Is Coinbase is the secure way to buy cryptocurrency? What is the fee structure of this digital exchange platform? How do Coinbase works? Is Coinbase provide satisfactory customer support?
These are the common queries which occur in our mind before buying digital coins from this platform. If you want to buy cryptocurrency via this exchange but have certain questions about this then here I will satisfy all your queries. Here in my Coinbase review, I will figure out the 5 must know things so observe carefully.
If you are a crypto enthusiastic then you must aware of the Coinbase, the largest cryptocurrencies exchange. It was introduced in 2012 and now it is available in 33 countries to trade digital coins. You can purchase Bitcoins with your bank account, credit card, debit card, and other payment methods. More than 20 Million customers are connected with this exchange across the globe.
- Offers you an easy to use interface
- Reliable, secure and US based.
- Instant buying facilities available.
- Good customer support
- It can track the user’s activity.
- Offers limited payment methods
- Charges 1% of a transaction as a fee.
5 facts you must know about Coinbase
1. Is Coinbase safe?
This is the most common question of everyone that is it safe to use it or not. As you know it is the biggest broker of cryptocurrencies and it is backed by trustworthy investors. It permits a wallet, API, exchange to trade Bitcoins. Coinbase is a US-based company and complies the certain laws of US states. Another thing which ensures its safety that many high-profile banks are investing in it. It also offers transparent methods of funds. One of the topmost thing which solidify its security is that 98% of funds are stored offline via hardware wallets and paper wallets.
2. Coinbase buying limits
Another common thing which I want to discuss with you its buying limits. If you are the US citizen having a credit card on file in your coinbase account then you can buy up to $1000 worth Bitcoins weekly. For raising your limits you have to do these things.
- Give and verify your contact number
- Provide and verify your personal data
- Offer and verify your photo ID
There are also different buying limits which depend on your payment modes.
3. Coinbase customer support
Coinbase permits you the extensive customer support. Almost all the queries find an answer there. If you are submitting your query via an email then you will get the response within 72 hours. Coinbase also offers a phone line support but it is pretty tough to talk with an executive to solve your problem. When things come in terms of quality support then there are some issues in it. Many times the team does not solve out your problem in the first attempt. Many people have complained that they didn’t get a satisfactory solution for the issue.
There is a variation in the fees based on your payment method. Usually, it charges $1.49% to 3.99% of transactions. If you made payments with a credit card then you have to pay higher fees. When compared it with other exchanges like Coinmama then it offers you a lower fee. Currently, you can buy only Bitcoin, Ethereum, and Litecoin via coinbase but it is planning to add more cryptocurrencies to its platform.
5.How to set up a Coinbase account
Now come to the most crucial thing which you must aware if you are looking to stick with this platform. If you want to buy cryptocurrency via this exchange then you have to create an account so here are simple to be followed:
- To make an account you just acquire a name, email id, and password.
- After requesting you have to confirm your email address and after confirming you will redirect on the initial page. Here you have to choose the account type.
- After selecting an account you have to verify your phone number. It is for 2factor authentification which ensures your account safety.
- Finally, you have to choose a payment method for buying cryptocurrency. You can choose bank transfer or credit card payment.
Coninbase summary: Is it a right platform for you?
Coinbase is a cheap, easy and reliable exchange and if you are a newbie then it is more convenient for you. It offers you multiple facilities like low fees, trusted platform, exchanges your fiat currency into cryptocurrency, more security. But if you want a revolution against the traditional financial structure and purchasing Bitcoins for being a part of the crypto era then you must switch to another exchange.
But still, if you want to go for Coinbase then you should not store your Bitcoins in the given wallet. You should utilize a hardware wallet like Trezer. Last but not least, never buy Bitcoins which you want to use for any purpose because Coinbase can monitor your activity. They have a tracking system.
Well, it is a good invention in terms of cryptocurrency trade which gives you the ease of use, transparency and lower charges. I think now you can determine whether you must choose it or not? Still, any query regarding this exchange then comments below and if you have any suggestion then share with us.