All You Need To Know About Coinbase
Ever thought of going into the bitcoin business and wondered the best way to buy your coins? Coinbase is your best solution, as they operate very much like a wallet for the storage of digital currencies. Available to over thirty countries for exchange in the world, Coinbase is definitely one of, if not the largest broker in the Bitcoin market. Many payment methods are available for Coinbase customers, some of which include payment to any bank account that is connected or linked, transfer via the SEPA platform, or via the use of the online Interactive platform. However, these options are limited in number when compared to the available payment options and platforms provided by other brokers. The easiest and most popular of these payment methods is through the use of credit or debit cards or through the use of bank transfers.
- Credibility of Operations
Coinbase in some circumstances may monitor and track how account users on their platform spend their bitcoin as bank account details are linked to customer accounts, giving Coinbase the opportunity to monitor the history of all transactions carried out on their platform, however, Coinbase offers high liquidity potential and gives account users buying limits. Coinbase also allows new and recent users the ability to purchase bitcoin instantly, while they all users are allowed to buy bitcoin while using their credit card information as backup or collateral. Concerning the fears of using the Coinbase platform, Coinbase is an American based organization that has an array of highly trusted investors backing its operations, hence fully secured. Coinbase has since its establishment in 2012, successfully served a minimum of ten million customers, and presided over exchange operations totaling up to an estimated worth of fifty billion US Dollars in digital currencies.
- Operating Countries
Coinbase offers services in over thirty countries of the world. The following countries have the digital conversion service on Coinbase available to them, they include; United States, Austria, Bulgaria, Greece, Poland, Hungary, Portugal, Ireland, Romania, Croatia, Italy, San Marino, Latvia, Cyprus, Liechtenstein, Slovakia, Czech Republic, Malta, Denmark, Slovenia, Denmark, Monaco, Spain, Switzerland, Netherlands, Sweden, Finland, Norway, United Kingdom, France, Canada, Belgium, and, Singapore.
However, currently, Canada and Australian customers have only the ‘buy’ facility available to them.
According to Coinbase, for countries where operating services (like the ‘buys’ and ‘sells’) of Coinbase aren’t available, other services on the Coinbase platform are open to them they can take full advantage of such services as; receiving and sending available funds, the two-factor authentication service that allows all customers safely secure their funds, Coinbase’s vault and, make recurring payments.
How Coinbase Works (Buying and Selling)
To enable you to trade effectively with digital currencies, a platform for trading like the Coinbase is a prerequisite, they serve as a network communication channel for all transactions.
To start buying digital currencies or the more common name ‘cryptocurrencies’ on Coinbase, you will be asked to link your account to an operational bank account or credit card or debit card.
This would allow you via your Coinbase account more transaction limits of up to two thousand five hundred US Dollars every week and one hundred US Dollars per transaction, while for debit or credit card transactions, limits are as low at two hundred US Dollars per week. Please note that however elongates the time required to completely verify transactions, hence, money may not appear in your Coinbase wallet for as much as four days, this process is totally dependent on your bank’s procedure and timeline for verification, following sales, credit or proceeds on sales would also take a while (two to four days). To carry out instant transactions on Coinbase, simply make purchases on the website or transfer the necessary funds to the website or cash out in your own local currency by using a PayPal account for the transaction.
The processes involved in cryptocurrency sale, purchase, and investing can be very cumbersome and requires the use of highly developed technology. Coinbase simplifies this process and offer customers the use of a user friendly, easy to understand app, showing real-time cryptocurrency prices for a variety of available digital currencies on their website as well.
- Creating a Coinbase Account
Coinbase accounts are easy to set up, to ensure safety of users, a detailed verification process is required. A four-phased setting up procedure is necessary to create your Coinbase account and to have it fully operational.
- Sign up for a Coinbase account, you would need to input your active email address, name and you will be required to create a secure password to your account.
- Select your preferred account type, a request would be sent to your email address and you will be required to confirm that the email address is yours by clicking on the provided link in the mail. This link directs you to the Coinbase start-up page and there you can decide whether your account would be a business account or an individual account. You do this by selecting the appropriate option.
- Phone number verification, the two-factor identification process is done in order to secure your account.
- Payment Method Set-up: Many payment methods are available for Coinbase customers, some of which include payment to any bank account that is connected or linked, transfer via the SEPA platform, or via the use of the online Interac platform. However, these options are limited in number when compared to the available payment options and platforms provided by other brokers. The easiest and most popular of these payment methods is through the use of credit or debit cards or through the use of bank transfers. To set up your account, select your preferred payment option.
- Coinbase ‘Buys’ and ‘Sells’
Buys: Buys basically describe the purchase of digital currency or cryptocurrency on Coinbase. Step by step procedures are available for website and app purchases.
To buy on the Coinbase website, simply follow the following instructions- log on to the Buys page on the website, there are a variety of different digital currencies, select the currency you wish to purchase and choose the specific amount you want to buy in local currency or cryptocurrency, indicate what wallet you want to fund and the payment method you would love to use for your transaction. A page would load up and you would be required to confirm the order you have made, after which you proceed to buy the currency.
The procedure isn’t so different on the mobile application; however, it has been adapted for mobile use. On the top left corner of the app, you choose the Navbar menu and select the option buy, type in the digital currency type, amount (either in digital currency or your local currency) and follow the same steps as with the website purchase.
Sells: Sells basically describe the sale of digital currency or cryptocurrency on Coinbase. Step by step procedures are available for website and app purchases.
To sell on the Coinbase website, simply follow the following instructions- log on to the Sells page on the website, choose the specific amount you wish to sell, indicate what wallet you wish to sell from and the amount you want deposit into the bank account that is linked to your Coinbase account. Also available is the option to empty your wallet buy selling everything (Sell Max option). A page would load up and you would be required to confirm the order you have made, after which you proceed to sell the currency.
The procedure isn’t so different on the mobile application; however, it has been adapted for mobile use. On the top left corner of the app, you choose the Navbar menu and select the option sell, type in the digital currency type, amount (either in digital currency or your local currency) you wish to sell, the wallet you wish to sell from and follow the same steps as with the website sale procedure.
- Receiving Funds and Sending or Requesting for Funds
Receiving: To get cryptocurrency from other dealers, provide them with your Coinbase Wallet address or id and they can easily fund your wallet account. Your wallet address is available when you access your account on Coinbase under the BTC Wallet icon. Your wallet address is usually a long alpha-numeric address. Mining profits can also be sent to this address.
Sending: To send cryptocurrency to other dealers, by accessing your wallet or Coinbase account on any available Coinbase platform (Website or App) and clicking on the ‘Send/Request’ icon. You can also fund third party accounts through their wallet address.
- Charge Fees and Currencies
Charge Fee: Coinbase offers a base charge fee that usually ranges from about 1.49% to 3.99%, the charge fee that your transaction is charged is dependent on the payment platform or method used for each transaction, debit or credit card transactions higher charge fee rates.
Currencies: However, it is worthy of note to mention that Coinbase charge fees aren’t as high as charge fees placed on transaction on other platforms where digital currency is sold. Currencies that have been approved by the Coinbase Company for sale on their platform by users include Litecoin, Bitcoin and Ethereum, Coinbase does not intend to add to the currencies they currently transact with.
The Coinbase platforms has been referred to as the safest digital currency purchase and sale platform.
We are recommending Coinbase: The Complete Beginner’s Guide to understand in more depth.