There are different online wallets on the internet which cryptocurrency miners and traders can use to store your E-currencies. There are many digital and online wallets for mining and storing different cryptocurrencies and digital currencies. One of them is the Coinbase cryptocurrency wallet. Today, you will get to know about one of the world’s best digital wallets and get to know of everything about this cryptocurrency digital wallet.
The help of science and technology has made sure that people can use digital currencies to make payments and also have online wallets for storing and mining their cryptocurrency coins. If you are a crypto investor, you should have heard about Coinbase.coi
Coinbase is one of the leading digital wallets for miners and crypto-traders to store their cryptocurrency coins. They began operations in 2012 as a cryptocurrency exchange that provides a platform for the exchange and trading of cryptocurrency coins as well as other E-currencies.
They were established in San Francisco, California, United States. It is a multi-billion dollar cryptocurrency exchange broker; it holds more than $20 billion in assets and over $50 billion has been traded on its platform by users.
This makes it earn the name of the world largest Bitcoin company or the world’s largest cryptocurrency broker exchange. It is a secured cryptocurrency wallet used by many people all over the world to mine, store and keep their bitcoins.
The primary service of this platform is to allow people to buy and sell (trade) in different digital currencies and cryptocurrencies of the world. As a cryptocurrency exchange, They seek to create a commercial and digital finance platform for the unique purpose of buying and selling cryptocurrencies through electronic means.
They have more than 10,000,000 (10 million) active users on its platform, it allows people to convert their local currency into fiat currency and digital currencies.
This cryptocurrency wallet has spread its services to other countries of the world. Currently, it is used in more than over 30 different countries of the world which make them have more than 13.5 million active users and cryptocurrency traders on its platform.
Is Coinbase A Legit Cryptocurrency Exchange?
Coinbase is a legit company, they can be trusted by cryptocurrency miners to store and miner their e-currencies. Their headquarters is located in San Francisco, they operate in more than 30 states in the United States, they are also used as a digital exchange in over 30 developed nations of the world.
They are not just a legitimate cryptocurrency exchange, they are trustworthy and reliable because more than 3.5 million people rely on they to trade and mine their cryptocurrency coins.
Many people have confessed that Coinbase is the best place for storing and trading cryptocurrency coins because of its system and digital interface.
There are lots of cryptocurrency outlets and miners in the digital market, however, Coinbase stands out amongst them as a legit company which easily enables users to purchase and sell bitcoins, Litecoins along with other digital coins.
Benefits of the Coinbase Cryptocurrency Exchange
Being a brand and a cryptocurrency exchange, they have greatly helped people to easily convert their local currencies into cryptocurrencies and e-currencies. By converting their country currencies into digital currencies, people can easily buy products and pay for goods and services online without having to use their credit or debit card for the transaction.
The economic and commercial activities between buyers and sellers have been strengthened by this cryptocurrency wallet exchange by providing a digital financial platform for people to trade different digital currencies.
Through the internet, people can set up and design e-commerce websites and digital stores to sell their own products online. Coinbase can be used as an online payment gateway for receiving payment in cryptocurrencies from buyers and customer for the purchase of any product on the digital store.
Developers can integrate the Coinbase API into any website and digital store to accept electronic payment in Bitcoin, Ethereum, Litecoin and other cryptocurrencies. Coinbase has helped citizens of the United States to link their bank accounts to start purchasing, trading and receiving cryptocurrency such as Bitcoin Cash, Litecoin, Ethereum, Bitcoin etc.
Lastly, with Coinbase, any cryptocurrency investor can sell, store and buy digital currencies and cryptocurrencies from any place of the world.
- It is secured and safe for storing and mining cryptocurrency coins.
- They have a responsive customer care service.
- It requires account verification after an account has been opened.
- They do not charge high rates for transactions.
- They have a simple dashboard interface which allows people to understand how the system works.
- It has a fast account funding process. Funds are loaded in the account immediately after deposit have been made.
- Different methods of payment are available for users on the exchange.
- Users can store digital currencies such as Bitcoin Cash, Ethereum, Bitcoin and Litecoin.
- Fiat transactions are accepted from users and owners.
- United States citizens can use this cryptocurrency exchange to trade their digital currencies.
Coinbase Customer Support
Coinbase has a customer support team that listens to the queries, inquiries and questions forwarded by their clients and customers. The customer team can be contacted at support.coinbase.com and on phone through +1 (888) 908-7930.
There are different varieties of payment which users can use to deposit and fund their digital wallet and to withdraw their profits earnings from cryptocurrency mining and trading.
Funding with direct bank deposit is only available for people in the United States (U.S). These persons may need to hold a Visa/MasterCard in case the direct bank deposit doesn’t go through.
The following are the available payment methods accepted on the cryptocurrency exchange.
- Credit Card.
- Debit Card.
- Bank Wire Transfer.
- Direct Bank Deposit.
- Sfers transfer.
- SEPA transfer.
Do They Charge Extra Fees, Commissions and Charges
Unlike other cryptocurrency exchanges, this crypto exchange platform does not charge high fees and rates for transactions made on its platform. But transactions made from Coinbase to another cryptocurrency exchange may incur a network fee. Network fees are normally set up by blockchain communities.
- It allows it’s users to make fiat transactions on its cryptocurrency exchange platform.
- United States citizens can open a Coinbase account.
- Easy to use dashboard and cryptocurrency mining interface.
- It is a secured and safe cryptocurrency exchange.
- Different methods of payment are provided for Coinbase users in and out of the United States (U.S).
- It facilitates cryptocurrency trade through GDAX.
- It doesn’t charge high fees for trading transactions.
- People outside the United States of America can register and open a Coinbase account.
- The account verification process may be stressful for many people on Coinbase.
- It shares the details and information of users with tax authorities.
- It monitors the transactions and activities made on its platform.
- It fees are higher than some other digital currency exchanges.
- Users who deposit their account through the Bank Transfer option will not get their funds immediately after making payment.
- There is no anonymity of trading activities and business transactions made in this cryptocurrency exchange.
- There is a limitation on how people spend and withdraw their earnings on Coinbase platform.
Coinbase Account Verification
Account verification on the Coinbase exchange can be done by uploading a clear photo (blurry photo will be rejected), a valid telephone number, an ID Card and filling some information details which you will fill in the course of account verification.
After an account has been verified, it becomes activated for people to trade e-currencies.
Account Deposit and Funding
There are several ways to fund money or make a deposit into your Coinbase wallet. Immediately after verifying your Coinbase account, the next step is to deposit and fund your wallet.
Funding and deposit of Coinbase wallet are done with PayPal, SEPA transfer, Sfers transfer, credit/debit cards, bank wire transfer and direct bank deposit.
The quickest way to deposit a Coinbase account is payment through credit card. Payment through the Direct bank transfer method is good but can be slow as funds get to reflect in your account after 3 to 5 days before your payment is processed by the bank to the Coinbase platform.
Coinbase is a safe and secure wallet for people to store their digital currencies. I believe that this review has been able to make you understand how this cryptocurrency platform works. It works similar to the Payeer Wallet.
As you use this cryptocurrency exchange platform, I recommend you to be security conscious so as not to leak your password and private keys to unauthorized persons or hackers. Although Coinbase is a secured platform, keep watch and report any suspicious activities which you observe and notice on your wallet.
If you have used the Coinbase cryptocurrency wallet to store your digital coins, feel free to make a comment about their system in the comment box section.