🔥 Coinbase Test 2020: Vergleich & Erfahrung mit der Exchange

About this article: You've heard about crypto-currencies and you want to get into this market. Coinbase is the most popular way to convert Dollar, Euro and other currencies into crypto currency and at the same time sell your crypto currency for cash. This makes it the perfect place for beginners. At Coinbase you can currently buy six of the largest cryptos: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic and 0x.

coinbase

Now probably two basic questions arise: How do I set up a Coinbase account and how do I use Coinbase? This article gives you simple answers to these two questions. In addition we will also show you how you can reduce the fees with Coinbase.

You should know that if you want to invest in alternative crypto currencies, so-called Altcoins, you have to buy Ethereum or Bitcoin on Coinbase and send it to a crypto currency exchange. More information will follow:

An Altcoin is simply any crypto currency except the Bitcoin. Altcoin stands for Alternative Coin. Since Bitcoin was the original crypto currency, the community alternatively refers to any other crypto currency.

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What is Coinbase?

Coinbase was founded in 2012 and is the largest crypto currency exchange, enabling customers to enter the crypto currency market with Fiat currency (USD, EUR, GBP) and to buy currencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Crypto to Fiat

Coinbase raised an additional $100 million in August 2017 thanks to investors from Silicon Valley, which became more than $1 billion that same year. The venture capital firm (IVP) that led the final round of financing was an early investor in companies such as Dropbox, Netflix, Twitter and others.

Previous rounds of financing for Coinbase have seen investments from companies such as the New York Stock Exchange. With this support it is not difficult to understand how Coinbase has become what it is today.

Coinbase is known for trustworthy transactions and a user-friendly interface. The security of customer money has priority, because user money is insured and separated. Customers from the United States, for example, are insured up to a value of 250,000 US dollars.

Coinbase details:

  • Easy to operate: Coinbase is known for its easy to use user interface. This makes it the perfect exchange for crypto currency beginners
  • Small minimum deposit: You can already invest with amounts of less than 10€ in crypto currencies on Coinbase
  • Regulated: Coinbase is one of the few crypto currency exchanges that needs to be regulated
  • Insurance: Client funds are insured and segregated. Customers are also insured up to six-figure amounts
  • Deposit methods: credit/debit card, bank transfer and in some countries PayPal
  • Tradable crypto currency: Bitcoin, Ethereum, Bitcoin Cash, 0x and Litecoin
  • Countries: Coinbase is available in many different languages

How to set up your Coinbase account?

Important! Before opening an account or logging in, make sure that you have checked the lock and "Coinbase, Inc. [US]" in the URL, so you can be sure that you are on the real Coinbase website.

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First step: Click on the "Register" button.

Coinbase URL

Second step: Fill in the necessary fields to create your account:

Account creation Coinbase

Third step: You will now receive an e-mail to verify your e-mail address. Simply click on "Confirm email address" and you will be redirected back to Coinbase to complete the account creation process.

Tip: If no e-mail arrives, check your SPAM folder.

Email confirmation Coinbase

Fourth step: Select your country and enter your phone number.

Fifth step: Fill in the data on the form to complete your profile.

Sixth step: Check your mobile phone for an SMS notification from Coinbase. Go to 'Settings' in your Coinbase account > Click on the button 'Security' > Then click on 'Verify phone'.

Seventh step: To increase your daily limit Click on "Verify your identity" > "Upload your ID" > Upload your ID card or passport.

Tip: If you have problems to accept your passport after taking pictures with a laptop webcam, just take a picture on your mobile phone and upload it on the Coinbase App. Many people have shaky hands and if they hold up an open passport in the webcam it can lead to blurred photos.

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How do you make your Coinbase account as secure as possible?

Internet Security

Bitcoin-News.one recommends setting up 2-factor authentication to keep your Coinbase account as secure as possible. To do so, download an authenticator app to your mobile phone, for example the Google Authenticator App.

Two-factor authentication is an additional security level for your Coinbase account. It ensures that you are the only person who can access your account, even if someone else knows your password. An authentication application generates a 6-digit code that only your trusted devices can see. This means that someone needs your phone and password to access your account, and is much safer than simple password protection.

Google 2FA

Setup: Simply go to "Settings" in your Coinbase account and click on "Security". Then you should click on the "2-factor authentication" button.

Make sure that you write down or remember your secret code and then click on 2FA. Now an individual QR Code will be generated. The QR Code tells Coinbase that the phone with which it was scanned is a trustworthy device. Only codes generated on this device will allow you to access your Coinbase account.

Once you have scanned the QR Code, your Authenticator app generates a 6-digit code. Simply enter this verification code on Coinbase to successfully set up 2-factor authentication.

QR Code

You did it! Your Coinbase account has been set up as secure as possible. We can now enter the business of depositing and fee reduction.

How can the fees for Coinbase be reduced?

Congratulations, you should now have successfully created your Coinbase account. The next step is the successful deposit of funds to your Coinbase account and then we can proceed with the purchase of crypto currencies.

Cheapest way to deposit on Coinbase

The cheapest method is with a manual transfer from your bank account.

How long does it take?

Bank transfers can take up to 3 days in Europe or 6 - 7 days in the USA until they appear on your Coinbase account.

How much does it cost to deposit?

For European and British customers Coinbase does not charge for bank transfers. However, your bank may charge additional exchange rate and / or international payment fees. If you live in the USA, Singapore, Canada or Australia, you pay about 1.50% of the fees for bank transfers on Coinbase.

But we will also show non-European users how they can avoid this Coinbase fee with little effort.

Use a credit or debit card as a deposit

Coinbase currently charges you 3.99% for using this method. However, you can buy crypto currency immediately. So this method is only worthwhile if you are in a hurry.

credit cards

How can you deposit on Coinbase?

  1. Go to the "Buy/Sell" page in your Coinbase account.
  2. Add a payment method to your Coinbase account.

Choose your deposit method: You can make a transfer to your 'bank account' - this method has lower deposit fees, but the transfer can take between 2 and 5 days to be credited to your Coinbase account. In rare cases it can even take up to 14 days.

Option 2: You can make an immediate deposit using a credit/debit card. With both methods, you simply enter your payment details and complete the transaction to deposit money into your account. You will receive an email informing you when your deposit was successful.

Coinbase updates and future payment methods

Die wichtigsten Punkte im Überblick:

  • GDAX is Coinbase Pro since May 2018
  • Coinbase is working on British bank transfers to enable British customers to trade in GBP
  • Coinbase no longer supports the linking of new credit cards and some credit card issuers block crypto currency transactions. Can't deposit? Use a debit card or bank transfer
  • Canadian customers must pass ID verification before they can make crypto currency purchases

Coinbase & GDAX-Grenzwerte - Für vollständig verifizierte Kunden

  •  Kunden können täglich Kryptowährungen im Wert von 50.000 US-Dollar kaufen.
  •  Kunden können jederzeit maximal 30.000 € auf ihrem Konto haben.

Coinbase & GDAX-unterstützte Zahlungsmethoden

  • SEPA-Bankkonto oder Kredit-/Debitkarte in Euro.
    Hinweis:
    Coinbase arbeitet an britischen Banküberweisungen, um britischen Kunden Transaktionen in GBP zu ermöglichen.
  • SEPA-Bankkonto oder Kredit-/Debitkarte in Euro.
    Hinweis:
    Coinbase unterstützt die Verknüpfung neuer Kreditkarten nicht mehr, und einige Kreditkartenherausgeber blockieren Kryptowährungstransaktionen. Sie können nicht einzahlen? Verwenden Sie eine Debitkarte oder eine Banküberweisung.
  • Debit-/Debitkarte oder Banküberweisung.
    Hinweis: Coinbase unterstützt die Verknüpfung neuer Kreditkarten nicht mehr, und einige Kreditkartenherausgeber blockieren Kryptowährungstransaktionen. Sie können nicht einzahlen? Verwenden Sie eine Debitkarte oder eine Banküberweisung.
  • Debitkarte.
    Hinweis:
    Kanadische Kunden müssen die ID-Prüfung bestehen, bevor sie Käufe in kryptoelektronischer Währung tätigen.
  • Banküberweisungen werden von Xfers verarbeitet. Kunden aus Singapur müssen leider zusätzliche Schritte zur Einzahlung durchlaufen. Wir gehen diese unten durch:

Erster Schritt: Erstellen Sie ein Xfer-Konto über Coinbase, indem Sie Ihre Telefonnummer angeben:

Coinbase xfer account creation

Zweiter Schritt: Coinbase schickt Ihnen einen Code per SMS, den Sie dann in das untenstehende Fenster eingeben:

Coinbase xfer account SMS verification

Dritter Schritt: Sobald Sie die telefonische Verifizierung bestanden haben, sehen Sie die Einzahlungsdetails für Ihr neues Konto - das dann zum Kauf von Kryptogeld auf Coinbase verwendet wird.

Vierter Schritt: Sie werden gebeten, einen Scan der von Ihrer Regierung ausgestellten Singapore ID hochzuladen.

Coinbase Singapore ID verification

Endlich: Sobald Ihre Singapur-ID akzeptiert wurde, können Sie auf Ihr Drittkonto einzahlen und mit dem Kauf von Kryptowährung beginnen.

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How can I reduce the Coinbase fees with Coinbase Pro?

What is Coinbase Pro? Coinbase Pro, formerly known as GDAX, is the stock exchange of Coinbase and also has its own website. The first thing you need to know is that you can log into the GDAX with your Coinbase account details (so there is no need to create another account).

Coinbase 7

Coinbase Pro advantages

If you are based in the USA, Singapore, Canada or Australia, you can avoid the 1.49% bank deposit fee by depositing money on Coinbase Pro instead. Unlike Coinbase, Coinbase Pro deposits are not subject to a fee (except those charged by your bank).

Wherever you are located, Coinbase charges you another 1.49% to buy crypto currency on the platform. On Coinbase Pro you pay only 0.3% to buy crypto currency and save another 1.19% in fees.

Due to the different fee structures in the former GDAX and on Coinbase, crypto-currency investors usually take the following steps:

  • European and UK customers: It is deposited on Coinbase by manual bank transfer. Then they move their EUR balance to Coinbase Pro (free of charge) and buy their crypto currency on the Pro platform
  • Customers from the USA, Singapore, Canada or Australia: Deposit money on Coinbase and buy your crypto currency on Coinbase Pro

Important info: As Coinbase and Coinbase Pro is the same company, checking your Coinbase account also means that your Pro account will also be checked. The login details and the 2FA-code are the same for both accounts.

Wie melde ich mich auf Coinbase Pro an?

1 First click on the login button on the Coinbase Pro homepage.

Coinbase 6

2. enter your Coinbase login details to log in to your Pro account. If you have activated the two-factor authentication, use the same code as for Coinbase.

Coinbase 5

How can you deposit money on Coinbase Pro?

If you come from the USA, Singapore, Canada or Australia, you will probably want to pay on Coinbase Pro rather than on Coinbase to save fees.

  • Once you are logged in, simply click on the bullet icon in the upper right corner and select 'Accounts'.
  • Now you see a list of accounts. Click on the down arrow for the currency account you want to deposit to. We recommend that you use the same currency as your bank account.
  • You will now see the bank details to make your free deposit on Coinbase Pro. Now simply make a bank transfer at your bank. Of course with the data given by Coinbase Pro and the money should arrive on your account in a few days.

Money deposited on Coinbase? Move money to the pro platform

If you follow the steps above to deposit to Coinbase Pro, you will see that there is a tab for the Coinbase account. Click on 'Coinbase Account' and select the wallet in which you have credit on Coinbase. Once you have entered the amount you wish to transfer, simply click on 'Deposit' and your funds are immediately on Coinbase Pro.

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How to buy crypto currency on Coinbase Pro?

Make sure that you are on the trading screen. Then click on the BTC/EUR button, this will show you all the markets for Bitcoin, Ethereum, Bitcoin Cash and Litecoin, etc. Which option is right for you depends on what currency you have in your Coinbase Pro account. If you have EUR, then you should select the EUR market for the crypto currency you want to buy.

Example: If you want to buy Litecoin with Euro, select LTC/EUR.

Coinbase 4

Disclaimer: Fictitious prices

In our case we have Euro and want to buy Litecoin. Therefore we decided to go for the LTC/EUR market. To buy at the market price, simply make sure that the market is highlighted, enter the amount you wish to spend and finally click on Place Order.

Now you should have done it. Your crypto-currency purchase is complete!

Crypto currencies bought on Coinbase: What now?

The options you now have are many and varied. You can store your crypto currency on the exchange or in a wallet controlled by you. You can buy products or send money to friends.

Tip: We always store our crypto-currencies outside of the exchange, as we consider it safer to have full power over our crypto-currencies.

The most secure solution is a hardware wallet. These devices store your private keys securely in the hardware wallet. This means that even if your computer has a virus, your cryptos should still be secure. The private key is never exposed to the outside world, so hacking attempts, phishing scams and keyloggers should fail if you use a hardware wallet.

Trezor and Ledger are the two most popular hardware wallets on the market. If you want to find out which one is right for you, we suggest you read our Trezor vs. Ledger comparison article.

Wie kann man seine Kryptos bei Coinbase Pro auszahlen?

  • Log in to your Pro account, then click on "Wallets" above, select the crypto currency you want to transfer to another wallet.
Coinbase 3

Disclaimer: Fictitious prices

  • You will now see some options for your crypto credit. Click on the up arrow to get to the withdrawal screen.
Coinbase 2
  • Make sure that you click on the payout option "Crypto Currency Address". This allows you to send your crypto to any wallet address. Simply enter your wallet address and the amount of crypto you wish to withdraw. Then enter your two-factor authentication code. When you click on the 'Withdraw money' button, your crypto will be outside of Coinbase Pro and within minutes it will be at the new address.

Look out! It is better to check the entered wallet address once too often than too little. This process cannot be reversed after sending.

Wie kann man seine Kryptos bei Coinbase auszahlen?

  • Log in to your Coinbase account and click on the "Accounts" tab. You should then be able to see all your Coinbase Wallets and your crypto credit. Click on the "Send" button next to the crypto currency that you wish to withdraw.
Coinbase 2
  • You will now be given the opportunity to enter the crypto currency wallet address of your choice to which you want to send your crypto currency. Once you have entered this and the amount you wish to send, simply click Next and the process is complete.
Coinbase exchange withdrawal screen

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Is Coinbase safe?

Coinbase is the world's largest and most popular crypto currency exchange. An increase in interest in crypto currencies made Coinbase the No. 1 download in the App Store in December 2017. Such a large company with such attention is usually no scam. We at Bitcoin-News also have only good experience with Coinbase so far.

Reasons why Coinbase is perhaps the safest stock exchange out there:

  • As the largest provider in the crypto currency market Coinbase is strongly motivated to ensure that nothing goes wrong for its customers.
  • The funds on Coinbase are insured - up to 250,000 dollars for US customers.
  • Unlike some other players in the crypto-currency field, Coinbase as a company is based in San Francisco and must operate under the supervision of the US government.
  • Coinbase has all necessary licences and carries out checks required by the authorities.
  • Coinbase has perhaps the most prestigious list of investors, including well-known names like the New York Stock Exchange. We think it is unlikely that the New York Stock Exchange supports "unsafe" projects.

Coinbase-unterstützte Kryptowährungen

Sind Sie daran interessiert, mehr über die auf Coinbase und GDAX angebotenen Kryptowährungen zu erfahren? Sehen Sie sich einfach die umfassenden Leitfäden zu den einzelnen Kryptowährungen an.

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin-Cash

Coinbase advantages and disadvantages

Advantages

  • Simple user interface
  • Very safe
  • Serious and under control
  • Accepts bank/debit card deposits and bank transfers
  • Coinbase insures all digital currencies that are held online
  • All client funds are held in separate custody accounts. This means that if Coinbase as a company were to go under, neither Coinbase nor the creditors would have a claim to these funds and they would have to be returned to the customers

Disadvantages

  • Slow customer support
  • Currently supports only a few crypto currencies

We hope that this article was helpful to you. The team of BC1 has taken the trouble to explain the most important things you need to know about the big crypto exchange Coinbase. You are welcome to read further articles on our website, in which we explain important knowledge for your crypto development.

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Image sources:

  • Coinbase: https://upload.wikimedia.org/wikipedia/commons/c/c7/Coinbase_Logo_2013.png
  • Bitcoin banknote: https://pxhere.com/en/photo/1444947
  • Internet Security: https://pixabay.com/en/cyber-security-technology-network-3374252/
  • Google Authenticator: https://www.flickr.com/photos/xmodulo/14596570163/
  • QR Code: https://www.flickr.com/photos/christiaancolen/26487851245
  • Credit card: https://www.goodfreephotos.com/albums/vector-images/credit-card-vector-graphics.png
  • Coinbase Pro: https://assets.coinbase.com/exchange/assets/card.dbb726befaca9012fedfc9b224f8eebe.png
  • Coinbase & Coinbase Pro side screenshots: Screenshot of website

Frequently asked questions: 

Coinbase was founded in 2012 and is the largest crypto currency exchange, enabling customers to enter the crypto currency market with Fiat currency (USD, EUR, GBP) and to buy currencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Important! Before opening an account or logging in, make sure that you have checked the lock and "Coinbase, Inc. [US]" in the URL, so you can be sure that you are on the real Coinbase website.

Bitcoin-News.one recommends setting up 2-factor authentication to keep your Coinbase account as secure as possible. To do so, download an authenticator app to your mobile phone, for example the Google Authenticator App.

Congratulations, you should now have successfully created your Coinbase account. The next step is the successful deposit of funds to your Coinbase account and then we can proceed with the purchase of crypto currencies.

Do you want to trade crypto currencies with the best conditions?
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Thomas Cormik

Thomas Cormik started with the sole focus of educating his readers about Bitcoin and its potential impact on traditional financial systems. Thomas is proud to offer high quality content to the masses under the Bitcoin-News.one banner.

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