Pros & Cons
- Buying limits are not too restrictive
- Easy liquidation on demand
- One of the easiest ways to buy bitcoin
- Instant buy options supported
- Not many ways to make deposits
- Website allegedly monitors and sells crypto usage data of users
Our Expert Rating
Average User Rating
- Mobile Application available
- Secure Storage
- Recurring Buys
- Insurance Protection
- Different products for merchants, traders and developers available
- Country Where Coinbase is Based
- San Francisco, California, USA
- June 20th, 2012
- Available Currencies
- BTC, LTC, ETH, BCH
- Average to Low
- Deposit Methods
- Withdrawal Methods
Coinbase Crypto Exchange – An Overview
If you happen to be familiar with cryptocurrencies, then the name Coinbase is sure to ring a bell in your head. Coinbase has dominated the cryptocurrency exchange market for years now. Not only are they widely revered as probably the biggest cryptocurrency exchange website, but they also have a great global presence and support a mind blowing 32 countries at the time or writing. Statistically speaking, Coinbase is the largest Bitcoin broker anywhere in the world.
Coinbase has its own exclusive exchange platform which is known as GDAX (the Global Digital Asset Exchange) and this platform is hugely popular for its low transaction and processing fees with regards to the sale and purchase of Bitcoin and Ethereum.
Furthermore, Coinbase has a whole bunch of other features and advantages associated with it which is why it is such a popular exchange among new and experienced crypto exchange users alike. So, what are some of the benefits of Coinbase? For starters, Coinbase does not hold back when it comes to instant purchase limits, as long as you have your credit card verified with them, you can buy Bitcoin worth $1000 instantly. Coinbase is a cryptocurrency exchange where you can buy and sell cryptocurrency for not only other cryptocurrency, but also trade it with traditional fiat currencies such as the Dollar, this allows for deposits in traditional currencies which is extremely convenient for most users. Further, a transaction taking place between two registered Coinbase users will be processed instantly and will not be subjected to any processing time whatsoever. Coinbase also has a separate product for crypto developers, they provide a well – document API for developers which is highly useful for those creating software which will integrate with and enhance Coinbase itself. Coinbase also offers insured Bitcoin deposits. Security has been a growing concern with crypto wallets and exchanges, but Coinbase is dealing with this by securing their mobile and online wallets with a multi signature security feature which is inviolable and offers robust protection against unauthorized access and transactions being made from your wallet.
Even though there happen to be so many benefits and features that complement Coinbase, we can attribute its popularity predominantly to the fact that it provides the most seamless user experience. New users that don’t want to be bombarded with an information overload and be left feeling overwhelmed simply love the simplicity and ease that Coinbase brings to them. It has to be one of the easiest ways for someone to buy Bitcoins for the first time. Given the amazing user experience and the fact that you can make deposits using major credit and debit cards, it is no wonder that Coinbase has grown exponentially since it was founded in 2012 by Brian Armstrong and Fred Ehrsam.
Why Coinbase is in the CoinTrust Trust list
Coinbase has come under a lot of fire in recent times. Bad reviews, large number of complaints, and negative feedback on crypto currency forums all across the World Wide Web has left people thinking twice when signing up with Coinbase. Despite their bad reputation of late, this cryptocurrency exchange has still made the CoinTrust Trust list. So, if it is in the Trust list, how come it has such a bad reputation? Let’s go ahead and take a look at why this is the case.
The fact of the matter is that there is an endless parade of complaints, and not so flattering feedbacks and reviews out against Coinbase all over the internet. Just Google Coinbase and you are bound to come across hundreds yourself.
These sentiments mainly stem from the fact that Coinbase has undermined the privacy and anonymity that cryptocurrencies such as Bitcoin inherently offer. Coinbase has, admittedly, been somewhat of a nosey bank in some situations and people certainly did not take to it lightly. However, it mustn’t be forgotten that Coinbase has operated for years and have been the most reliable crypto exchange out there and have always been more transparent than most other cryptocurrency exchanges. Somehow, this seems to fly over people’s heads who are blinded by the fact that Coinbase behaves much like a financial institution (which is not always a bad thing in all honesty).
Given their many years of service, reliability, the fact that they are the largest Bitcoin brokers in the world, and also through personal experience, Coinbase simply could not have been excluded from the CoinTrust trust list.
How does Coinbase function?
Coinbase is an online cryptocurrency exchange. Coinbase aims to be a simple online cryptocurrency exchange where users can easily buy and sell cryptocurrencies for other cryptocurrencies or for traditional fiat currencies. Coinbase set out to make cryptocurrency trading easier and that is exactly what they have achieved. The website is simple, effective, intuitive and self-explanatory.
Essentially, Coinbase is a company based out of San Francisco and is backed by trusted investors. One could even call it a ‘Bitcoin company’.
The bottom line is that at Coinbase.com, you can simply use your credit card or debit card to buy bitcoins. It is as simple as that.
The brains behind Coinbase.com
Behind every successful cryptocurrency exchange is a talented, dedicated and dynamic team. Coinbase is no exception. This exchange is the brain child of founders Brian Armstrong and Fred Ehrsham.
CEO and co – founder – Brian Armstrong
Co – founder – Fred Ehrsham
Countries Supported at Coinbase.com
Even though Coinbase.com is an American company itself, their services extend much past the borders of America. Coinbase.com happens to be one of the most globally dominant crypto currency exchanges and they support 32 different countries.
Not only does Coinbase support the US, the UK and Canada, but is also very popular across Europe and supports the following European countries – Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland.
The number of Crypto coins that are being introduced into the market on an almost daily basis is simply ludicrous. There are now over 1200 different crypto coins which are officially recognized and in circulation. Understandably, it is simply not pragmatic or feasible for everyday users and traders to really dive into all of these coins. This is why Coinbase keeps it simple, they only support the biggest, best and most well-established cryptocurrencies out there. At Coinbase.com, supported cryptocurrencies are Bitcoin, Ethereum and Litecoin.
Deposits, Withdrawals and Transfer Limits
Like most other Crypto currency wallets and exchanges, Coinbase does put a limit on the amount of money you can transact prior to verification. Coinbase has a verification procedure which is a streamlined process. You can get in touch with the customer support network at Coinbase and they will be able to guide you as to how you can get your account verified. Fully verified U.S. customers may buy up to $50,000 worth of bitcoin daily.
Coinbase is one of the few Cryptocurrency exchanges which offer a number of various deposit methods to their users. You may use Bitcoins, Litecoins, Ethereum and even traditional payment methods such as Bank Transfers, Credit Cards, Debit Cards, SEPA Transfer and Xfers Transfer to fund your Coinbase account.
Cybersecurity at Coinbase.com
Cybersecurity is becoming one of the biggest challenges in the world that we live in today. Cybercrime is on the rise and it is hard to tackle. In fact, cybercrime is growing at such an alarming rate worldwide that soon ‘cybercrime’ will simply just be called ‘crime’.
Bitcoin wallets and exchanges are especially at risk. Bitcoins are worth a lot of money and makes for the most fruitful target for any cyber attacker. However, Coinbase.com is a highly secure and inviolable platform with robust security features.
The Coinbase bitcoin wallet –As long as you keep your login credentials safe and private, you can depend on the company to keep your bitcoins safe for you. Coinbase is a VC backed company and it sits on funds in the order of $100 million dollars, so you can rest assured that they are serious about their cyber security. Having said that, Bitcoins are known for being commodities that users have complete control over themselves and if that is what you are looking for, then you would best be served by only using Coinbase.com to buy and sell Bitcoin, but not to actually use it as a Bitcoin wallet – there are several other options out there for that!
Coinbase Vault –if you are high roller who is dealing with a larger number of Bitcoins, then Coinbase might just have the most secure and perfect storage or wallet solution for you! Introducing Coinbase Vault! This product from Coinbase is developed solely to be highly secure and inviolable. The vault account can be configured with multiple approvers and all approvals will need to be provided for anyone to be able to access the vault at any given time.
However, withdrawals may take slighter longer from the vault and should usually be processed within 48 hours. In fact, this delay is deliberate and the reason withdrawals are delayed this way is to allow for a time period where if you happen to notice an authorized withdrawal from your account, then you can complaint about it right away and the money would have never been debited from your account, unless it is already past 48 hours. Therefore, the delay is a kind of safety buffer in such cases.
Coinbase multi signature vault
Coinbase have now come to the realization that some users want complete control over their own Bitcoins and they do not want to leave it in the hands of Coinbase.com
In fact, the fact that you have complete control over your bitcoins is one of the most appealing things about the Bitcoin, and is a huge selling point. This is where the Multisig vault comes into the equation. This vault basically is protected using three keys. One key is kept with Coinbase.com, a second key is shared between Coinbase.com and the user and the third key are only available to the user. This way, Coinbase.com cannot control your money even if they wanted to since they do not have your private key.
Coinbase.com is a simple crypto exchange that is easy to use and probable the best option for any new comer. Whether you just want to buy into some Bitcoin, whether you want to be more involved and trade on a regular basis, whether you want a secure Bitcoin wallet which you do not have to worry too much about, Coinbase.com might just be the perfect place for you!
Word of caution – since Bitcoins offer anonymity and intrackability, it is not uncommon for people to use it for making scrupulous transactions such as to purchase drugs, etc. However, please be advised that this advantage of the Bitcoin is compromised when working with Coinbase.com
Therefore, please advise caution and ensure that you do not indulge in any illegal transactions of activities using your Coinbase account or wallet.
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.