When it comes to investing and trading crypto, Coinbase is a stock exchange that offers world-class security. Thanks to its reputation for marketing and friendly user interface, new cryptocurrency users will buy their first Bitcoin on Coinbase.
What is Coinbase?
Coinbase is a cryptocurrency exchange that allows you to trade cryptocurrencies. It supports Bitcoin (including Bitcoin Cash), Ethereum, Dogecoin, Litecoin, and more than 100 other crypto-currencies. The exchange launched three years after the creation of Bitcoin in 2009, allows active traders to acquire, sell and own more than 100 virtual assets, that are updated regularly. Coinbase also provides storage exchanges for cryptocurrencies and earns its pro services from companies and institutions.
Coinbase Sign Up and Account Verification
You can create an account by verifying an email, a mobile number, and a valid ID of your country. Coinbase allows you to add funds using bank accounts, debit/credit cards to buy/sell/exchange cryptocurrency. It is one of the established popular crypto exchanges for trading cryptocurrency with low account minimums and offers many crypto rewards. It also charges a minimal fee on transactions displayed as the summary before you lock in any trade.
Reasons to trade with Coinbase
- Coinbase has its mobile application on both android and ios where users can handle their independent wallets and use the cryptocurrency exchange’s services on the go. It also offers better security as users can set an extra passcode for the application and make transactions.
- Coinbase users can purchase cryptocurrencies through market orders but pay slightly higher fees than other exchange options. Coinbase users can set market boundaries and stop orders with lower commissions. The difference in fees can be ignored because of the large number of supported cryptocurrencies and features that Coinbase offers.
- While Coinbase can easily ramp up a crypto investment from the start, Coinbase Pro offers a larger and more robust charting and trading experience. The trading platform Coinbase offers a logbook, extended chart functions, and a simple ordering process.
- Beginners can use the exchange easily for trading by selecting the crypto, checking the transaction summary, and approving it. Coinbase Pro presents experienced users with a live price feed, multiple orders and options within minutes, and price charts.
- The platform charges a fee on its transactions that include spread fee and Coinbase fee. The spread fee is 0.50% of the transaction, and the Coinbase fee depends upon the amount of the trade.
Why was Coinbase in the news recently?
Coinbase made the news due to its poor customer reviews and security. The customers complained that Coinbase offers poor customer service. Coinbase has also suffered a huge hacking attack on its crypto exchange where almost 6000 customers have lost cryptocurrency. Coinbase has made headlines when it released some new features in the US, the biggest of it being where users can directly deposit a portion of their monthly salary into their Coinbase account.
- Coinbase offers its users staking services. Staking is when a user can actively participate in the validation of a crypto transaction on proof-of-stake blockchains. It is similar to mining. With staking, users can earn rewards on selected cryptocurrencies.
- Coinbase’s latest feature offers lending services where you can lend your cryptocurrency to the exchange and earn interest on it.
- The Coinbase Earn, this exclusive feature allows you to earn cryptocurrency while learning about it via its platform.
- Coinbase offers Two-factor authentication, trading services, exchanging cryptocurrencies, custodial accounts, and wallet services. It also has its own stablecoin known as US dollar stablecoin.
Is Coinbase legit?
Yes, Coinbase is legit. Brian Armstrong and Fred Ehrsam found Coinbase and it has turned into one of the biggest cryptocurrency exchanges in the world. Coinbase has been a leading player of the game since 2012. It is also situated in San Francisco which makes it a regulated exchange. It has a history of serving investors, institutions, and businesses. Coinbase also offers support in over 100 countries. Coinbase made headlines all around the world when it was listed on the NASDAQ and is also funded by many good investors. All these things summarize how Coinbase is a trustworthy, legitimate cryptocurrency exchange.
Is your money safe with Coinbase?
The quick answer to your question is Yes. Your money is safe with Coinbase.
Coinbase has been here long enough and has never taken customer security for granted. Coinbase follows KYC (Know your customer) rules and ensures that rules and regulations are always followed. Coinbase also has global support and licensing to protect its assets and customers. It has 44 licenses for the US alone.
Coinbase pools the assets and holds them in a USD depository account that is liquid in the US Treasury. Coinbase provides (biometric login and fingerprint login) on its apps and insurance in the event that Coinbase itself is breached, but not if your account is attacked on its own due to a lack of security measures. Coinbase also stores 98% of the user funds in offline cold stores.
Coinbase Wallets are FDIC (Federal Deposit Insurance Corporation) insured for the amount of 2% of their user’s cryptocurrencies that Coinbase holds. When you specify which method of keeping your cash, Coinbase says that money held in a bank account is cash insured with the FDIC up to a current maximum of $250,000. Coinbase also has strict security protocols and has fended off crypto hacks in the past. Coinbase might be safe but it does not necessarily mean that you are always protected against hacks. So it is advisable to store your cryptocurrency in a private wallet.
Despite the latest hack that Coinbase has suffered, Coinbase is one of the best exchanges if you are looking to trade your cryptocurrency. Coinbase provides a simple user interface for beginners and also allows them to add funds using fiat currencies. Coinbase is a safe and great platform for anyone looking to get into cryptocurrency trading. Its features such as mobile apps, global service and support, huge asset library, and security make it the best option amongst competitors. What’s more, is that the Coinbase earn feature will let you earn cryptocurrency while learning about it. The offers beginners a great experience with many security options. The exchange is a market trendsetter rolling out new features regularly and also has support in over 100 countries.