What is Coinbase?
It is a digital asset exchange company with its headquarters in San Francisco, California. It’s the world’s most popular way to trade with some other digital currencies too, and one of the largest cryptocurrency exchange platforms based in the US. The company has recorded a market cap of over $100 billion and it is backed by several prominent investors such as the New York Stock Exchange, Andreessen Horowitz, Y Combinator, USAA, Draper Fisher Jurvetson and several banks in the USA among other investors. It has also established several partnerships prominent business organizations such as Dell, Dish Network, Expedia and Overstock. The company supports more than 10 languages. The company was founded in June 2012 by Brian Armstrong and Fred Ehrsam and since then it has provided a Coinbase cryptocurrency wallet exchange and broker hybrid services to more than 13,300,000 users across the world (this is as at November 2017). The number of users has risen at a high rate and it has managed to attain a highly diverse population. The exchange platform has more than 10 million users and has traded over 50 billion. According to data collected by Coin Dance Most of Coinbase user are aged between 25 and 34. This represents 45.71% of total users. 30.62% of the users are between 35 and 44, 12.3 % are aged between 45 and 54. The rest (8.36%) are between 18 and 24 years old. According to data provided by BitinfoCharts, the platform has 16, 707,573 addresses with a total worth of $1, 2, 317, 934.
Is coinbase legit?
The answer is yes. It is a legit company based in the US. It has established strong relationships with regulators and banks. The company is registered in almost every state in the United States of America and it works closely with digital asset business regulatory authorities in the US and other countries supported by the company. The exchange platform has a BitLicense from the New York State Department of Financial services (DFS). The license gives the company the authority to conduct virtual currency business in New York. The company is registered with FinCEN as a money services business. It also has complied with NACHA for more many years.
Is your country supported by Coinbase?
The company provides asset exchange services for investors interested in exchanging (buy or sell) Ethereum, Bit-coin cash, Bit-coin, Lite-coin and other similar digital assets with fiat currencies in a total of 32 countries including; Australia, Canada, Singapore, United States of America, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden and Switzerland.
How does Coinbase work?
The platform provides a user friendly interface that accommodates new users and cryptocurrency trade experts as well. The platform also accepts several payment methods with the most popular being, credit cards, debit cards and bank transfers. Other deposit methods include; SEPA transfers, Xfers Transfers are used in Singapore and Interact online. The exchange platform also accepts numerous fiat currencies including; US Dollar, Singapore dollar, Australian dollar, British pound, Euro and Canadian dollar. It provides two main products; Global Digital Asset Exchange (GDAX) and a user-facing retail broker. Global Digital Asset Exchange (GDAX) provides a platform where users can buy and sell on the various digital assets including Ethereum, Bit cash, Bitcoin and Litecoin. The platform also provides an Application Programming Interface (API) where program developers can create software applications and trade in digital currencies. So far a total of fifteen thousand developer apps have been developed on the Application Programming Interface. API is simply a communication method for different software components that simplifies the process of developing computer programs. It provides programmers with the essential building blocks for developing computer programs. You can also make a Coinbase android download for mobile bit-coin wallets. The wallets are available for both Android and iOS on the App store and Google play store. This review will enable you understand how business is conducted on the exchange platform and you will be able to judge for yourself and answer this common questions;
Is Coinbase a scam?
The answer is No. The cryptocurrency exchange platform is among the world’s largest digital asset companies providing trade services to more than 8 million investors across the world. It has amassed a large following in the US and over time the exchange platform has gained popularity across the globe as it is among the safest methods of bit-coin exchange. It uses the latest technology to ensure the platform is safe. This user review will provide you with insights on whether the exchange is a safe investment option or is it a scam?
Coinbase users reviews
Many reviews have mentioned that the exchange platform is easy to use and therefore the platform is accommodative of both the novices and the cryptocurrency trade experts. Several complaints have also been made concerning the Coinbase customer service. Some users claim that some issues raised to the platform’s customer support service have been left unresolved for over 24 hours. Such complaints are likely to tarnish the prominent reputation the company has garnered over time. Measures have been put in place to ensure a better customer support experience 2018.
Coinbase Cryptocurrency wallet
It is an online cryptocurrency wallet used to store private and public keys. It also has the ability to spend cryptocurrency and also to receive them. The wallet enables you send and receive payments from other people. It is used as a means of exchange between digital assets and your local currency. The Ethereum wallet and other types of wallets are available in a total of 190 countries across the world. Buying and selling digital currency on coin-base is quick and easy. Steps undertaken are outlined below.
Coinbase Sign up
In order to buy and sell on digital assets you need to sign up by creating an account. It is quick and very easy on their official website. Here you are required to enter your first name, last name, your email address, password and then click the sign up button. You need a valid email address. After creating an account you are required to verify your phone number and validate your identity for the purpose of security and to link your e account to a payment method. You have the option of linking your account t to a credit card, a debit card and PayPal. The Sign up gives you a ground where you can securely store your bit-coins and easily make payments. It is also easy for you to convert your local currency into and out of bit-coin. Sign up is followed by several identity verification procedures before you can start trading on the exchange platform using your Coinbase wallet. To verify your phone number, you need to enter your phone number, after which you receive a text on your phone with a verification code. You enter the verification code on your account and the phone verification will be complete. Once your phone number is validated, you need to add a payment method. This can be done by linking a bank account, a debit card, credit card or a PayPal account to enable you transfer money to your wallet or out. This is followed by linking your bank account .Several steps are undertaken to link your bank account to wallet. Navigate to the official website, click on settings tab. Click on ‘Link a new account’. Insert the account you want to link to the wallet. Press enter and follow the identity verification procedure. For your bank account to be verified and linked instantly, you need to provide your online banking username, password and PIN. Depending on your banks’ security procedures, you may also be required to respond to additional security questions. After verification, you bank account will instantly be linked to your wallet. To link your bank account to the exchange platform, you may also use a deposit verification process by clicking on ‘other bank’ on the list. Using this procedure, you will be asked to insert the name of your bank account, your bank account number, the type of bank account (either savings or checking) and your banks routing number. You will need to undertake an account verification procedure where two test deposits will be made to your account. After the small deposits gets reflected on your account, navigate to the ‘Linked accounts’ page. Then you click on the ‘verify’ button. The verification process takes 2 to 3 business days for the procedure to be complete. You have to ensure that the name on the bank account you are linking matches with the name you use on your account. After the verification procedure is complete you can proceed with selling orders or withdrawal transactions from your verified wallet.
Is Coinbase safe for linking your bank account?
Most Coinbase cryptocurrency investors are majorly concerned with safety of their funds. In order to link their bank account to the platform, they need assurance that their funds will be safe from loss that may be as a result of access by unauthorized persons. To enhance security, the staff members are taken through thorough background checks and their access to customers is highly restricted. Third parties are restricted from eavesdropping by directing all traffic over SSL. All account numbers and routing numbers are stored in the platforms’ servers using bank AES 256 level encryption. No identity verification is required for linking your bank account to the exchange. To link your PayPal account, credit card and debit card, go to their official website. You go to settings, click on payment methods. Click on ‘add payment method’ and then select either PayPal or credit and debit card. Finally you will need to click on upload ID link. This enables you verify your identity to enable you complete linking to a payment method. Once the process is complete, you can start transacting on your Coinbase account. To validate your identity, you need to fill an account profile form available in your Coinbase account. You go to settings; click on the link provided and a verification form will open. You will need to fill your information and the process will be complete. After sign up, you get a bonus of $10 after you have done a transaction of $100.
How to trading on Coinbase?
Because it is one of the most trusted cryptocurrency exchange platforms so you can easily buy and sell the three cryptocurrencies; Ethereum, Bitcoins and Litecoins on your verified Coin-base account. Coinbase cryptocurrency is sold directly to its customers and it is cheaper and faster on this exchange platform. Plans are underway to increase the cryptocurrencies and Coin-base alt-coins. The selling price depends on the prevailing market price. Coin-base deposit fees range from 1.49% to 3.99% depending on your preferred payment method. On this platform, the fees for buying cryptocurrencies are cheaper than on Coinbase competitors’ platforms. Coinbase Bank transfers are relatively cheaper while credit cards have a higher fee due to charges made by credit. Network fees are charged for Coinbase transfers made to other platforms. A network fee of 3.99% is charged on Australians who buy using debit cards and credit cards. Blockchain community is responsible for setting network fees. No charge is made for using Coinbase wallet. To trade on the platform you need to set up your wallets on the settings tab of your account. Coinbase Bit-coin, bit-coin cash, Lite-coin and USD wallets are found under ‘accounts” on your account settings. The Ethereum wallets are also found on the accounts tab on your accounts settings. The USD wallet is advantageous in that you can deposit funds into the wallet and instantly you can buy. Buying directly from the bank could take much time approximately a week. You can buy using your credit cards even though the credit card limits for buying digital assets are relatively lower compared to other competitors of the platform. Wire transfers are also allowed.
How to buy bitcoins
Buying it or Ethereum is easy on the leading crypto currency exchange platform. You simply need to link your credit card and your bank account to your wallet and make a purchase. It takes three to seven days for your bank to process the purchase. It is important to note that the fee charged on purchasing cryptocurrency on the exchange using credit card is relatively higher at 3.99%. Bank transaction fee is cheaper at 1.49%.step 2; move your bit-coins or Ethereum to a wallet. After purchasing the cryptocurrency you need to move it to a Coinbase wallet that you can easily control. This is necessary because you cannot participate in an Initial Coin Offering (ICO) from your account
Coinbase payment methods
The exchange accepts a number of payment methods. The payment methods vary depending on geographical location and type of transaction. Generally credit cards, debit cards, bank transfers, SEPA deposits among other payment methods are acceptable on the platform. European customers can buy digital assets using their debit and credit cards that have 3D secure enabled card. They can also use their European bank accounts to buy and sell from their accounts using SEPA deposits from any country supported by the exchange platform. Credit cards (visa cards and master cards) are the most popular methods of payment. A transaction fee of 3.75% is charged for every purchase of digital asset. Coinbase credit card limits for purchasing are relatively low compared to those of competitors. Payment methods acceptable in Europe include; bank account transfers, credit cards (visa and master cards) and debit cards. Steps undertaken to initiate SEPA deposits include; Select ‘accounts’ on the left side of your accounts’ page then Select EUR wallet. You will then click on deposit button, Initiate a SEPA transfer using the information displayed. Finally send deposits indicated in EUR. After sending the funds you have to wait 1 to 3 business days before the funds can appear in your account. Your wallet has a limit of 30,000 EUR and any excess funds are sent back to the source.
Withdrawal with bank account
Steps undertaken to withdraw Euros from Coinbase account include; Click on ‘accounts’ on the left side of the page then click on EUR wallet. This is followed by selecting the ‘withdrawal’ option on the right side of the page. You will then enter the amount you want to withdraw and other information you may be requested to submit in your bank account. Finally you will select withdraw to confirm the withdrawal. It is important to note that currently only Euros are accepted for SEPA transfers. Other traditional currencies such as US dollars, Kroners, Pounds and others are not accepted. After withdrawing the funds from your wallet you have to wait for a period of one to two days for the funds to be reflected in your bank account.
Payment methods for customers in the US
Several methods of payment can be used to transact using your account. These include credit and debit cards, bank transfers, wire transfers and Paypal. Credit cards and debit cards are suitable for small investments while bank accounts and wire transfers are suitable for large investments. Additional fees are charged when you use your credit cards for purchases from your bank. These fees can be avoided by using your bank or debit cards to make purchases. You can only buy using your credit and debit cards, but you cannot sell, deposit or withdraw. The purchases are made instantly. Bank transfers are also supported for US customers. Using your bank account you can sell, buy, deposit and withdraw. For any transaction, you have to wait for a period of 4 to 5 business days for it to be complete. The other acceptable payment method is wire transfers. This method is suitable for large investments and you can only deposit or withdraw using this method, buying and selling is not allowed. You have to wait for a period of 1 to 3 business days for the transaction to be complete and for the funds to be reflected in your accounts. You can only use wire deposits after completing account verifications and you must also have a USD wallet. In order to make deposits using your USD wallet, you go to the accounts tab then click on your USD wallet. Select ‘deposit’ button and on the ‘pay in method’ menu, select wire transfer. Then you can initiate wire transfer from your bank account. This has to be denominated in USD. You can also use PayPal payment method. This method is suitable for quick sell transactions. Using PayPal you can only sell. Purchases, withdrawals and deposits are not allowed. The sell transactions are done instantly.
Payment methods for Canadian customers
Credit cards and debit cards are the acceptable payment methods for Canadian customers. Instant payments are made for all purchases made using credit and debit cards. To add debit card or credit card you will navigate to the ‘payment methods page’ and click on add payment methods tab. You then need to select ‘credit/debit card’. Complete photo ID verification if you haven’t done so. After verification you will enter your card information and accept the prompt explaining pending charges. Enter the amounts for the two charges on the Coinbase verification section. You can then buy digital assets
Payment methods for customers in Australia
Credit cards and debit cards are the only payment methods for the platforms’ customers in Australia. Purchases are made instantly and you don’t have to deposit funds into your account before making any purchases. Additional charges may be made to your credit cards and it is therefore advisable to make use of debit cards. In order to link your credit and debit cards to your account, you will log in to your Coinbase account and go to payment methods page then select add credit card/ debit card. Enter accurate card information. Two authorizations for the debit/credit card will be made by the exchange platform. Verify the authorizations and you will have completed the setup for your card. Finally you can trade on digital assets by going to the ‘buy’ page.
Advantages of using Coinbase
The platform provides security for your funds by ensuring that all deposits are insured. Any malpractices that may lead to loss of your funds such access by unauthorized persons are covered by their insurance policy. The exchange platform allows off chain transactions. Off chain transactions is a feature that enables users to transact quickly without idle waiting time. The exchange offers high liquidity and buying limits. Depending on your account level, and the amount of information you have verified, you can trade on large amount of cryptocurrencies. In Europe, customers may have a maximum of up to €30,000 euro in their account at any time. While verified U.S. customers may trade with up to $50,000 worth of bit-coin daily. It accepts several payment methods. Customers in the US can now make payments for bitcoin purchases using PayPal. The exchange is simple and easy to use even for new customers. The platform is made in such a way that novices can store their coins and use the platform easily. The exchange platform provides security to customers’ funds. It has a feature called Multisig (multisignature) vault that provides investors on this platform with advanced security whereby users are able to manage the security of their wallets by them. 24 hour customer service is available to all clients. This has increased efficiency and reliability
Disadvantages are: It accepts limited methods of payment. It has the ability to track how its users spend their cryptocurrencies. Services of this company are not available in all countries worldwide. The exchange support team takes time to respond to its customers. The initial purchase takes 3-5 day for the cryptocurrency to be received in the customers’ account. This has made many customers opt for Coinbase alternatives such as Circle. The exchange platform is also likely to cancel orders for ‘high-risk’ behavior. Those who have accounts can use their existing login to get started.
Coinbase cryptocurrency list
It offers only four cryptocurrencies; bit-coin, bit-coin cash, Ethereum and Litecoin. The platform is reportedly likely to add ripple and other alt-coins to the Coinbase cryptocurrency list. Ripple is the world’s third largest crypto currency after bit-coin and Ethereum. It is now available in other exchange platforms like Kraken, Bitstamp, Gatehub and Bittrex.
Coinbase mobile app
With the Coinbase mobile app you can access your wallet and gain control over your bit-coins. The apps for Android and for iOS are available on Google play store and on the App store. Other cryptocurrency exchange service providers that offer mobile app include; Bibox, Binance, Bibox, Gate .IO, Kucoin, bitfinex. The android download is quick and easy. Coinbase android is a mobile application that enables you buy, sell and store bitcoins. To use mobile app, you need to register using a valid email address and create a user account. You can use the app to send and receive bitcoins instantly.
Coinbase bitcoin cash
Coinbase recently added bitcoin cash (BCH) to its cryptocurrency list. Coinbase customers in supported countries can now easily trade using the alt-coins. Coinbase Bitcoin cash is an alternative version of bit-coin and it resulted from a Bit-coin fork that occurred in August 2017. A Coinbase wallet is used to store a collection of bit-coin private keys. It is protected from unauthorized access and is encrypted with passwords. To ensure the security of your wallet, you need to keep it out of reach of malicious people and use strong passwords. There are different types of Coinbase bit-coin wallets: Web wallets allow you send, receive and store bit-coins using your web browser. These kinds of wallets are safe as they are hosted by a security company that manages security of your private keys. Web wallets are safer and more convenient as they cannot be deleted and you cannot lose your bitcoins easily. A major drawback of this wallet is that they have some control over your private keys and they manage tem on your behalf. Several technologies that enable users manage their funds exist and a good example is the platforms’ Multisig vault. Mobile wallets are designed for use on mobile devices. These wallets have the ability to scan QR codes. These wallets are advantageous in that they easy to access and they are easy to navigate with touch screen. You can access a Coinbase account using the platforms wallet for iOS and Android. The account will enable you buy, sell, send and receive bit-coins. Desktop wallets enable the user have full control over their wallets. They can be installed directly on your computer. In this type of wallet private keys are stored on the hard drive of your computer and therefore you can only gain access the keys using the computer you installed on. There are two main types of desktop wallets; full nodes and light clients. Full nodes host the full copy of Blockchain which is about 31 GB, while light clients will offer storage depending on the external source of Blockchain. For security of your exchange desktop wallets, you need to use strong passwords and a reliable backup to ensure you don’t lose your wallet. It is also necessary that the backups are kept safely away from damage and malicious people. Paper wallets store bit-coins in physical medium such as metal or paper. They contain private and public keys. The disadvantage of paper wallets is they can easily be lost. Hardware wallets are specialized devices designed specifically to store Coinbase bit-coins. Their main advantage is that are difficult for malicious users to access and compromise as compared to other types of wallets. They use the least software needed to store these safely. Brain wallets store your Coinbase bit-coins. Customers memorize the mnemonic recovery phrase of their digital assets in their brains. The recovery phrase consists of long alphabetic and numerical characters. It is used for extracting the private keys for your cryptocurrency. The wallet is a data file that you can store your bit-coin and alt-coins. The main disadvantage with brain wallets are that they are significantly insecure and can be easily hacked. Coinbase alt-coins you can store in a brain wallet include; Bit cash, Lite and Ethereum. Customers are responsible for the security of their brain wallet.
Coinbase Security, Is Coinbase safe?
Many users and investors ask themselves this common question and the answer is yes. Coinbase platform is a safe place to invest your funds. In the world of digital asset trade, security is a key factor that investors put into consideration before investing their funds. The company has put in place several measures to ensure that their customers funds are kept safe away from any lose or unauthorized persons. 2% of customers’ funds are stored online under full insurance cover by syndicate of Lloyds of London. Customers funds deposited in the exchange platform are kept in custodial bank accounts. The bank doesn’t make use of these funds for operational purposes. In case of insolvency, the funds can only be claimed and returned to Coinbase’ account holders. Funds deposited by customers are deposited in offline cold storage. Here they are safe and are held in paper wallets and on multiple hardware wallets. The Coinbase wallets are stored in safety deposit boxes and vaults as a measure of protecting customer’s funds. Exchange of Coinbase cryptocurrency in the US are governed by State and federal law and regulations. Some of them law and regulation in US that Coinbase complies with include; USA Patriot Act, State money transmission laws and regulations and Bank secrecy Act. The platform is also registered as Money services Business with FinCEN. Compliance with these strict laws and regulations has enabled the platform maintain high levels of accountability. This feature is lacking in Coinbase competitors. Out of the 31 countries where the exchange is operational, it is only in the USA where it requires a license to operate a cryptocurrency business. The exchange platform has also received backing from many trustworthy investors including the Digital Currency Group, Bank of Tokyo, Blockchain Capital and Alexis Ohanian, a co-founder of Reddit. The users in the USA have their wallet (USD) covered by FDIC Insurance up to a maximum of $250,000. The company is licensed to operate in 38 states of the US and it holds a Money Transmitter License as per the requirement of some of the states the company operates in. Customers are liable for the security of their Coinbase accounts. There are several ways they can use to secure their personal account. You should have a strong and unique password.
Account authentication is also a safety measure. Several authentication methods are available. 2-factor authentication methods help you secure your account through SMS texts. You can also set up a third party 2 FA app. Other customers prefer tracking the activity of their accounts and getting notifications if a new device or IP address attempts to access their accounts.
Partnership with trading technologies (TT)
Coinbase’ GDAX has partnered with Trading Technologies (TT), a trading software provider to provide a secure way of trading using crypto-currencies. Trading Technologies provides one of the most powerful trading tools for its customers. The partnership will allow customers easy access to market information including data and automated trading tools which will enable them sell and buy crypto-currencies on GDAX. The partnership will also enable users engage in spread trades where they can buy and sell two assets concurrently. Generally customers and investors will have a secure platform to sell and buy digital assets. Customer Support is available to customers. Coinbase platform has a team of professional customer support agents. Customers are advised never to share their account information regarding their passwords and 2- factor authentication codes to anyone claiming to be a member of support team this is to ensure security of customers accounts. The exchange provider offers 24/72 hour customer support through three main ways including Phone support, twitter and email. To enhance security, Coinbase phone security agents helps customers who think their accounts have been accessed by unauthorized or malicious persons. Phone support agents are only limited to account non specific inquiries for security purposes. The platform also uses twitter to provide its customers with status updates regarding their products. Its twitter agents are limited to account no specific inquiries for the purpose of security of customers’ accounts. For enquiries, customers can submit their requests using email using the email address they use to sign in to Coinbase. For account specific enquiries, customers have to make a request by email.
Coinbase Vault system
A vault is a special kind of a wallet designed to enhance the security of customers’ funds especially large amounts of bit-coins. A vault provides additional optional security steps that prevent immediate withdrawal of funds stored in a Coinbase account. In a vault you can store Bit, Litecoin and Ethereum. The wallet receives and sends funds like an ordinary wallet. The wallet can either be an individual vault or a group vault. Security of funds stored in this type of wallet is managed by one person. The security can also be managed by Coinbase platform but you need to provide a secondary email address. Withdrawal of funds stored in an individual vault needs authorization by the owner of the vault. Group vault is owned by several users with different email accounts. In order to set up a group vault, account verification has to be done from the primary and secondary email. Confirmation request email is sent to secondary email, from which you need to approve the request. To withdraw funds or carry out any other transaction on Coinbase vaults, there has to be approval from the multiple users. It takes 48 hours to withdraw funds from Vaults. You can easily send store and receive cryptocurrency on your cryptocurrency wallet. To send Bitcoin, Ethereum and other you need to follow the following simple steps: On the send tab of your account, choose the wallet you want to send from and the cryptocurrency you want to send. You will then enter the amount of cryptocurrency you want to send. Enter the address you want to send to then click on send to send the funds. To receive crypto currency on your wallet; you need to navigate to your accounts tab and click on receive button on the Coinbase wallet you want to use to receive crypto currency. Your accounts wallet address will be provided. You will use the wallet address on the send field to receive cryptocurrency.
What is Coinbase bank transfer time?
Coinbase bank transfer timings vary depending on several factors. The funds are made available to your account immediately after receiving payment. Some purchases are made instantly while other transactions may vary from a day up to a week depending on two factors which include; geographical location and the payment method used.
Bank transfer timings for European Customers
SEPA transfers for deposits to EUR wallets take two to three business days to complete. Instant purchases are made when using credit cards, debit cards and local currency stored in wallet (fiat) account.
Bank transfer time for US customers
When transacting using credit cards, debit cards and USD wallets, purchases are made instantly.ACH bank transfer system is used for bank transfers. This system takes 3 to 5 business days for purchases to be made and completed .there is special provision for some US customer who get instant bank purchases.
Bank transfer time for Canadian customers
Canadian customers can make instant purchases using credit card and debit cards.
Bank transfer time for Australian customers
Purchases made using credit or debit cards are made available immediately. Buy and sell limits on your credit card vary depending on your verification status, payment method and your location. Customers have the option of increasing their limits to levels that meet their needs on other payment options but not credit card. US verified customers have weekly Coinbase credit card limit of $50.
How much are the Coinbase exchange fees?
Currency exchange fees are charged depending on payment method, customers’ location and other factors. The platform charges fees for all transactions. The exchange fees charged when selling cryptocurrency are deducted from the total amount that your account receives. A fee of 1.49% is charged to your payment method. Charges for buying digital assets are added to the amount entered. %. A transfer fee of $0.99 is charged for buying and selling from $11.00 up to $26.49, $1.99 is charged for buying and selling from $26.50 up to $51.99 and 2.99 is charged and selling transactions from $52.00 up to $78.05
Coinbase Ethereum wallet
It is very simple to set up and use. It is also a cheaper way to buy Ethereum .Many users have found it to be very convenient. The company controls customers’ funds by holding the wallets’ private keys. You can buy Ethereum using two main ways; using a web browser and using the Android and iOS apps. To buy Ethereum using your web browser, go to the buy/sell page on your Coinbase account. Adjust the currency to Ethereum and enter the amount of Ethereum you are willing to buy. You can also enter the amount of traditional currency you want to buy. You then choose a method of payment and click on the buy Ethereum button.
Alternatively, you can use the Android and iOS apps to buy Ethereum. The steps are;
On the left side of the page, click on the menu icon to open the Nave bar. From the bar, select buy and set the currency to Ethereum. Then you will enter the amount of Ethereum or local currency you want to buy. You then choose a payment method and click on buy Ethereum after confirming the order.
GDAX is an online cryptocurrency exchange platform owned by Coinbase through which investors can trade using Bitcoins, Ethereum for traditional currencies. Trading on GDAX is relatively cheaper compared to Coinbase platform. The maximum transaction fee is 0.25% which is 25 % less that of Coinbase and immediate money transfers to this exchange platform are at no charge. Currently, GDAX supports the following traditional currencies; US Dollar, EUR and GBP. Digital currencies supported by GDAX include; Bit-coin (BTC), Ether (ETH) and Lite-coin (LTC). There are no deposits, buying and selling limits withdrawal is limited to 50,000 US dollars per week. GDAX is easy to use and user can make several orders (margin, limit, market and stop) and withdrawals and deposits can be made using the crypto currencies or through bank transfers between GDAX and Coinbase. The different sections of this platform include; trade history, Order book, pricing chart and Order form. At GDAX, customers fund are well secured exchange. Less than 2 %t of the customer funds are held by the company in hot wallet, while more than 90% is held in cold storage with Multisig keys and encryptions.To sign up and create your account with GDAX, you need to follow the following steps: Go to www.gdax.com and click on “Create Account”. Complete the sign up form, then click “Create an account”. Click the verification link sent to your email address. After verifying your email address, you will be asked to provide a phone number. Specify whether you would like to create an ‘Individual’ or ‘Institutional’ account. Depending on the account type selected, you will need to provide information about yourself or your institution. You have the option to link your bank account so you can fund your trading account with USD, GBP, or EUR. Alternately, you can skip this step and fund your account with BTC or ETH.
With the sudden rise popularity of cryptocurrency trade, many platforms have emerged where customers can buy, sell, withdraw and deposit funds. Coinbase is a new player in the cryptocurrency exchange market that has managed to make great achievements in a short period of time. More than 75,000 traders use the platform for processing of payments. The platform has gained a large following with more than 5.3 million users signed up on the website. The company boasts more than 11.7 million cryptocurrency wallets and approximately 12 million visits to its website every month. Blockchain is one of competitors that it has managed to overtake within a very short period of time.
Coinbase alternatives for cryptocurrency exchange
It remains to be the best bit-coin exchange platform even with the introduction of many other similar platforms. Some of the Coinbase alternatives for buying cryptocurrency available in the market today include:
Changelly is a new provider based in Prague whose main function is to enable buyers and sellers convert cryptocurrencies easily and quickly. Similar to Coinbase platform, Changelly accepts almost all kinds of cryptocurrency. It charges a transaction fee of 0.5% for every transaction. These charges are relatively higher as compared to other service providers. Cryptocurrency conversion period lasts from five minutes up to thirty minutes and the period Changelly holds your funds is very brief .For this reason it is easy to tell when the company acts suspiciously. Credit cards and debit cards are accepted even though their charges can be relatively high compared to other payment methods. This service provider also provides Graphical Unit Interface (GUI) to third parties incorporated to their sites. This feature has improved on efficiency in service delivery as customers can easily exchange their cryptocurrencies on website.
Bitpanda, formerly known as Coinimal is a Bit-coin broker based in Austria that allows traders to buy cryptocurrencies using fiat currency. It accepts several payment methods including use of credit cards (visa cards and master cards) okpay, PayPal, EPS (Austrian Instant Bank Transfer).Skrill, neteller, SEPA (European Bank Transfer), Amazon, and GiroPay among many others. Many traders use it for buying, selling and storing bit, Ethereum, lite-coin, Dash, Bit-coin cash and Ripple. Bitpanda provides 2-Factor security authentication
Binance is another crypto currency exchange platform. It is a Coinbase competitor that is very popular in the Chinese market and a well known platform dealing with alt-coins. Europeans and crypto alt coin investors in the US and UK have a great preference for Binance. Just like Coinbase, it is user friendly and accommodative of both novices and experienced cryptocurrency traders. It is popular for its initial coin offering (ICO).Customers of this service provider doesn’t have to worry about the security of their personal information as high security practices and standards are maintained by the company. At Binance you can buy and sell almost all cryptocurrencies including bit-coins, Ethereum, lite-coins, BNB, TRX, NEO, XVG and many other coins. Transaction fee is 0.1 %. Binance offers 24 hour customer service support to its users and just like Coinbase, it has a team of well trained and efficient customer service personnel.
Cex.IO is a also a competitor that was launched in the year 2013 and with a client base of more than a million, CEX IO has gained popularity for being the first ever cloud mining and multi functional virtual exchange platform. The company developed a multi tier client mechanism that is easy to use for both the professional and inexperienced crypto currency investors. Through this platform instant buying and selling of bit-coins is possible using a bundle interface that is easy to use. A recent development of this platform is that the company started trading using bit-coin, bit-coin gold, Ethereum, bit-coin cash and Dash for currencies such as EUR, USD, RUB and GBP.
CEX IO handles exchanges for different types of coins. Currently it deals with bit-coins, Dash and Z Cash and plans are underway to increase the number of the coins. Similar to Coinbase platform, different payment options are accepted for trading on the platform. Banks transfers are conducted at no cost but payments by credit cards are charged low fees. Customers are assured of data security through Service Security that ensures confidentiality of users’ information. Payment Card Industry Data Security Standards (PCI DSS) protects credit cards from access to fraud and unauthorized persons and also ensures data concerning clients and customers is protected from access by unauthorized persons/ parties. For reliability and efficiency, CEX IO offers 24 hour customer service support all year round through which customers can make inquiries concerning bit-coin and its exchanges.
It is a cryptocurrency exchange platform based in Paris, France. The exchange is safe and secures, to buy bit-coins and Ethereum, identity verification is required. Payment methods acceptable by this platform are 3D secure debit cards and Neosurf tickets. It offers 24 hour telephone and email customer support services to its clients across the globe.
It is a bit-coin broker and a Coinbase competitor that was formed in 2013 and it is based in Israel. The company is registered in Slovakia and owned by New Bit Ventures Limited.
It provides a platform for making cryptocurrency purchases through it holdings. Buying bit-coins and Ethereum on using credit or debit card is fast, easy and more secure compared to some of its competitors. It differs from Coinbase in that it doesn’t have a mobile app; it is only available as a website that provides its customers with purchasing limits of up to 150 Euros without identity verification.
Bit-coin Automated Teller Machines
These ATMS are similar in operation to ATMs of commercial banks. The only difference is that they only accept crypto-coins. The interface of Bit-coin Automated Teller Machines is similar to that of commercial banks ATMs, in that you insert money and in return you get bit-coins. Charges for trading using these exchange service providers are relatively high compared to Coinbase and other platforms. The charges range between 3 % to 5 %. It is also a requirement that you have to provide portraits of yourself or Identity photos before trading. This practice is not safe and can easily interfere with your privacy.
Wall of coins: It is a cryptocurrency exchange service provider based in Sarasota, Florida that mainly focuses on the US market. Currently, the platform has started accepting traders from Germany, Poland, Canada, Phillipines, Brazil and Latvia.
Shape shift: This is cryptocurrency exchange platform operational since 2015. Shape shift is a competitor based in Switzerland it is easy to use and friendly to start up crypto traders. The platform accepts currency exchanges using credit and debit cards but for new traders it does not accept exchanges for fiat currencies. Shape shift only allows them to conduct transfers between two cryptocurrencies. The company offers crypto currency exchange services for international traders without necessarily making use of banks, fiat notes and bank deposits to these international countries. With shape shift it is easy to convert your cryptocurrency from lite-coin to Z – cash. The company provides an Application Programming Interface for investors who want to create custom applications for using to trade in the platform.
Kraken was founded in 2011. It supports more cryptocurrencies and traditional currencies. Digital currencies supported by the platform include; Bitcoin, litecoin, Ethereum, ripple, Cash, Dogecoin, Monero, ICONOMI and stellar. Kraken supports a number of traditional currencies including; US Dollar, British Pound, Canadian Dollar, the Euro and Japanese Yen. Kraken has several amazing features even though it is a bit complicated for first time traders. Its iOS app is available on the Google play store and app store.
Bitpay is based in Georgia, United States. It is a coinbase competitor that accepts instant payments from all countries. Bitpay is a safe platform for trading since funds are protected from fraud by unauthorized persons. Bitpay has developed software tools that enable businesses to receive payments on bit-coin peer to peer payment network.
Coinsetter is bit-coin exchange platform based in New York in the United States