Are you interested in investing in cryptocurrencies? All you have to do is use the best crypto app. With the increasing popularity of cryptocurrency in the past few years, many crypto trading applications have come into existence. By using these applications, you can easily buy, sell or exchange cryptocurrencies in one go. In this article, we will discuss such an application Coinbase.
What is Coinbase?
Coinbase is an application on which you can buy, sell, and hold digital currencies like Bitcoin, Ethereum, Dogecoin, etc. It is one of the largest cryptocurrency exchanges in the United States of America. The company made its debut in April 2021, and with its 73 million verified users, the application has become quite popular.
A user can trade more than 30 different digital currencies by using Coinbase. The premium version of this application allows experienced users to make high-volume transactions and provide them with more trading options.
Coinbase: An Ultimate Guide to the App:
Like other trading applications, Coinbase is pretty easy to use. Coinbase users can check their balances and a watchlist that allows them to keep an eye on different cryptocurrencies. We will discuss some characteristics of Coinbase that make it different from other crypto applications.
Coinbase charges some fees for trading from its users through the platform. However, it is free for applications like Robinhood, which promotes free trading. The platform charges a different fee for Coinbase and Coinbase Pro. Wherever you buy or sell cryptocurrency on Coinbase, it charges you a spread of 0.50%. Moreover, a Coinbase fee collection of a flat fee or a fee set by factors like your location or payment type.
Furthermore, the flat fee entirely depends upon the transaction amount and is provided by Coinbase to the user on its fee page. Let us explain by using an example: if you want to purchase $100 of Ethereum with a United States bank account or digital wallet, the flat fee for you will be $2.99, and the variable charge would be $1.49.
Functions and Features:
Coinbase offers the service of digital wallets to store digital assets to their customers. In addition, the transactions done on Coinbase are more secure. As the FDIC and the SIPC do not protect cryptocurrency exchanges, Coinbase ensures that the transactions done through their platform are more secure. The company stated that it only holds less than 2% of customer funds online.
However, the rest of the funds are stored offline in cold storage, far from any online breach. Moreover, these online funds are insured, meaning if any breach occurs in the online platform, the customers will not lose any money.
Coinbase Account Set-up:
Opening a Coinbase account is a piece of cake. You need a government-issued photo Identity and other information like your contact number and the last four digits of your social security number. In the next step, you will have to answer some questions for what purpose you will use this platform? Use a more secure and unique password that you have not used anywhere else.
Moreover, use multi-factor authentication to avoid any breach from hackers. However, you have to add a payment method to your Coinbase account before you start trading. Currently, in the U.S., you can use a debit card, wire transfer, bank account, and PayPal account. You can start trading cryptocurrency as soon as your digital wallet is set up on Coinbase.
Coinbase is a U.S.-based cryptocurrency trading application. If you are a beginner in crypto trading, this application is definitely for you. You can sell, buy, and exchange cryptocurrency easily with Coinbase. Launched in April 2021, Coinbase reached a revenue of $1.31 billion in the third quarter of the same year.
Additionally, you can use a digital wallet with services like an online wallet or a cold wallet. Coinbase is more secure and provides customer service 24×7. Moreover, Coinbase is currently operating in more than 100 countries with 60 different cryptocurrencies enlisted. We suggest that if you are a beginner, you should check out Coinbase for trading. Hopefully, we were able to guide you on Coinbase. Check out our other articles on cryptocurrency.