Read Our Expert Review [UPDATED 2023]
Coinbase is one of those websites that got a fantastic idea, that idea being: “What if anyone can access Bitcoin, regardless of their location, knowledge, or income level.” With that idea in mind, they created a website that serves millions of people in over 100 countries.
It is one of the easiest places to buy and sell Bitcoin and other cryptocurrencies online, and it is also one of the largest exchanges for cryptocurrencies in the world today. Due to its large size, it offers several features and has some different fees and security measures than several other companies.
Once you learn all about what makes Coinbase unique inside of the cryptocurrency market, then you can get an idea of how to make Coinbase work for you.
What is Coinbase?
Coinbase is one of the largest cryptocurrency exchanges that is based in the United States. It trades in more than 30 cryptocurrencies, including Bitcoin, and also offers various other features to its members. Including cryptocurrency storage for institutions, a cryptocurrency payment platform, and even a cryptocurrency linked to the U.S dollar.
The main benefit is that Coinbase doesn’t just focus on Bitcoin but instead makes sure that it is compatible with all types of cryptocurrency. That shows a real sense of professionalism and a desire to make cryptocurrency accessible to everyone. If you only use Bitcoin, the service is excellent for that.
However, if you decide to branch out into other forms of currency, then Coinbase can undoubtedly help you discover the various types of cryptocurrency out there. Plus, you can easily convert from one crypto type to another crypto type, all inside of the web browser.
With all of these options, it can be challenging to see if Coinbase is right for you, but if you are a Bitcoin investor or trader, you have the potential to make some money on Coinbase.
What is Coinbase Pro?
If you’ve been researching Coinbase for a while, then you know that they also offer a service called Coinbase Pro to their customers. Coinbase is very easy to use for the new investor or trader, with straightforward instructions and easily explained numbers. However, Coinbase Pro is a service that markets towards more professional investors.
It doesn’t hold back with the massive amount of information it throws up on the screen, and it also offers the functionality for users to make the most of all the new data. Plus, while the basic Coinbase is available in over 100 countries, Coinbase Pro is only available in 42 countries.
If you know cryptocurrency inside and out and want to focus on making cryptocurrency trades a business, you should look into Coinbase pro. If you only want to make a few extra bucks and invest in your spare time, then the normal Coinbase should work for you.
Is Coinbase Legit?
Coinbase is one of the best U.S based cryptocurrency exchange firms, and it works with various high-profile investors who all swear by it. The company is also based in San Francisco, which is a very regulated place when it comes to cryptocurrency. You can trust Coinbase with your money because it is one of the best.
They’ve also been reported never to have been hacked, and they go above and beyond to protect their customers from threats. They do their best to keep you safe from scams both on and off the website, and that’s something we don’t see from a lot of companies.
Is Coinbase Safe?
Yes, and the only thing you need to be aware of whenever you are working with Coinbase is that your privacy takes a backseat to safety. Coinbase can force you to give up some of your privacy or some of your Bitcoins in the event of a hack attempt on your account. Plus, Coinbase also has the authority to freeze your account if they note anything suspicious with it.
While the freezing is a protection mechanism that stops unauthorized users from accessing your account, it can also be triggered by accidents, and it’s a hassle to get your account unfrozen. Yes, Coinbase is safe, but only if you are willing to surrender your privacy during an attack. Whether that’s a dealbreaker or not is up to you.
Coinbase’s wallet program is also very safe and secure, allowing you to see and manage all your cryptocurrency storage from anywhere.
What is A Coinbase Wallet?
One of the unique things about Coinbase is that it offers a free storage area for both your Bitcoin and any of the other cryptocurrencies that you purchase or receive through the website. These Coinbase wallets hold onto your cryptocurrency free of charge. You can store and have all your cryptocurrency in one place and then send and receive Bitcoin right from the application.
All you need to trade with someone is their Coinbase username, and then you can send and request payments all through the decentralized app. Coinbase protects both your currency and your privacy with Secure Enclave technology and biometric authentication. No one is getting into your wallet unless you choose to let them in.
Coinbase fees are easily the most complicated part of using Coinbase, and because Coinbase serves so many high-end customers, it does need to charge higher fees than other Bitcoin services. Coinbase stores your Bitcoin and other cryptocurrencies in their account at no cost to you, and you can transfer coins from one account to another.
But if you transfer your cryptocurrency outside of Coinbase or make a withdrawal or purchase, then they can charge a base rate of 4% for every transaction that you make in the USA. For example, if you purchase something using Bitcoin with a debit card, you face a $4 fee in addition to the cost of the item.
If you can stomach the fees and see that they are there in exchange for the high-quality services Coinbase gives its users, then Coinbase is right for you. If the fees are too much, then you need to work with another service.
Coinbase Pro Fees
Coinbase Pro fees are much smaller than the fees for regular Coinbase, and they depend on whether you are a maker or a taker. If you provide liquidity with your orders, then the fee can be between 0.04% and 0.05% as a maker.
If your transaction is taking liquidity, then the fee can be between 0.00% and 0.50% as a taker. The fees are much smaller than the fees from Coinbase and might provide another benefit if you decide Coinbase Pro is the best for you.
How to withdraw money from Coinbase?
Whenever you have done your trading and want to withdraw some of your cash, you just need to link a bank account, debit card, or PayPal account to your Coinbase account. Then just click ‘withdraw funds’ on your homepage and follow the website’s directions to get your money.
What are the Coinbase charges?
Coinbase charges several higher fees than most other Bitcoin trading websites, but for withdrawal fees in the U.S, it isn’t that bad. They withdraw about 1.5% of every transaction or a guaranteed fee of $0.55.
That’s not too bad for an instant card withdrawal, but the fees can change depending on what method of payment you choose to buy or sell your bitcoin with.
How to use Coinbase App?
Coinbase has no official App or any content that can be downloaded. You can still access both the Coinbase website and your Coinbase account on your web and mobile devices. The Coinbase website has been optimized for mobile devices, and in some cases, you won’t even be able to tell the difference!
How to withdraw from Coinbase UK?
Withdrawing from a Coinbase UK account is no different than withdrawing from a U.S based account. You can take up to a 2% transaction fee for withdrawals on your card, or €0.55. You just connect your desired method to your account, follow the directions, and then click withdraw. Depending on the method, the money should be in your account soon.
How to become a member of Coinbase?
Setting up your Coinbase account has never been easier. The account is completely free to set up and only requires some typical personal information. Once you put in your name, email address and share your government-issued ID with our team, we authorize your account.
You just need to create a username and password, and then you can get started trading cryptocurrencies.
Coinbase’s sheer size and standing in the Bitcoin and Crypto community can make it seem impossible Once you understand what makes Coinbase different from the rest of the cryptocurrency services out there, you can better understand what Coinbase can do for you.
Give it a try and see if Coinbase is the cryptocurrency service that can blow the competition out of the water for you.