Coinbase is a regulated, secure cryptocurrency-focused investment platform, accessible via internet and a mobile app. Read on to find out more!
Coinbase is a stock market investment platform that was founded in 2012 in San Francisco, currently available in 33 countries. To date, it has nearly 12 million users. Its trading volume reaches over 40 billion USD per day. Coinbase boomed in 2013 with the advent of Bitcoin. It is particularly popular with investors for its wide selection of cryptocurrencies, accessible at low prices.
Suitable for both beginners and seasoned traders, Coinbase is one of the few brokers that enable the use of credit cards.
Currently considered to be one of the most secure cryptocurrency exchange platforms, Coinbase is based in the US. This means that it complies with national regulations. Thanks to this platform, cryptocurrencies have gained the trust of financial regulators.
To ensure the safety of investors' funds, Coinbase stores them in a separate account from the platform. Moreover, to prevent the misappropriation of crypto-assets, 98% are kept on secure offline media. The 2% that remain available online are guaranteed to cover any losses due to piracy. This insurance is reinforced by the support of major banks, such as BBVA and the Bank of Tokyo.
Meeting advanced security standards, Coinbase applies a two-factor KYC authentication procedure to its users. This includes validating account access via SMS confirmation, or via applications like Google Authenticator. In the case of a login attempt from another PC or mobile, Coinbase verifies the user's identity.
Moreover, Coinbase is appreciated for the professionalism of its customer support, which is accessible by email and provides answers within 72 hours. Technical support is available in Australia, Austria, 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 and the United Kingdom.
To facilitate the use of its platform, a FAQ hub is also available and contains many answers to the most varied questions.
In order to make cryptocurrency trading more accessible, Coinbase offers the learning portal Coinbase Earn, which provides resources that help people better understand the digital currency market.
Some educational tasks even allow traders to receive compensation. This may include watching videos or answering questionnaires. In addition, the platform encourages its users to share their experiences. There are training sessions based on certain cryptocurrencies, such as Stellar, BAT, ZRX and Zcash.
For credit card users, fees range from 1.49% to 3.99%. However, other payment methods, such as bank transfer, have lower fees. On Coinbase, you can buy 17 cryptocurrencies directly, including Bitcoin, Ethereum, Litecoin and many others. The site plans to add many more digital currencies to its list.
The broker also provides the Coinbase Pro platform, aimed at professional traders. The other version, Coinbase Prime, is specifically targeted at institutional investors in the United States.
Registering with Coinbase is simple, but requires certain steps. To begin with, go to the broker's website to create an account by filling out the online form. Then confirm your email address in order to be redirected to the next step.
Select the type of account you want to create, either individual or business. Once the type of account is confirmed, the broker will then proceed to verify your phone number. This is one of the steps in the two-factor identification process.
Next, it is important to configure the payment method you will use to make deposits and withdrawals. For bank transfers, the platform will transfer two symbolic amounts to confirm your account number. Please note that transfers within the United States can take up to 5 days. To transfer funds within the EU or SEPA zone, it only takes 1 to 3 days for the funds to be positioned. If you choose to use credit cards, you will be asked to take a screenshot. This offers the advantage of being instantaneous, but has some additional costs.
Coinbase is also one of the few platforms that accept payments and withdrawals via Paypal. However, this withdrawal method is only for cryptocurrency transactions.
Once you have completed these steps, you can now buy and trade digital currencies on Coinbase. However, transaction volumes are limited depending on the country, the payment methods used and the account confirmation status. Users in the United States can trade up to $50,000 per day when their status is 100% verified. On the other hand, traders residing in Europe are limited to a maximum of $30,000 in transactions.
Coinbase also enables you to send and receive cryptocurrencies. To do this, simply go to the "Send" section of your account, then select the starting wallet of digital currencies. Then you need to enter the amount and insert the public key that indicates the destination address of the transfer.
To receive cryptocurrencies with Coinbase, you need to go to the "Accounts" section and select the wallet you want to receive the digital funds. Click on "Receive" to obtain the address of your wallet. This is to be given to the sender of the cryptos so that they can make the transfer.
Based on a dAPP (decentralized application), Coinbase offers an electronic wallet entirely controlled by its user. Thus, the private keys are stored directly in your device and not in a central location belonging to the platform. This allows traders to have full control over their funds.
The wallet offered by Coinbase is available in web and mobile versions. Moreover, the latter is compatible with Android and iOS, and can be downloaded from the Apple Store and Google Play. The mobile version can also be linked to the web account, which makes it easier to manage the assets.
Coinbase's wallet supports many cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and all ERC-20 tokens, including the stable currency USDC, which is indexed to the price of the US dollar. This wallet also supports many types of digital objects, including those based on the ERC-721 token, as well as collections of characters and digital creations.
On the other hand, by integrating various apps, it allows traders to benefit from certain online services, such as video games, market data, news feeds, and DeFi projects. These decentralized applications also provide access to exchange sites and decentralized relay platforms, such as Radar Relay, Kypber Network and Paradex.
Available to Coinbase customers in the United Kingdom, the Coinbase card provides a true cryptocurrency means of payment in cryptocurrencies, which can be spent directly via the card, which is linked to the user's account on the platform. The card is supported by the Visa network and can be used worldwide. It is available in chip or contactless payment version and also enables withdrawals from ATMs.
