Cryptocurrency exchanges are slowly becoming more commonplace, with millions of investors looking for the most seamless platforms on which to trade. However, some of the more useful options can be challenging and hard to understand. Below, we cover the basics of a popular platform in a Coinbase guide. This tutorial covers a range of commonly asked questions about Coinbase that are sure to help you with your investment opportunities.
What is Coinbase? How to SIGN UP to Coinbase?
Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency.
- Perhaps the most straight forward exchange to start investing/trading cryptocurrencies.
- Sending or receiving digital currency between online wallets, friends, or merchants on Coinbase is free.
- They handle security and backups so you don’t have to worry.
- Coinbase is a “one stop shop” – it offers a wallet, an exchange, and merchant tools within one simple interface.
- Coinbase is a platform on which many applications are being built using our API.
Please, follow these steps for a quick and easy registration process.
- Visit Coinbase
- Click ‘Sign up’ in the top right-hand corner
- Enter your name, email address, chosen password
4. Tick the box to prove you are not a robot and accept the terms of service.
5. Verify your email address by clicking on the link in the email you receive
5. Log in to Coinbase
6. Enter your country of residence and contact number. This will secure your account by texting a short confirmation code to your phone when logging in.
7. Submit the code received in text message.
8. Fill the form, that financial regulations require to verify your identity.
9. Select and upload the ID type you wish to verify your identity.
10. Coinbase algorithm verifies your data and usually approves it right away.
Once you are approved you will be redirected to your Coinbase Dashboard.
How to deposit money into your Coinbase Account?
Sending funds from you bank account to your Coinbase account is simple.
There are several convenient ways to transfer money to Coinbase depending on the country of your residence (bank transfer, debit card, wire transfer).
Cryptosqueezer.com recommends to always use bank transfer to avoid higher fees and for maximum security.
Please, click on ‘Accounts’ tab on your Dashboard to see your options to deposit fiat currency as well as crypto.
Important: Coinbase will provide you a reference number that must be included in your transfer as recipient reference.
How do you withdraw money from Coinbase?
- Click on Accounts on the left side of the page.
- Click USD (or your local currency) Wallet.
- Click on the Withdraw button at the top-right.
- Provide the requested information for your bank account if requested.
- Confirm the withdrawal.
Can I invest in Coinbase?
You can purchase or sell as little as 2.00 of digital currency denominated in your local currency ($2 or €2 for example).
How do I buy Bitcoins on Coinbase?
- Buy/sell Bitcoin or other crypto currencies such as Ethereum, ethereum Classic, Litecoin etc. is really made simple.
- Click on ‘Buy/Sell’ on your Dashboard.
- Choose the cryptocurrency you wish to buy.
- Choose the payment method for this purchase.
- Add the amount you wish to buy.
- Hit ‘Buy Bitcoin’.
How much does Coinbase charge to buy Bitcoin?
Fees are added to the amount entered to arrive at the total for the order. For example, if you enter $100 USD as the amount of BTC to buy, and the fee is 1.49%, your total will be $101.49. That total will be charged to your payment method and you will receive $100 worth of BTC.
How much does Coinbase charge to cash out?>
Coinbase fees are subtracted from the amount entered to arrive at the total. For example, if you enter $100 USD as the amount of BTC to sell, and the fee is 1.49%, your total will be $98.51. $100 Worth of BTC will be removed from your Coinbase account and $98.51 will be credited to the selected payment method.
The total amount of the transaction denominated in both the digital currency and your local currency, as well as the fees being charged, will always be displayed to you on the confirmation screen.
Does Coinbase have mobile app?
Yes. Coinbase app is available for Android and iOS devices. It’s a well developed and well maintained application to deal with your day to day trades, follow price movements or set price alerts.
Is Coinbase.com safe?
Coinbase is very safe. If you’re a us resident you are even covered under FDIC insurance.
From Coinbase’s website:All digital currency that Coinbase holds online is fully insured. This means that if Coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result.
The insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. The policy is provided by a syndicate of insurers through Lloyd’s of London.Coinbase holds less than 2% of customer funds online. The rest is held in offline storage.
Who owns Coinbase?
Coinbase was founded in June 2012 by Brian Armstrong and Fred Ehrsam.Blockchain.info co-founder Ben Reeves was part of the original founding team but later parted ways with Armstrong due to a difference in how the Coinbase wallet should operate.The remaining founding team enrolled in the Summer 2012 Y Combinator startup incubator program. In October 2012, the company launched the services to buy and sell bitcoin through bank transfers. In May 2013, the company received a US$5 million Series A investment led by Fred Wilson from the venture capital firm Union Square Ventures. In December 2013, the company received a US$25 million investment, from the venture capital firms Andreessen Horowitz, Union Square Ventures (USV) and Ribbit Capital.
The pros and cons of using Coinbase
To summarize this Coinbase review, we think Coinbase is great place for newcomers to buy cryptocurrency. Newcomers will find Coinbase easier to use than an exchange, while being able to use more payment methods. However, we do recommend storing your cryptocurrency on a wallet you control, if holding large amounts.
- Easier to use than an exchange.
- Buy cryptocurrency faster than most exchanges.
- You can buy cryptocurrency with Credit and Debit Cards (In addition to bank transfers).
- Lower fees than “easy buy” competitors.
- Trustworthy and regulated company.
- Safely stores customer funds.
- Monitors how you spend your cryptocurrency.
- Wallets are less secure than a wallet you control yourself.
- Slightly higher fees than most exchanges.