Coinbase – A Comprehensive Guide for Beginner

Overview

Coinbase was launched in 2012 by CEO Brian Armstrong in San Francisco, California. It is an exchange broker that offers its services on buying and selling cryptocurrencies. For beginners looking to purchase and trade cryptos, Coinbase is the best exchange. It also helps financial institutions store cryptocurrencies by providing custodial services and facilitates growing businesses by offering a cryptocurrency platform. Its cryptocurrency USD coin is linked to the US dollar. 

Features

• Coinbase offers trusted cryptocurrencies accepted by all types of investors for access into the cryptocurrency market. Using this feature, an investor can purchase Bitcoin, Litecoin, Bitcoin Cash, and others.
• Coinbase possesses an easy-to-use interface which makes it an exceptional tool for beginners; its intuitive interface and design make it easy for users to navigate the tools effortlessly.
• Coinbase provides a variety of payment options to aid investors in using fiat currency to buy cryptocurrency. Some options include debit or credit cards, Paypal, bank transfer, and SEPA transfers for European citizens.
• Coinbase offers a secure and safe online exchange. Moreover, it provides safe web wallets that investors can use. Further, it keeps 99% of its assets in offline cold storage that hackers cannot access.

How does Coinbase work?

Here is a step-by-step guide on how coinbase operates.

• The first step is to open an account on coinbase’s website. After providing the full name and email address, the user receives an email with a verification link for confirmation.
• The second step is to provide a mobile number, where Coinbase sends an SMS message containing a unique code when verified proves the user is the rightful owner.
• The third step is to set up a preferred payment option by the user. Some of the payment options are a bank account, debit card, and credit card. Moreover, the user will also be asked to enter their billing address linked to the preferred payment method.
• The fourth step is to upload a few documents such as government-issued ID, driver’s license, passport, or national ID card.
• The fifth step is to confirm the payment method to complete the account setup process. If the user is using a debit card, Coinbase will process a charge from the card. If the user is opting for a bank account, they should make a small transfer specified by Coinbase.
• The last step would be to purchase cryptocurrency and pay for the transaction using the verified payment method. This purchase will be executed instantly, and the acquired cryptocurrency will be safely stored in the coinbase account.

Is Coinbase Legit?

When it comes to is Coinbase legit or not, some users also check Coinbase review before choosing this; we can say that it is one of the top 4 exchanges with a NY license under the pilot BitLicense program. The FCA and FinCEN authorize Coinbase, and it also has a good relationship with the SEC (Securities and Exchange Commission). This platform takes anti-money laundering responsibilities seriously, which means when the user needs to go through KYC (know your customer) process to verify their identity.

How to Buy and Sell Cryptocurrencies in Coinbase?

Coinbase offers a wide range of cryptocurrencies for buying and selling and has a straightforward process. To buy or sell cryptocurrencies through Coinbase, the user needs to visit the website, click on the buy crypto button, and place the orders for their chosen crypto. Also, the users have an option to sell crypto from their wallets as well.

Fees at Coinbase

Coinbase has a complex pricing structure when it comes to buying or selling cryptocurrencies. Coinbase allows its users to transact in different currencies. It has a wide range of payment options, thus charging a relatively higher fee on services than other cryptocurrency exchanges. The fees charged for each transaction are calculated in two ways – if the transaction is under $200, it applies a minimum fee, and if more than $200, it applies a percentage fee.

Cryptocurrencies Supported by Coinbase

Coinbase offers various cryptocurrencies on its website, and the new coin listings are updated from time to time. Here are the few coins supported by Coinbase –

• BAT
• BCH
• BSV
• BTC
• EOS
• DAI
• ETH
• LINK
• ETC
• LTC
• USDC
• REP
• XLM
• XRP
• ZEC
• XTZ
• ZRX

Customer Support at Coinbase

Customer support at Coinbase is knowledgeable, dedicated, which caters to users proactively. Users can contact Coinbase customer support via email and phone. But, currently, the service does not provide any live support. Further, it uses Twitter to give updates on its various coinbase products.

Conclusion

To summarise, Coinbase is one of the safest platforms that is easy-to-use and affordable for different types of investors, offering an array of services and competitive pricing. Coinbase holds a quick registration and verification process, enabling users to buy cryptocurrencies like Bitcoin, Ethereum, and others through a click of a button. Coinbase is an excellent choice for small-scale businesses who are planning to invest their cash into cryptocurrencies.