With over 30 million customers, Coinbase is one of the biggest crypto exchanges out there. If you are just starting with crypto and wondering how do you buy bitcoin, Coinbase is for you. The platform has it all – easy to navigate interface, a wide variety of cryptocurrencies and payment methods, you name it.
If you want to know Coinbase in depth, keep on reading as this post will discuss everything about this crypto exchange.
Coinbase At A Glance
Coinbase is a cryptocurrency exchange where you can buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and over 25 other cryptocurrencies. With Coinbase, you can buy cryptocurrency using fiat currencies like USD, GBP, and EUR.
Coinbase is trustworthy as it is a fully regulated and licensed cryptocurrency exchange platform, available in over 100 countries. In the U.S., Coinbase offers its services in all states except Hawaii.
To buy cryptocurrencies on Coinbase, you can pay using wire transfers, credit and debit cards, cryptocurrency, and Paypal. Talking about trading crypto, Coinbase offers a beginner-friendly platform. You can access Coinbase using your computer or through your android or iOS devices.
History
Brian Armstrong, an Airbnb engineer, and Fred Ehrsam, a Goldman Sachs trader founded Coinbase in June 2012. The duo was also joined by Blockchain.info co-founder Ben Reeves. Later, Ben parted ways with Coinbase due to his different views on how Coinbase wallet should operate.
Initially, you could only buy bitcoin on the Coinbase platform. However, today, Coinbase offers over 25 cryptocurrencies. The cryptocurrency exchange platform was first funded by the Y Combinator startup incubator program. In total Coinbase has raised over $540 million from investing juggernauts like Andreessen Horowitz, Rabbit Capital, and The NYSE. Such investments make Coinbase one of the most well-funded crypto exchanges.
Coinbase Services
● Coinbase Brokerage Service
Mainly, Coinbase is a cryptocurrency brokerage service where you can buy bitcoin and other cryptocurrencies easily for a fee. If you are wondering how to buy bitcoin, visit Coinbase, and within a few clicks, you will have your first bitcoin units.
● Coinbase Pro
Coinbase Pro (formerly known as GDAX) is a cryptocurrency trading platform for professional traders. As the name suggests, the platform offers pro features like advanced order types, real-time order books, charting tools, trade history, and API integration. The best part is that Coinbase Pro fees are significantly lower than on Coinbase.
● Coinbase Wallet
Coinbase has its native independent wallet application for Android and iOS devices. The wallet stores your private keys on your device and allows you to make transactions easily.
● Coinbase Commerce
Coinbase Commerce is a merchant-only solution for online businesses that allow them to accept cryptocurrencies from their customers. For this, Coinbase Commerce offers dedicated plugins. These plugins are also supported by Shopify, Magneto, and WooCommerce.
Pros Explained
- A large number of cryptocurrencies – As discussed, you can invest, trade, and stake over 25 cryptocurrencies on Coinbase.
- Easy to navigate interface – Coinbase is one of the easiest crypto exchanges to buy bitcoin and other cryptocurrencies. You can sign up and make your purchase within a few minutes.
- High Liquidity – Coinbase ranks amongst one of the most liquid exchanges. This implies that you can trade crypto without worrying about high slippage, the difference between the expected price of the trade and the final price of the trade.
Cons Explained
- High fees if not using Coinbase Pro – When trading on Coinbase you have to shed more fees compared to its competitors.
- No total control over your private keys – When you buy cryptocurrencies using Coinbase, your purchase is stored in a Coinbase wallet. Coinbase controls your private keys for you and thus, you do not have total control over your crypto holdings. Thus, it is recommended to withdraw your cryptocurrency and store it in your wallet.
- Less altcoins – Coinbase has a decent altcoin collection for beginner investors. However, if you are a pro altcoin trader you will not find a great variety here.
How Do You Buy Bitcoin Using Coinbase?
- Create your account with Coinbase by entering the required details
- Add a bank account or debit card as your payment method
- Click ‘Trade’ on the top-right corner of the Coinbase dashboard
- Choose ‘Bitcoin’ in the Buy option and select the payment method under Pay With option
- Confirm the details and tap ‘Buy now’
The Verdict
Coinbase is one of the go-to crypto exchanges for new crypto investors. The platform indeed charges more than its competitors. However, the company also has a cheaper and more advanced version – Coinbase Pro, for experienced traders. To sum up, Coinbase is a beginner-friendly crypto exchange that makes your buying smooth and hassle-free.