Coinbase Review: Everything You Need to Know
What does the biggest cryptocurrency exchange in the world offer? Read this review to start buying bitcoin today..
Coinbase is the world’s largest bitcoin marketplace, with a presence in over 40+ countries. It offers a variety of payment methods you can use to buy bitcoin, or any other cryptocurrency for that matter, in an easy, secure and convenient manner. It is the best option to buy, sell or trade cryptocurrency if you’re a beginner and, more importantly, if Coinbase is available in your country. Coinbase is a global brand trusted by millions and an amazing option for you to buy crypto using fiat currency.
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam in San Francisco, California. By 2013, it had become the largest cryptocurrency exchange in the world and also the highest funded startup related to Bitcoin. The feature that differentiates Coinbase from most other exchanges is that it allows users to exchange crypto at a set rate based on their market value, greatly speeding up the exchange process. This has helped more than 20 million users around the globe to exchange over a $150 billion dollars in bitcoin and other cryptocurrency.
How to Sign Up for Coinbase: Setting up a Coinbase account is as easy as setting up an account anywhere: click on sign up, enter your details such as your name, email address and password you're set. Coinbase performs a KYC to verify your identity, and once that's done, you're free to buy, sell, and trade crypto on Coinbase. There are levels to verification on the exchange:
- a. Phone Number Verification: Verify your number and you'll be able to invest in crypto up to a certain amount.
- b. ID Verification: Getting your ID verified on Coinbase will let you send and receive bitcoins into your own personal Coinbase wallet. The Coinbase app and website provides wallets for a number of popular cryptocurrencies, streamlining the process of investing in BTC.
- c. Personal Info Verification: Once you get your personal information verified on Coinbase new coins can easily be bought, sold, and traded on the app or website. There are no limits, and you can transfer funds in and out of your account as per your convenience.
2-Factor Authentication: For added security, you can enable 2FA or 2-Step Verification on Coinbase. Head over to settings, click on security and you'll be taken to the 2FA settings page. Add your mobile number to proceed. 2FA by Text Message is selected by default, but two more options "Authenticator App" and "Security Key" are available as well. What this does: when you visit Coinbase sign in to your account, and Coinbase will send a secret code to your phone number via SMS; enter that code on the next step and you will be taken to your account.
Payment Methods: Depending on your country, there are a number of payments methods available to you on Coinbase, ranging from Debit/Credit Cards to Wire Transfers. Head over to Settings, and in the My Profile tab navigate to the Linked Accounts tab. Click on 'Link a New Account,' and you'll see the list of payment methods available to you. Pick any one to get started.
Coinbase is a cryptocurrency exchange where you can buy, sell, and trade bitcoin and other altcoins. But the great thing about this exchange is that it provides a free Coinbase bitcoin wallet that you can use to receive and send BTC. Coinbase doesn't limit cryptocurrency wallets only to BTC, they also provide wallets for Bitcoin Cash (BCH), Ether (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), Basic Attention Token (BAT), EOS, Augur (REP), DAI, Stellar (XLM), USD Coin (USD), Ripple (XRP), and Zcash (ZEC).
How to Send Bitcoin from Coinbase?
Sending BTC from Coinbase is easy. Click on the Accounts tab at the top. A page listing all your personal Coinbase wallets will pop up. Click on BTC, and you'll be given a bitcoin address and QR code you can use to receive BTC. Load BTC into this wallet, and once that's done, all you have to do to send bitcoins is to click 'Send' on the BTC tab, enter the recipient's bitcoin wallet address and the amount and you're all set!
As the bitcoin price skyrocketed to $20,000 in 2017, many beginners flocked to Coinbase to get a piece of the action. For first-time buyers, Coinbase is an easy and attractive option, with a user-friendly interface making it simple for newbies to buy bitcoin. But Coinbase also introduced a comprehensive platform called Coinbase Pro for, as the name says, the pros. Advanced crypto-enthusiasts are treated to features like bid ask spreads, price charts, order books, and stop limits. But unlike Coinbase, there's no Coinbase Pro app, although it works just fine on your smartphone browser. Coinbase is an amazing option for beginners who cannot make heads or tails of a simple price chart, while Coinbase Pro is for the seasoned crypto-enthusiast.
If you're an absolute newcomer to the world of cryptocurrency, Coinbase is one of the best options for you out there. If you've been around the block and are up-to-date with the market, Coinbase and Coinbase Pro are still the some of the most user-friendly bitcoin exchanges on the internet.