Coinbase is a global GDAX Digital Asset Framework platform. It is currently known as one of the main cryptocurrency wallets in the world, allowing users to buy and sell different digital assets. Very few cryptocurrency exchange platforms are more popular than Coinbase. The San Francisco-based company has 7.4 million users around the world and is available in more than 32 countries.
Naturally, Coinbase has several direct advantages to attract users who want to exchange cryptocurrencies. In no more tan 5 years, it has achieved its goal of becoming an important cornerstone of the blockchain market.
The Coinbase interface is simple, it has been delicately designed with the aim of making the purchase of digital assets easy even for those who are starting. The main page shows the performance of its users on a time plane, which has a graph indicating the level of income that your wallets have experienced, that is, a summary of your general earnings in cryptocurrencies.
In addition, we can see the real-time prices of cryptocurrencies supported by the platform. Although at first sight only the tokens admitted by Coinbase are visible, there is the option to view all digital assets in the market with their respective quotation.
The most popular payment methods of the platform are credit and debit cards, bank transfer is also a good option. To buy cryptocurrencies on the platform, it is necessary to link a bank account or credit or debit card to your Coinbase account.
The bank account allows limits greater than those allowed when using a card: $100/transaction, $2,500/week. However, this method is more delayed when verifying the transactions, consequently, the asset will appear in your Coinbase wallet about two to four days later (it will also depend on your bank). When selling Bitcoins, once the transaction is verified, the money will also take time to appear in your bank account.
In order to buy cryptocurrencies in Coinbase it is necessary to complete the registration process and create a personal account within the exchange. You will have to choose wether if you are an individual or company. When picking the option, you must complete the empty fields with the required information: name, surname, email, password, the reCAPTCHA and declare that you are over 18 years old and that you accept the terms.
Once this step is finished, you will receive a confirmation email to validate your account through a link. Then, you will go to another page where you will be asked for your phone number as an extra security measure. They will send you a code to the number and you will have to enter it on the web by completing the entire process. You already have your active account and access to the platform.
In order to operate on the platform you will need to perform two more steps. One of them is to provide an identity. To do this you will have to go to “Verify your Identity” to choose between the 3 options that are: DNI, Passport or driving license, and provide the image of the selected document, either through the website or mobile application. You can use the camera or upload a file.
The last step necessary to use the platform is to choose one of the payment methods explained above. Remember the pros and cons of each and decide which one is best for you.
Coinbase offers a referral program in which if the new user registers through the link of one of his current users, he earns $10 by sending or receiving his first 100 dollars. If you need a link to get the 10 dollars here I leave one: link to register in Coinbase and get your 10 dollars.
These steps can be done through the browser or in the smartphone application that is available for both Android and Iphone.
Buying BTC and other cryptocurrencies
To buy Bitcoins you must click on the buy / sell option that appears at the top of the screen, this will start the purchase process. Cryptocurrencies will appear at the top, choose the one you want to buy. Below, your payment method will appear, in case you have provided several methods you can choose which one you want to use at each time. And below the quantity section appears. When you write the desired amount in Euros or USD, the platform will automatically show how much BTC it is worth.
On the right side of the screen you will see an explanatory chart of your purchase with the cryptocurrency you are buying, the current price of the purchase, payment method, time in which you will receive the asset and place where it will be deposited. In the same box you will also see the commission and the fees charged for the money we provide for the purchase. Once you are done and agree with what appears, click on “buy Bitcoin”.
Again you will be redirected to another screen where you must confirm the purchase. Possibly, once you confirm they send you an SMS message to verify and increase security. Once verified, the time it will take for your new asset to appear in your account will depend on the method chosen, as explained above.
Coinbase has earned a very good reputation for its security features. More than 90% of the assets that are in the custody of the platform are stored offline to ensure that hackers do not have access to them.
Data such as account and routing numbers are protected using AES-256 encryption on the exchange servers. The platform also uses the two-step authentication system. So, to access our account, we will have to use a username, password, and SMS verification code.
In addition, when recruiting staff, the company performs a thorough background check process before incorporating any person into its work team. This serves as a vote of confidence so that there are no security violations from within.
Coinbase currently offers its wallet service for 16 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ethereum Classsic (ETC), Bitcoin Cash (BCH), Litecoin (LTC), 0x (ZRX), Basic Attention Token (BAT), USD Coin (USDC), ZCash (ZEC), Dai (DAI), Chainlink (LINK), Ripple (XRP), Augur (REP), Stellar Lumens (XLM), EOS (EOS), and Tezos ( XTZ).
We can send cryptocurrencies to any user or company that has a wallet using their address. In addition, if the person or entity has a Coinbase account, we can send you money with your email address. However, the platform allows us several options when it comes to getting rid of our crypto.
Accessing our address is as easy as going to the top and choosing the accounts option. In this section you will find all the wallets you have as well as the address of each one. It also shows us the different options that can be made such as sending or receiving cryptocurrencies.
Every time we are going to receive money Coinbase provides us with a new bitcoin address. When going to accounts we find all our wallets and the balance of each one. Among the options for each wallet we find the one to receive, when clicking on it, a banner will appear show us our BTC (or other cryptocurrency) address. These transactions take a while, you have to wait for the tokens to join the current one in the wallet.
This exchange is highly recommended for those looking to keep their income in cryptocurrencies under “hodling” (in savings). The commissions are not exaggerated or frighten its users, in fact, it is safe to say that for each transaction maximum $2 will be deducted from your original balance.