Since the arrival of bitcoin and cryptocurrencies, the cryptocurrencies exchanges have become indispensable for users, in this article we bring you a review of Coinbase, one of the main platforms of the sector, where we will show you how it works and the utilities it offers.
What is Coinbase?
Coinbase is a platform for buying, selling and storing different cryptocurrencies. Unlike other controversial trading and automatic trading platforms of dubious reputation, such as the Bitcoin Code, Coinbase complies with the rules and regulations of the SEC. Due to this, to its security and its simple use, it has become one of the leading companies in the sector and in the first place to buy bitcoin from many users that start in the world of cryptocurrencies.
That is why they have more than 20 million users and work with a volume of more than 200 billion dollars.
History of Coinbase
Based in San Francisco (California) Coinbase, was created in June 2012, the first cryptocurrency that started trading was Bitcoin [BTC], but over time has added other cryptocurrencies to its portfolio, such as:
- Ethereum (ETC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- 0x (ZRX)
It is rumored that soon they will expand their portfolio adding new cryptocurrencies.
How does Coinbase work?
Although the first few times you buy cryptocurrencies you have to be very careful not to make mistakes, in fact the use of these platforms is quite simple.
Before seeing how to buy cryptocurrencies, we will start by registering as users.
Create an account in Coinbase
To create an account we must follow the following steps:
First of all we will go to the registration link https://www.coinbase.com/signup
Where they will ask:
- First name
- And a Password
After entering this information, an email will be sent to the email account provided during registration to be verified.
Verification of the telephone number: It will be requested that a telephone number be indicated, which will be used to protect the account, since in some operations that are going to be carried out, a code is sent via SMS in order to perform said operation.
To verify the number, the platform sends a code via SMS which we must enter to continue with the creation of the account, once verified, the account will be ready to be used.
Interface
Once we have created the account, we will have the following options:
Dashboard
The Dashboard shows us the values of the different cryptocurrencies that the platform trades, as well as our portfolio and recent activity.
Buy / Sell
As its name indicates, in this section we can buy and sell cryptocurrencies.
Accounts
In accounts we will find the different Wallets of the cryptocurrencies that can be acquired in Coinbase, Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), 0x (ZRX), as well as a fiat wallet and a “vault”.
Coinbase gives the option to create new wallets in each of them, in order to have a better control of our sources of income.
Coinbase Vault
This Coinbase’s service increases security to protect our investment, this wallet supports deposits like others, but you can add security measures, such as to prevent stored funds can be removed instantly.
Settings
From Settings we have several tabs from which the users can access the settings of their accounts, security preferences, change their profile image, password, username, email, etc.
How to buy or a cryptocurrency in Coinbase?
Once registered in the platform, buying Bitcoin or other cryptocurrencies is very simple, you just have to select the virtual currency you want to buy, press the buy button and enter the desired amount, after completing the payment and finalizing the purchase, in a short space of time the cryptocurrencies will appear in the corresponding wallet.
How to sell a cryptocurrency in Coinbase?
To sell a cryptocurrency, the process is very similar to the purchase process, when you click on the sell button, the user must choose the amount he wants to sell. at the end of the sale, you will see reflected the amount obtained in your Fiat Wallet.
Characteristics of Coinbase
Coinbase fees
Both in the purchase and sale of cryptocurrencies Coinbase adds 1.49% commissions, the platform adds other commissions in the sending of transactions or conversions of digital currency among others, you can see the details in the following link:
https://support.coinbase.com/customer/en/portal/articles/2109597
Coinbase security
Throughout its existence Coinbase has proven to be a secure platform, in this aspect we can highlight the following characteristics:
- Account numbers and routing numbers are stored using AES-256 encryption
- Possibility of activating 2FA security
- With the Vault, security increases significantly
Payment methods accepted
US Customers:
- Bank account (ACH) (Purchases, sales, deposits and withdrawals)
- Debit card (Only purchases)
- Wire Transfer (Deposits and withdrawals only)
EU Clients:
- Bank transfers EUR (through SEPA)
- Secure credit and debit card purchases 3D
UK Customers:
- BP bank transfers
- Bank transfers EUR (through SEPA)
- Secure credit and debit card purchases 3D
Coinbase Limits:
For user safety, there are limits when buying or selling cryptocurrencies on the platform, these limits vary depending on different things, such as the age of the account, the number of transactions made, the payment method used, etc.
These limits can be increased in different ways:
- Adding the phone number
- Providing different personal data
- Identifying through a photograph among others
Conclusion on Coinbase
Coinbase is a platform used by millions of users, of all it is known that if the platform announces that it is going to add a new cryptocurrency to its portfolio, it increases in value, which gives an idea of the relevance of this platform in the cryptographic sector.
It has a simple interface and good security, which makes it a totally reliable platform.
If you found this article interesting, here you can find more Blockchain and cryptocurrency news
