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. 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.
One of them is about reviews of forex trading platforms and legitimate companies to trade your bitcoin, litecoin and other digital currencies. One of the cryptocurrency companies which you should know about is Coinbase. Since forex traders and enthusiasts especially Americans and Nigerians 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 of coinbase, 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. Coinbase was established in 2012 in San Francisco, California, in the United States of America. 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. Coinbase is 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, coinbase has more than 14,000,000 (14 million) registered traders and users on its platform. Since the inception of Coinbase 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 the assistance and aid of coinbase, business transactions have been smoothed because traders, businessmen, and companies can be able to receive money from their clients and customers who use coinbase platform to send money electronically.
E-commerce websites and digital stores have benefited 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 in the coinbase platform.
Having being used by more than 14 million people of the world, Coinbase is a trusted and reliable bitcoin company which any cryptocurrency trader can trust to sell digital currencies.
Features of Coinbase Platform
It has a simple dashboard interface for newbies and customers to trade their bitcoins and digital currencies easily.
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
Coinbase Accepted Payment Methods
Coinbase has various payment methods and options for her traders to deposit their money and also withdraw their earnings. Accepted payment methods in Coinbase are credit/debit card, bank wire transfer, direct bank deposit, SEPA transfer, Sfers transfer and 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 doesn’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 a payment with a credit card. Direct bank transfer is a good way of making payment but after your payment, the funds take a period of time (3 to 5 days) 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 has a simple dashboard account for its users
- They don’t charge excessive fees for transactions made on its platform.
- It improves cryptocurrency trade experience with its connection to GDAX.
- Coinbase has different payment methods which are convenient for its users.
- Countries outside the United States of America can open a coinbase 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 coinbase system.
- Its fees are higher than fees of other digital currency traders
- Most users find their account verification process stressful.
- Customers who fund their account through bank transfer will 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.
If you have used the coinbase platform to trade in cryptocurrency, feel free to drop a comment so that other persons can know about it.