The cryptocurrency industry is relatively young but has already received trusted leaders in the field. If you ask any crypto investor where they buy, sell or trade coins, the answer will be an exchange. Coinbase is one of the largest digital currency exchanges in the world. It offers trading solutions for beginners, advanced and institutional traders alike. In this article, we are going to give full explanations about this exchange and training to work with it.
What is Coinbase?
Coinbase is a leading cryptocurrency exchange serving cryptocurrency enthusiasts from over 100 countries around the world. The official name of the company is Coinbase Global Inc. This company was founded in March 2012 by Brian Armstrong and Fred Ehrsam and has become the largest digital currency exchange in the market in terms of transaction volume. The company set out to create a crypto-economy – a system characterized by fairness, accessibility, efficiency and transparency. Currently, the company has achieved many important goals as shown in the following numbers:
- 68+ million users
- The volume of transactions in the quarter is 462 billion dollars
- $180 billion assets on the platform
- 100+ countries; 2100+ employees
This platform is used to buy, sell, trade, invest, earn and use digital currencies. The platform is available in 13 languages and has mobile apps for Android and iOS devices that can be used anytime, anywhere. Coinbase is a mainstay in the cryptocurrency landscape. The company went public in April 2021 and has maintained its position in the public eye ever since.
Features of Coinbase
The Coinbase exchange has a number of features that have helped it to be among the best crypto exchange platforms operating today.
ease of use:
It offers one of the least hassle registration methods with very fast verification. It is possible to link a bank account to the platform to save transaction fees and trade selected cryptocurrencies every time. The website interface is user-friendly and easy to navigate.
Coinbase is one of the few crypto exchanges that allows users to withdraw cryptocurrency immediately after a purchase using fiat currency, instead of waiting several days for the payment transaction to clear. This can be of great help to users who want to use digital currency in decentralized applications and other external services.
Security and insurance:
The main advantage of the platform is Coinbase insurance of all funds stored on the platform. According to the platform, only 2% of all user coins are stored online.
The uniformity, practicality and ease of use of Coinbase has prepared mobile applications for Android and iOS users to provide them with the flexibility of transactions.
Coinbase has prepared a number of training classes that not only allow deepening knowledge in digital currencies, but also receive $115 worth of digital currency for successful results.
Different tools for everyone:
Not only crypto-to-crypto trading is supported by this service. Users can also take advantage of buying and selling cryptocurrency for fiat money, borrow cash using Bitcoin as collateral, spend cryptocurrency using a card and earn rewards for it.
Coinbase has an easy-to-use platform, but a complicated fee structure.
Open a Coinbase account
To open a Coinbase account, you must be at least 18 years of age or older, have a decent internet connection, and a phone number. Coinbase, like most crypto exchanges, does not charge any account opening fees.
When a user taps the “Get Started” button on the Coinbase home page, they enter their legal name, email, and password. Also, confirm your location in the relevant section. Then a confirmation email is sent to the user. After verifying their email, the user must also verify their phone number for two-step authentication.
The final steps in setting up a Coinbase account include answering a few questions about employment and source of funds and verifying the user’s identity using a photo ID. After completing all of these, the user can link to a payment method and start funding their account.
Coinbase’s list of supported currencies includes more than 50 coins and includes popular assets such as Bitcoin, Litecoin, Ethereum, Cardano, Tether, Bitcoin Cash, Uniswap, and more. The range of fiat currencies used to fund the Coinbase wallet is impressive, including USD, GBP, EUR, CAD, and many others.
Disadvantages of Coinbase
The biggest drawback is that the fee structure for the original version of Coinbase is rather complicated. Fees are not published in advance, as they are “distribution fees”. This means they are calculated at the time you place your order and may be determined by a combination of factors such as location, payment method, order size and market conditions.
A downside for more advanced users is that although Coinbase offers shares on its platform, it takes a 25% commission on returns. This is a significant reduction compared to other leading cryptocurrency exchanges.
The original Coinbase platform has a very complex fee structure. You don’t pay a maker/taker fee or a fixed fee, but a fee that temporarily caps the price of the transaction. You won’t see the fees you’re paying until you submit the transaction. Coinbase fees are usually around 0.5%.
For Coinbase Advanced Trade users, the company charges a much simpler fee for all transactions. In addition to cryptocurrency trading fees, Advanced Trade charges a 0.001% fee for selected stablecoin pairs, such as USD Coin (USDC)/EUR and Tether. For easy purchase of stable coin Tether, refer to Persian Elite Tether purchase panel.
Coinbase offers more than 200 digital currencies and stablecoins for trading.
Can you trade NFTs on Coinbase?
Coinbase provides a platform for trading non-fungible tokens (NFT). With Coinbase, users can follow popular collections or keep up with prominent creators. All NFTs on Coinbase can be purchased with Ethereum or USD.
What is the peak 24-hour trading volume of Coinbase?
On January 11, 2021, Coinbase reached $9.56 billion in trading volume, which was 57.9% higher than the previous peak (Block Crypto).
The range of services is very diverse according to various reviews of Coinbase. The most popular of them are as follows:
This is a special version of Coinbase created for professional traders. It offers more complex charts and trading options, but the main advantage of this solution is the lower trading fees, which decrease with increasing volume.
It is a self-hosted platform wallet that allows you to store cryptocurrencies and NFTs in one place, trade over 500 assets on decentralized exchanges and earn profits and access it through a mobile device thanks to the brand’s app.
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The Coinbase apps for iOS and Android are highly rated by users and include many of the same functions and features as the desktop site. The site has advanced tools for more experienced traders, but also has an interface that provides a wide range of features for users of varying experience. For beginners, there are simple tools for buying and selling. For more advanced crypto investors, there are options to compare, track and trade digital assets.
How to buy and sell digital currencies in Coinbase
Buying and selling will be easier if you already have a payment method linked to Coinbase. Once you’re logged into your Coinbase account, here are the steps to buy cryptocurrency:
Click the Buy/Sell button in the top right corner. Specify if this is a one-time purchase or daily/weekly/monthly. Enter your purchase amount. Select the digital currency to buy. Choose your payment method.
Keep in mind that when buying using a bank account, the transaction usually takes between 3 and 5 business days, according to Coinbase.
Selling on Coinbase is even easier. All you have to do is enter the amount you want to sell (or select “Sell All”). Then specify which coins you want to sell and how you want to pay. Note that the same fees apply for both buying and selling.
The downside of this method is that you have to remember your password, also known as your private key. If you’ve heard reports of people losing millions due to being locked out of their crypto wallets, they probably have an illegal wallet. While this method is more secure, it is your responsibility to ensure access to your wallet.
What you need to know before trading on Coinbase:
Here are some tips for cryptocurrency traders starting to trade on Coinbase:
Use a strong password, two-step authentication, and check all security settings. Coinbase offers insurance in case of hacking, but it applies if it was breached on their behalf, not if your account was hacked. Enter any payment type to increase the buy or sell limit. You can also increase your limits by uploading a photo ID.
Limits also increase each time you trade. In fact, if possible, use your bank account to buy cryptocurrency through Coinbase rather than other payment methods. This reduces fees. You have to wait up to 5 days for your bank to confirm the pairing, so keep that in mind.
Check if wallets are set up in settings before trading coins. With the mobile app, you can trade from your mobile phone. There is always the possibility that the market will fall, so you should buy or sell as soon as possible when it does. A USD wallet on Coinbase can be useful for you – put assets in it and use it to buy coins after the deposit is done.
Set up alerts, as they can help you decide when to buy or sell. It is possible to send your digital assets to other traders on Coinbase via email address.
Binance vs Coinbase
Coinbase is mainly second to Binance exchange. Binance is a digital currency exchange that was created in 2017 and is a leading cryptocurrency exchange.
Although both of these exchanges are among the most efficient platforms available, each of them may have other specific advantages over the other. For example, one of the challenges of Iranian users is the authentication of Binance despite Iran’s sanctions conditions. The Binance authentication process simplification service has come to help solve this problem.
User level and the amount of fiat currency they trade will affect trading limits on Coinbase. For example, level 2 users can trade up to $25,000 and level 3 users can make unlimited trades. In contrast, Binance trading limits vary with a user’s verification level. Level 1 users can generate up to 2 Bitcoins of cryptocurrency per day, while Level 2 traders can trade up to 100 Bitcoins per day.
Is Coinbase safe?
Coinbase is one of the largest cryptocurrency exchanges in the world and has a great reputation for security. Perhaps most importantly, the exchange keeps approximately 99% of its users’ digital assets in an offline pool.
Coinbase also requires you to verify a phone number by entering a code it sends you via text message. After verifying your phone number, it is recommended to set up a more secure 2FA (two-factor authentication) method. 2FA direct text message is not so secure that it can be intercepted by hackers while your text is in transit.
Coinbase has mandatory two-factor authentication (2FA) on your account to ensure your account remains secure. There are other ways to increase the security of your Coinbase account. With security, more is usually better, so you can also take advantage of all the security features that Coinbase has to offer.
After deleting your account, Coinbase has given you the option to request the information you originally gave them. You can also request that Coinbase remove information from its servers. Given that privacy is a big concern in people’s lives, Coinbase gets brownie points for handling your personal information well and ignoring it, if that’s what you want them to do.
Cryptocurrency price volatility can be very confusing and scary for those new to the industry, and Coinbase makes everything super easy and super clear.
It also caters to advanced traders with Coinbase Pro, which has great trading tools and an overall great platform.