The Beginner’s Guide To Coinbase

With more than 8.8 million monthly active users, Coinbase ranks itself as a well-known and trusted cryptocurrency exchange.

Since Coinbase is defined as a centralized cryptocurrency exchange, then it’s possible to buy fractions of cryptos or coins (such as most supported assets: Bitcoin, Ethereum, Bitcoin Cash, and more) with fiat payment methods.

This isn’t possible on fully decentralized exchanges, which is why Coinbase is, for many, the way-to-go alternative to convert the funds in crypto wallets to fiat currency that can later be used.

This is one of the ways to make money on Coinbase.

What is Coinbase?

Whenever users want to buy, sell, trade, store, hold, and other transactions related to the crypto market, they need to go through an exchange.

Basically, Coinbase is a big and recognized exchange that follows the same scrupulous safety standards as other platforms, for example, Binance.

When users create a Coinbase account, they will subsequently be able to perform Bitcoin trading, Bitcoin Cash holding, selling Ethereum, crypto staking, and more.

In short - Coinbase allows you to perform cryptocurrency operations safely on their web platform. Hence, users can rely on the Coinbase website to get into the cryptocurrency universe effortlessly.

Where Is Coinbase Located?

Coinbase has no physical headquarters, and operates fully remote. Originally, it was headquartered in San Francisco, United States.

Coinbase Fees

Signing into Coinbase is free. Coinbase users don’t need to pay to use their smart tools, but there’s something they indeed need to pay for: fees.

We can breakdown Coinbase fees into three different types:

• Cryptocurrency transaction fees: there’s always a network fee related to cryptocurrency operations. This is unavoidable and depends on many factors that can only be analyzed at the moment you perform the transaction;
• Credit transactions: you can borrow crypto from Coinbase, and there’s a 2% flat fee over the total loan amount;
• Coinbase Card: USA users have the possibility to get a Coinbase Card, which charges flat fees for using it as well as funding their account.

Pro Tip: You can learn more about Coinbase fees here. Either way, and we have to be clear here, if we compare Binance vs. Coinbase, the truth is that Coinbase fees are usually a little more expensive than the ones we can find in other exchanges.

It’s time to set up your Coinbase account! You can download the mobile app both on Android and iOs devices if you please.

The user-friendly app offered by the platform is pretty straightforward to use and set up, so the process will most likely be really intuitive.

Coinbase Verification Process

The industry-leading online security offered by Coinbase makes performing multi-stage verification a must in order to access all platform features.

When you create your account, you’ll be asked for a quick verification process. Nonetheless, if you want to buy cryptocurrency using a payment method, such as your debit card, you will need to complete user verification.

The Coinbase KYC Verification Process usually takes place very quickly, but due to its bank-level security nature, it’s necessary to fully provide personal details in order to use Coinbase to its fullest.

Note: We recommend enabling Two-Factor Authentication so in case you lose your phone’s access to the app, the account recovery process can take place faster than you believe. Besides, additional security features can help you remotely disable your account in case you need to.

Functions and Sections Explained

Once you set the Coinbase Dashboard on the website or the mobile app, you will find 5 main options on the screen:

• Home: you will find insights about different cryptocurrencies and the current state of the market;
• Crypto portfolio: there, you can manage and check your cryptocurrency portfolio balance, as well as your past performance and more relevant information;
• Main button: here, you can set up your Coinbase Wallet Address, buy cryptocurrency, convert tokens and send them if you please,
• Trade: are you a seasoned expert trader? This section will interest you!;
• For you: if you want to learn more about the vast crypto universe, then the For You section has been created, well, for you.

Pro Tip: Coinbase has its separate software wallet called Coinbase Wallet. Coinbase and Coinbase Wallet are not the same. The first one is an exchange, while the other is a non-custodial wallet where your assets get stored securely offline and online with your own private keys.

At this point, you already know what Coinbase is for. Now, it’s time to talk about the things and operations you can perform in this big exchange.

Adding Money

In order to securely buy cryptocurrency, you first need to add a payment method and then, fund your account.

There are two ways to add money to your account:

• Add cryptocurrency: you can fund your Coinbase portfolio by directly buying crypto inside the app. That way, you’ll have decentralized assets that can later be traded or sold at your will;
• Add USD or another fiat currency: users can also perform a Coinbase wire transfer to directly add funds to their account that can later be traded for cryptos. It’s fundamental to set up a fiat wallet inside Coinbase to achieve this successfully.

Read Also: In case you need to know How to Add Money to Coinbase, we recommend you read our guide that entirely covers said topic.

There, we teach you everything you need to know about adding funds from your preferred payment method to the Coinbase Platform.

This might be especially handy if you ever stumble upon insufficient funds on Coinbase.

Withdrawing Money to Bank Account

Being a centralized exchange, you can Withdraw Money from Coinbase to your bank account just by following easy steps.

What’s more, Coinbase’s USD Coin offers certain stability in a highly volatile market. So, you can buy and sell assets, convert them to USD Coin, and then withdraw the funds to your bank in no time!

Buying Cryptocurrency and Crypto Assets

Once you have funded your account, you can buy, sell, and trade crypto and other assets on the platform.

See an example on how to buy XRP on Coinbase in no time.

The assets will directly go to your Coinbase portfolio, and you’ll be able to manage them thanks to the app’s intuitive features. Learn more about Coinbase Trading Pairs here.

Selling Cryptocurrency

Do you have some sweet coins in your wallet, and now you want to sell cryptocurrency? This is elementary in Coinbase!

You can sell cryptocurrencies by turning them into fiat money, or trade them for another crypto if you please - the choice is ultimately yours.

Transferring Digital Currency To & From Coinbase

Thanks to the decentralized nature of cryptos, you are not confined to Coinbase’s limits. You just need an external wallet address to Send Bitcoin from Coinbase, for instance.

The same goes if you use Binance, Crypto.com, or another exchange. Do you want to Transfer from Binance to Coinbase, so all your assets are stored in Coinbase’s platform? You are on your right to do it!

Luckily for you, we have written useful guides about these topics - go and check them out!

Monitoring Coinbase Transactions

Crypto taxes are regulated by federal laws in some countries.

For that reason, some users might want to check their Coinbase Transaction History, which can easily be achieved from the web platform.

In any case, since Coinbase works closely with centralized financial institutions, you can get more help regarding this matter in Coinbase Tax Resource Center.

One of the best things about Coinbase is that it can be as simple or as complex as a user would want to.

The different advanced features offered by the exchange create an environment where users can select the complexity of the operations they perform.

Among these enhanced featured, we have:

Coinbase Pro

Professional traders surely enjoy having Coinbase Pro at their disposal. Coinbase Pro offers automatic buys, price alerts, up-to-date crypto info, and more.
Additional perk is that you can transfer funds from Coinbase to Coinbase Pro, free of charge.

In case you want to understand the differences between Coinbase and Coinbase Pro, read our Coinbase vs Coinbase Pro comparison.

Coinbase Prime

Coinbase Prime is a broker for digital assets that provide enhanced management features to crypto assets within the limits of the platform;

Coinbase Earn

Do you want to earn some sweet cryptocurrencies? Coinbase Earn offers you the chance to do so! Click on the link to learn more about this program.

Coinbase Staking

With Coinbase Staking, you can hold your favourite crypto and earn rewards that are credited automatically back to your Coinbase wallet.

Pro Tip: If, by any chance, you are not happy with Coinbase’s features, you can always Delete Coinbase Account whenever you want. There are plenty of other options out there, but meditate on your decision before finally deleting your profile!

No digital platform is perfect in this world. Coinbase can also fail, so the important thing is to understand what’s happening in order to solve the issues as soon as possible.

For instance, if your Coinbase account is restricted, it’s necessary to verify it so you can unlock it. But what if Coinbase verification is not working?

In that case, you need to contact Coinbase support.

Fortunately, Coinbase has a support team ready to assist you no matter what your inconvenience is, including the times when Coinbase is down.

Read Also: Have problems contacting Coinbase Help? Worry not - learn our step-by-step guide to learn how to contact Coinbase customer service easily within just minutes!

Coinbase has a big community where users help each other to solve issues that might appear in their profiles.

It’s fundamental to follow Coinbase Community Standards in order to comply with the rules of the platform.

On top of that, Coinbase provides their users with knowledge material about trending crypto topics, such as Bitcoin Mining, Investment Advice, Ethereum Games, and more.

The Coinbase Blog and Coinbase YouTube Channel are full of helpful content for users to learn how to properly use all the features available on the platform.

If you have any doubt, just go there, and you’ll probably find a quick answer to the questions that might be bothering you.

Bottom line - Coinbase is more than just a crypto exchange. It is a platform full of alternatives, lots of currencies, useful material, and innovative programs that will help you achieve success in the reign of Cryptos.

Therefore, choosing Coinbase as your leading exchange is an intelligent decision that will get you short-term and long-term advantages.

For more Coinbase content, stay tuned on GrowFollowing!