One of the world’s most popular crypto margin exchanges is Coinbase. Coinbase was launched in 2012 in San Francisco and now operates in 32 countries around the world. With over 12 million customers, Coinbase has exchanged over 40 billion dollars in digital crypto currencies.
Around 2013, Coinbase was known to be the largest cryptocurrency exchange worldwide. It gives the users the chance to trade cryptocurrency at a fixed price which is based on the current market value – a feature that allows customers to purchase currency way faster than any other exchange out there.
Let’s not forget the fact that purchasing Bitcoin and other well-known cryptocurrencies via Credit & Debit cards, PayPal and Bank Transfers is very easy and simplified at Coinbase.
However, simply being a secure trading platform isn’t enough. Although security is vital, it is by no means everything. A good crypto margin trading platform will also offer the right types of trades for your needs, a range of cryptocurrencies that is suitable, an attractive user interface, and excellent customer support. So does Binance fit the bill? Does it have everything a trader needs to experience success with crypto, or is it better to choose one of the many alternative options out there?
Coinbase is a great choice of crypto margin trading exchange for both begginer and advanced traders.
Fees At Coinbase
The charge fees at Coinbase range from 1.5% to around 4% which of course depends on the method of payment /the transactions with credit cards have higher fees/.
In general, fees at Coinbase are lower that at operators with business model similar to that of Coinbase like CEX and Coinmama.
At Coinbase you can buy Bitcoin and Ethereum as well as a wide range of other popular cryptocurrencies.
Additionally, Coinbase manages Coinbase Pro – an exchange which is planned to focus on traders with more advanced skills.
Let’s get to it!
How Do I Sign Up To Coinbase?
The following steps will help you set up an account with Coinbase and start trading cryptocurrency – easily and securely.
Sign up– in order to create a new account at Coinbase you need to provide your name, email and password.Type of account– You will be prompted to confirm the email you provided. Once this is done, you will enter the startup page where you need to select the type of account you want – personal or business.
Phone number verification– Next you will be asked to verify your telephone number. This way you will be able to create 2-factor identification so you can keep your account secure.
Method of payment set up– Coinbase give the opportunity to choose from couple of methods of payment – credit cards or transfers via bank. With bank transfers, Coinbase will do one or two minimal transactions to and from the account you provided so it can be verified. In order to use credit cards as a payment method you need to provide credit card screenshot. Transfers via bank vary- 4-5 days in US, 1-3 days in EU. Credit and debit card transfers are instantaneous. You can also link your PayPal account and you can use it for earnings made from cryptocurrency selling only.
Buy the cryptocurrency– If you have funds in your Coinbase account you can of course buy cryptocurrency. Always check twice if the currency you are about to buy is the right one. Before the transaction is confirmed, Coinbase gives you the details fees charged and the quantity of the currency you are purchasing. Once this is confirmed, the cryptocurrency you have bought is credited to your Coinbase digital wallet.
Is Coinbase Exchange Safe to use?
Just as Binance offers a range of account types, the trading platform also offers different trading views.
Many people think that cryptocurrency is very risky to buy. Although this is some ways is correct as there were many issues in the past, Coinbase is one of the most secure exchanges that are available at this moment. As Coinbase is based in US it is required to follow the US Federal and State Law. As you know, some cryptocurrency exchanges operate in areas where the regulations are lighter considering those kind of platforms. Also, you have to take into account that some very serious investors have put their trust in Coinbase such as Bank of Tokyo.
The storage of cryptocurrency is transparent with almost 98% of all customers’ funds kept offline via paper and hardware wallets saved in different vaults and deposit safety boxes all over the world. The rest of the cryptocurrency which is online stored has insurance so even if there is a hack, users are entitled to receive the funds which they lost via the strict policy of insurance.
On top of that, as we mentioned earlier, there is a 2 factor method of authentication and can be via sms or applications such as Authenticator by Google and Duo.
Additionally, Coinbase will notify you if there is a new IP address or device trying to access your account. However, if by any chance a customer account is compromised Coinbase has no liability for the lost funds. Because of that, it is strongly recommended to store your purchased currency at Coinbase offline in a secure wallet.
Customer Support at Coinbase
There are many ways in which you can contact Coinbase – via email, Knowledge base and Frequently Asked Questions page which is available for all customers.
Sometimes there are delays in receiving a response but this is due to the fact that the demand for customer service has increased.
Typically, you will receive a response in 24-72 hours.
Countries Served By Coinbase
Coinbase is available in 100 + Countries including Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and the United States.
Limits For Transactions
The limits vary in different countries, which is also due to variations in methods of payment and status for verification. You can get information on your limits via a link in the limits page in the account. You can also apply for higher limits – you have to verify your ID – for example, USA residents who are completely verified can make transaction of up to $50000 weekly and fully verified customers in EU can have max $30000 in their personal accounts any time. If you want to check your limits, you can do so via your account
With Coinbase, it is very easy to send and receive as well as to store currency.
- Send/ store – you have to navigate to Send tab in your account, tap the wallet you like to send currency from, write the quantity and public key of the address of the recipient and click the send button
- Receive – you have to go to the tab Accounts.
- Click the desired wallet where you need the funds to go and click the Receive button.
- Once you do that you will receive the wallet address that the sender can use to transfer currency to you.
Coinbase and Coinbase Pro ( previously GDAX )
The exchange element of Coinbase was rebranded as GDAX in 2015 and then to Coinbase Pro in 2018 in order to separate the trading feature of the exchange from the consumer platform that is more casual. You may know that the Coinbase fees may be avoided when using GDAX as trading/ buying platform when sending a transfer via bank at Coinbase and when purchasing at Coinbase Pro.
Absolutely all Coinbase users receive an account at Coinbase Pro, you can use the same login credentials as you do at Coinbase.
Coinbase supports many well-known and not so much cryptocurrencies. Here are all of the supported currencies at Coinbase:
ALGO, ATOM, BAT, BTC, BCH, BSV, CVC, DAI, DASH, DNT, EOS, ETH, ETC, GNT, KNC, LINK, LOOM, LTC, MANA, MKR, OXT, REP, USDC, XLM, XRP, XTZ, ZEC, ZRX
The Coinbase Bundle
One of the new additions at Coinbase is the so called Coinbase bundle. With it you can easily buy all 5 currencies Coinbase offer at the moment as a bundle – BTC, LTC, ETH, ETC, BCH.
In your account you can purchase the Bundle, you just enter the quantity you would like to buy and it will be automatically split among the currencies:
- Bitcoin – 75.2%
- Ethereum – 15.58%
- Bitcoin Cash – 6.11%
- Litecoin – 2.33%
- Ethereum Classic – 0.78%
It is a good way to get to know the currency that is available at Coinbase.
Coinbase Wallet Application
A decentralized application browser, the Coinbase wallet is a customer controlled digitalized currency wallet. With it, private keys /representing digital asset ownership/ are kept on the device you use and not on the exchange. This way you can have control over your funds and you don’t need to own a consumer Coinbase account to use the digital wallet.
Coinbase wallet is accessible for iOS and Android devices and you can download the application via Apple and Google play.
Once you have downloaded it, you can link your Coinbase account to App Coinbase Wallet – this way you can transfer cryptocurrency to the wallet application with only a couple of clicks.
How can you start using the Coinbase Wallet?
Depending on your device type, download the iOS or the Android application.
In order to connect your Coinbase account you have to click the Connect Now button or to select Connect to Coinbase via Menu Settings.
Once you have your account linked, you can easily transfer your funds via Settings anytime. You can unlink the account whenever you feel necessary.
The new Coinbase card lets UK based customers to use cryptocurrency online and in store. The Coinbase card can be used at any place with integrated visa network – you can pay with PIN or contactless or supported ATM cash withdraw.
Your crypto balance at Coinbase is linked with the Debit Visa Card and gives you a direct access to your cryptocurrencies. Also, when you use the card Coinbase converts the cryptocurrency to fiat /now GBP/ that is used to make a purchase.
Coinbase card is credited to be the first visa debit card directly linking with a crypto exchange in Europe and UK – the facility of the card is available in UK and support for different European countries is planned to be available in the following months.
Coinbase Overall Verdict
Coinbase gives customers /especially newbies to crypto exchanges/ easy and hands-on service for crypto currency buying/selling. Anyways, like any other online crypto exchange, besides the security measures and levels we mentioned above, we recommend to always transfer any currency bought via Coinbase to a personal secure wallet where you can have full access to private keys to your currency.
|🙂 Advantages:||🙁 Disadvantages:|
|✓ User friendly platform especially for beginner crypto buyers and sellers||✘ Some customers complain from the level of customer service|
|✓ You can link your PayPal account||✘ The vault feature – bank-like operations|
|✓ Buy up to $1,000 BTC weekly||✘ Closed/ frozen accounts because of banking laws integration|
|✓ Great insurance policy|
|✓ Immediate transfers|
|✓ Coinbase wallet and Card|
|✓ Well known and dependable company|
BTC is a new type of money which can be sent from one person to another with no need of a third party like financial institutions. BTC is a global and decentralized cryptocurrency.
Yes. Coinbase is regulated and complies with all laws/ regulations anywhere it operates.
Click Close Account at the bottom of Activity page.
You have to have zero balance before you attempt to close your Coinbase account. If you do have balance, you have to send all of your remaining funds to an outside wallet.
Transfers are usually credited to your account the same day if you submitted them by 1 PM. If not, your funds will be available in one business day.
Yes. If your account has been closed, you have to withdraw the funds left in your account. Once you log in, you will be prompted to do so.