Investments and interests in cryptocurrency are currently trending and we cannot afford to overlook the need for a safe and reliable crypto trading platform. Coinbase is among the safest and most popular cryptocurrency trading platforms currently available.
Introduced in 2012 in San Francisco, the Coinbase trading platform currently operates in 32 countries. Over 12 million customers have successfully traded on this platform and more than $ 40 billion worth of digital currency has been transacted through this platform.
Coinbase has unique operations compared to other platforms. With this platform you can trade your cryptocurrencies at a fixed price. Other platforms require clients to trade their digital currencies on a market. It is also among the few platforms which allow the use of credit cards as well as bank transfers.
It will cost you between 1.49% and 3.49% to transact on this platform depending on your preferred payment method. Interestingly, Coinbase fees are generally lower compared to other competing exchange platforms.
Currencies currently supported by Coinbase include the following:
Process of setting a Coinbase account
The following is a set by step procedure which will enable you to buy cryptocurrency on this exchange:
- Signing up — Enter your name, email address and password to create your Coinbase account.
- Select your account type — After signing up you will be prompted to select the type of account you want between a business and individual account.
- Verification — Secure your account by verifying your phone number.
- Payment method — You can either choose bank transfers or credit cards as your preferred payment method. It could take you between 4 -5 days for bank transfers to be completed. However, credit or debit cards transactions are instant.
- Purchase cryptocurreny — Purchasing cryptocurrency is easy as long as you have funds in your account. once your purchase is successful your cryptos will be delivered to your Coinbase wallet.
How safe is Coinbase?
There is no doubt that your digital currencies are safe on Coinbase since its among the safest exchanges available in the market currently. There is a lot of transparency when it comes to how Coinbase stores clients’ funds.
98% of your currencies will be stored offline through paper and hardware wallets. The remaining 2% digital currency stored online is insured so in the event you get hacked you will be paid for any losses incurred through an insurance policy.
Transaction limits will vary depending on the country you are operating from and the payment method you are using.
This platform allows its’ users to apply for higher limits by verifying their identities and US residents can make transactions of up to $ 50,000 in a week. On the other hand, clients from Europe can make up to $ 30,000 at any given moment.
Coinbase has a number of benefits which has made it rank among the most popular platforms with users. Some of this benefits include the following:
– It has a high liquidity.
– Coinbase is an easy to use platform.
– It has insured bitcoins deposits.
– Allows for trading using top rated digital currencies like Ethereum, Bitcoin, Litecoin etc.
It may not be perfect but Coinbase will offer you with a safe and easy way of transacting. You are also advised to transfer cryptocurrency purchased on this exchange to your personal digital wallet.
This is a platform with many benefits compared to other cryptocurrency exchange platforms. It is also cheaper to transact using this platform.
The platform also allows the use of debit/credit cards.