|Exchange Name||Coinbase Pro|
|Top Country||United States|
More Info About Exchange
Coinbase is one of the best cryptocurrency exchanges in the world since 2012. It opereates in 32 countries and has over 20M+ users with over 150 billion dollars exchanged on its platform.
Coinbase popularity mainly comes from the fact that it's the easiest and fastest ways to buy cryptocurrencies with your fiat currency. They always offer the most up to date price and their fees are fairly resonable which makes it a great place for everyone to buy their first cryptocurrency.
Is Coinbase safe?
The short answer is YES. Coinbase is on the most secure exchanges out there but even in case of a hack or something else they have an insurance fund for their users so all your loses will be covered by them.
98% of the funds on coinbase are stored offline on hardware or paper wallets and those wallets are backed up and stored in deposit boxes and physical vaults, where no unauthorised people have no access to.
Coinbase also uses a 2 factor authentication which further protects your account from anyone accessing it. So unless someone has your email address, your password and steals your mobile phone, your account and your money are safe.
Fees and currencies
Fees on coinbase may not be the cheapest in the world but they are certainly not high either compared to most exchanges, they range from 1.49% to 3.99% depending on your country and your payment method.
You can read more about coinbase fees here on their website: coinbase fees
As of the date of this article there are currently 4 cryptocurrencies on Coinbase which are:
Not long ago Coinbase announced that they will be also listing Ethereum Classic (ETC) soon. As you can see there is not much choice currency wise on their platform but you can look at it that way, Coinbase is the most trusted exchange in the world and anything that gets listed there provides a safe and long term investment, they would never list something that's not worth it.
How to sign up and use an account on Coinbase
When you first create and account on Coinbase you will have two options:
Individual account if you want to set up and account for personal use and a
Business account if you're setting up an account for institutional investing or if you provide merchant services.
Once you fill out your detials and confirm your emaill address your next step will be to confirm your phone number.
This phone number will be used as your primary source for your 2 factor authentication, you can change it to Google 2FA after in the settings.
After you do this, your next step is to upload your identity documents to confirm you are who you say you are and add a payment option so you can start buying or selling cryptocurrencies.
There is a lot of payment options you can add depending on your country.
For US citizens:
- Bank account (ACH)
- Debit card
- and Wire transfer
For European customers:
- Bank account (SEPA), Coinbase does not support SWIFT payments
- Debit card
Australian and Canadian customers:
- Debit card
After linking your payment method you can make your first purchase on Coinbase.
This is what your purchase window will look like:
You can also sell your currencies here, exchange them into other currencies or transfer them to your bank account or you can transfer them to other wallets and exchanges.
On top of buying, selling and transfering currencies Coinbase has a recurring payment feature which allows you to:
- Buy and sell bitcoin on a regular schedule
- Pay bills or rent
- Schedule payments in the future
And it's very easy to set up.
Simply select whether you want to buy or sell BTC, select the amount and select the date on which you want the action to happen. You can use this action to repeat it hourly, daily, weekly, monthly, even yearly.
Coinbase and GDAX
GDAX and Coinbase are own by the same parent company but with two different goals.
Coinbase is a beginner friendly crypto exchange where new people can exchange their fiat for cryptocurrencies.
GDAX is a trading platform suited for more advanced crypto traders and investors.
In order to use GDAX exchange you need to sing up for Coinbase, you will then be able to use your Coinbase credentials to log in to GDAX.
You can use the GDAX exchange to avoid the Coinbase fees for buying and selling cryptocurrencies.
If you're going to use GDAX for trading crypto currencies and you're worried about your funds being stolen, then stop. GDAX same as Coinbase has an insurance protection for its customers and they offer up to $250,000 refund per customer in case something happens to your money.
Pros & Cons
|Low fees||Only 3 currencies available (USD, EUR, GBP)|
|All deposits are insured||Not a lot of choice of cryptocurrencies as of now|
|They offer a mobile app||Lot of customer complaints|
|Shift debit card|
|$10 Sign up bonus if you use this link|