not give you opening and closing values in Euro or USD for your portfolio.
If you are sending this to a bank for proof of funds, you may also want to send a print screen of the dashboard, that shows the value in fiat currency also.
As you can see above from the screenshot of my transaction report, it just shows buy and sell orders as well as movements of crypto in and out of Coinbase wallets from other sources.
Thankfully the report actually shows your name on it so you can actually prove these are your transactions but Coinbase really need to improve the reporting options now that they have close to 10 million users.
What needs improvement from Coinbase?
Crypto is still relatively new as an asset class and banks are still catching up when it comes to understanding how it fits in with their own business model.
Bankers can get spooked quite easily when they see a lot of transactions that for them are very hard to track and trace.
For all the bank know some of the money you could use for your deposit could have been borrowed from a Defi protocol, and in reality, you cannot afford the deposit for your mortgage.
Coinbase should improve their service to their clients by creating more bank-friendly statements, that track your opening and closing balances on your account.
It is important to keep the bank on your side, the last thing you want to do is raise any suspicions. Give them access to everything they need so you are not risking getting declined for loans.
Disclaimer: This blog post is for informational and educational purposes only and should not be construed as a financial advice.