Coinbase allows users to buy, sell and trade cryptocurrency through multiple payment methods including ACH transfers, debit cards and money wires. Furthermore, Coinbase provides its own digital crypto wallet.
Simple to use and providing access to a broad selection of trading pairs across cryptos and fiat currencies, plus providing more experienced traders with enhanced charting features for advanced trading strategies.
What is Coinbase?
Coinbase provides many tools and functions for beginners as well as experienced investors to meet all their cryptocurrency investment needs. Users have given it excellent reviews, 24/7 support is available via their app on both phones and computers and it provides educational content alongside their cryptocurrency Earn program.
Signing up for Coinbase is easy and requires only an internet-connected device and valid email address, followed by verification with government issued ID documents. After that, the platform will ask you to link a bank account or debit card so it can be funded and you can begin buying and selling cryptocurrencies.
Once you create an account with Coinbase, you can select your currency of investment and amount you would like to invest. Plus, check prices, compare coins and place buy or sell orders – plus use Coinbase’s charts and market data to help make sound investment decisions!
Coinbase stands out as an extremely secure exchange, boasting one of only four NY BitLicense holders and adhering to rigorous KYC requirements. Furthermore, Coinbase strives to reduce security risks by keeping less than 1% of assets online at any given time and offering insurance against lost assets.
Coinbase stands out from its competitors by not only being secured against online threats but also boasting strong regulatory relationships in the US and strong relationships with law enforcement officials, having successfully fought off numerous IRS John Doe summonses. Investors looking for protection should choose this exchange that is highly regulated as they reduce risk by working directly with law enforcement and fighting off IRS summonses successfully. Furthermore, Coinbase boasts strong commitments to transparency while working towards continuously improving service provision.
Signing up for Coinbase
Coinbase provides an effortless way to buy and sell cryptocurrency, offering a wide variety of currencies, an intuitive user interface and secure wallet protection from hackers. Coinbase even allows you to link a bank account for easier deposit/withdrawal funds as well as providing support for various payment methods like PayPal and credit cards.
First step to creating an account on Coinbase is verifying your identity, which involves uploading a photo of your government-issued ID and answering some basic questions about job and income – essential components for meeting federal Know Your Customer (KYC) regulations. After verification has taken place, you can purchase and sell cryptocoins immediately.
To register with Coinbase, visit their official website and select “Register Account.” Complete all required fields including your name, email address, date of birth and last four digits of social security number before clicking “Submit.” Afterward, an activation link will arrive via email allowing you to activate your account.
Once you’ve established an account on Coinbase, you can purchase and sell cryptocurrency through desktop computers or mobile devices. After signing in to view your balance and trading history on the Coinbase dashboard and access your wallet.
Coinbase provides multiple measures to protect your crypto assets, including 2-factor authentication (2FA), vaults and whitelisting withdrawal addresses. Furthermore, multiple layers of encryption and multiparty computation help secure them – yet in 2021 Coinbase experienced a security breach which resulted in over 6,000 customers losing funds due to theft from an attacker.
Buying Cryptocurrency
Coinbase’s app makes it easy and affordable to buy and sell cryptocurrencies such as bitcoin, ethereum, and litecoin, convert them to fiat currencies, store and send them between users, store NFTs (Non Fungible Tokens). Plus it comes equipped with its own cryptocurrency wallet for free storing both forms of digital tokens!
Coinbase makes buying cryptocurrency easy by creating an account for you with all the information necessary. Your name, email address and password will all need to be submitted; then your identity needs to be confirmed through a photo ID scan of utility bill/bank statement/utility bill bill etc and answering some employment status/income related questions in accordance with federal Know Your Customer Regulations (KYCR).
After your account has been verified, you will be able to deposit funds from banks or other sources and Coinbase will show your available balance either in dollars or cryptocurrency units. Simply select how much of either you would like to buy/sell and click “buy/sell.” Small transactions usually go through quickly while larger ones may take a bit more time for processing.
One major downside of Coinbase is its trading fees, which can quickly add up. Fees depend on your type of transaction and amount traded; market conditions, volatility and liquidity also impact fees charged. Coinbase does not offer an easy or clear fee schedule that shows exactly how much makers will pay compared to takers; moreover, there’s no automatic method available that would calculate total transaction costs like most trading apps do.
Selling Cryptocurrency
If you want to cash out your cryptocurrency holdings, selling it for USD can be done easily and requires only a valid bank account. After linking it, select the “Buy/Sell” icon in the upper right corner of Coinbase and choose “Sell.” Select your crypto as well as fiat currency of exchange before entering an amount to sell and clicking “preview sell.”
Once your purchase has been confirmed, the app will prompt you to verify your identity by sending a seven-digit code directly to your phone that must then be entered back into the website for validation. Once verified, you’ll be able to deposit and withdraw funds from your account as required.
Coinbase’s app makes it easy to exchange one cryptocurrency for another or move funds between accounts, with features including two-factor authentication through phone and email as well as biometric logins for biometric security of your cryptocurrency assets. Hardware wallets provide further safeguarding of your funds.
Coinbase also offers a premium version of their service called Coinbase Pro that allows users to trade cryptocurrencies more quickly and with greater flexibility, plus provides advanced analytics and charting features to assist traders with informed decision-making.
Coinbase’s app is available on both iOS and Android devices, making it simple for users to access crypto assets for trading or storage purposes. Simply search “Coinbase” in either Apple App Store or Google Play and download your preferred version; once installed, create your account by providing personal details including name, email address and creating password for account activation – then start trading or storing.
Using Coinbase
Coinbase is a cryptocurrency exchange offering an easy and straightforward method for purchasing and selling digital assets, including bitcoin. Available in over 100 countries (including the US) its user-friendly mobile app is ideal for beginners to crypto. Users can store their digital assets securely using Coinbase Wallet.
Coinbase requires identity and address verification in accordance with Know Your Customer and Anti-Money Laundering laws, during the account setup phase you will need to provide information such as legal name, home address, date of birth and last four digits of social security number as well as valid email and phone number and linking a bank account or payment method so you can deposit and withdraw funds.
Once your identity has been verified, Coinbase makes buying and selling cryptocurrency easy. To buy cryptocurrency, simply log into your Coinbase account, tap the reverse icon at the bottom navigation bar (or click button at top), select desired cryptocurrency you would like to buy, click “Buy,” select your purchase amount, fees and total cost before clicking “Confirm Purchase.” Your dashboard will show these details immediately!
Once you’ve selected a cryptocurrency, tap “Buy now”, enter the amount to buy, and tap “Preview Buy”. If security is an issue for you, there are various methods of increasing limits such as adding another verification method – such as uploading a selfie or document with your address – in order to prevent others from accessing and purchasing cryptos through your Coinbase account.
