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Introducing CoinBase Exchange and learning how to use it

Introducing Coin Base Exchange and learning how to use it

If you work in the field of Crypto currencies and investment markets, you are no doubt familiar with or have heard of the Quinbase exchange. This exchange is one of the active exchanges in the field of Crypto currency that has amazing capabilities compared to other exchanges. But like other exchanges, CoinBase has its drawbacks, including the lack of support in some countries. If you are also an activist in the field of cryptocurrencies, follow us to the end of this article to get fully acquainted with the CoinBase exchange and the advantages and disadvantages of this exchange.

What is a coinbase?

Coin Base is a program that allows you to buy and sell a variety of basic cryptocurrencies such as Bitcoin, Atrium, Light Coin and about 50 others. You can also use the Quinbase exchange to convert cryptocurrency to another currency or to send and receive cryptocurrency from and to other people. Like stock trading schedules you may already be familiar with, Coinbase shows you the current price and trend of base cryptocurrencies, a look at your stock portfolio, and industry news.


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Coinbase Exchange History

Coinbase was founded in July 2011 by former Airbnb engineer Brian Armstrong and was first funded by Y Combinator. In 2012, one of the founders, Fred Ehrasem, a former Goldman Sachs trader, joined the company, after which Coinbase launched a bitcoin trading, trading and storage service.

How Coinbase Exchange works

The company works like a real bank: it accepts customer funds through bank transfers and stores assets (digital keys to unlock passwords) in safes. Coinbase uses London’s Lloyd’s insurance market, and its security department employs 41 specialists, including an Iraqi war veteran who is in charge of protecting the “physical” office and a doctor of cryptography who also guards the “Crypto ” space of the exchange.

Security is Armstrong’s main competitive advantage. The cryptography industry has used many examples of less common security systems in cryptocurrency trading systems.

First – Japanese platform Mt. Gox, once a global market leader, collapsed in 2014 when hackers secretly stole $ 480 million worth of customer tokens.

Second – QuadrigaCX , the  largest Crypto asset exchange platform in Canada. It is rumored that the founder of the exchange, who died suddenly in 2018, was the only person who had access to its cryptographic assets. As a result – $ 150 million in losses for QuadrigaCX employees and customers .

In order not to make the same mistake, Armstrong had to put aside the anti-government rhetoric that once led to the growth of bitcoin. This, in particular, meant cooperating with government oversight bodies.

High security, fight against money laundering and monitoring of the new law

CoinBase Exchange Control has 55 employees and has reached 70 at the end of the last quarter. These experts monitor the flow of transactions and try to identify money laundering transactions.

They also have the task of overseeing a new law that is widely accepted in the United States, according to which any transfer of a cryptocurrency from one cryptocurrency exchange to another is recorded. Coinbase regularly submits US IRS 1099-K reports to merchants who make 200 or more exchange transactions per year with a combined turnover of $ 20,000.

But the question that arises here is how does a startup, given its “collaborationism”, hope to achieve the loyalty of basic cryptocurrencies? On the one hand, the company is ready to offer them a wide range of investment opportunities – Coinbase customers have 26 pairs of transactions with base cryptocurrencies, among which there are cases that surpass Bitcoins in private.

On the other hand – since August 2018, users have been able to exchange and transfer funds to a personal wallet, which is not subject to the “Know Your Customer” principle (KYC) or the mentioned mechanisms to combat money laundering.

Opening an account at  CoinBase Exchange

 

Registering in a Quinbase exchange is a very simple and easy way.

  • First enter the name, email and password you want to use.
  • You will then be asked to verify your email address.
  • Next, Coinbase will ask you to enter your phone number to receive a verification code and enter it.
  • Coinbase will later use this phone number to send two-step verification codes. After this step, you will be asked to enter your identification information.
  • Just like any bank account or investment account, you have to prove your identity by identifying the government.
  • At this point, your Coinbase account has been created and you can add your bank account, credit card or debit card to activate deposits and withdrawals so you can start trading or investing.

How to buy and sell basic cryptocurrencies in CoinBase exchange

Here’s how to get started and buy and sell cryptocurrencies with Coinbase.

Setting up Quinbase is easy, but requires some information, including your legal name, home address, date of birth, last four digits of your Social Security number, and how to use QuinnBase. This is in accordance with federal regulations. Here’s how to get started.

  • Download the Coinbase app for iPhone or Android.
  • Open Coinbase and tap “Get started”.
  • Create an account with your email address and tap “Start”.
  • Confirm your email by tapping the link sent to your inbox.
  • Enter your phone number and confirm it by entering the code that was sent to you via SMS.
  • Enter your name, date of birth and the last four digits of your Social Security number. Note: You must be at least 18 years old to use it.
  • Enter your address
  • Choose how to use Coinbase, either to invest, pay online, shop online or invest in other exchanges.
  • Verify your source of income.
  • Tap “Continue”
  • You will now start linking your bank account. Search your bank.
  • Log in to your bank account with the username and password you typically use for banking.
  • Select the bank account you want to link to Coinbase to purchase and tap “Continue”.
  • You will now be taken to the Coinbase homepage, where you can start buying basic cryptocurrencies.

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How to buy base cryptocurrencies from CoinBase Exchange

 

Here’s how to buy cryptocurrency. Let’s start the example by buying some bitcoin, which is a popular Crypto currency and no doubt everyone has heard of it. But this purchase process is the same for all cryptocurrencies offered on the Coinbase platform.

  • Tap “Get started” at the top of the screen.
  • You will see a list of cryptographic assets that you can purchase. Select Bitcoin above.
  • Choose how much you want to buy. NOTE: You can buy cryptocurrency deficits, so you can spend as much as $ 5 for approximately 60,000,204 bitcoins ($ 64,635) or as much as you want. The minimum order is $ 1.99.
  • Tap “Purchase preview”.
  • Review the order: Note that Coinbase deducts a percentage of the purchase as a commission, so if you are going to buy for $ 5, the transaction is about 99 cents. If you buy bitcoin worth $ 500, you will be deducted about $ 7.34.
  • Select “Buy Now”.
  • You can trade immediately after purchasing Bitcoin, but it takes 8 days for your cryptocurrency to be credited to someone else’s account.

How to sell basic cryptocurrencies in CoinBase exchange

Now suppose you are ready to sell your encrypted assets. The following are the steps you need to take to sell the passwords you want.

  • Tap the blue circle icon on the Home screen. Shows two symbols.
  • Select Sales.
  • Select the asset you want to sell, here we select bitcoin.
  • Select your sales volume or tap the “Maximum” button on the left side of the page to sell it all.
  • Browse the page again, note down the cost of Coinbase again.
  • Tap “Sale Now”.

How to withdraw your money from  CoinBase Exchange

Maybe you are ready to make a profit from your investment. You have sold your cryptography, but now you want to get it back into your bank account.

Note that if you are new to buying or selling funds, you may still have a withdrawal limit. For example, if you make a purchase or sale from your account today, it is not possible to withdraw the password for eight days. After that time, the steps you need to take to harvest are:

  • From the Home screen, tap the portfolio inventory at the top of the screen.
  • Select the US Dollar option. If you sell some cryptography, it should be worth something other than $ 0.
  • Tap “Harvest”.
  • Select “Preview preview”.
  • Choose your bank account. The transfer takes one to three working days. You can also add a cash card for instant transfer for a small fee.
  • Now you have learned how to set up Coinbase and use it to buy and sell base cryptocurrencies and even withdraw money from your bank if you wish.

Quinn Base Exchange Security

 

Coinbase uses a variety of security measures for account holders. It is important to understand that any encryption in any exchange account is only as secure as the account holder uses it. Using strong passwords and using existing security features such as 2-step verification is essential.

Coinbase has 2-step verification, biometric fingerprint login, Coinbase in case of breach insurance (this insurance does not apply in case of breach of your account due to your own lack of security measures), and also saves 98% of users’ capital in offline storage .

Crypto currency is not legal tender and is therefore not supported by the SIPC or the FDIC. Coinbase provides insurance by accumulating Coinbase balances and keeping them in USD accounts, USD money market funds or US cash vaults.

Coinbase provides acceptable security compared to a number of other leading exchanges. This is one of the reasons why CoinBase is such a great offer for those who want to start investing in cryptocurrencies safely.

As mentioned, the premise of cryptocurrency is to eliminate intermediaries if possible and have complete control over your financial resources. While Quinbase provides an easy entry into investing in cryptocurrencies, it is important to be familiar with the security and proper storage of cryptocurrencies.

Smart cryptocurrency investors may use Coinbase Pro for their reduced costs and then transfer their assets to their safe haven.

Advantages and disadvantages of  CoinBase exchange

Advantages:

  • Simple and intuitive user interface
  • Suitable for beginners in the field of Crypto currency due to having a simple environment without confusion
  • Support any deposit amount
  • A completely safe and secure hospital
  • Accepting Fiat trades
  • Multiple payment methods
  • Easy connection to US bank accounts
  • Adherence to policies that make it transparent and credible
  • Ability to connect to GDAX for Crypto currency trading

Disadvantages:

  • Not available in all countries
  • Having restrictions on buying and selling
  • KYC strict policies that allow transactions to be monitored and do not allow anyone to remain anonymous.
  • Promoting tax compliance and sharing individuals’ information with tax authorities
  • High fee compared to other exchanges
  • Limited trading options in connection with cryptocurrency trading

The last word

By comparing several exchange operating systems, you will find that CoinBase is one of the most user-friendly cryptocurrencies in the industry, with a unique trading platform designed to provide users with a comfortable experience when buying or trading the most Crypto assets. When it comes to security measures, it is certainly the most secure cryptocurrency exchange.

Avoid keeping all or most of your cryptocurrencies in cryptocurrencies as much as possible in any of the trading platforms you use. Always try to transfer the passwords to a wallet where only you have the private keys. This is especially important for those who have a long-term investment strategy in place.


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