Coinbase is one of the most popular platforms for trading cryptocurrencies. In the crypto space, Coinbase has served as the entry point for beginners. Established in 2012, the cryptocurrency exchange platform has grown to support more than 35 million people across 100 countries with their cryptocurrency needs.
This San Francisco-based company is widely viewed as suitable for cryptocurrency trading. It currently has a valuation of over $1 billion. It is set to capture an $8 billion valuation by the end of this year. Top investors, such as Y-Combinator, Union Square Ventures, and Reddit-founder Alexis Ohanian, are backing Coinbase. Get information about pros and cons along with its fess, traded currency, and much more through click https://www.cryptonewsz.com/cryptocurrency-exchange/coinbase-review/.
Benefits of Trading on Coinbase
As an exchange platform, the primary function of Coinbase is buying and selling Bitcoin and other major cryptocurrencies. It offers several plus points that suit well for trading crypto coins. The key benefits of crypto trading on Coinbase include:
- Buying cryptocurrency on Coinbase is statistically faster than most of the exchanges
- The platform is easy to use, even for crypto beginners
- Besides bank transfer, the platform allows users to buy and trade cryptocurrency with debit cards
- It scores high on customer trust, security compliance, and adherence to crypto regulations
- Coinbase transaction fees are quite low on their “easy buy” trading options
Besides, Coinbase also stores customer funds safely. It ensures that crypto coins traded on the platform are protected by all means.
How to Buy and Sell Currency on Coinbase
The buy and sell limits on Coinbase tend to vary based on location, user verification status, and payment method. It is easy to browse the limits at any time on the account’s page. A verified US-based customer on Coinbase gets the following weekly trading limits:
- $50 buying limit through credit cards or debit cards
- $5,000 buying limit through bank transfers
- $50,000 selling limit
Steps to buy or sell on currency on Coinbase
- Install Coinbase and sign in as a user
- Complete the verification process and get authenticated
- After the verification status is approved, click on the “Buy/Sell” options on the right side of the dashboard
- In the selected field, choose the asset to purchase or sell.
- Enter the number of denominations
- Choose a payment method such as bank transfer or credit card
- While selling, select the bank account or the crypto wallet where the amount needs to be added
- Click on Preview to confirm the order
- Click on Buy or Sell to complete the transaction
Coinbase – Deposit and Withdrawal Methods
At Coinbase, there are four methods for deposits and withdrawals. These include:
- Bank Account Transfer
- Wire Transfer
- Debit Card /Credit Card
The bank account transfer is good for large investments. However, it may take 4-5 business days to complete. Wire transfer is a faster method to deposit or withdraw large funds, which takes a day to transfer large amounts. It may take one business day for huge amounts. Debit cards, credit cards, and PayPal are only for instant withdrawals.
Is Coinbase Safe?
As a crypto company based in the United States, Coinbase complies with US Federal and State Laws, such as the Money Services Business (FinCEN), the USA Patriot Act, and the Bank Secrecy Act.
Coinbase protects the customer funds from online threats. It splits the company’s operational funds from customer funds. Custodial bank accounts store customer funds, whereas 98% of the crypto wealth of Coinbase customers is stored offline in cold storage. The remaining funds are stored online, insured by Lloyd’s of London, a syndicate fintech organization.
Coinbase is a great place for trading in both cryptocurrency and fiat currency. It can help newcomers as well as professional traders with its features and payment methods. According to a full review on Coinbase in 2021, Coinbase continues to be a top recommendation for large-volume trading in the crypto space.