As trading in cryptocurrencies becomes more lucrative, traders are always looking for a credible and secure cryptocurrency exchange. One of the top cryptocurrency exchanges in 2018 is Coinbase. This Coinbase review will provide all the information you need to decide whether to trade with Coinbase and make a profit.
- Coinbase review
- Then, follow these steps:
- Click on sign up’.
- Click on Create Account’ when complete.
- How to make a trade on Coinbase
- Sending and receiving cryptocurrencies using Coinbase
- How much does Coinbase charge in fees?
- Is Coinbase safe?
- How much can you transact on the Coinbase platform?
- Coinbase reviews regarding the exchange are positive.
- Coinbase custody
- Coinbase commerce
- Instant UK bank purchases
- Will Coinbase monitor your account?
- Coinbase pros
- Coinbase cons
This exchange was founded in 2012 and to date, has served over 12 million traders. The volume traded on the exchange surpasses USD40 billion. Within 1 year, Coinbase was the highest funded startup and was arguably the largest cryptocurrency exchange in the world.
Today, Coinbase is available to traders from over 32 different countries which are mostly in Europe and North America. You can trade 7 different cryptocurrencies on the platform including Bitcoin, Etherum and Litecoin.
Besides buying and selling cryptocurrencies, Coinbase also offers Coinbase Pro (formerly the GDAX platform). This platform allows professional traders to trade in exotic pairs such as BTC/USD. Other products on offer include Coinbase Asset Management, Prime, Paradex, Custody and Commerce.
Opening a Coinbase account Setting up your new Coinbase account is quite simple. You’ll first need to be a citizen of one of the supported countries.
Then, follow these steps:
Start by accessing the Coinbase.com website. Alternatively, you can start by downloading the free Coinbase app from either the Google Play Store or the App Store.
Click on sign up’.
Here, you ’ll need to provide your name, email address and a password. Once this is done, you’ll be required to choose between a business account and a personal account.
Click on Create Account’ when complete.
Then, go to the email address you provided and click on the provided link. This will redirect you to the Coinbase startup page. This step is necessary to confirm that the email address you provided is legit. You will now be asked to confirm your phone number.
This is one of the ways Coinbase keeps your account secure via 2-factor identification. However, there are other ways such as Google Authenticator or Duo. An SMS will be sent to your mobile number. Enter the code on the site.
Once your phone number has been verified, you can now choose your preferred payment method. Typically, you’ll need to choose among the Coinbase USD wallet, bank transfer and credit/ debit card. The USD wallet and credit/ debit card deposits are instant.
You will be required to provide a screenshot of the credit card to prove that it’s yours.
However, Coinbase can reject specific credit/debit cards which do not support cryptocurrencies. Bank transfers, on the other hand, will typically take between 1 and 5 business days to reflect on your account.
Like most traders who prefer this option, you might be asking, is Coinbase safe to link my bank account with? The platform runs entirely over encrypted SSL. This ensures that any data you send (bank details in this case) cannot be illegally accessed by a third party.
Once you’ve completed the signup process and have funds in your account, you can now start trading on the platform. One of the great Coinbase features is that you ’re provided with real-time cryptocurrency price movements. All you need to do is browse through the different cryptos on offer, choose the one you ’d like to buy and complete the transaction.
How to make a trade on Coinbase
Trading on this platform is quite simple. Simply click on the price’ tab on the top of your account. You will be redirected to a list of the available cryptocurrencies. You’re also provided with the current price of the cryptocurrencies, their change over time, the current market size and even a chart showing the price movements.
Select the cryptocurrency you want to buy or sell and click on the trade’ button. It’s worth noting that selling cryptocurrencies might not be supported in certain countries. In addition, you are also offered the option of buying the top 5 cryptocurrencies at once through the Coinbase Bundle feature. The cryptocurrencies currently on offer through the Coinbase bundle are BTC, ETH, LTC, BCH, and ETC.
Sending and receiving cryptocurrencies using Coinbase
The Coinbase wallet allows you to buy, store, send and receive cryptocurrencies. To send cryptos, simply go to your account and click on the end’ tab. Then choose the wallet you wish to send from. Then enter the recipient’s public address, amount and click end’.
To receive cryptos, go to your account and select the wallet you want the coins to be sent to. Click on the receive’ tab after which you will be provided with your unique wallet address. This address can be used by the sender to transfer coins to you.
“Real-time trading platform”General Risk Warning!
How much does Coinbase charge in fees?
Coinbase charges between 1.49% and 3.99% in fees. The fees charged will depend on your country of residence and payment method. Deposits using bank transfer, the Coinbase wallet and SEPA transfers incur the least fees set at 1.49%. Debit/credit card transfers incur 3.99% fees.
Deposits using ACH transfer won’t attract any fees while wire transfers will incur a USD10 fee. Withdrawals through SEPA incur an EUR0.15 fee while withdrawals to a US bank account will incur a 1.49% fee (USD0.15 minimum).
Withdrawals to your Coinbase wallet will attract a 1.49% fee while wire transfer withdrawals will attract a USD25 fee. It’s worth noting that withdrawals to third-party wallets will attract network fees.
Is Coinbase safe?
One of the most common questions traders have regarding any exchange is whether it’s safe. Coinbase has made several steps to ensure that all trader accounts and assets remain secure. The platform is based in the US meaning they have to comply with some of the strictest financial regulations on the planet today.
They’ve also gone to great lengths to ensure funds that have been stored in their USD wallets to a maximum of USD250000. Some of the measures taken to ensure that Coinbase is one of the most secure cryptocurrency exchanges include the following. Each account is protected using 2 factor authentication. This means that besides providing your username and password, you’ll be required to enter a specific code sent to your phone or a third party service provider such as Duo or Google Authenticator.
In addition, Coinbase will also send you a warning every time your account is accessed using a different IP address from the one you used to create your account. Coinbase stores 98% of all customer funds offline. This ensures that in case of an online attack, it’s impossible for all trader funds to be stolen.
In addition, these funds aren’t stored in a single place. High-value investors benefit from the Multisig Vault feature. This feature uses three keys to secure your account. One key is public and can be shared. The other remains with Coinbase. The last key is encrypted and is issued to the trader.
Anytime you want to initiate a transaction, you must use your encrypted key and one of the other keys. One advantage Coinbase has over many competing exchanges is their support for fiat. This allows you to convert between cryptocurrency and fiat money.
In case you want to maintain a USD account, Coinbase offers their USD wallet. The exchange goes further and ensures funds kept in this wallet to the tune of USD 250000. Any sensitive data provided by traders is stored in servers which are completely disconnected from the internet.
This further protects the data from online attacks. Now, in order to achieve this, Coinbase will typically have some level of control over your cryptocurrency assets. These are stored in the Coinbase wallet. This beats the main reason why blockchain technology was developed in the first place.
But the wallet offers some advantages. One is that it still gives you access to the top decentralized exchanges allowing you to buy and sell tokens not offered on the platform. You can also open multiple wallets which makes it easy to keep your assets separately.
If you still want to have full control over your cryptocurrencies, we’d recommend that you store them in a separate wallet outside the Coinbase platform.
How much can you transact on the Coinbase platform?
You can open a Coinbase account with as little as USD50. However, the exchange imposes transaction limits on trader account. The limits set will depend on factors such as your country, your preferred payment method and verification status. For example, if you’re a US citizen and have a fully verified account, you can transact as much as USD50000 each week.
If you’re preferred payment method is bank transfer, you can apply to receive higher transaction limits. Coinbase customer support Many of the independent trader.
Coinbase reviews regarding the exchange are positive.
Currently, you can reach their support team via email and their chat feature. They can also be reached through their phone numbers which are: +1(888) 908-7930 for US/International clients 0808 168 4635 for UK clients There have been complaints about delays when trying to contact support via email.
This could be due to the high number of tickets being sent daily by the huge number of traders on the platform. Another common complaint is receiving responses which seem anned’ and unrelated to the queries sent. New traders can usually get most of the information about the different products, features and common questions in the exchange’s FAQ and support pages.
The Coinbase exchange is one of several products on offer. The others include the following: Coinbase pro Formerly GDAX, Coinbase pro is a real-time trading platform that allows advanced traders to buy and sell exotic pairs with limit and stop orders. The platform offers 19 different pairs that include the leading currencies against top cryptocurrencies.
Unlike many competing platforms, Coinbase provides leverage which comes in handy when you want to multiply your trade profits. If you’re a Coinbase user, you can easily upgrade to the Pro account. Coinbase Paradex Coinbase recently acquired Paradex, a decentralized exchange that makes it easy to trade Etherum ERC-20 tokens.
This feature targets investors and institutions with a minimum holding of USD 1000000. The setup fee charged for an account is USD 100000. Coinbase custody simply allows investors to safely store their crypto assets in a secure way.
This product is specially designed for businesses which accept cryptocurrency payments. It’s easy to set up and you’re not charged any fees to receive payments. One major advantage of Coinbase commerce is that it easily integrates with the leading ecommerce platforms like Shopify and Magento.
Instant UK bank purchases
Traders living in the UK can now benefit from the instant UK bank purchases feature that was introduced recently. This feature provides expedited transfers to and from your bank account (as opposed to the 3 to 5 wait time traders from other countries have to wait). It also offers an easy way to convert your cryptocurrencies to fiat and the other way round.
Will Coinbase monitor your account?
Once you’ve opened a Coinbase account and verified it, you’ll have control over your assets. However, the platform has received criticism over its apparent monitoring of trader accounts and transactions. Due to the fact that this exchange operates from the US, they must ensure that all transactions carried out aren’t illegal.
As such, they will usually monitor where cryptocurrencies are sent. If the cryptocurrencies are believed to be used for illegal activities, it might lead to suspension of the traders account.
One of the largest cryptocurrency exchanges offering 6 of the most popular coinsImplements several security features to keep trader accounts and assets secure
Accepts several payment methods including fiat currency
Has several products suitable for different traders and investors
Low fees compared to many competing exchanges
Accessible through browser or Smartphone apps
User accounts are regularly monitored Slow customer support response when using email Limited number of cryptocurrencies you can trade in Transaction limits imposed on accounts
Coinbase is arguably one of the largest cryptocurrency exchanges in the world today.
Since its inception in 2012, the platform has continuously evolved through the introduction of new products and technology.
One of its main strong points is the emphasis on account and asset security.
It’s also easily accessible to both new and experienced traders.
The platform also provides different products including a wallet which makes storing, receiving and sending cryptocurrencies easy.
It does have its setback including the fact that trader accounts are monitored.
But overall, as we’ve detailed in this Coinbase review, it’s one of the best exchanges for investors wishing to trade the major cryptocurrencies.Tags: coinbase, coinbase bitcoin cash, coinbase bitcoin wallet review, coinbase login, coinbase review, coinbase ripple, coinbase support, coinbase vs blockchain review, coinbase wallet, coinbase wallet review, coinbase withdrawal fee, coinbase withdrawal review, how to withdraw money from coinbase, is coinbase safe, what is coinbase