Cryptocurrency has transformed from a modest, investment alternative to one worth over $2 trillion dollars in a short period. You’ve probably heard of Coinbase if you’re wanting to invest in cryptocurrency or use it as a means of payment. After all, it’s one of the most prominent cryptocurrency exchanges online, with tens of millions of members. It’s also one of the simplest methods to purchase bitcoin, which has contributed to its meteoric rise in popularity.
Coinbase is a trading platform that allows you to purchase popular currencies such as Bitcoin, Litecoin, and Ethereum. Although not every currency is accepted by Coinbase, the site does support over 90 various kinds of cryptocurrencies. Meanwhile, hundreds of different cryptocurrencies are accessible all around the world. Coinbase, on the other hand, allows you to exchange the most common forms of cryptocurrency, thus it’s suitable for most uses.
Coinbase is a wonderful platform for beginner cryptocurrency buyers to invest and sell their preferred currencies because of all of this. Is it, however, safe to utilize Coinbase? S We’ll answer this and several other questions in this Coinbase review.
Opening An Account
The first step in creating an online account is to provide a name, e-mail address, and password. Coinbase complies with AML/KYC regulations despite the fact that it operates outside of any regulatory framework. The key distinction is that the account activation procedure may be completed with just a copy of the investor’s ID and no proof of residency paperwork is required. Coinbase provides a mobile app that allows beginner traders to finish the procedure quickly.
While Coinbase does not accept all cryptocurrencies, it does support a large number of the most prominent ones. As a result, most customers who purchase and trade on Coinbase will have no problems. Advanced traders, on the other hand, may need to open an account somewhere else. We won’t include all of the currencies accessible on Coinbase because there are over 90 of them. However, here are a few of the most prominent options that Coinbase offers:
Bitcoin, Dogecoin, Litecoin, and Ethereum.
How Much Does Trading Cost?
Fees on Coinbase are complex, but they are determined by your account type, transaction size, and financing source. Several factors, like your country, payment method, and asset, might influence the final fee you pay.
You’ll pay a spread markup of 0.5 % of your total trade plus a flat charge dependent on the amount of your transaction for smaller transactions, as follows:
$0.99 if you spend less than $10
$1.49 for $10 to $25
$1.99 for $25 to $50
$2.99 for $50 to $200
Coinbase offers a thorough teaching facility, which makes sense for an exchange that caters to newcomers. This enables you to understand cryptocurrency from the ease of your own home. Coinbase has a wealth of resources, including tutorials, blog posts, market updates, and crypto-related tips and techniques.
With over 35 million customers, you’d assume Coinbase would provide excellent customer service. When it comes to customer support, the platform has a bad reputation.
This is due to the fact that the only way to approach Coinbase is to submit a support ticket or send an email. This implies that you won’t be able to communicate with a representative in real-time. On the Coinbase webpage, there is a live chat option, however, it is managed by a bot. As a result, you will receive only automatic responses.
Is Coinbase A Secure Platform?
It’s natural to worry if Coinbase is secure, especially if you’re investing a significant amount of money. Furthermore, it is still a new platform. While Coinbase is typically a safe platform with security features like two-factor authentication, it is not immune to hacking.
Biometric logins (such as fingerprints and Face ID) and data encryption are two further security methods. Use strong passwords, don’t reuse passwords across accounts, enable 2-factor authentication, and keep an eye on your accounts for any illegal activity.
Coinbase is a simple method to get started with bitcoin for newcomers to it. Its simple interface allows users to purchase and trade cryptocurrency in a matter of seconds. While not all types of cryptocurrencies are supported, most of the most popular choices are.