About Coinbase exchange | what is coinbase? | how to use coinbase?February 14, 2019
Coinbase Exchange is the most famous cryptocurrency exchange in the world. The company deals in various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin etc. Read on for our complete Coinbase Exchange Review.
Quick Navigation :
- What is Coinbase?
- Features of Coinbase
- Coinbase Fees
- Coinbase Security
- How to use Coinbase?
- Supported currencies
- Coinbase trade
- Latest Updates
What is Coinbase?
Coinbase Exchange is most famous cryptocurrency exchange that operates from its headquarters in San Francisco, CA, USA. The company deals in various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin etc.
Fred Ehrsam and Brian Armstrong started the Coinbase company in the year 2012 when digital currency came much into the limelight.Since then the company has got a huge media coverage on various newspapers such as The Wall Street Journal, Bloomberg, The New York Times, TIME etc.
In 2013 it became largest cryptocurrency exchange in the world. Coinbase has expanded its platform and offer their service to 42 other countries with $150bn digital currency exchanged.Currently, more than 20 million customers have registered themselves on this platform due to good service and friendly customer support.
Features of Coinbase
Coinbase has some of the extraordinary features that make this platform reliable. Coinbase is available on both web platform and as well as mobile application that is compatible with both Android and iOS. This provides convenience to the users and even makes the technology handier.
Coinbase provides insurance on the digital coins as they are stored on the servers. An insurance policy can be a benefit for clients and also makes the platform trust worthier due to increased cyber criminal activities.
The company also provides the facility of immediate exchange by converting digital currency to local currency. Another feature of Coinbase is recurring buys where a user can buy digital currency over a period of time may be weekly or monthly.
Coinbase roughly charges fees from 1.49% to 3.99%, depending on user payment method, with credit card transactions resulting in fees at the higher end of the scale. Fees are generally lower than other exchanges who operate a similar business model, such as Coinmama or CEX.
Currently, Coinbase only allows users to buy Bitcoin, Ethereum and Litecoin, although it does have plans to add more currencies to the platform.
In respect of ‘hard forks’ like Bitcoin Cash and Bitcoin Gold in cryptocurrencies, Coinbase have stated that they will only offer trading in these once there is guarantees in respect of security. In addition, Coinbase operates the GDAX exchange, which is now “coinbase pro” to separate the ‘trading’ element of the exchange from the more casual consumer platform.
Security at Coinbase
Coinbase is a responsible exchange when it comes to security. The website servers have SSL encryption. Most of the currency is saved in offline mode to provide an additional layer of security to these wallets. The platform also has a multi-sig vault that manages all the private keys during the transactions.
Together wallets and keys are covered under AES-256 encryption.The currency is distributed geographically in wallets and vaults to make it more protective and less accessible. Users can enable two-step verification to add additional security.
How to use Coinbase?
- In order to setup a new account on Coinbase, a user can log on to www.coinbase.com.
- Click on the tab “Sign up” which then redirects you to the registration window.
- Enter the details such as first name, last name, email ID and create a new password.
- Click on the checkbox “I’m not a robot” then “create account”.
- A verification email with link goes to the registered email ID that validates an authentic user. Once the verification is complete, the user can begin with trading.
Coinbase provides different levels of support for different Digital Currencies.
Availability for buying, selling, depositing, and withdrawing supported Digital Currencies is different for each Digital Currency. Also, Fees and availability depends on your country, and payment method.
Refer this following table which lists all supported Digital Currencies on Coinbase, Coinbase Pro, and Coinbase Prime, by region.
Digital Currencies or other tokens that are not listed in this table are not supported by Coinbase. Coinbase will not process any transaction made using an unsupported Digital Currency.
A user can click on the “Buy/Sell” tab to order Bitcoins or sell them as per market pricing. Every time a transaction is made, the user can generate a new address. This address is essential to validate a transaction. To generate a new address, click on the “tools” option then click on “Create new address”.
A user can also view all the recurring transactions that have occurred. There is also an option of history where a user can view the all-previous transactions.
An interesting feature of Coinbase is that a user can also send Bitcoins with the help of address. Thus it can act as another payment option.
Latest Updates and Announcements :
- Feb 12 ,2019 : Backup your encrypted private keys on Google Drive and iCloud with Coinbase Wallet
- Feb 6, 2019 : Announcing Bitcoin (BTC) Support on Coinbase Wallet
- December 18, 2018 : Ethereum tokens Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) have launched on Coinbase Pro in select jurisdictions.
- December 5, 2018 : Buy and Sell ZEC on Coinbase
The exchange platform is unique as it allows you to complete transactions as soon after initiating it. The UI is user-friendly and easy to navigate which is ideal for beginners. Furthermore, they have an excellent reputation all around the world . Being able to support a variety of payment methods is also a plus to them. Overall, coinbase is a great trading platform.
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Latest News :
- Feb 7, 2019 : Coinbase – Learn Brave To Earn Basic Attention Token (BAT)
- Feb 5, 2018 :An Affiliate Referral Program By Coinbase Is Breaking The News
- Jan 29, 2019 :Coinbase Will Now Allow Crypto Traders To Pay Their Taxes Easily
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- Easy to use platform
- Highly Secured
- Instant transfers
- online and mobile features
- Insured Bitcoin deposit
- Slow support
- Account monitoring – user cannot be anonymous
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