Coinbase is a leading crypto-oriented exchange based in Sans Francisco, California. With over 150 billion trade turnover, it has a clientele base of more than 30 million customers all across the globe. Coinbase aims to provide traders with an easy-to-use digital assets trading platform where clients could explore the world of decentralized apps and enjoy higher liquidity, followed by increased buying limits. The company offers a wide range of products and services including the advanced custom-built online trading platform, cryptos rich portfolio to trade, a personalized digital wallet, institutional accounts, and USDC (US Dollar Stable Coin).
Coinbase was founded in 2012. The exchange is fully authorized and registered in more than 40 states of the US. In this Coinbase guide, we discuss everything about the exchange in detail. We’ll cover Coinbase supported cryptocurrencies, fees, how to open an account, trading fees, online reviews, and customer support.
Coinbase Main Features
|🪙 Number of Coins||50+|
|🔧 Margin Trading||No|
|🔧 CFD Trading||Yes|
|💰 Minimum Deposit||1 $£€|
|💰 Zero Deposit Fees||YES|
|💰 Zero Withdrawal Fees||No|
Given below is a table that has quick bullet points to read some of the pros and cons of using the Coinbase as your preferred exchange. However, let us explain these bullet points in a bit more detail so you may understand them well.
Fiat Currency Acceptance – Unlike some of the exchanges such as the Binance trading platform, BitMEX, and Paxful, the Coinbase crypto exchange accepts deposits in fiat currencies. You can deposit in several fiat currencies at Coinbase. Most specifically three of the major fiat currencies, including USD, GBP, and EUR, are accepted for deposits at Coinbase.
Instant Funds Transfers – Earlier, the exchange was taking around 3 – 5 working days to complete the purchases. However, Coinbase now allows its customers to make an instant purchase using a US Bank Account. You can also link your bank account with the Coinbase account to make things go fast.
Push Notifications for Price Updates – Coinbase also takes an edge by offering you one of its advanced features concerning price alerts. Now you can configure the price alert mechanism from the settings panel, so you never miss a trading opportunity anymore.
Deposit Insurance – Coinbase is one of the most secure platforms available around. Its fund’s insurance features make it stand out of the crowd. According to the website, all of its digital assets are covered by FDIC insurance in the United States only.
User-friendly – Coinbase has a very simple, yet elegant and easy-to-use trading interface. Traders using any trading platform for the first time can also use it conveniently. All of the relevant information is displayed on the home screen of your trading panel, making your trading experience much more enjoyable.
High Fee Charges – One of the main disadvantages of using Coinbase is its high fee structure. Customers using Coinbase for the first time may feel disappointed as the exchange charges a higher fee as compared to its competitors.
Vault Limiting Withdrawals – The Vault feature of Coinbase also serves as an inconvenience at times. It gives you a fee more like a bank rather than an exchange, where you can’t withdraw your funds from your savings account instantly. To withdraw your funds from the vault at Coinbase, you must wait for at least 48 hours.
Compromised Confidentiality – People prefer to deal in cryptos because of their decentralized nature and to avoid getting traced. Coinbase, unfortunately, doesn’t give you the required freedom, linking your accounts with the coin base is good enough to reveal your financial affairs or at least for leaving a trace to be followed up.
Customer Support – Besides, Coinbase is one of the best Bitcoin exchanges known to have good customer support, interaction with human at Coinbase can drive you nuts. Because the Coinbase website has a content-rich website, it seems to have left everything on auto bots. You might feel the pain while waiting in the queue to talk to the customer representative at Coinbase.
Coinbase is a regulated crypto trading platform registered with FinCEN as a Money Services Business. The exchange complies with the applicable framework and operates in alignment with the best practices set by the regulatory body in its jurisdictional area. In addition to that, Coinbase also offers non-regulated services in recognition from the FCA outside the US.
Coinbase is headquartered in Sans Francisco and is licensed as a money transmitter by the State Department of Financial Services, New York. The company is also registered in England & Wales with a Company Title “Coinbase UK” under company number 09083955 and is located in 5 fleet Place, London.
Coinbase accepts customers from more than 100 countries across the globe. The list of supported countries is given below;
|El Salvador||Dominican Republic||Costa Rica|
|Bermuda||Trinidad and Tobago||Bahamas|
|Curacao||Virgin Island, British||Guatemala|
|Bahrain||Hong Kong||Brunei Darussalam|
|Jordan||Kazakhstan||Republic of Korea|
|Ireland||Isle of Man||Iceland|
Tradable assets at Coinbase include more than 30 cryptocurrencies. All of the cryptos supported at Coinbase are shown below. You can have them traded against each other such as exchanging Bitcoin (BTC) with Ethereum (ETH) and vice versa. That’s how every crypto can be exchanged or converted against other cryptos. So, you have a minimum of (30×30) crosses at Coinbase.
The assets available at Coinbase include Algorand (ALGO), Basic Attention Token (BAT), Cosmos (Atom), Bitcoin (BTC), Bitcoin Cash(BCH), Band Protocol (BAND), Dai (DAI), Dash (DASH), EOS (EOS), Numeraire (NMR), Ethereum Classic ( ETC), Ethereum (ETH), REPv2 (REPV2), Khyber Network Coin (KNC), Chain Link (LINK), Loom Network (LOOM), Celo (CGLD), Compound (COMP), Maker (MKR), UMA (UMA), Lite coin (LTC), USD Coin (USDC), Stellar Lumens (XLM), Ripple ( XRP), Zcash ( ZEC), Tezos (XTZ), Ox (ZRX), OMG Network (OMG), Orchid (OXT), and Golem (GNT).
The given below table demonstrates various cryptocurrencies that are supported in different segments;
|1. Buy, send, receive ONLY.|
2. Excludes New York
3. EURO and Crypto Order books – ONLY
4. Send & Receive ONLY
5. Send ONLY
|1. Crypto Order Books ONLY|
2. New York Excluded
3. EURO and Crypto Orders books – ONLY
4. Transfer-Only mode
|Crypto – Crypto Trading Pairs||Availability by Country|
The British Virgin Islands
The Dominican Republic*
* These countries are USDC restricted
**New York (Excluded)
***United Kingdom (Excluded)
Coinbase offers a reasonable fee structure to its clients as compared to other exchanges. Neither on the higher end nor is it too low to appear suspicious. Coinbase doesn’t charge any fee for opening a wallet or holding digital assets in it. However, buying and selling of cryptocurrencies follow a spread charge. Whether you sell or buy cryptocurrency at Coinbase, a spread of 0.5% is applied to your transaction. However, the actual spread charge might be a little higher or lower depending on market fluctuations. To see the complete real-time pricing details, please visit https://www.Coinbase.com/price
Coinbase offers an online digital trading platform where you buy and sell your favourite cryptocurrencies at reasonable prices. You can also create a digital asset portfolio and keep a record of all the digital assets in one place. You may also consider buying cryptocurrencies slowly, and for this reason, the feature of scheduling daily, weekly, or monthly buys can be used at coin base.
The Coinbase trading platform is straightforward to use. Even if you are just a beginner, you won’t find any difficulty in using it. The platform is accessible online, so you don’t have to download it on your PC.
After login into your account, you can see four sections there. The first sections instigate you to make your contribution to help people in need. The second section provides you with a customizable market watch, so you keep an eye on your favourite cryptos all the time from your home screen.
The home screen has three tabs to navigate through the interface, and two buttons to send and receive cryptos. Clicking on the Avatar allows you access the settings tab from where you can set your account preferences, such as your account’s base currency, authentication factors, preferred language, and adding a payment method etc.
After clicking on the portfolio tab, you can see your account balance is displayed on the top-left edge of your screen. Beneath it, you can select your favourite crypto to uncover more options.
Select your favorite crypto i-e Bitcoin. On the next page, click on overview, here you can see a detailed orientation of the selected currency. A chart provides you with an idea concerning the price movement over the time frame chosen. You can also see trading volume levels and market capitalization worth of your favorite cryptocurrency in the lower section of your screen.
On the upper edge of the trading interface, you can see an option to send or receive coins. You can use this option to send coins from your Coinbase account to other wallets or for receiving coins from different wallets to your coin base account. The wallet tab has already been discussed above. Please refer to the section on how to buy cryptos with the desktop on Coinbase.
The account opening process at Coinbase is quite simple. You only need to follow a few steps listed below.
To buy crypto with a desktop on Coinbase, you need to sign in to your account.
Conversion of cryptos from one into another is a simple process. You only need to follow a few steps listed below.
Besides the home button, you have four other taps available on the right side of your trading interface.
Clicking the portfolio button enables you to access the wide range of tradable assets at Coinbase including Bitcoin, Litecoin, Ethereum, Dash, Bitcoin Cash, Monero, Stellar Lumens and many more.
The price tab lets you know the current market condition, along with the quoted prices for each tradable asset.
You can use the setting tab to customize your account, such as linking your accounts, adding payment methods, and submitting supporting documents for account verification. Under the accounts head, you can also perform different functions such as defining the base currency of your account, changing your associated phone number or setting up the security pin.
To support on-the-go customers, Coinbase offers the facility of mobile trading app. You can download the mobile-supported versions of the app on your phone. To do so, you need to visit the AppStore for IOS based mobile phones and Play Store for Android-based devices. When you have finished installing the app on your mobile devices, please go through the steps listed below to start using the app.
Coinbase also offers its clients to buy their favourite cryptocurrencies while on the go using the Coinbase mobile app. You only need to follow a few simple steps to buy your desired crypto.
You are done.
The process of converting cryptos from one into another using the mobile app is more or less the same as that of buying cryptos with a mobile app. Listed below are a few steps that you may follow to convert your cryptos.
You can see your current account level by accessing the account limits section after login into your account. Each account level has different features that you can avail by verifying certain information as required. Once the account verification is complete, you can access the higher account levels to enjoy increased buying and deposit limits.
Deposit and buying limits can be seen in the accounts limits section. You will have different buying and deposit limits depending upon the country region and the payment method you choose.
If you wish to deposit more than a specified limit of ACH $25000 a day, you need to complete a wire transfer from your bank account to your Coinbase account. Please be informed that this is only for customers residing in the United States.
Unlike other exchanges, Coinbase enables users to send and receive Bitcoin or any cryptocurrency at the market rate, facilitating the transaction to occur smoothly and fast. Whether you plan to send, receive, or store cryptocurrencies, Coinbase might be a solution for you.
In case you want to send cryptocurrency to someone, then here is the process; 1- access your wallet in the member area, 2- provide the wallet number of the recipient, 3- indicate the transaction amount and press send.
If you wish to receive cryptos, the process is the same except for clicking the receive button to uncover your wallet address so it may be shared with the person sending you the coins. The minimum amount that you can buy at Coinbase starts from $25. We explain the payment methods you can use to buy bitcoins and other digital assets at Coinbase in a different paragraph.
You can deposit funds in your account with Coinbase using your local currency, and that will serve as the base currency of your account. You can use your account as a source of funds while making any purchase at Coinbase. You can also have your Coinbase account credited with any amount you receive as a result of any disposal of the asset at Coinbase. Following is the list of countries and states where you can open an account in your local currency with the Coinbase.
|Isle of Man||Latvia||Portugal|
The Coin base offers a wide range of payment methods to its customers, including debit cards, credit cards, wire transfers, SEPA transfers, payments through electronic wallets (PayPal, Neteller, Skrill), etc. To start using the platform or before buying any cryptos and Coinbase, you need to define a payment method for your account. Coinbase also allows you to link your bank account with your Coinbase account, so you don’t have to enter your credentials repeatedly.
To add a bank account, please follow the simple steps listed below
A moderate fee plan at Coinbase ranges between 1.50 to 4.00 percent depending upon the payment method. It usually charges a higher fee on the transactions done through credit cards.
For cryptocurrency conversion, a spread margin of 2.0% is charged at Coinbase. In addition to the spread charge, Coinbase may also deduct variable fee depending upon the product, jurisdiction, as well as payment method.
Let’s make it simple. Suppose you are living in the United States, and you wish to buy $50 worth of Bitcoin using your Bank Account or through a wallet. The flat rate of $1.99 applies to your transaction. Coinbase also charges a variable fee depending upon the country of your residence and your chosen payment method. Thus a $1.49 variable fee is also applicable to your transaction.
However, since you always get charged for a higher of a flat fee or the variable fee, your transactional cost would, in that case, would be $1.99. On the other hand, US clients who wish to pay using a debit card will bear a charge of $3.99, the flat fee and the fee applicable on debit card transactions for customers from the United States, whichever is higher. Please refer to the given below tables classifying country-specific fee charges for each payment method respectively.
A 3.99% fee is charged at Coinbase for all credit card and debit card payments from the customers residing in Australia.
3.99% fee is charged from the customers in Canada. It is to be informed that only a debit card is accepted as a payment method at Coinbase for Canadian customers.
Customers paying through debit cards will be charged as per the following fee schedule in Europe:
3.99% fee may be charged from the customers from Singapore. That applies to debit and credit card payments.
Customers from the UK may be charged as per the fee plan given below:
For customers from the USA, a base rate of 4% fee is applied for all types of transactions.
|US Dollar (USD) Deposit Method||Fee|
|Wire Transfers||$10 ($25 outgoing)|
Let’s have a quick look at methods for some of the significant countries separately;
Coinbase allows the following methods for deposit and withdrawals for US Customers.
|Bank Accounts (ACH)||Both Large & small investments||Yes||Yes||Yes||4-5 Working days|
|Debit Cards||Only Small investments||Yes||No||No||Instantly|
|Wire Transfers||Only Large investments||No||No||Yes||1-3 Working days|
You can add a payment method from the navigation panel under the Payment Methods tab. In case you are logged in via the mobile app, you can click on the settings tab for the same.
Please note that Coinbase doesn’t accept physical checks, so you can’t fund your account using checks.
You can also link your bank account with your Coinbase account instantly.
Use your bank account for transactions between your Coinbase account and the bank account. Although, it is feasible to link multiple accounts with your Coinbase account. Still, we recommend not to add a bank account with your Coinbase account, owing to certain security precautions.
You can also add your visa or master debit cards to your coin base account for payment and withdrawal purposes. However, you may need to provide the billing address to get your cards accepted at Coinbase. You may also need to go through the photo verification process before adding your card to the coin base account successfully. The process of adding a card is as follows;
Please note that your debit card is good for buy transactions only, and you can’t add any funds received against disposal or sale of any crypto asset to your debit card directly. Your funds are processed via Coinbase Inc. instead.
Note: Coinbase doesn’t support linking credit cards anymore. Suppose you already have linked a credit card with your Coinbase account. In that case, you probably will have additional charges for using a credit card at your bank.
Wire transfer is yet another method that you can use for deposits and withdrawals, but only if;
Please be informed that you can’t make a wire transfer for an amount of less than $5000. Also, you must have your account verified sufficiently before making any wire transfer request and for setting up a USD wallet account with the Coinbase successfully.
Note: Coinbase is currently in the process of replacing unique reference numbers with a virtual account number. The virtual account number will ease the process of wire transfers.
Please note that Coinbase supports only actual bank wires (Fed Wires). So do not send any overnight ACH.
You can withdraw your funds using bank wire for up to $25000 or more. However, you must have completed the verification process for the activation of your USD wallet account.
You can verify your withdrawal information by adding wire details to your account under the link an account tab.
Your funds withdrawn using the bank wire arrives in your account within 2-3 working days.
The following are the supported methods for customers from the UK at Coinbase. In addition to that, UK Customers can access both GBP and EUR wallet within their Coinbase account.
|Faster Payments||Large amounts, GBP deposits, Withdrawing||Yes||No||Yes||1-3 Working days|
|SEPA Transfers||Large amounts, EUR deposits, Withdrawing||No||No||Yes||1-3 Working days|
|3D Secured Card||Instant crypto purchases||Yes||No||No||Instantly|
|PayPal||Withdrawals||No||No||No||1 Working days|
You need to link your bank account to your Coinbase account before you could make any transfer. After that, follow the steps listed below.
Make sure to add the unique reference code as it is without any modification or additional spaces.
Withdrawing funds to your bank account need an initial deposit from your bank account to your Coinbase account.
UK customers can make payments using their debit or credit cards provided that their cards are 3D Secured. Using this method, customers from the UK don’t need to pre-fund their Coinbase accounts. Instead, you can buy directly using your debit or credit card without waiting for bank transfers to get completed. To check if your debit or credit card is 3D Secured, you can ask directly from your card provider. You can also confirm it by adding your card to your Coinbase account. If your card isn’t 3D Supported, you will receive an error.
To link your 3D Secured card to your Coinbase account, follow the simple steps listed below;
Coinbase also offers multiple methods for deposits and withdrawals for its customers based in Europe.
|SEPA Transfers||Large amounts, EUR deposits, Withdrawing||No||No||Yes||1-3 Working days|
|3D Secured Card||Instant crypto purchases||Yes||No||No||Instantly|
|Instant Card Withdrawal||Withdrawals||No||No||No||Instantly|
|Ideal / Sofort||EUR deposits, buy crypto||No||No||Yes||3-5 Working days|
SEPA Transfers is the method used to send payments in Euro within the Euro Zone. SEPA payments usually reach your Coinbase account within a day or two and don’t have any associated transference fees. Also, note that the SEPA transfers support EUR only.
For successful SEPA transfers, the following checklist may help.
Please note that Coinbase is not responsible for any reversal or conversion fee charged at your source bank.
You can withdraw your funds only after a successful SEPA deposit to your EUR Wallet with the Coinbase.
It takes around 2 or 3 working days for the Coinbase to release funds, followed by the arrival of funds in your bank account.
The process to buy with a debit card or credit card for European customers is just the same as that for customers based in the UK.
Please be informed that your card will only work if it has 3D Secured protection enabled.
Customers from Australia can use their debit cards for making purchases at Coinbase. Also, customers residing in Australia don’t have to pre-fund their account for making purchases at Coinbase. Debit card transactions are processed at Coinbase instantaneously. However, you may need to verify your debit card before using it at Coinbase. To do so, please follow the steps listed below;
The buy digital currency button becomes available after you have successfully added the card.
Please be informed that Coinbase does not support credit cards anymore. If you have previously linked your credit card to your account, please change it to the debit card.
Customers living in Canada can use their debit cards for instant purchasing at Coinbase. The exchange doesn’t support bank accounts as a source of payment for Canadian customers.
|Debit||Instant crypto purchases||Yes||No||No||No|
Please note that Coinbase does not support credit cards for Canadian customers anymore. Some of the credit card issuers in Canada have started block crypto purchases done through credit cards in Canada. Therefore, if you already have linked a credit card to your account, you are advised to switch it to the debit card.
Singapore customers can use both debit and credit cards for their crypto purchases at Coinbase. Instant crypto purchases using your debit card or credit card don’t need you to wait for the bank transfers. However, your card must be 3D-secured. Else, you may not be able to use any of these cards.
|Debit Card||Instant crypto purchases||Yes||No||No||Yes||Instant|
|Credit Card||Instant crypto purchases||Yes||No||No||No||Instant|
To check if your card is 3D secured or not, ring to your card issuer. You can also try linking your card with your Coinbase account. If your card isn’t 3D secured, you will receive an error while adding it to your Coinbase account. Some banks in Singapore might have additional steps for authorizing purchases using a 3D secured debit or credit card.
To link a card to your Coinbase account, tap on the settings after login into your account.
The buy button should appear in your account, showing that the addition of your card is successful.
As far as education at Coinbase is concerned, Coinbase has rich content under its education section. You get to know detailed information about cryptocurrencies from the very basic to its super-advanced stage. Expert articles on how the cryptocurrency makes the world better and why to buy cryptos explain the detailed insights of the crypto world. In short, you get an in-depth knowledge of everything that relates to the blockchain technology with regards to its legal status, security, and regulations, through the educational resources at Coinbase.
Coinbase also offers a series of video tutorials to its customers, followed by some informative questions at the end of each video session to evaluate how well the information passed on. A reward for completing the quiz successfully in the form of cryptos is yet another exciting feature offered at Coinbase. It seems that the exchange knows the importance of learning with fun for the growth of a healthy competitive environment.
The exchange offers multilingual customer support to its clients 24/7. The exchange remains available to help its clients through a range of methods including but not limited to telephone, email, and web chat support. Although, the response time of the exchange is pretty fast, however, there is a disclaimer on the website concerning turnaround time. Also, you can have most of your queries answered by the auto robot. You can type in your question on the search bar provided under the support tab, and the robot will present you the most appropriate answer within no time.
Reddit is a famous online networking platform for Americans. However, it also has a fan base of millions of users around the world. We searched the Reddit to find information about the Coinbase. There is a mix of views of the people using the Coinbase. Some people say that Coinbase focuses on the acquisition of new customers rather than building relations with existing customers or retaining them.
According to some of the members, Coinbase is a secured trading platform and a renowned exchange for crypto trading. On the other hand, some people express their concerns about the safety of their funds.
A member on Reddit says that you can’t control your funds directly at Coinbase. You have to go through the Coinbase to access your funds, specifically, when it comes to withdrawing your funds. Some of the people seem curious to know if their funds have insurance protection at Coinbase? Overall, the positivity of the platform spoke louder than the downside of the platform.
Quora is also a top-rated QAs platform in America. People from all over the world come and share their information with others on Quora. As far as the view of people on Coinbase is concerned, we noticed, people still want to open their accounts with the Coinbase, especially when buying their bitcoins for the first time. Maybe, that’s because the Coinbase is a well-reputed exchange in the United States.
Anyhow, there is also a group of people who suggest people not to open their account with the Coinbase. According to such people, Coinbase doesn’t offer any insurance protection to the clients’ funds residing outside the United States. The customer support service of the exchange is also not up to the mark. Another member on the Quora expressed that the Coinbase website is a bit difficult to explore. You don’t get the information quickly. Instead, You need to dig the website deeply to access your desired information, which sometimes becomes inconvenient.
According to the information available on the official website of the exchange under the support page, Coinbase has adequate insurance protection in place for all of its digital currencies. In addition to that, the exchange keeps 98% of the clients’ funds in an offline storage place.
It is worth mentioning here that the Coinbase insurance policy covers the losses resulted in theft or breach of the online security of the platform. Accounts compromised due to your negligence will not be considered for any insurance compensation. Also, all of the digital currencies outside the US do not have government backings due to their decentralized nature, and therefore, do not fall under the protection of the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation.
However, US Clients have an edge here. Their fiat deposits with the Coinbase are stored with the Government treasuries or custodial banks and are therefore considered as legally protected. If you are residing in the United States, your funds USD Wallet funds with the Coinbase has an FDIC protection of up to $250,000.
At times, it becomes difficult to compare two giant trading platforms side by side. As far as deciding which of the two trading platforms is best, we better present you with the facts leaving it up to you to choose yourself.
Coinbase is one of the largest cryptocurrency exchanges, with over 35 million users across the globe. The exchange is offering its services to more than 100 countries around the world.
On the other hand, the eToro social trading platform is the world’s most renowned crypto exchange and social trading platform with a clientele base in more than 170 countries of the world.
Both of the exchanges are known for excellence in the crypto world. Should you wish to access a complete suite of investment services, Coinbase is your destination. Whereas, for experiencing the edge of social trading, and exploring the world of more significant investment opportunities, eToro would suit you well.
Let’s have a quick look at the variant features of both of the exchanges below;
The fee structure of exchange has tremendous importance while selecting an exchange. eToro incorporates a variable spread charging mechanism. For less common altcoins, you may need to pay a spread charge of up to 3.5%, as compared to those of popular cryptocurrencies where the spread charge doesn’t exceed 0.7% to 2% of the opened position. On the other hand, Coinbase charges a fixed spread of 1.49%, which gives a definite edge to Coinbase over the eToro.
However, there is also another side of the picture; the fixed spread applies to only a certain number of countries. The fixed spread rate can be as high as 3.99% at Coinbase. The nominal fee for SEPA (Single Euro Payment Area) and $25 for the wire transfers also needs your attention while deciding which way to go around. The meagre trading fees for market takers as 0.25% and market makers as 0.15% may even change your mind if you value less trading fees for the higher trading volume.
If your judgment is based on a variety of tradable instruments that each of the exchange offers, eToro will win definitely. Coinbase is a crypto-specific exchange and doesn’t support commodities or ETFs trading. However, Coinbase allows you to access a minimum of 30 cryptocurrencies to trade with numbers being added up as compared to eToro where you can trade 16 crypto assets only. Still, eToro has a lot more to offer as it let you enjoy excessive leverage options with a customized digital wallet that supports over 120 cryptocurrencies allowing you to store and exchange your cryptos under one roof.
Both eToro and Coinbase have distinct priorities as far as the deliverance of customer services is concerned. Coinbase offers a customer-focused webchat service through its online web portal, in addition to a well maintained Q&As segment, where you can easily find answers to most of your questions. The rest of the support is available via traditional methods like telephone or email, at Coinbase.
While etoro, on the other hand, expects you to have some basic knowledge of exchange before coming into the business. You are welcome to ask for a basic set of information at eToro. The customer support team takes time to respond, so be patient. Like Coinbase, you can also raise your concerns with the platform using the online webchat service or through the telephonic conversation.
Coinbase offers various products to its customers which makes it to be a preferred trading platform for many traders around the world.
Let’s go through each product line one by one;
Using vault protection offered by Coinbase, your cryptos are always safe and backed up by an insurance policy. The exchange also allows you to store your cryptos in an offline storage place which is indeed a great advantage of opening an account with the Coinbase as compared to other crypto exchanges.
The downside of the Coinbase is the lack of control over your funds. The platform doesn’t allow you to have direct access to your funds. For example, you can’t add your funds directly to your bank account after having your crypto assets sold at Coinbase. Instead, the withdrawals need to go through Coinbase Inc.
Coinbase offers a standard account to all of its customers across the globe. However, levels and limitations of your account may vary depending upon the activity level and verification constraints.
Over time, the buying limits of your accounts keep increasing in proportion to your activity level. Buying limits are usually determined by an algorithm that takes multiple factors into accounts, such as your transaction history, ageing of account, payment methods, and your location. Sometimes, you may face a buying limit owing to the verification required to unlock a specific level. Therefore, should you wish to increase your purchasing limits, you must visit the verification page to complete the verification process, if pending.
For seasoned traders, the exchange offers an advanced trading experience with an integrated API feature that further subdivides into feed and trading. The feed APIs present market analytics publically, whereas trading APIs need authentication for providing detailed information concerning the placement of orders and users’ account information. Since it is a separate line of business, we’ll cover it in detail in another Coinbase review, later.
Coinbase wallet offers its customers multi-coin support where all digital tokens and collectables (ERC 20 & ERC 721) may be stored with added security parameters followed by biometric authentication.
Coinbase introduces a stable cryptocurrency referred to as “USDC”. It is also known as the stable coin which can be traded-in against an equal amount of dollars at any time on Coinbase. With the power of stability, the backing of the US Dollar, and supported by one of the world’s largest blockchain-based digital currency “Ethereum”, it certainly has become a preferable choice for traders. The USDC has global recognition as it works the same way the US Dollar does. However, it is not available to everyone. Only customers having US Dollar bank accounts can have this privileged facility.
It is pretty simple and only needs a few steps to follow;
Coinbase makes the learning process more enjoyable for its customers in a way that clients can earn cryptos by watching educational videos and taking up short quizzes. At times, this Coinbase program is restricted to “invite-only” where only those users can make money who gets an invitation from the Coinbase. It is also to be noted that through a Coinbase earn program, users can earn up to $152+. Also, the exchange is committed to bringing more cryptos into this program.
For business entities, Coinbase introduces Coinbase commerce through which it enables fast access to the trading platform altogether with no fee involved for accepting cryptocurrencies. It acts as a gateway for businesses to enter the global customer base without involving any middle man for irreversible transactions.
Coinbase custody is yet another exciting feature for keeping the digital assets well-secured using segregation techniques. Although the intended users of this feature are corporate entities such as foundations, endowments, pension funds, family offices, or asset allocators, still you may like to explore more about it.
Empowering the concept of the open financial system, the Coinbase strives hard to help potential startup companies to raise the required capital and become the source of inspiration by positively contributing their parts to the world’s economic development.
Coinbase offers a feature named “staking” which means if you choose to stake your digital holdings with Coinbase, you may become eligible for a reward in return, depending upon the protocols of the concerned third party. The reward is transferred to your account after deducting the 25% commission.
Being backed by trusted investors, insurance policy, and registered with FinCEN, it may safely be concluded that the exchange is legitimate.
After a detailed review on Coinbase, we hereby conclude that it is one of the best Bitcoin and crypto exchanges because of its security of funds, acceptance of fiat deposits, and user-friendly trading interface. The exchange keeps 98% of its clients funds offline, making it a very secure platform for crypto investments. Coinbase also offers a content-rich education section on its website that offers useful learning resources to both beginners and advanced-level crypto traders and investors. The exchange has positive ratings and reviews on online discussion platforms such as Reddit and Quora. So we suggest everyone to give this exchange a try if you are looking to invest in cryptocurrencies.
Yes. Coinbase is one of the most popular cryptocurrency exchanges out there. They have millions of users and have processed billions of dollars in transactions. So, it’s safe to say that they are a big and well-established company.
There are a few ways to get your money out of Coinbase. You can sell cryptocurrency on Coinbase and then withdraw the proceeds to your bank account. You can also use the Coinbase app to buy goods and services with cryptocurrency. Finally, you can exchange cryptocurrency for other currencies on exchanges.
No. Coinbase is a digital currency exchange and not a bank. They don’t have the ability to freeze or seize funds from customer accounts.
Coinbase is a great platform for beginners because it’s so user-friendly. You can easily buy and sell Bitcoin, Ethereum, and Litecoin on the platform, and you can also store your coins on Coinbase.
You can’t cash out of Coinbase because it’s a digital currency exchange, not a bank. Coinbase is a digital currency exchange that allows you to buy and sell Bitcoin, Ethereum, and other cryptocurrencies. It does not function as a bank, so you cannot deposit or withdraw money from Coinbase directly into your bank account.
Yes, Coinbase does report to the IRS. While Coinbase is not technically required to report your transactions to the IRS, they are required to follow anti-money laundering and Know Your Customer guidelines. This means that if you’re using Coinbase to buy or sell cryptocurrency, your transactions will be reported to the government.
There are a few ways to make money on Coinbase, but the most popular method is through trading cryptocurrencies. You can trade cryptocurrencies on Coinbase using the exchange’s built-in tools and features.
The decision of whether or not to invest in Coinbase depends on a variety of personal factors. However, some things to consider include Coinbase’s strong reputation and trustworthiness, as well as its status as one of the leading Bitcoin exchanges in the world.