Coinbase: What Is It And How To Use It?

In a very short amount of time, cryptocurrency has grown from a modest investment opportunity to one valued at around 2 trillion dollars. You’ve probably come across Coinbase if you want to invest in cryptocurrency or use it as a means of payment. After all, it is among the most prominent cryptocurrency platforms online, with dozens of millions of users. It’s also among the simplest methods to acquire virtual currency, contributing to its meteoric rise in popularity.

Coinbase review, in essence, is a cryptocurrency exchange where you can purchase popular currencies such as Bitcoin, Ethereum, and Litecoin. Coinbase may not accept every cryptocurrency, but it supports over 110 distinct types of cryptocurrencies. Meanwhile, dozens of different cryptocurrencies are accessible all around the world. Nonetheless, Coinbase enablesyou to trade the most common forms of cryptocurrency, so it is suitable for most users. However, if you are unsure about using this platform, this coinbase review will significantly assist you. Here’s all you need to know about crypto trading on Coinbase.

What Is Coinbase Exchange?

Coinbase is a trading website where users may buy, trade, and store over 110 different virtual currencies. Coinbase is oriented toward novices, whereas Coinbase Pro. The premium membership, is for enthusiastic and professional traders who make high-volume trades and want additional trading possibilities. In the third quarter of 2021. The platform’s sales were projected to reach $1.31 billion. Coinbase is presently available in more than 100 countries worldwide.

The platform is relatively simple. Like many other trading applications, customers can view their balance and a watchlist, which enables them to follow the values of other cryptocurrencies. Traders may also see which cryptocurrencies are moving the most. Coinbase unveiled a new direct deposit option in September, allowing customers to have their salaries paid instantly to Coinbase and their money immediately deposited as Bitcoin or another virtual currency.

How To Open A Coinbase Account?

It is simple to open a Coinbase exchange account. According to Coinbase, you’ll need the following to open an account:

You must be at least 18 years old.
A picture ID issued by the government, such as a driver’s licence or state ID
A PC or smartphone with internet connectivity is required.
A phone number to be used for SMS verification
The most updated version of your web browser

If none of these is an issue, you’re ready to set up an account. Submit your first and last name, email address, place of residence. And a password to get started. You must also tick the box verifying that you are at least 18 years old. After that, the only thing left to do is create a password. To keep your account safe, insert a strong, one-of-a-kind password.

You should also specify a payment method so that you may deposit funds into your Coinbase account. Customers can pay using a connected bank account, debit card, PayPal, Apple Pay, or wire transfer. It is vital to note that PayPal is only available to clients in the United States, and you may only use it to buy cryptocurrencies or cash out. You are now ready to trade cryptocurrencies after creating an account and adding a payment method.

How To Purchase And Sell Cryptocurrencies On Coinbase Exchange?

Buying and selling couldn’t be more straightforward if you’ve already connected a payment method to Coinbase. When you’re signed into your Coinbase account, follow these steps to purchase cryptocurrency:

In the top right-hand corner, select the Buy/Sell button.
Indicate if this is a one-time transaction or a daily/weekly/monthly subscription.
Enter the total cost of your order.
Choose a cryptocurrency to purchase.
Choose a payment system.

Bear in mind that, as per Coinbase exchange, when you buy with a bank account, the transaction takes typically 3 to 5 business days to complete. It’s even easy to sell on Coinbase. All you have to do now is insert the amount you wish to sell (or choose “sell all”). It’s worth noting that the exact costs apply whether you’re buying or sell

Final Thoughts:

Coinbase exchange review makes it simple for individuals new to Bitcoin to get started. Its simple interface allows users to purchase and trade cryptocurrency with a few mouse clicks. While not every form of cryptocurrency is supported. Many of the most popular currencies may be found there. One factor to bear in mind concerning Coinbase is that the fees may quickly pile up, particularly when purchasing tiny quantities of cryptocurrency. For instance, if you purchase up to $10 worth of Bitcoin. You will incur a $0.99 variable charge. Which means your cost may be over 10% (on top of the vast markup already included in the price).