Crypto exchanges act as a medium through which investors can buy, sell and trade cryptocurrencies. With the increasing adoption of crypto, many are keen to know about exchanges where they can trade their assets seamlessly and trustfully. Coinbase is a leading crypto exchange platform, with over 10,000 assets to choose from, the exchange has become a go-to platform for trading cryptocurrencies by both newbies and experienced traders. With an estimated $68.62 billion market capitalization, the platform is in its surge to become the pioneer of the crypto industry. In this article, we’ll discuss everything you need to know about the platform including unique features, advantages, limitations, and how to buy crypto.
Coinbase: Overview
Coinbase is a centralized cryptocurrency exchange headquartered in San Francisco, California, where traders can buy, sell, and exchange cryptocurrencies seamlessly. Launched in 2012, the platform enables crypto trade in over 100 countries and owns more than 110 million user bases across the world. The intuitive and user-friendly interface makes it an ideal choice for both beginners and professional traders. Supporting more than 10,000 digital assets including NFTs, the platform serves as a leading exchange platform for interacting with crypto.
Offering different services to its users, including crypto wallets for securely storing digital assets, a trading platform for buying and selling crypto, and offering developer tools to build decentralized applications. Adhering to security standards and regulatory compliance, Coinbase has become one of the most reliable exchange platforms in the world.
Coinbase: How To Access?
You can access Coinbase through the official website or the Coinbase exchange app, which is available on both App Store and Play Store. Users have to link their bank account with Coinbase Exchange to create an account on the platform. The linked account enables users to deposit cash for buying crypto and exchanging crypto for cash. Account creation involves completing the necessary details including name and area of residence. You can either sign up with an email address or mobile number.
Coinbase: Cryptocurrency Available
Coinbase offers a wide range of cryptocurrencies for trade, the popular among them are, Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), Cardano (ADA), Polkadot (DOT), Solana (SOL), USD Coin (USDC), Dogecoin (DOGE), Shiba Inu (SHIB), Uniswap (UNI), Litecoin (LTC), Stellar Lumens (XLM), Polygon (MATIC), etc.
Coinbase: Trading Features
The Advanced Trade and Coinbase Wallet enhances the trading experience of users, offering them tools and services that can make their trade easy and stress-free.
Advanced Trade
Coinbase offers advanced trading features to offer a unique trading experience. With more market pairs, trading view integration, and better staking rewards, the Advanced Trade platform offers users additional tools and security for their trades.
Coinbase Wallet
Coinbase Wallet enables users to store their digital assets securely. It is a non-custodial wallet, so users have to keep their private keys secure, otherwise they will lose access to their assets permanently. Users can download the wallet from the Apple Store and Play Store. Remember, this is not the exchange wallet, this is a separate wallet. The exchange wallet is custodial and the private keys are accessed by the platform.
Coinbase: Security
It prioritizes security. The platform utilizes two-factor authentication for account login, preventing unauthorized access. Cold storage and multiparty computation, protect offline assets from security breaches. With MPC, cryptographic keys are generated for every on-chain transaction, making it difficult for attackers to hack your account and steal your crypto assets.
Coinbase: Fees
The fee structure for trading in Coinbase is different for different assets. Makers have to pay up to 0.40% of their transactions as transaction fees, while takers have to pay around 0.06% of their transactions. The users who make large volumes of transactions have to pay only less fees, encouraging them to make more such transactions. Your total fee depends on your payment method, blockchain chosen, and trading fees.
Coinbase: Payment Methods
US customers are offered different payment options including,
- Bank account
- Debit card
- Wire transfer
- PayPal
- Apple Pay
- Instant cashouts to bank accounts
Remember, not all these payment options allow buy and sell, some allow buying while some others allow sell.
How To Buy And Sell Cryptocurrencies On Coinbase?
Buying and selling cryptocurrencies on Coinbase is easy, follow the below steps to buy your favorite cryptocurrency.
Step 1: Create a Coinbase account
Step 2: Link your bank account
Step 3: Click on the buy/sell button
Step 4: Specify the type of purchase, that is one-time, daily, weekly, or monthly
Step 5: Enter the amount of the purchase
Step 6: Choose the crypto you want to buy
Step 7: Choose your payment method
Step 7: Confirm buy
Coinbase: Advantages And Limitations
| Advantages | Limitations |
| Beginner-friendly user interface | High transaction fee |
| Supports a large number of crypto | Poor customer service |
| Native NFT marketplace | |
| Offer staking opportunity |
Bottom Line: Is Coinbase Safe?
It offers security to users’ assets through two-factor authentication and other techniques, but it doesn’t mean that the platform is free from security risks, with the advancing technology techniques to break them also raises, making it important for users to secure their assets themselves. They can use non-custodial wallets for storing their assets, reducing the risk of potential hacks. Every platform has its advantages and limitations, and the safety of your assets depends on how you store them.
