Looking at the list of the best online digital currency exchanges, you will definitely find the name of the Coinbase exchange among the first options in this list. This exchange has now become one of the most popular options with more than one million users from all over the world. To the extent that it has reached a new record compared to other exchanges in the field of user attraction in the first year of its establishment! This exchange is known as a digital currency exchange and investment platform. Using this platform, users can buy and sell more than 100 digital currencies, including Bitcoin and Ethereum. If you have doubts about choosing Coinbase exchange as your desired platform for buying and selling digital currencies, read the rest of this article so that you can make the best decision by completing your information. To get complete information about this, you can participate in the Academy’s digital currency course.
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Introducing Coinbase exchange
Coinbase is a popular and trusted exchange for buying, selling and exchanging all kinds of digital currencies. In fact, the company acts as a platform to facilitate the exchange of digital currencies, so that users can easily use it to buy or sell stocks online.
Currently, Coinbase is known as one of the largest digital currency exchange companies, with assets of $256 billion, this amount of assets has been obtained thanks to the large number of users of this exchange (more than 98 million users).
One of the most important features of this platform is its suitability for beginners. Many people who have just started buying and selling digital currencies turn to this platform to choose an exchange. Of course, professional users use the Coinbase Pro version. This advanced version is available to all Coinbase users, the only difference from the original version is that it provides users with additional features and more access. In general, Coinbase can be introduced as an excellent choice for beginners and professionals in buying and selling digital currencies.
History of Coinbase exchange
Examining the history of a company can be a useful clue to make a decision about it. The history of Coinbase begins in 2012. Coinbase was founded this year as a decentralized digital currency exchange for sending and receiving Bitcoins. Although initially, the activity of this platform was limited to Bitcoin, but over time, this exchange expanded its activity by supporting dozens of digital currencies. With this action, the number of employees of this company increased by 3,700 people worldwide. According to the history of this company, it can be said that more than 550 billion dollars are traded in this exchange almost every three months. Currently, this company cooperates with 11,000 different financial institutions around the world and is on the list of the best digital currency exchanges in the world.
Advantages and disadvantages of Coinbase exchange
As one of the largest exchanges in the world, the Coinbase exchange has many advantages for digital currency traders, although we must say that among these advantages, like any other exchange, there are also disadvantages. In the following, we examine some of the most important advantages and disadvantages of the Coinbase exchange:
Advantages of Coinbase exchange
Some of the advantages of the Coinbase exchange are:
Support for index digital currencies
Digital currency users can use this exchange to buy and sell all kinds of digital currencies. In the first years of its operation, Coinbase only supported popular currencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash, but after a while, other digital currencies such as Ripple, Stellar, etc. were added to this exchange.
Easy user interface
One of the best features of the Coinbase exchange that makes it one of the first choices for beginners is its graphical environment and simple user interface. This allows novice users to carry out their transactions easily and without any problems. Also, users can exchange on this platform with all kinds of devices such as laptops and smart phones.
Payment in different ways
Various methods are considered for payment in Coinbase exchange. Users can make their payments and withdrawals in this exchange using different methods such as PayPal, debit card and credit card.
Exchange in the shortest time
One of the goals of the Coinbase platform is to increase the exchange speed of users. As a result, users can quickly sell or buy their digital currencies through fiat currencies with the help of this exchange. In transactions using fiat currency, Coinbase exchange has a high speed of operation.
Since the offline storage method is used in the Coinbase exchange to store information about users, as a result, there is a high level of security in this platform. In this exchange, only one percent of users’ assets are stored online. This feature greatly reduces the possibility of theft and fraud in this platform. Also, on Coinbase all digital currencies are insured, so stolen assets that are the responsibility of this exchange will be fully returned to the owners.
Disadvantages of Coinbase exchange
Some of the disadvantages of the Coinbase exchange are:
There is a relatively high fee for each transaction in the Coinbase exchange.
Problems have been seen in the customer support department.
This exchange does not support many altcoins.
Coinbase exchange is not available in all countries.
There is a limit for transactions in this exchange.
How to register and authenticate in Coinbase exchange
To register in the Coinbase exchange, you must first be familiar with the special rules and conditions and the necessary documents to register in it:
A government-issued photo ID (Passports are not acceptable at Coinbase Card.)
Being at least 18 years old (required documents to prove age.)
Have a phone number available
Access to the latest version of the browser (preferably Google Chrome) or the latest version of the Coinbase application, if using the Coinbase application, the mobile operating system must be up to date.
After reviewing these conditions and preparing the requested items, you can use the following steps to register in Coinbase:
Create an account on Coinbase
Enter the official site of the Coinbase exchange through your browser. Of course, you can also do these steps using the application of this exchange. In general, we recommend that you use a mobile phone application or a computer browser to create a user account in Coinbase and do not use a mobile browser. In the following, see the registration process on this site step by step:
1. Select the Get started option.
2. Enter the required information, the entered information must be completely up-to-date and accurate so that no problems arise. This information includes your full legal name, accessible email address, password and nationality.
4. Check the box and select the Create account option in the browser or SIGN UP in the application.
5. By selecting this option, Coinbase will send you a confirmation email to confirm your address.
confirm email address
After receiving the email from the Coinbase exchange, click on Verify Email Address. The sender will be email@example.com. Click on this link to be redirected to the Coinbase website. At this stage, log in to the site with the email and password you registered to finalize the email confirmation.
Mobile number verification
Log in to your Coinbase account to enter your mobile number. In this step, select your country and enter your mobile phone number. By entering the number, Coinbase will send you a seven-digit code. Click Submit in the browser or Continue in the application. If you do not receive the code, press the Resend-SMS option.
Enter personal information
Your personal information includes the following, remember to provide valid documents for this information:
1. Name and surname
2. Date of birth
You will be asked the following questions:
1. What do you use Coinbase?
2. What are your funding sources?
3. What is your current job?
4. Who is your employer?
5. The last four digits of the social security number (SSN or Social Security Number)
After going through these steps, you need to pass the authentication step. At this stage, you need an ID card, passport or certificate. Of course, in our country, due to sanctions, users must use an ID card and a fake photo with a non-Iranian identity for authentication. Finally, we recommend that you enable two-step verification for your account for the ultimate level of security. Then take a selfie with the camera and send it to confirm your identity.
Choose a payment method
At this point, you need to top up your Coinbase account. This exchange does not support every country, so you should keep this in mind when choosing your payment method.
How to buy and sell digital currency in Coinbase exchange
After you have successfully registered with the Coinbase exchange, it’s time to start trading. To do this, select the Trade option to enter the page of buying and selling cryptocurrencies. To reach this stage, you must pass the authentication stage.
After entering the desired page, enter the digital currency and its amount for purchase. Then select the Buy option at the bottom of the page. After that, select your desired payment method and write your account or card information. After checking the information again, select the Confirm Buy option. At this stage, for security reasons, it is necessary to send a short message to you.
To sell digital currency in the Coinbase exchange, you must also go through these steps, with the difference that you must use the Sell option instead of the Buy option.
You can get the Coinbase wallet called Coinbase Wallet on Google Play or App Store. After downloading this wallet, you need to create an account in this software to use it. For this, click Create New Account to be directed to create a new user account. For this, there is no need for customer identity verification or KYC.
You must choose a Touch ID or Passcode to protect your Coinbase wallet account. Otherwise, a 6-digit code must be used. At this point, you will be sent a recovery phrase so you can always access your wallet. After going through these steps, your Coinbase wallet account will be created and you can easily use its services.
Regarding this wallet, we must say that this wallet is an independent platform that stores the private keys installed in it. This means that your keys are completely safe. Also, this wallet has Secure Element Technology, so that it intelligently locks private keys. This technology is considered one of the best advanced security features.