Coinbase, Reviews, Advice & Pitfalls, We reveal everything!
Evaluation, Rating and Critical Review of Coinbase
Product name : Coinbase
Brand : coinbase
Responsible : Coinbase Ireland Limited.
Official Website : coinbase.com
Language : English
Tiny description : Cryptocurrency storage and exchange platform.
Price : Free
Format : Online
Delivery : Instant Access
Guarantee : /
Description of Coinbase :
“Coinbase” is an online digital currency wallet as well as a world-renowned crypto-currency exchange platform for buying, selling and storing a large number of crypto-currencies!
Review of Coinbase :
“Coinbase” is an online crypto-currency storage and exchange platform. With a worldwide reputation, it is one of the most important and well-known companies in the virtual currency market.
Allowing you to buy, sell, store, transfer and receive a whole range of crypto-currencies, it does not lack attractions.
But, is it really the ideal choice? What about fees, security or customer support…
Let’s take a quick tour without waiting.
What is “Coinbase”
“Coinbase” is an online platform that acts as a digital wallet on the one hand, which means you can use it to store all your crypto-currencies in one unified place, and as a crypto-currency trading service on the other hand, which means you can exchange your coins and/or use your real money to buy different types of crypto-currencies.
Now considered one of the most prominent companies among crypto-currency exchanges, “coinbase” is a digital asset exchange company based in San Francisco, California. It was founded in 2012 by Brian Armstrong and Fred Ehrsam.
To get an idea of scale, the company operates in more than 100 countries around the world and employs more than 2,100 people. It has over 60 million users, over $180 million in assets on the platform and over $150 million in transactions made each month!
“Coinbase” supports just under 100 cryptos at the moment including the main ones like Bitcoin (BTC) or Ethereum (ETH).
How “Coinbase” works
The user interface is simple, aiming to make it as easy as possible for its users to transact with coins.
The most popular payment methods for purchasing crypto-currencies are credit or debit cards, PayPal and bank transfers.
As announced above, this exchange can be used in two ways:
1. Digital wallet
As a digital wallet you will of course be able to see the amount of crypto-currencies you own as well as their evolution. You will have a unique address with which other people can send you crypto-currencies. You will also be able to receive payments or make purchases without having to go through other services.
– Debit card
“Coinbase” offers a debit card to its members to allow spending BTC and other Coins without having to exchange them for real money first.
2. Exchange platform
As a crypto-currency exchange service, you will be able to link your credit card to the service and use your real money to buy different types of crypto-currencies, then at any time, you can exchange or resell them.
– “Coinbase Pro”
In addition to the ‘normal’ “Coinbase” platform, which is more for beginners due to its extreme simplicity, more advanced users can also get access to “Coinbase Pro” for free, which offers a much broader and more robust graphical and trading experience.
– “Coinbase Prime”
Prime, on the other hand, is more aimed at institutions such as trading desks of banks or asset managers because it offers services that financial institutions expect, such as OTC trading, algorithmic orders, margin funding…
Opening an account:
Opening an account is a very simple and easy process. All you have to do is fill in your first and last name, an email address and the password you want to use for your account.
From there, you will be prompted to enter your phone number to receive a verification code.
And, after this step, you will have to provide some identifying information.
After that, in order to buy crypto currencies, you will need to associate a payment method, which can be a PayPal account, a bank account or a credit or debit card.
Needless to say, you must of course be over 18 years old!
Security
Security-wise, “CoinBase” has insurance in case of an account breach. This is a solid advantage over a number of its competitors and a valuable asset for those looking to start investing in crypto-currencies safely.
To benefit from this, it is imperative to use strong passwords and use one of the security features available on this platform such as two-step verification or biometric fingerprint login.
In the event of suspected fraudulent activity on your account, an emergency phone number (auto responder) is available to block the account. A procedure will then be necessary to recover your account afterwards.
Keep in mind, however, that digital currency is not considered legal tender and is therefore not guaranteed by the ISDS or FDIC. The value of crypto-currencies is also very volatile! Be very careful not to take too much risk!
What are the fees?
“Coinbase” charges commissions when you buy or sell crypto-currencies on your account. For buying and selling transactions of crypto-currencies, the commission is 1.49% (3.99% if buying directly by credit card), for exchanging between virtual currencies the rate is on average 2%. The platform does not charge for transferring assets to other virtual wallets.
The fee for payments with the Coinbase debit card is 2.49% of the amount paid.
However, these fees are much better if you go through the Pro platform since depositing money on “Coinbase Pro” is free and the transaction fees are on average less than 0.5%!
Additional Information:
A clear and well-documented support center is accessible on the site.
Technical support is available via an online form.
Disadvantage of Coinbase :
The biggest drawback of Coinbase is the fees, which turn out to be quite high.
In terms of support, there is clearly no live chat or phone support.
We can also mention here the limited number of cryptos available.
Warning!
Crypto-currencies are not considered legal tender. They are not guaranteed by the SIPC or the FDIC. In addition, their value is very volatile!
Only invest money you are willing to lose!
Reputation of Coinbase :
“Coinbase” is globally recognized as an online digital currency wallet as well as a secure, reliable and efficient crypto-currency exchange platform.
Although there are many negative testimonials circulating on the web, there is no doubt about the seriousness and reliability of this platform!
Conclusion for Coinbase :
“Coinbase” is, according to this analysis, a secure crypto-currency wallet as well as a credible digital currency exchange platform. It offers a quality service as well as a quite acceptable level of security to all its users.
Official Website : coinbase.com
Go to the official website: Coinbase
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