What is Coinbase - Detailed Overview

If you’ve spent any time at all in the cryptocurrency realm, you’ve probably heard of Coinbase. In this article, we will explore in depth Coinbase, what it has to offer its users, and why it is the market’s preferred choice for newcomers. The platform was created in response to the rising popularity of cryptocurrencies and new technology.

What is Coinbase?

Coinbase is a cryptocurrency exchange that debuted in 2012. It has risen to become one of the most prominent digital currency exchanges on the market. It enables users to buy, sell, and exchange a wide variety of digital goods. Its headquarters are in San Francisco, and it has established itself as one of the most trustworthy and secure cryptocurrency exchanges in the world.

Brian Armstrong, an engineer, founded the company in the beginning. He collaborated with other programmers and market traders to complete the platform. Coinbase was up and running before the end of 2012, and it would reach 1 million customers barely two years later.

During 2014, the platform collaborated with a number of additional well-known companies, including Dell and Overstock. It proceeded to expand rapidly. Nonetheless, they encountered roadblocks along the way, such as a mysterious network attack in 2019. In addition, the corporation encountered several issues connected to misleading customers regarding trade volumes in 2021.

That same year, the company decided to go public through an IPO. The IPO was a success, with the company starting at $250 per share and ending up with a price of $328 per share. Coinbase has gained a lot of attention as a result of its recent Super Bowl advertisements. Despite its retro appearance and lack of music or narration, it became one of the year’s best advertisements.

The CEO of Coinbase, Brian Armstrong. Source: CNN

Coinbse is currently going through some difficult times. Despite this, they remain optimistic and are working toward a brighter future. The Securities and Exchange Commission (SEC) recently issued them a Wells notice for staking products. Soon after, the SEC decided to fine Coinbase, alleging that it was acting as an unregistered broker. The SEC also charged Coinbase with failing to register its staking service in the US.

What Makes Coinbase Special?

User-Friendly Interface

Having an easy-to-use website layout is one of the main things that attracts new users to your platform. Coinbase has a user-friendly interface that makes it simple for beginners to navigate. They can interact with all of the platform’s features without becoming overwhelmed. It makes no difference what you want to do on the website; you can do it in a matter of minutes. It only takes a few clicks to sell, buy, or exchange cryptocurrency.

Wide Range of Cryptocurrencies

Another feature that distinguishes the platform is its extensive selection of cryptocurrency. Over 250 cryptocurrencies are supported by the platform. These include some of the most popular and mainstream ones, such as Bitcoin (BTC) and Ethereum (ETH), as well as some new altcoins.

The platform is constantly on the lookout for new cryptocurrencies to add to the list, ensuring that users have a wide range of options to choose from. Coinbase is well-known in the blockchain community for having one of the most diverse crypto offerings.

The most popular cryptocurrencies on Coinbase

Coinbase provides a wide range of cryptocurrencies, and listing them all would be impossible. Here are a few of the most notable. Bitcoin (BTC), Cardano, (ADA) Ethereum, (ETH), Solana (SOL), Polkadot (DOT), Dogecoin (DOGE), USD Coin (USDC)

Security Measures

One of the most important features that people look for in a cryptocurrency exchange is that it is completely secure. To protect user funds, Coinbase places a strong emphasis on security. The vast majority of customer assets are kept offline in cold storage. In contrast to hot wallets, this ensures that they have an extra layer of protection. Furthermore, Coinbase uses bank-standard encryption and requires users to enable two-factor authentication in order to access their accounts.

Trading Cryptocurrency

Another feature that distinguishes the platform is the ability for users to trade their cryptocurrencies. It truly simplifies the process to its most basic forms. Users can easily link their bank or credit card accounts to their Coinbase accounts. This enables them to transfer funds with ease. Before completing purchases, the platform also provides real-time pricing information and displays fees. This contributes to the platform’s transparency.

Coinbase Wallet

The platform provides a standalone digital wallet service called Coinbase Wallet. This enables users to securely store their cryptocurrency while maintaining control over their private keys. This wallet is integrated with the platform, and you can use both of them simultaneously with ease.

The Coinbase Wallet

Partnership and Regulation

One of Coinbse’s most notable characteristics is its unrivaled ability to collaborate with large corporations. This increases the platform’s users and makes it more popular. Dell, Overstock, and Time Inc. have all worked with the company.

These collaborations have cemented Coinbase’s reputation as a reliable organization in the cryptocurrency community. Furthermore, Coinbase is one of the world’s most regulated exchanges, adhering to strict security and financial regulations. This will be evident in their upcoming SEC trial. Coinbase appears to be confident that they have control of the situation and are prepared to face any challenges that come their way.

Low Fees

When it comes to fees, Coinbase does not provide much information. The costs are only displayed when you enter the trade screen, so you know exactly what you’re paying before you make a trade up.

It is important to remember that Coinbase operates on a maker-takes-all fee structure. This is very common among cryptocurrency exchanges. Fees are proportional to the number of trade vollumes. The greater the trade volume, the lower the fees. Overall, Coinbase’s fees are lower than those of other cryptocurrency exchanges. The system also benefits those who trade in large volumes, so we see this as a win-win situation.

Supported Countries

Coinbase has something else up its sleeve. The company has grown significantly around the world, and it is now available in over 100 countries. The platform handles billions of dollars in trades and has millions of active users.

You should keep in mind, however, that even if it is available in your country, some of the features may be disabled. This is due to the fact that different countries have different regulations, which may result in legal issues for the platform. Check Coinbase’s website to see which countries it is available in.

How to Start Trading on Coinbase?

Creating an account and beginning to trade on Coinbase is as simple as it is on other exchanges. The procedure is generally the same, with a few minor variations. First and foremost, you must be over the age of 18, and they will identify you to ensure this.

You’ll need a government-issued poto ID; some exchanges require passports, but Coinbase doesn’t. A computer and a phone number linked to your smartphone are required. This is significant because you will confirm your accounts using your mobile phone.

Step 1: Create an Account

To get started with Coinbase, make sure you’re on the official Coinbase platform. You can get started right away by clicking Get Started, and you will be asked for some information. Check that the information you provided is correct and up to date.

The “Get Started” option on Coinbase

You will be asked for your legal full name, email address, password, and location. Coinbase will later request proof of the information you supply.

Following that, you must read, accept, and agree to the terms and conditions. To proceed, check the box and click Create Account. Finally, Coinbase will send you an email to confirm that it is yours.

Step 2: Verify Email

You must verify your email address after completing the first step. You must click the link in the email sent to you by Coinbase. This will return you to the Coinbase website, where you can finally log into your account.

Step 3: Verify Your Phone Number

You must first verify your phone number before proceeding. This is due to the fact that you require two-step authentication to keep your account fully secure. Simply sign into your account and you will be prompted to enter a phone number to verify your nomination.

Enter your mobile phone number after selecting your country. After that, simply click on send code. Enter the seven-digit code sent to you via the platform. You are now ready to proceed to the next step.

Step 4: Add Personal Information

After that, you must fully confirm your account before continuing to trade on the platform. You’ll need a government-issued ID photo, and you’ll need to fill out all of the information based on it. A few questions will also be posed to you. When you’re finished with this, you’ll be asked to send a photo of your ID. When you’re finished, click Continue.

Step 5: Choose Payment Method

Finally, in order to begin trading, you must link a payment method to your account. This is entirely dependent on the country you live in and the methods available to you. Visit Coinbase’s website for more information.

Is Coinbase Safe?

Coinbase uses cutting-edge security measures to protect your investments. The exchange has advanced security features and protocols, ensuring a secure environment for cryptocurrency trading. This reduces the risk of unauthorized access and potential breaches.

Coinbase employs both hot and cold wallets to safeguard your funds. Only 2% of customer funds are stored in hot wallets for immediate trading purposes. Coinbase recommends using two-factor authentication (2FA) to increase account security. This extra layer of security helps to prevent unauthorized access to your account. So, to answer the first question, we believe Coinbase is safe as of 2023. However, it is never a good idea to keep your funds in a crypto exchange rather than in your wallet. You can learn how tips to stay safe in our article.

Coinbase vs. Coinbase Advanced Pro

Users can access the majority of Coinbsae’s features for free. They do, however, have a more advanced and feature-rich crypto exchange. Coinbase Advanced Trade is a cryptocurrency exchange aimed primarily at professional traders. Everything, from graphical data to other types of tools, is more detailed. These tools help seasoned traders make more accurate price predictions and analysis.

Traders on this cryptocurrency exchange can access additional analysis indicators powered by TradingView. Furthermore, traders will no longer need to rely on third-party tools for price charting. It’s also worth noting that crypto fees remain the same on both exchanges. Coinbase Advanced Trade is a new feature that has replaced their previous Coinbase Pro. Users of the new platform will essentially receive the same level of security infrastructure. Users must update their app to the most recent version in order to access all of the features.

Conclusion

Creating a Coinbase account is a simple process that allows you to easily enter the world of cryptocurrencies. You can open a Coinbase account and begin trading by following the steps outlined in this guide. Remember to enter accurate personal information, confirm your email address, and think about enabling Two-Factor Authentication (2FA) for added security.

Coinbase is a popular choice for beginners looking to explore the world of cryptocurrencies due to its user-friendly interface and robust security measures. Overall, Coinbase is a fantastic platform for both new and experienced users, and you should definitely give it a shot.

Takeaways

The crypto exchange, Coinbase, was created in response to the rising popularity of cryptocurrencies and new technology.

Its headquarters are in San Francisco, and it has established itself as one of the most trustworthy and secure cryptocurrency exchanges in the world.

Another feature that distinguishes the platform is its extensive selection of cryptocurrency that users can choose from.

The platform is constantly on the lookout for new cryptocurrencies to add to the list, ensuring that users have a wide range of options to choose from.