Coinbase has become one of the most popular cryptocurrency exchange in the world, It has an established reputation for its transparency and efficiency. Moreover, It is rapidly expanding the user base and a massive following, it is one of the top destinations for crypto trading.
Let’s dig in to know more about the Exchange and its recent updates:)
Quick Navigation :
- What is Coinbase?
- Features of Coinbase
- Coinbase Fees
- Coinbase Security
- How to use Coinbase?
- Supported currencies
- Coinbase trade
- Latest Updates
What is Coinbase?
Coinbase Exchange is the most famous cryptocurrency exchange that operates from its headquarters in San Francisco, CA, USA. The company deals in various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin etc.
Fred Ehrsam and Brian Armstrong started the company in the year 2012 when digital currency came much into the limelight. Since then the company has got huge media coverage on various newspapers such as The Wall Street Journal, Bloomberg, The New York Times, TIME etc.
In 2013 it became the largest cryptocurrency exchange in the world. The exchange has expanded its platform. Additionally, it offer service to 42 other countries with $150bn digital currency exchanged. More than 20 million customers have registered themselves on this platform due to good service and friendly customer support.
Features of Coinbase
Coinbase has some of the extraordinary features that make this platform reliable. It is also available on both web platform and as well as a mobile application that is compatible with both Android and iOS. This provides convenience to the users and even makes the technology handier.
The exchange platform provides insurance on the digital coins as they are stored on the servers. An insurance policy can be a benefit for clients and also makes the platform trust worthier due to increased cybercriminal activities.
The company also provides the facility of immediate exchange by converting digital currency to local currency. Another feature of this exchange is recurring buys. Herewith a user can buy digital currency over a period of time may be weekly or monthly.
Coinbase roughly charges fees from 1.49% to 3.99%, depending on the user payment method, with credit card transactions resulting in fees at the higher end of the scale. Coinbase Fees are generally lower than other exchanges who operate a similar business model, such as Coinmama or CEX.
Currently, the exchange platform only allows users to buy Bitcoin, Ethereum and Litecoin. Although it does have plans to add more currencies to the platform.
In respect of ‘hard forks’ like Bitcoin Cash and Bitcoin Gold in cryptocurrencies, they have stated that they will only offer to trade in these once there is guarantees in respect of security. In addition, it operates the GDAX exchange, known as “coinbase pro”. In order to separate the ‘trading’ element of the exchange from the more casual consumer platform.
Coinbase is a responsible exchange when it comes to security. The website servers have SSL encryption. Most of the currency is saved in offline mode to provide an additional layer of security to these wallets. The platform also has a multi-sig vault that manages all the private keys during the transactions.
Together wallets and keys are covered under AES-256 encryption.The currency is distributed geographically in wallets and vaults to make it more protective and less accessible. Users can enable two-step verification to add additional security.
How To Use Coinbase?
- In order to set up a new account on Coinbase, a user can log on to the official website.
- Click on the tab “Sign up” which then redirects you to the registration window.
- Enter the details such as first name, last name, email ID and create a new password.
- Click on the checkbox “I’m not a robot” then “create account”.
- A verification email with a link goes to the registered email ID that validates an authentic user. Once the verification is complete, the user can begin with trading.
Coinbase provides different levels of support for different Digital Currencies.
Availability for buying, selling, depositing, and withdrawing supported Digital Currencies is different for each Digital Currency. Also, coinbase fees and availability depend on your country, and payment method.
Refer this following table which lists all supported Digital Currencies by region.
Digital Currencies or other tokens that are not listed in this table are not supported by this platform. The exchange will not process any transaction made using an unsupported Digital Currency.
A user can click on the “Buy/Sell” tab to order Bitcoin or sell them as per market pricing. Every time a transaction is made, the user can generate a new address. This address is essential to validate a transaction. To generate a new address, click on the “tools” option then click on “Create new address”.
The trader can also view all the recurring transactions that have occurred. There is also an option of history where a user can view the all previous transactions.
An interesting feature is that a user can also send Bitcoins with the help of address. Thus it can act as another payment option.
Latest Updates and Announcements :
Sept 10, 2019: Coinbase exchange implements USDC Bootstrap Fund and will invest $2 million in DeFi projects
Aug 16, 2019: Coinbase Custody acquires Xapo’s institutional business, becoming the world’s largest crypto custodian
Aug 2, 2019: Grayscale, the world’s largest digital asset manager is under Coinbase Custody acquisition
Jul 30, 2019: Coinbase introduced Spending Summaries – a smart way to track coinbase card purchases
May 20, 2019: Businesses can accept USD Coin with Coinbase Commerce
May 14, 2019 : Support for crypto-to-crypto trading globally by adding USD Coin (USDC) trading to customers in 85 countries on Coinbase and Coinbase Pro.
May 13, 2019 : Ripple (XRP) is now available to Coinbase users who are residents of New York.
The exchange platform is unique as it allows you to complete transactions as soon after initiating it. The UI is user-friendly and easy to navigate which is ideal for beginners. Furthermore, they have an excellent reputation all around the world. Being able to support a variety of payment methods is also a plus point to them. Overall, coinbase is a great trading platform.
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