What is Coinbase? Latest Coinbase signup instructions

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The strong development of cryptocurrencies has led to an increasing demand for transactions and crypto storage. Choosing a suitable trading platform will help us feel more secure. If you are looking for a safe, fast, easy, and low-cost virtual currency trading platform, Coinbase is an option not to be missed. In today’s article, Bitcoin Vietnam News will introduce you. What is Coinbase?

What is Coinbase?

Coinbase is a US-based exchange and was established in 2012. Coinbase does not support trading functions in Vietnam, but the function of creating a wallet and storing cryptocurrencies is free for all people. use. Therefore, despite being an exchange, in Vietnam, Coinbase is known by many people as an electronic wallet.

Like Blockchain.info, Coinbase Wallet is designed with a multi-layer security mechanism, ensuring maximum security for users’ assets, simple usage, and therefore trusted by many people.

This is one of the oldest exchanges in the US, with a large number of users and a great influence. If you pay attention, you can see which coins believe Coinbase’s list will be very strong. Therefore, you can be assured of the credibility, security and potential to use Coinbase wallet.

Development history

Coinbase was founded by Brian Armstrong and Fred Ehrsam in June 2012. The company is headquartered in San Francisco , California . Blockchain.info co-founder , Ben Reeves was part of the original founding team, but he later parted because of different ideas for how Coinbase works .

  • In October 2012, the company launched Bitcoin buying and selling services via bank transfer.
  • May 5/2013, the company received investments in Series A in the amount of $ 5 million from Fred Wilson, head of venture capital firm Union Square Ventures .
  • In December 2013, the company received approximately US $ 25 million in investments from venture capitalists Andreessen Horowitz , Union Square Ventures (USV) and Ribbit Capital .
  • In 2014, Coinbase hit 1 million users.

Throughout 2014, the company established partnerships with Overstock , Dell , Expedia , Dish Network , Time Inc to grant permission to accept Bitcoin payments . They have also added Bitcoin payment processing capabilities to traditional payment companies like Paypal , Stripe and Braintree .

In January 2015, the company received a $ 75 million investment from Draper Fisher Jurvetson , New York Stock Exchange , USAA and several other banks.

In late January, the company released the US Bitcoin exchange for professional traders called the Coinbase Exchange .

Coinbase started offering services in Canada in 2015, but in July 2016, Coinbase announced a shutdown in August because the online payment service provider in Vogogo was closed.

  • In May 2016, Coinbase Exchange changed the company name to Global Digital Asset Exchange (GDAX) and provided Ether , the token value of Ethereum to trading professionals.
  • In June 2016, the company added retail support for Ether .
  • In January – March 2017, Coinbase received BitLicense and was licensed to trade for Ethereum and Litecoin from New York Department of Financial Services (DFS) .
  • In December 2017, Coinbase was asked by U.S. revenue to report users who traded at least US $ 000 per year.
  • On February 23, 2018, Coinbase reported to 13,000 influential customers that the company will provide their ID, name, date of birth, address and transaction records from 2013-2015 to the IRS for 21 days. .
  • On May 16, 2018, Coinbase Ventures announced its first investment in Compound Laps , a new step to build Ethereum smart contracts such as the currency market.

Coinbase products

The Global Digital Asset Exchange (GDAX) is used to trade digital assets on professional asset trading platforms and retail brokers such as Bitcoin , Bitcoin Cash , Ether and Litecoin for fiat currency . This is also the place to provide APIs for developers and sellers to build applications and accept payments in both digital currencies.

In 2018, the company offered Sell ​​/ Buy functionality to 32 countries, while e-wallets were available in 190 countries around the world. On March 26, 2018 Coinbase announced an additional intention to support ERC-20 .

Coinbase security and insurance

To ensure the security of cryptocurrency assets purchased and stored in Coinbase , the platform will hold 98% of the capital of clients with offline capital. Coinbase assures customers that “sensitive data stored on the server will be disconnected completely from the Internet”. The data will then be encrypted, transferred to USB drives and paper copies, eventually distributed throughout safety safes around the world.

In 2% of other customers’ funds are kept online, concealed in the case of Coinbase ‘s online storage range . In addition, Coinbase keeps all fiat currencies of customers in custodian bank accounts on their behalf. Therefore, if there is a fiat currency  in Coinbase , with the USD e-wallet , it will be paid $ 250,000 by FDIC insurance (as a “regular” bank). This will protect customer assets, even in the event that Coinbase goes bankrupt.

What cryptocurrencies does Coinbase support?

Coinbase provides support for the following cryptocurrencies:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • 0x
  • ONE
  • USDC
  • ZEC
  • DAI
  • LINK
  • Ripple
  • REP
  • XLM
  • EOS
  • XTZ

Coinbase currently supports 33 countries, including the United States. You can see a list of countries supported by Coinbase here.

Buy and Sell Cryptocurrency

To buy crypto, Coinbase requires you to link a bank account, or credit or debit card, to your Coinbase account. Using a bank account allows for a higher transaction limit ($ 100 / transaction, $ 2,500 / week), but it takes longer to verify the transactions, so you won’t see the money. in Coinbase wallets for two to four days (depending on your bank). And when selling Bitcoin, once the sale is confirmed, it takes two to four days for the sale to show up in your bank account.

With credit or debit cards, you have a lower transaction limit ($ 200 / week), but you can buy cryptocurrencies by simply transferring funds from that bank account to the site. For these transactions, Bitcoin pops up in your Coinbase wallet instantly. You can also sell Bitcoin to your PayPal account, you can get cash immediately, as your Bitcoin is exchanged for fiat currencies.

Despite the complex technology involved and required for investing, speculating and owning cryptocurrency, Coinbase has created a mechanism that makes this process easy and familiar, almost like buying and selling stocks. promissory note. How to buy and sell Bitcoin at Coinbase is quite simple and similar to online banking.

Coinbase charges transaction fees for both buying and selling crypto on their platform and on their market. These rates vary from country to country, but the US base transaction fee is 4%, with different percentages added, depending on the payment method. In general, instant transactions are subject to a higher fee.

How does the exchange accept payments?

US customers have the right to use a variety of payment methods to buy or send electronic money.

Include:

  • Bank transfer
  • Debit card
  • Bank Wire

* Since February 2018, Coinbase no longer supports credit cards. Note that while existing credit cards may be supported by Coinbase, certain credit card issuers may block cryptocurrency-related transactions.

How much does it cost to use Coinbase?

Although Coinbase does not charge a fee to use its wallet service, transferring cryptocurrencies to addresses outside the platform will likely be charged. Fees are set by the Blockchain community.

For US customers, Coinbase charges a base fee of 4% for all transactions. Below is a full breakdown of costs:

Payment method for saleEffective conversion rate (after exemption)
United States bank account1.49% with a minimum of $ 0.15
USD Coinbase wallet1.49%
Debit card3.99%
USD deposit methodFee
ACH transferFree
Bank transfer$ 10 ($ 25 off)

How long does the transaction take?

Generally, your money will be transferred to your account as soon as Coinbase receives payment. However, Coinbase warns that the timing of some payment service providers will vary.

Purchases made in USD or your credit card will be made instantly.

When using bank transfer, payments are usually processed within 3 to 5 days. After the banks process your transfer information, the funds will be transferred to the Coinbase system and to your account first.

Does Coinbase have money transfer limits?

Coinbase implements weekly buying and selling limits on all accounts. The company says it calculates limits based on your account information, including verification and successful purchases made on the account.

If you want to increase your weekly limit, you may need to verify your account by completing several steps:

  • Verify your phone number
  • Provide your personal details
  • Provide photo ID
  • Establish purchase history by buying and selling through the exchange

Is Coinbase safe?

Coinbase is not only widely recognized as one of the largest Bitcoin exchanges in the world, it is also considered one of the safest exchanges. It is backed by reliable traders and uses the latest technology to secure its platform.

Coinbase wallets are considered to be very secure, but have an associated cost – the company controls your cryptocurrency. Larger amounts of Bitcoin, Ethereum, Bitcoin Cash or Litecoin, Ethereum Classic can be stored on Coinbase Vault , which is well protected.

Coinbase collects lots of information about its customers, including ID photos for those who want to increase their weekly limits. Photo ID is also required if you buy with a credit card.

Coinbase customer support

Coinbase has an active support team and a comprehensive online support center with a series of guides and answers to frequently asked questions.

However, its customer support rating is not high, because its growing number of users, there are more than 20 million users on the platform.

Since then, Coinbase has implemented a real-time chat feature and gives users the option to send support requests, contact via email or phone for some customer service in the United States.

Assess the pros and cons of Coinbase

Advantages

  • As one of the most famous cryptocurrency exchanges in the world, it means high liquidity.
  • Can buy immediately.
  • Easy to use for most beginners.

Defect

  • Limited payment method.
  • Account is monitored.
  • Customer service is not appreciated.
  • Few support for cryptocurrencies
  • Credit cards are not accepted for users in the United States.

Instructions to create Coinbase wallet

When accessing Coinbase.com to set up an electronic wallet, the screen will display where users can enter their full name, email address, and password. Select the checkbox and click the Register box .

Instructions to create Coinbase wallet

Once the wallet is created, there will be a few steps required for security purposes and linking bank accounts, Paypal , and credit / debit cards so that users can start exchanging money for Bitcoin , Ethereum , Litecoin .

  • Verify by phone
  • Payment account
  • Identity verification

Verify by phone

Phone number verification is essential to serve as a secondary authentication source to protect user wallets. They will have to enter their phone number, then receive a text message with a verification code to enter on the site. Enter the code and complete verification.

Verify by phone

Add payment account

At this point, once the phone number is verified, users need to link a bank account, credit card, debit card, or Paypal to transfer money to or from Coinbase e-wallet . If you choose Paypal (to deposit money into your account) and bank account (to withdraw money), this allows users to receive money immediately when switching to the Coinbase wallet they use to buy hashpower at Genesis-Mining. com

In this part of the setup process, users should link a bank account without ID verification.

Link Paypal account

In this step or for a credit / debit card, users are required to verify their ID. It will be easier to do if users install Coinbase on the phone.

If working on a computer, go to Settings -> Payment Methods -> Add Payment Methods .

Choose Paypal or credit card, debit and choose download link ID. This will allow the camera and user to post the ID. Once the ID has been verified, the user will complete the account link and can begin transferring money.

Access account settings / Add payment methods

Access account settings / Add payment methods

Payment methods available

Payment methods available

Confirm the Identity

Confirm the Identity

Users need to verify their identity by filling out the user account profile form. When going to the account settings, users will see a link below. Click on the link to bring up the identity verification form. After entering information, e-wallet will be active.

Identity verification form

Identity verification form

Get Bitcoin fund

Once the Coinbase wallet is set up, the account will be linked for users to send and receive Bitcoin . To receive Bitcoin , users must provide the Bitcoin wallet address to the sender. To find the wallet address, select BTC Wallet , then Wallet Address (wallet address) . The window will appear as below. The long string of letters and numbers will be the address for the user wallet. Provide this address or email to Bitcoin senders .

Get Bitcoin fund

Send / Request (Bitcoin fee)

Users can use the Send / Request function for Bitcoin wallets to send BTC or ETH to others via their email or BTC / ETH wallet addresses as well as send cost requests.

Send / Request (Bitcoin fee)

E-wallet is complete

Now the fully functional e-wallet has been set up and users can buy or sell Bitcoin , Bitcoin Cash , Ethereum , and Litecoin . Users can use this wallet to receive Bitcoin mining money from websites like Genesis-Mining.com

How to withdraw money from Coinbase

In order to do this, users need to verify a bank account by sending them an expense. The money transferred will be in the wallet for 2-3 days. Technically, users should confirm their bank account and can withdraw money.

Users need to create an account on Bitpanda , Then go to the verification and complete the required steps. After confirming, go to the wallet address for the currency used (Bitcoin, Litecoin, Ethereum ..) . Then go back to Coinbase and send digital money from Coinbase wallet to Bitpanda wallet address . Users will be charged for this step. When the digital currency is displayed on Bitpanda , click on Sell .

Select the Bank Transfer section , users will review the amount you want to sell, then fill in the details – they will need the IBAN number from the bank account (usually on the statement) and make sure the name matches the name on the account. his bank. Ultimately, the digital currency will be sold, and the cost will be deposited directly to the user’s bank account.

Warning

If you sell your Bitcoin, but the purchase is not confirmed by the blockchain network, and the price of the currency changes, the sale will not process. You will have to sell your Bitcoin at the new exchange rate (if you choose to sell). Due to the fact of blockchain, for other unknown reasons, Coinbase payment system may sometimes be unreliable. There have been reports of delayed payment times, and errors that made the site perform poorly. The advice is: if you plan to invest or speculate in cryptocurrencies, always be careful!

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