Coinbase is one of the largest cryptocurrency exchanges in the world, based in the USA. It is a huge online platform for buying, selling, and exchanging cryptocurrencies with many additional useful and pleasant services. It attracts beginners with its simplicity and clarity, provides quality technical support, and allows transferring money through PayPal and directly to bank cards and accounts.
Coinbase Exchange – Advantages and Disadvantages
To get a first impression of the Coinbase cryptocurrency exchange, let’s look at the main advantages and disadvantages that users most often talk about.
Pros:
- A large number of supported cryptocurrencies
- Simple and intuitive interface
- Tips and guidelines that help beginners get up to speed quickly
- High liquidity
- High level of security, such as two-factor authentication or fingerprint login
- Insurance of deposits against hacking
Cons:
- Quite high fees compared to other cryptocurrency exchanges
- Limited selection of altcoins
This small number of disadvantages convinces that it is worth trying to register to evaluate all the advantages on your own.
Recommend that you also read: Overview Of The WhiteBIT Cryptocurrency Exchange – Features, App, Advantages And Disadvantages, Fees
Coinbase Exchange Features
The main feature Coinbase offers is trading and other operations with crypto assets. It ranks third in trading volume among cryptocurrency exchanges. Individual users have access to spot trading of cryptocurrencies, an NFT marketplace, bitcoin-backed lending, and a debit card linked to the exchange account. Customers can also trade with leverage, place limit and stop orders, and connect to the exchange API.
In addition, the exchange offers its users other cryptocurrency-related products:
- USD Coin – a stablecoin pegged to the US dollar
- Coinbase Card – a Visa card that allows spending crypto
- Coinbase Commerce – a payment service
- Coinbase Earn – an educational platform where you can learn more about cryptocurrencies and earn some altcoins by watching educational videos and taking tests
- Coinbase Vault – an offline storage for large amounts of crypto
The cryptocurrency exchange works with Ethereum, Bitcoin, Polygon, and Stellar blockchains. However, cryptocurrencies on the platform can only be converted between Ethereum and Polygon.
How to Register on Coinbase Exchange
The registration process is simple and quite fast. You need a few steps:
- Go to the official Coinbase website and find the blue registration button in the upper right corner, click it.
- Enter your details in Latin letters – first name, last name, email, and create a strong password.
- Confirm that you are over 18 years old and accept the User Agreement terms.
- Click “Register”.
- Check your email and follow the link from the message.
- Log in to your new account by entering your email address and password.
This simple registration allows you to use an online crypto wallet. To be able to trade digital assets and earn from trading, you need to complete verification.
How to Verify on Coinbase Exchange
The verification process involves confirming your identity by providing real documents. It is not available worldwide, so make sure your country is on the list of allowed countries. If it is, proceed directly to the verification process:
- Log in to your account.
- Select “Settings” – “Account Limits” in the menu.
- Upload all the data using the system prompts.
Be prepared to provide scans of all documents during the verification process and the last 4 digits of your SSN (Social Security Number). If you are not from the USA and do not have an SSN, you will need to contact support to find alternative ways.
How to Fund Your Coinbase Exchange Account
To start trading currencies, you need to fund your account first. This is a simple procedure with 4 steps:
- In your personal account, go to the “Payments” tab.
- The system offers to top up with bitcoin, but by clicking on the cryptocurrency name, you can choose another coin from the extensive list of supported ones.
- Select the “Receive” tab.
- Use the generated cryptocurrency address or QR code with a scanner on your smartphone to transfer money to your account.
You can also fund your Coinbase wallet with fiat. For each region, there are its own conditions and payment solutions. A fiat account will appear in the wallet only after confirming the country of residence by uploading a document.
How to Exchange and Buy Currencies on Coinbase Exchange
To carry out exchange operations:
- Click on the “Buy/Sell” tab in your personal account.
- Select the cryptocurrency pair for the planned transaction.
- Specify the order type (for immediate execution, select “Market”).
- Enter the amount in the deal completion block.
- Click the “Buy” button.
If you do not need to make an immediate exchange, you can choose the “Limit” order type. This is a pending order that will execute when the token can be bought at a specific price. This way, you can wait for a more favorable exchange rate. There is also a “Stop Order” that automatically closes the position when a certain price is reached.
How to Withdraw Money from Coinbase Exchange
To withdraw funds, follow these steps:
- Go to the “Payments” section.
- Select the account from which you want to withdraw money.
- Fill in the amount and the target wallet address fields. Within the exchange, you can simply specify an email or phone number. You can also add comments.
- Click “Continue” and enter the two-factor authentication code.
- Tap the “Send” button.
Coinbase Exchange – Video Guide for Beginners
To see firsthand how to use the Coinbase cryptocurrency exchange, watch the video:
Conclusion
The American Coinbase is one of the largest and most convenient cryptocurrency exchanges in the world. It has a wide range of features and can meet most of the needs of cryptocurrency owners in digital money transactions.
Frequently Asked Questions about Coinbase Exchange
Any document that confirms identity, such as a passport or driver’s license.
Coinbase, together with Circle, is the issuer of this cryptocurrency.
In addition to technical protection against hacking, user funds are insured by the FDIC, so it can be said that this exchange is maximally safe.