🔥 Coinbase test 2021: our experiences & evaluation
About this article: You have heard about cryptocurrencies and want to get into this market. Coinbase is the most popular way to convert dollars, euros and other currencies into cryptocurrency while selling your cryptocurrency 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.
Now two basic questions probably arise: How do I set up a Coinbase account and how do I use Coinbase? This article gives you simple answers to both of these questions. In addition, we will also show you how you can lower the fees at Coinbase.
You should know that if you want to invest in alternative cryptocurrencies, so-called Altcoins, you have to buy Ethereum or Bitcoin on Coinbase and send them to a cryptocurrency exchange. More information will follow:
An altcoin is just any cryptocurrency except the bitcoin. Altcoin stands for 'Alternative Coin'. Since Bitcoin was the original cryptocurrency, the community is referring to any other cryptocurrency as an alternative.
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What is Coinbase?
Coinbase was founded in 2012 and is the largest cryptocurrency exchange that enables customers to enter the cryptocurrency market with fiat currency (USD, EUR, GBP) and to buy currencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Coinbase raised an additional $ 2017 million in August 100 thanks to investors from Silicon Valley, which grew to more than $ 1 billion in the same year. The venture capital firm (IVP) that led the last financing round was an early investor in companies such as Dropbox, Netflix, Twitter and co. active.
Previous rounds of funding for Coinbase have included investments from companies like the New York Stock Exchange. With this support, it's not difficult to understand how Coinbase has become what it is today.
Coinbase is known for trustworthy transactions and a user-friendly interface. The safety of client funds is paramount as user funds are insured and segregated. For example, customers in the United States are insured up to a value of $ 250.000.
Coinbase details:
- Easy to handle: Coinbase is known for its easy to use user interface. This makes it the perfect exchange for cryptocurrency beginners
- Small minimum deposit: You can already invest in cryptocurrencies on Coinbase with amounts of less than € 10
- Regulated: Coinbase is one of the few cryptocurrency 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 cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, 0x and Litecoin
- Countries: Coinbase is available in many different languages
How do you set up your Coinbase account?
Important! Before opening an account or logging in, make sure you see 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 the "Register" button.
Second step: Fill in the necessary fields to create your account:
Third step: You will now receive an email to check your email address. Just click on "Confirm Email Address" and you will be directed back to Coinbase to complete the account creation process.
Tip: If no email arrives, check your SPAM folder.
Fourth step: Choose your country and provide your phone number.
Fifth step: Fill in the information on the form to complete your profile.
Sixth step: Check your phone for an SMS notification from Coinbase. Go to 'Settings' in your Coinbase account> Click on the' Security 'button> Then click on' Verify Phone.
Seventh step: To increase your daily limit: Click on "Check your identity"> "Upload your ID"> Upload ID card or passport.
Tip: If you have trouble accepting your passport after taking a picture with a laptop webcam, just take a picture on your phone and upload it to the Coinbase app high. Lots of people have shaky hands and holding an open passport up to the webcam can result in blurry photos.
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How do you make your Coinbase account as secure as possible?
Bitcoin News.one recommends setting up 2-factor authentication in order to keep your Coinbase account as secure as possible. To do this, download an authenticator app on your mobile phone, e.g. the Google Authenticator app.
Two-factor authentication is an additional layer of security 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. That means someone will need your phone and password to access your account, and it's much more secure than simple password protection.
Facility: Simply go to "Settings" in your Coinbase account and click on "Security". Then you should click the "2-Factor Authentication" button.
Make sure you write down or remember your secret code and then click 2FA. An individual QR code is now generated. The QR code tells Coinbase that the phone it was scanned with is a trusted device. Only codes generated on this device allow you to get into your Coinbase account.
As soon as you have scanned the QR code, your authenticator app will generate a 6-digit code. Simply enter this verification code on Coinbase to successfully set up the 2-factor authentication.
You did it! Your Coinbase account has been set up as securely as possible. We can now get into the deposit and fee reduction business.
How can you lower the fees for Coinbase?
Congratulations, you should now have successfully set up your Coinbase account. The next step is to successfully deposit funds into your Coinbase account and then we can proceed with the purchase of cryptocurrencies.
Cheapest way to deposit on Coinbase
The cheapest method is a manual transfer from your bank account.
Wie lange dauert es?
Bank transfers can take up to 3 days in Europe or 6-7 days in the US to appear on your Coinbase account.
How much does it cost to deposit?
For European and UK customers, Coinbase does not charge any fees for bank transfers. However, your bank may impose additional exchange rate and / or international payment fees. If you live in the USA, Singapore, Canada or Australia, you pay approximately 1,50% 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 cryptocurrency right away. So this method is only worth it if you are in a hurry.
How can I deposit on Coinbase?
- Go to the Buy / Sell page in your Coinbase account.
- Add a payment method to your Coinbase account.
Choose your deposit method: You can make a transfer to the '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.
Possibility 2: You can deposit instantly using a credit / debit card. Either way, you simply enter your payment details and complete the transaction to deposit funds into your account. You will receive an email informing you when your deposit was successful.
Coinbase updates and future payment methods
The most important points at a glance:
- GDAX has been Coinbase Pro since May 2018
- Coinbase is working on UK bank transfers to allow UK customers to trade in GBP
- Coinbase no longer supports linking new credit cards and some credit card issuers are blocking cryptocurrency transactions. Can't deposit? Use a debit card or a bank transfer
- Canadian customers must pass ID verification before they can make cryptocurrency purchases
Coinbase & GDAX Limits - For fully verified customers
- Customers can buy $ 50.000 worth of cryptocurrencies daily.
- Customers can have a maximum of € 30.000 in their account at any time.
Coinbase & GDAX supported payment methods
- SEPA bank account or credit / debit card in euros.
Note: Coinbase is working on UK bank transfers to enable UK customers to transact in GBP. - SEPA bank account or credit / debit card in euros.
Note: Coinbase no longer supports linking new credit cards, and some credit card issuers are blocking cryptocurrency transactions. Can't deposit? Use a debit card or a bank transfer. - Debit / Debit Card or Bank Transfer.
Note: Coinbase no longer supports linking new credit cards, and some credit card issuers are blocking cryptocurrency transactions. Can't deposit? Use a debit card or a bank transfer. - Debit card.
Note: Canadian customers must pass ID verification before making purchases in crypto-electronic currency. - Bank transfers are processed by Xfers. Singapore customers unfortunately have to go through additional steps to deposit. We go through these below:
First step: Create an Xfer account through Coinbase by providing your phone number:
Second step: Coinbase will send you a code via SMS, which you then enter in the window below:
Third step: Once you've passed the phone verification, you'll see the deposit details for your new account - which will then be used to buy cryptocurrency on Coinbase.
Fourth step: You will be asked to upload a scan of the Singapore ID issued by your government.
Finally: Once your Singapore ID has been accepted, you can fund your third party account and start buying cryptocurrency.
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How can you reduce Coinbase fees with Coinbase Pro?
What is Coinbase Pro? Coinbase Pro, formerly known as GDAX, is the Coinbase exchange 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 Pro benefits
If you are based in the US, Singapore, Canada or Australia, you can avoid the 1,49% bank deposit fee by depositing funds to Coinbase Pro instead. Unlike Coinbase, Coinbase Pro deposits are free of charge (with the exception of those charged by your bank).
Wherever you are based, Coinbase will charge you an additional 1,49% to buy cryptocurrency on the platform. On Coinbase Pro you only pay 0,3% for the purchase of cryptocurrencies and save a further 1,19% on fees.
Due to the different fee structures in the former GDAX and on Coinbase, cryptocurrency investors usually take the following steps:
- European and UK customers: It is deposited to Coinbase through a manual bank transfer. Then they move their EUR balance to Coinbase Pro (free) and buy their cryptocurrency on the Pro platform
- Customers from the USA, Singapore, Canada or Australia: Deposit money on Coinbase and buy your cryptocurrency on Coinbase Pro
important information: Since Coinbase and Coinbase Pro are the same company, checking your Coinbase account also means checking your Pro account as well. The access data and the 2FA code are the same for both accounts.
How do I log into Coinbase Pro?
1. First click on the login button on the Coinbase Pro home page.
2. Now enter your Coinbase login details to log into your Pro account. If you have activated two-factor authentication, use the same code as for Coinbase.
How can you deposit money on Coinbase Pro?
If you are from the US, Singapore, Canada or Australia, you will likely want to deposit on Coinbase Pro rather than Coinbase to save on fees.
- Once logged in, just click on the bullet icon in the top right corner and select 'Accounts'.
- You will now see a list of accounts. Click the down arrow for the currency account you want to fund. We recommend that you use the same currency that your bank account is in.
- You will now see the bank details to make your fee-free deposit on Coinbase Pro. Now simply do a bank transfer at your bank. Of course, with the data provided by Coinbase Pro and the money should arrive in your account in a few days.
Deposit money on Coinbase? Move money to the pro platform
If you follow the steps above to deposit on 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 funds on Coinbase. Once you've entered the amount you want to transfer, simply hit the "Deposit" button and your funds are instantly on Coinbase Pro.
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How to buy cryptocurrency on Coinbase Pro?
Make sure you are on the trading screen. Then click 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 which currency you have in your Coinbase Pro account. If you have EUR then you should select the EUR market for the cryptocurrency you want to buy.
Example: If you want to buy Litecoin with Euro, then select LTC / EUR.
Disclaimer: Fictitious prices
In our case we have euros and want to buy Litecoin. That is why we chose the LTC / EUR market. To buy at market price just make sure the market is highlighted, enter the amount you want to spend and finally click place order.
Now you should have done it. Your cryptocurrency purchase is complete!
Bought cryptocurrencies on Coinbase: what now?
The options you now have are many. You can store your cryptocurrency on the exchange or in a wallet that you control. You can buy products or send money to friends.
Tip: We always store our cryptocurrencies outside the exchange as we believe it is safer to have full power over our cryptocurrencies.
The safest solution is a hardware wallet. These devices store your private keys securely in the hardware bag. This means that even if your computer has a virus, your cryptos should still be safe. 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 recommend our Trezor vs. Ledger comparison article to read.
How can you withdraw your cryptos at Coinbase Pro?
- Log into your Pro account, then click on "Wallets" above and select the cryptocurrency that you want to transfer to another wallet.
Disclaimer: Fictitious prices
- You will now see a few options for your crypto balance. Click the up arrow to go to the withdrawal screen.
- Make sure you click on the "Cryptocurrency Address" withdrawal option. So you can send your cryptos to any wallet address. Just enter your wallet address and the amount of crypto you want to withdraw. Then enter your two-factor authentication code. When you hit the "Withdraw Money" button, your crypto will be outside of Coinbase Pro and at the new address within a few minutes.
Attention! It is better to check the entered wallet address once too much rather than too little. This process cannot be undone after it has been sent.
How can you withdraw your cryptos at Coinbase?
- Log into your Coinbase account and click on the "Accounts" tab. You should then be able to see all of your Coinbase wallets and your crypto balance. Click on the "Send" button for the cryptocurrency you want to withdraw.
- You will now be given the opportunity to enter the cryptocurrency wallet address of your choice to which you want to send your cryptocurrency. Once you've entered this and the amount you want to send, just hit Next and the process is complete.
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Is Coinbase Safe?
Coinbase is the world's largest and most popular cryptocurrency exchange. A surge in interest in cryptocurrencies resulted in Coinbase being the # 2017 download on the App Store in December 1. Such a large company with such attention is usually not a scam. We at Bitcoin News have only had good experiences with Coinbase so far.
Reasons why Coinbase is perhaps the safest exchange out there:
- As the largest provider in the cryptocurrency market, Coinbase is highly motivated to make sure nothing goes wrong for its customers.
- Funds on Coinbase are insured - up to $ 250.000 for US customers.
- Unlike some other players in the cryptocurrency space, Coinbase as a company is based in San Francisco and must operate under the supervision of the US government.
- Coinbase has all the necessary licenses 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 will support "unsafe" projects.
Coinbase-supported cryptocurrencies
Are you interested in learning more about the cryptocurrencies offered on Coinbase and GDAX? Just take a look at the comprehensive guides on each cryptocurrency.
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin-Cash
Coinbase pros and cons
Benefits
- Simple user interface
- Very sure
- Serious and under control
- Accepts bank / debit card deposits as well as bank transfers
- Coinbase insures all digital currencies that are held online
- All customer funds are kept in separate deposit accounts. This means that if Coinbase were to go under as a company, neither Coinbase nor the creditors would be entitled to these funds and they would have to be returned to customers
Disadvantages
- Slow customer support
- Currently only supports a few cryptocurrencies
We hope this article has helped you. The BC1 team has taken the trouble to explain the most important things you need to know about the large crypto exchange Coinbase free of charge. You are welcome to read further articles on our website in which we explain important knowledge for your crypto career.
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Image sources:
- Coinbase: https://upload.wikimedia.org/wikipedia/commons/c/c7/Coinbase_Logo_2013.png
- Bitcoin bill: 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 page screenshots: Screenshot from website
Frequently asked Questions:
Coinbase was founded in 2012 and is the largest cryptocurrency exchange that enables customers to enter the cryptocurrency 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 you see 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 in order to keep your Coinbase account as secure as possible. To do this, download an authenticator app on your mobile phone, e.g. the Google Authenticator app.
Congratulations, you should now have successfully set up your Coinbase account. The next step is to successfully deposit funds into your Coinbase account and then we can proceed with the purchase of cryptocurrencies.