Coinbase is a cryptocurrency exchange coin that allows you to buy popular crypto coins like Bitcoin, Ethereum, and Litecoin. Not all crypto coins are supported on it, but 90 different types of cryptocurrencies are supported there. So, it works well for most of the purposes.
It’s a good place for users to invest in new and safe cryptocurrencies. And users can safely sell or buy many types of Popular Cryptocurrencies. However, most users think that it is safe to use. So, in this article, I will address all the queries and tell you many things about Coinbase. So stay tuned with me.
Read – What is Cryptocurrency? A Beginner’s Guide to Digital Currencies
How to use Coinbase: A Quick Guide For Beginners
But don’t worry about it; it is so simple to use, and I will explain how to get started on the new journey of Cryptocurrency.
How to open a Coinbase Account
- You must be 18 Years Old.
- Users must include a government-issued photo ID like their driver’s license or state ID card for proof of identity.
- A Computer or Smartphone device with active internet.
- A User’s Active Phone Number for SMS Verifications.
- And last, the latest version of Internet Browser.
You can create an account in Coinbase if you have all these documents. To create an account, enter your first and last name, e-mail, and state residence, and create a strong password. Now, the only thing left behind is setting a strong password.
However, you must add your payment method to transfer your money to your bank account. As for Indian customers, there are various methods to transfer your money into a linked Bank Account. Like Apple Pay, Debit Card, Google Pay, and Jio Pay. You can also use your money to purchase Cryptocurrency or cash.
Once you can create your Coinbase account and add your payment method, you will be ready to start trading with Cryptocurrency.
What type of Cryptocurrency does Coinbase Support?
There are thousands of cryptocurrencies currently available all over the world. However, Coinbase only supports the top 90 most popular cryptocurrencies. However, listing 90 cryptocurrencies in one paragraph is not possible. So, I have listed the most popular Cryptocurrencies:
- Bitcoin
- Ethereum
- Cardano
- Solana
- Dogecoin
- Chainlink
- Litecoin
- Tether
- Bitcoin Cash
These are the most popular cryptocurrencies available, but you will find all their names on the official website.
For example, paying above $200 will pay a Spread Markup or 0.5% of your trade value. The variable fee on the Transaction above $200 is charged as shown in the table. This table is based on the US Charges.
PAYMENT METHOD FEE
US bank account 1.49 per cent
Coinbase USD wallet 1.49 per cent
Debit card 3.99 percent
If you are a regular cryptocurrency trader, Coinbase Pro may be more helpful. With the Coinbase Pro, you will find an additional trading option and upgraded charting features.
How to Buy or Sell Cryptocurrencies on Coinbase.
Buying or selling cryptocurrencies cannot be easy if you have an account and like your payment method in Coinbase. When you log into your Coinbase Account, here are the following steps to sell or buy your Cryptocurrencies, which are as follows:
- Click the Buy/Sell button in the upper right corner.
- Many options exist, such as a one-time purchase or daily/weekly/monthly.
- Now, Enter the number of your purchases.
- Select the Cryptocurrency to purchase.
- Select your Payment Method.
In Coinbase, Purchasing Cryptocurrency is difficult, but selling Cryptocurrency is very simple.
Is Coinbase Safe?
Especially if you are an investor and have invested money in it; for those who are starting their journey of investing cash in Cryptocurrency, To clear the doubt, Coinbase is a secure platform with security measures like two-factor authentications as Quick search online reveals reports of its users having their Account drained overnight. The expert pointed to SIM Swapping as one of the leading causes of this incident.
This incident may sound scary, but it doesn’t mean you have avoided Coinbase.
The main idea behind making different types of wallets is not relaying that you must have to store your money. So if someone gets access to your Account, they won’t get access to the wallet, where the user’s Cryptocurrency is stored.
However, the downside of the different wallets is that this approach requires you to remember your password. It is fake if you heard people have millions of coins on Coinbase.
Wrapping Up
Coinbase is the easiest way for users to start their new journey of investing money in Cryptocurrency. Its user interface UI is easy to use, and its UI helps users buy or sell crypto in just a few clicks. In Coinbase, not all cryptocurrencies are supported; you will only trade with the 60 most popular cryptocurrencies.
One should remember that Coinbase charges a fee, especially when buying a small amount of crypto. For example, Suppose that at an amount above $200, you will pay a spread markup or 0.5% of your trade value. The Coinbase Variable fee on the Transaction above $200 is charged as in the table.
Narinder Sharma is a highly skilled Full Stack Developer with a deep passion for Web3 technology and blockchain innovations. With a strong background in Fintech API development, smart contracts, and decentralized applications (dApps), he is committed to building scalable and secure Web3 solutions. Narinder stays at the forefront of emerging tech trends, bridging the gap between traditional software development and the decentralized future.
🚀 Passionate about smart contract development, DeFi, NFTs, and Layer 2 scaling solutions.
📈 Dedicated to pushing the boundaries of Web3 adoption and blockchain infrastructure.