Buy Bitcoin With
Summary of coinbase
Coinbase is the most known crypto exchange in the world, enabling you to buy Bitcoin with a credit card instantly with ease. Coinbase has a long track record, dating all the way back to 2012. They boast a user-base in excess of 30 million customers and growing at a rapid pase.
Coinbase is one of the only dedicated crypto exchanges that has all their users’ funds insured, covering you fully in the unlikely event of a hack.
They may offer a narrow range of cryptos for trading, but all the coins listed are the most reliable and most traded on the market today. It should be more than enough for the beginner trader.
Last Updated: 07/22/2019
What Cryptos can you Trade on Coinbase?
Coinbase is known for being very selective in regards to what cryptocurrencies they list on their exchange. Generally, they only support the most promising and trusting cryptocurrencies on the market.
Coinbase offers the following 14 cryptocurrencies for trading:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- EOS (EOS)
- Stellar Lumens (XLM)
- Chainlink (LINK)
- Ethereum Classic (ETC)
- Zcash (ZEC)
- Basic Attention Token (BAT)
- USD Coin (USDC)
- Augur (REP)
- Dai (DAI)
Coinbase’s Deposit & Withdrawal Methods
Coinbase supports bank transfers and credit card and debit card deposits and withdrawals. Making it easy for you to start buying cryptos and Bitcoin.
- Bank Account (SEPA)
- Credit Card and Debit Card – Visa & Mastercard
Coinbase also allows you to connect your Paypal account, which you can use to withdraw your gains or earnings into, if you want.
Coinbase Transaction & Trading Fees
Coinbase fees vary from 1.49% to 3.99% for buying Bitcoin. . If you wantFees for buying cryptocurrencies are on the high side on Coinbase. The latest transaction I tested, gave me a Coinbase fee of 3.99% on my transaction.
- Buy Bitcoin with a Credit or Debit Card instantly on Coinbase and the fee will be 3.99%.
- Buy Bitcoin on Coinbase through a bank transfer to your Coinbase account and you will incur a 0% fee for the transaction. If you want to withdraw to a bank account they will charge €0.15 for the transaction on their end.
- Once you have money on Coinbase, the fee for selling and buying will only be 1.49%.
Supported & Restricted Countries at Coinbase
Coinbase is available globally in 37 countries, including to residents of USA, Canada, Australia and United Kingdom. The full list of countries supported on Coinbase are:
- Czech Republic
- Isle of Man
- San Marino
- United Kingdom (UK)
- United States of America (USA)
Is Coinbase Safe?
Coinbase only stores 2% of all their cryptocurrencies and Bitcoin in hot wallets. Hot wallets are online and connected to the Internet – and therefore the riskiest for an exchange to have. However, it is necessary for every exchange of its type to have some cryptos stored in hot wallets. This is to make sure that customers can have instant access in real-time to trading and transactions. Coinbase is one of the only exchanges on the market, where coins held in their hot wallets are fully insured. This means that in the unlikely scenario that Coinbase is hacked, all your funds are fully covered by insurance.
Coinbase’s track record speaks for itself. They have been operating since 2012 and have not been hacked in all that time since. While that is no indicator for the future, is gives confidence as it shows that Coinbase has good security measures in place.
On your own Coinbase account, there are extensive security features available for you, that allows you to enhance the security even further, against anyone gaining unlawful access to your Coinbase account.
How to setup 2FA on Coinbase to increase your security, is very simple and will only take you a moment to set up.
- Login to your Coinbase account.
- Navigate to your user icon in the top right corner of their website and click settings.
- Click on the “Security” tab at the top of the page on your account page, and the following security settings will become available to you:
By default, you are required to enter an SMS code whenever you login to your Coinbase account. We strongly advice you to increase your security level further, and add the “Authenticator App” to your account. It only takes a moment and will guide you to the Playstore or Applestore for the Google app “Authenticator”. Here you will simply need to scan in the QA code you receive from Coinbase, and you are all setup to go.
For maximum security on Coinbase you can set “Use 2-step verification to secure your transactions” to “Any amount of cryptocurrency”. That way, nobody but you will ever be able to get access to your account.
Additionally, if another IP address is detected from the one you signed up with when you created your Coinbase account initially, an email will be sent to your registered Coinbase email address, asking you to confirm this is a secure device, before you are allowed to login.
How is Coinbase's Customer Support?
Coinbase can be contacted by email or phone. Unfortunately, Coinbase has not yet added Live Chat support to their website. A much sought after feature, that in our opinion should be the standard across the entire industry.
Coinbase has a bot available though, that you can ask questions to and it will attempt to find the best suitable answer to help you out real-time. This is a bit of a hit and miss depending on what your question is. If you need any direct help with your account, you are better off sending them an email or giving them a call.
Coinbase Trading Liquidity
Coinbase’s Pro solution is ranked 29 today, on daily trading volume, ensuring that when you are ready to switch from their retail product to their pro product, there is available liquidity. Liquidity is naturally very important, as it ensures that you are able to buy and sell cryptocurrencies in an instant.
Is Coinbase easy to use? Do I need to be a Professional Trader?
Coinbase is one of the easiest and fastest crypto exchanges to buy Bitcoin on. Coinbase is perfectly designed for beginners getting started on buying bitcoin. We consider Coinbase to be the easiest platform on the market, by far for beginners to use.
It is very evident that Coinbase spends time and resources to ensuring that their customer experience is always the best it can be. Over the years we have noticed many small and big improvements to the Coinbase trading platform.
Coinbase does an excellent job in guiding you through the whole process during registration, through to finally make your first bitcoin buy. Buying Bitcoin or any of Coinbase’s other available altcoins, couldn’t be any easier. We strongly recommend Coinbase to anyone who is a beginner, looking for an effortless and quick way to buy bitcoin.