Looking for a trusted way to buy, sell or manage your cryptocurrency? Coinbase trading platform is the thing everyone needs to try. According to the data of 2017, the service is available for users from about 30 countries. That means your location won’t become a problem for you. Besides, the site is considered to be the largest Bitcoin broker. You can make purchases with SEPA, bank account, Interac Online, etc. Yet, as everything, it has its own list of advantages and downsides. Let us analyze the main ones.
Credit/debit cards available to use
A safe way to store the tokens
Instant purchases with CC as backup
Crypto to wallet transformation is provided
|A narrow range of altcoins
Poor customer care service
Tracks how exactly you spend your digital money
Limited banking mechanisms
Create an Account
While other exchange houses provide the currency pairs on their home pages, this site asks you to enter a valid email address for registration. The next stage is writing your name, last name, creating a password, solving a captcha and proving you are 18+ years old and agree with the user terms. Do everything fast, cause you have already got an email with a verification link. Follow it and complete the procedure, adding your phone number.
Enter the securing code sent as SMS and verify the account once again. Done! Now, you are a real use of Coinbase. The Settings page gives you an opportunity to change the password, create a nickname, photo, etc. The site assures that your personal data is never presented to other users of the portal. Besides, you are to enable 2-factor authentication on the security page. It comes in a way of SMS or an app.
Fees and Limits
First, you verify your email, phone, credit card, ID. Then, you receive a certain account level, which comes with its limits. Please, check the page with the appropriate data and make sure you are aware of the numbers. The initial point can start with $500 per week, and this is pretty low, you know. The commission of the exchange is one of its weak points.
Buying the desired electronic money for credit cards can be rather expensive, cause depending on the country and currency, the fees can reach up to 4%. Making purchases with fiat currencies lead to 1.5% taxes, which is also not so loyal. And though there exist trading platforms with higher numbers, the opposite situation also takes place. Comparing the site with, let us say, CEX.IO, which provides max 3.5% fee, you see that a good search won’t hurt.
Buy and Sell Cryptos
As you have already verified your account type and telephone, time to set up the banking method you are willing to use. Whether you pick bank account (higher limits, longer time frames) or CC/debit card (lower limits, instant), you need to verify your identity sending some pics of your documents. Now select the cryptocurrency, payment option and the sum you want to get. There, you see a table with the fees and total price. That is it! You approve the procedure and the rest is on the service. The similar procedure waits for you when you decide to sell the coins.
Available Digital Coins
As we have already mentioned, the list of available e-coin is not so wide. Actually, there are only 4 alternatives to choose from. You are free to both buy and sell Bitcoin, Bitcoin Cash, Litecoin and Ethereum. Those who were seeking for these very tokens, they can be sure everything will be on the highest level. The rest, unfortunately, should look for another trading platform to use.
Depending on your region, you are provided with various list of banking methods. That is how, UK customers can make transactions with their bank account, credit or debit card. Meanwhile, all the users from Europe have the same opportunities, except for the CC. Users from the USA have a bit wider range of options. They can pick any alternative among ACH (bank account), debit card or wire transfer. Though, mind that debit card is the only instant mechanisms, but it doesn’t allow you to withdraw the coins.
The customer support of Coinbase can be reached thru email, FAQ or Live Chat. Once you send an electronic message, the wait time can vary, and this can be not so convenient. The FAQ page includes a fixed amount of questions and answers, while Live Chat is available 24\7. Besides, at that rate, the replies are to be pretty rapid.
Coinbase is one of the oldest and the most trusted exchange houses in the market. Though not so many cryptocurrencies are presented here, the quality of the service is on top. Leaving aside all the cons you may see, you will never doubt the security. And this is very important when it concerns your funds.