Coinbase acts as an online wallet service that deals with cryptocurrencies. As a renowned crypto exchange platform, Coinbase has been able to simplify the manner in which people transact Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). Since the mentioned forms of cryptocurrency have the highest market capitalization, Coinbase has been able to become a renowned cryptocurrency trading platform by offering extensive services to investors and traders alike.
Due to the exemplary services that have been offered by Coinbase over the past few years, they boast of a large population of users. Since Coinbase operates in 32 countries, they have been able to amass a population of 12 million users. Also, by handling such a client base, Coinbase has been able to transact Bitcoin worth $40 billion since the launching of the platform in 2012.
Attracting such a vast user population can be attributed to the fact their platform is highly secure and reliable at the same time. As a result, Coinbase is a suitable for people who want to venture into cryptocurrency exchange. Also, Coinbase is also preferred by many since it is among the few crypto exchange platforms that allow the use of credit cards and bank transfers too.
In this context, we shall elaborate more about the Coinbase platform in a detailed manner. Since our main point of focus is cryptocurrency exchange, we will dig into how Coinbase is used to store cryptocurrency through their online wallet. Also, since security is a crucial factor when dealing with cryptocurrency, the Coinbase privacy policies will also be discussed in this context regarding how they apply to the users. Furthermore, we will also discuss the user experience of the various clients who have been using the Coinbase platform and also the features that the platform offers.
Since Bitcoin (BTC) came into existence at around 2009, the digital currency took time to develop value over the years. After Bitcoin started to gain value, platforms that enabled the selling and buying of cryptocurrencies came into existence. As for Coinbase, the platform came into existence in 2012, and they have been able to stay ahead of their competitors in the industry. As a very promising company, the platform has been able to attract multiple investors over the years. Also, by working hand in hand with the regulatory authorities all over the world, the platform operates legally. Furthermore, Coinbase also operates in every state in the US, and they have licenses that enable them to operate in every state. By being widespread and having serious investors, Coinbase has been able to thrive remarkably.
Coinbase’s Online Wallet
The online wallet offered by Coinbase is very secure. In fact, the online wallet offered by Coinbase can be termed as the most secure on a global scale. The online wallet supports the various forms of cryptocurrency, namely; Bitcoin, Litecoin, and Ethereum. Far from that, in comparison with other cryptocurrency exchange platforms, the security features offered by Coinbase are like no other. When it comes to security, Coinbase is always protected and controls all the private keys that are being used by the blockchain to validate the owner of the Bitcoins and the other cryptocurrencies. As a result, the security features offered by Coinbase are top notch. However, it is also advisable to store most of your cryptocurrency in an offline wallet that is entirely personal as an added measure of security.
How to Operate Coinbase
The Coinbase platform is quite user-friendly. The interface of the platform is quite easy to maneuver, and beginners will also be able to understand how the platform operates without immense pressure. Since the creators of Coinbase were more into simplicity, they simplified the crypto trading process on Coinbase, thereby making the platform more attractive and easy to use. However, the Coinbase platform is also linked to the GDAX platform that is somewhat quite complex and is suited to investors who have been in the trade for quite some time. When compared with other crypto exchange platforms, Coinbase is by far the simplest, and they offer the most amazing user experience. Moreover, the platform can operate on both Android and iOS.
Coinbase has been able to attract a vast pool of investors over the years. As a result, they have been able to amass a massive pool of finances that have come in handy when financing the security budget. Regarding security, Coinbase is by far the most secure platform at the moment. The platform supports users by also incorporating offline storage solutions as well as backup management. Apart from the various technology-oriented security features, Coinbase also has insurance that also guarantees the safety of the users.
Coinbase Provides Insurance for Their Users
Coinbase is very secure based on the security features that have been incorporated into the platform. Among the features that guarantee top-notch security are such as the presence of two-factor authentication. However, additional security measures also come in handy. Since Coinbase takes security very seriously, they have also gone a step further in ensuring their users against various forms of fraud. Taking into account that cryptocurrency has been appreciating in terms of value day in day out, some people may decide to engage in malicious activities such as stealing the cryptocurrency by hacking the accounts of the various Coinbase users. A possibility of such a scenario exists, but with the presence of strong passwords and the security features that have been put in place, Coinbase is confident that the multiple user accounts are very safe.
Additionally, Coinbase has also introduced a “Vault” system. The “Vault” system acts as a paper wallet, but it is more secure than the normal wallet since the system allows the use of the n-f-m as in the case of withdrawals. Instances that show how secure the “Vault” system is are such as the scenario whereby a user can set it in a manner that the system can only operate with their permission.
The Limits and Fees of the Coinbase Platform
As always, any company that offers services has an obligation to charge for the services offered. With that said, we can see that Coinbase offers very lenient rates as compared to their counterparts who are in the same business. Nevertheless, some of the other platforms may be offering cheaper rates, but various features such as security are questionable. However, with Coinbase, the fee charged is always worth it since they are always geared towards ensuring customer satisfaction. As for buying of products, Coinbase charges between 1.49% and 3.99%. The charges vary depending on the method being used to purchase the products. All in all, Coinbase has a limits and fees section that will always act as a form of guidance while transacting on the platform.
Since many people have been gaining an interest towards Crypto exchange, signing up with Coinbase would be a better way to join the world of Crypto exchange. With that said, the following are the steps of how to set up a Coinbase account;
1. Sign up- To have an account with Coinbase, you’ll need the following credentials; name, email address, and password.
2. Account Type- as for Coinbase, they have two categories of accounts. The categories are namely business and individual accounts. After signing up with Coinbase, you are always provided with a link that is used to confirm your email address. After clicking the link, you are redirected to a page where you will be able to choose your preferred type of account. You can choose between an individual account and a business account.
3. Verification of your phone number- after signing up and choosing your preferred account type, you are then required to verify your phone number. The primary reason for phone number verification is to act as a form of two-factor identification. Furthermore, with a verified phone number, two-factor authentication is now possible.
4. Setting up a payment method- Coinbase allows their customers to choose between two payment methods. The two payment methods are; bank transfer and credit card. When you choose bank transfer as your preferred mode of payment, Coinbase initiates one or two small transactions to and from your bank account. In the US, a bank transfer can even take 4 to 5 days to be completed. On the other hand, for those users who opt for the use of credit cards as their preferred payment option, their funds always reflect in a real-time manner. Also, Coinbase allows users to link their PayPal accounts to their Coinbase accounts. However, you can only withdraw funds that are gained through selling cryptocurrency only while using PayPal.
5. Buy Cryptocurrency- to purchase cryptocurrency; your account must have funds. When you have funds in your account, you can purchase cryptocurrency freely.
The Coinbase Customer Support
For every company that values customer satisfaction, there is always a customer support system. As for Coinbase, they offer customer support through email. They also provide answers to the various questions of the FAQs page. All in all, since the customer base of the company, has been increasing on a tremendous scale, the waiting time for the customer support has been on the increase. However, you may wait for long, but Coinbase will always get back to you within 24-72 hours. Nevertheless, some users never get the appropriate answer to their various grievances, and they always have to follow up again and again to get a solid response to their various questions.
Countries Where Coinbase Operates
The United States, Norway, Belgium, Bulgaria, Australia, Czech Republic, Denmark, Italy, Latvia, Hungary, Singapore, Cyprus, San Marino, Netherlands, United Kingdom, Canada, Austria, Finland, Croatia, Ireland, Liechtenstein, Malta, Poland, Monaco, Greece, Portugal, Jersey, Slovenia, Slovakia, Spain, Sweden, and Switzerland.
Limits as per the various transactions
The transaction limits vary from one country to the other. Also, the payment variations also vary regarding the payment method that has been used as well as the verification status. To view your limits, you can do so through a link provided on the account’s limits page. All in all, Coinbase allows the application for higher limits. However, the applications for higher limits in terms of transactions is only possible for credit card users.
To be eligible for higher limits, you are required to verify your identity. With that said, the transaction limits vary in terms of the countries too. As for US residents, they can transact up to $50,000 in a week, whereas clients from Europe can only transact $30,000 at any given moment. As for the various limits, the users can check the limits through their accounts.
Transacting Using Cryptocurrency
Coinbase allows for the easy storage of cryptocurrency. Also, the platform allows you to send and receive cryptocurrency without much of a hurdle. As for Coinbase, the transactions through cryptocurrency are as follows;
• To store or send cryptocurrency, you’ll navigate to the send tab in your account. You will then choose the wallet to which the coins will be transferred and enter the amount as well as the public key of the recipient address. To finalize the transaction, you’ll click send, and the transaction will be complete.
• To receive cryptocurrency, you have to access the accounts tab. After that, you’ll click the wallet and choose where you want the funds to go. To complete the process, you are issued with a wallet address that will be used by the sender to transfer cryptocurrency to your account.
The Shift Card by Coinbase
The Shift Card is a form of VISA debit card that is only available to Coinbase users. The Shift Card allows Coinbase users in some of the states in the US to use Bitcoin at any outlet that accepts VISA as a payment method. A shift Card costs $10. However, no transaction fees is ever charged while transacting with the card. As a result, the Shift Card comes in handy.
The Coinbase platform versus the GDAX platform
Coinbase decided to introduce a new platform known as GDAX that would act as a more developed trading platform. By using the GDAX platform, you can evade the fees charged by Coinbase through buying and trading through the GDAX platform whereby you’ll need to send a bank transfer to Coinbase and then use the GDAX platform for purchasing transactions.
After signing up on Coinbase, you automatically have an account with GDAX. As for the GDAX platform, you log in with the same credentials that you use on the Coinbase platform.
Coinbase Accounts are monitored.
Coinbase is a good platform that offers the best quality service when it comes to the buying and selling of cryptocurrency. However, Coinbase always monitors the transactions that take place on their platform. If any user is caught trying to transfer funds to illegal places such as the darknet, such a transaction is banned immediately. Far from that, Coinbase is currently engaged in a heated battled with the IRS since they are being requested to provide the financial data of the customers who transact through the Coinbase platform. Although the battle is heated, Coinbase is doing everything they can to safeguard their customer privacy.
Downtimes at Coinbase
Of late, the prices of Bitcoin have been fluctuating day in day out. During such times, the traffic is always high, and the site experiences a downtime occasionally, thereby restricting the people from buying or selling cryptocurrency through the system. A huge customer base has its advantages and disadvantages. As for the advantage, a huge client base ensures that the profits skyrocket, whereas the disadvantage is that the huge client base at times overloads the sire and the site crashes eventually.
Since Coinbase is dedicated to customer satisfaction, they are working day and night to find a viable solution to the unprecedented problem. As of now, the downtime occurs for a few hours. However, since Coinbase is attracting more and more customers on a daily basis, they will have to handle the issue sooner or later.
Various platforms that offer the services of buying and cryptocurrencies are in existence. However, Coinbase has come up as being among the best and most preferred cryptocurrency exchange platforms. The Coinbase platform is very easy to use, and as a result, they are able to attract a huge pool of newcomers in the world of cryptocurrency. All in all, Coinbase might be the safest platform to transact your Bitcoin, but various recommendations will always come from various parties saying that you should transfer your Bitcoin to your personal wallet. By transferring the Bitcoin to your personal wallet, you will have granted yourself full access to your cryptocurrency.
Much has been said, but we can see that Coinbase has outdone the other Crypto exchange platforms. By having the most advanced security features and affordable charges when transacting, most people would choose to sign up with Coinbase at any given moment. Also, their customer support is quite reliable, and this showcases that Coinbase is geared towards ensuring that there is customer satisfaction at all times.