Science and technology have made it easier for people to send and receive money with the use of e-currency, digital currency, cryptocurrency and other forms of online banking. One of the best ways to trade your Bitcoin, Litecoin and other digital currencies is through the Coinbase wallet.
Are you an online marketer, entrepreneur, businessman, investor, cryptocurrency coach, forex trader, cryptocurrency investor or a person who is interested in the cryptocurrency market; there are certain things which you search and make inquires about.
Since forex traders and enthusiasts have been enthusiastic about getting information about Coinbase, I decided to make a review of it so as to give relevant content to those who need the information.
In this article, you will get to discover the history, features, payment methods, withdrawal methods, advantages and disadvantages of using Coinbase in this review.
Brief Information And History of Coinbase
Having been acclaimed to be the world’s largest cryptocurrency exchanger, Coinbase is one of the biggest cryptocurrency companies that trade in digital currencies. They were established in 2012 in San Francisco, California, in the U.S.
Its objective is to enable a platform where people can send, exchange and receive digital currency as a medium of exchange for the payment of goods and services. Itis a trusted crypto-broker in the United States of America and they have been reliable over the past years of service to its traders.
The San Francisco based company has branches and outlets in 30 states of out the 50 states in America. Currently, they have more than 14,000,000 (14 million) registered users on the platform. Since their inception in 2012, the billionaire company is worth fortunes as they hold over $50 billion in cryptocurrency and $20 billion in assets due to the success of traders under her platform.
Coinbase tasted success in creating an avenue for people to transfer, send and receive money electronically from any point of the world by converting and changing their local/domestic currency into digital currencies. Apart from its headquarters based in San Francisco, Coinbase is present and used by over 30 developed countries of the world.
With this cryptocurrency platform, business transactions have been smoothed because traders, businessmen and companies can be able to receive money from their clients and customers to send money electronically.
E-commerce websites and digital stores have benefitted from the service because it brings more sales as customers without physical cash can easily pay online with Litecoin, Ethereum, Bitcoin and other cryptocurrencies for payment of goods and services as long as their sites accept payment via cryptocurrency.
Individuals and companies domiciled in the United States of America and other Coinbase-accepted companies can connect and associate their bank accounts/online banking accounts and start on different types of digital currencies such as Ethereum, Bitcoin, Bitcoin Cash and Litecoin which are available and accepted on the platform.
With being used by more than 14 million people, Coinbase can be rated as a reliable and trusted cryptocurrency platform in the world.
- It comes with an easy-to-use interface for newbies and customers.
- It has different deposit and withdrawal methods.
- It doesn’t charge high fees for transactions.
- Fast account funding.
- It requires verification of account after account opening.
- It has a secured financial system
- It has a responsive customer care support
They provide different payment methods for anyone to deposit their money and also withdraw their earnings. Accepted payment methods are credit/debit card, bank wire transfer, direct bank deposit, SEPA transfer, SFERS transfer and e-wallets such as Paypal.
Account deposit through direct bank transfer is available for persons living in the United States of America (USA), but such persons may need to hold a Visa/MasterCard as a backup option if the direct bank deposit fails to go through.
Coinbase has a mobile application which you can use to sell and buy bitcoins and other cryptocurrencies from your mobile phone. The applications allow you to access your accounts and crypto transactions.
The Coinbase app is available on Google Play Store for Andriod devices and on App Store for iOS users.
They don’t charge excessive rates for transactions made from their platform to another platform different from theirs, but such transactions may incur a network fee (the networks fees are set up by blockchain communities).
After account opening, the next step is verification of the account. Verification of Coinbase account is done by uploading a clear photo (not a blurry one), a valid phone number, a driving license, ID card and some other details which will be needed in the process of verifying the account.
After verifying the account, the next step is to deposit and fund the account. Funding of account can be made with credit/debit cards, bank wire transfer, direct bank deposit, SEPA transfer, SFERS transfer, Paypal. However, the fastest way to fund your Coinbase account is through payment with a credit card.
Direct bank transfer is a good way of making a payment but after your payment, the funds take a period of time (3 to 5days) for the bank to process your payment to Coinbase. The funds become available in your account as soon as Coinbase receives your payment deposit.
Customer Care Support
Coinbase has responsive customer care support. They can be contacted and reached across by +1 (888) 908-7930 and support.coinbase.com
Merits/Advantages of Coinbase (Pros)
- The Coinbase platform accepts fiat transactions.
- It comes with a simple dashboard for users
- They don’t charge excessive fees for transactions made on its platform.
- It enhances trade experience as it is connected to GDAX.
- Coinbase has different payment methods makes it convenient for you to make deposits, withdrawals and other payments.
- Countries outside the U.S can open an account.
- Coinbase has a secured and safe system that prevents fraudsters, hackers and scammers from stealing people’s funds
Demerits/Disadvantages of Coinbase (Cons)
- Coinbase monitors and keeps a record of the transactions made on your account.
- There is no anonymity of business transactions under the Coinbase system.
- Its fees are higher than fees of other digital currency traders
- Most users find their account verification process stressful.
- Users who fund their account via bank transfer may not get their funds immediately.
Coinbase is a trusted platform used by many traders all over the world. They have a secured system and your money is safe with them. We recommend that you should be careful with your account, don’t leak passwords and information to unauthorized and unknown persons.