Cryptocurrencies, nowadays, are huge. They are discussed everywhere and by everyone. This interest goes as far as people start purchasing and using this revolutionary digital money. The core platform for cryptocurrency exchange is the cryptocurrency exchange websites. Today we will be reviewing one of the most popular online exchange platforms – Coinbase and try to find answers to rather common questions, such as “Can I trust Coinbase?”, “Is Coinbase Legit?” and many more.
What is Coinbase?
- Coinbase is a cryptocurrency exchange.
- Here people can trade cryptocurrencies and other digital assets for fiat currency (Pound, Euro, Dollar etc.).
- It was established in 2011 by Fred Ehrsam and Brian Armstrong and its headquarters are located in San Francisco, California.
- In 2012, it enrolled in a startup program called Y Combinator startup incubator. The same year, the company launched its services to trade Bitcoin via bank transfers as well at its Merchant Tools.
What Countries Coinbase Support?
Coinbase is supported in the following countries:
Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, and United States.
For the purposes of regulatory compliance, fraud prevention, and security, Coinbase limits the amount of digital currency an account can trade. The limits depend on a number of factors including:
- Account age.
- Mode of payment used.
- Purchase history etc.
- People who use the Coinbase Wallet service do not incur any charges for the user services.
- To make transfers of virtual currency to an external address, you will be charged a fee.
- To know the amount, you will receive a notification stating the fee during the transaction process.
- The platform provides a conversion service, which users can use to calculate the exchange rate for trading different digital currencies.
- Users are charged a fee to use the service known as a conversion fee, which varies in amount depending on the user’s location, payment method, and other factors.
The buying process is very simple.
- When you get to the Coinbase website, navigate to the Buys page.
- Then choose the cryptocurrency you want to buy and then key-in the amount you want to buy in fiat currency or digital currency.
- Choose the wallet you want your funds to send to, then choose a payment method and then confirm the buy by clicking on the Buy button.
- You should receive a receipt via your email once the transaction is completed.
- There are several ways you can buy digital currency on Coinbase: Debit card, Credit card, and Bank transfer.
- Purchases via Debit/Credit card are instant, but bank transfer related transactions take 5-7 days to complete.
- To sell digital currency on Coinbase, you need to go to the Sells page.
- You will then key-in the amount you want to sell, choose the wallet you would like to sell from, choose the account in which you want the funds deposited to, and then confirm the sell by clicking on the Sell button.
- Selling of digital currency can be done using Debit card, Credit Card, and Bank Transfer.
Payment Methods and Transaction Fees
The following are the payment methods supported by coin base and the transaction fees.
|Payment Method||Countries||Currency||Fees||Funds Availability|
|Bank Transfer||USA||USD||1.49%||5-7 days|
|SEPA Transfer||Europe||EUR||1.49%||1-3 days|
The following are the cryptocurrencies available on Coinbase:
- Coinbase requires a photo of an ID and a selfie.
- Coinbase Merchant Tools offer merchants instantaneous and fraud-free payments.
- These tools include payment buttons, callbacks, and payouts.
- There is also a new overpayment feature that allows users to get a refund when an overpayment has been made.
- They have streamlined the process to ensure it’s easier and faster.
Is Coinbase safe?
This is a question that many people often ask.
The brief answer is – “Yes, Coinbase is safe”. It is a registered exchange endorsed by reputable and trusted investors. It is also the largest Bitcoin exchange in the world.
Coinbase has a huge community base. There are currently over 11 million users on Coinbase and this number continues to grow. This is a good indication that Coinbase is an exchange that can be trusted.
- Coinbase offers its users a 2-factor authentication feature to add an extra layer of security to their accounts.
- Users can choose to enable it or not.
- Coinbase recommends using it to secure the integrity of the user account.
Coinbase has a reliable and efficient customer support and users can reach them via email. You can also visit the platform’s Knowledge Base page or the Coinbase Community page to get more information about Coinbase features, and services.
Coinbase Credit/Debit card transactions are processed instantly and their customer support responds promptly.
How to use Coinbase
Opening an account with Coinbase is easy and fast.
- You just need to visit their official website and click on signup.
- You will be redirected to a page where you are required to fill in some information, which includes your email address, full names, and a password.
- Once you have verified your email address, you will be asked if you want to enable the 2-factor authentication feature.
- It is up to enable it or not, but Coinbase encourages its users to activate it.
- If you do not have a digital wallet, you can create one on Coinbase and then connect it with your credit card, debit card, or bank account.
- To verify your credit card or debit card, you will need to provide some personal details including your ID, a photo of yourself and card details.
To Sum it UP
Coinbase is continually improving its services and features to ensure its users can buy and sell digital currency without any hassles or delays. It has streamlined its transaction process to increase efficiency and speed.
As you found the answers throughout the article, you may see that Coinbase is a trustworthy company with high reputation worldwide. It is good to use both for beginners and for cryptocurrency experts.
Thank you for reading, we hope it was helpful to you, please make sure to read more article on our website and become a cryptocurrency guru!