04 Dec
04Dec

     Coinbase is a global and well known Cryptocurrency exchange founded in 2012 by Brian Armstrong and Fred Ehrsam. It currently serves over 70 million customers in over 100 countries, With $255 billion in assets. It's one of the most popular exchanges right now alongside exchanges like Binance, Kraken, Gemini and others.

Coinbase makes buying, selling, sending and receiving cryptocurrencies easily accessible. If you are a beginner, you will have a good experience interacting with the coinbase platform because of it's simplicity and efficient user interface. There's also the coinbase pro version that professionals can access. this one is slightly complicated and different than the normal coinbase, It can be a little confusing for you if you're a beginner, But you can access both interfaces on the same account, it's just a matter of preference and choosing the one that meets your needs.

     Coinbase exchange serves both retail investors, Institutions, Businesses and major organizations all around the world and their main objective is to provide a platform to access, Trade , Invest and secure digital currencies like Bitcoin and Ethereum amongst many other coins. The experience you will get using coinbase is similar to trading stocks on an online brokerage, But these time, You won't be trading stocks but different varieties of Cryptocurrency assets.

SOME FEATURES AND PROS OF USING COINBASE.

- Access to Coinbase Wallet

- Trade more than 100 Crypto Assets.

- Coinbase Earn: You can earn free coins just by performing simple tasks (More on this later). 

- Available and recognized in over 100 countries.

- As low as $10 to open an account.

- Efficient Security.

CRYPTO ASSETS AVAILABLE ON COINBASE.

   The list of crypto assets available on coinbase is quite much, Over a 100 at this point in time with new additions being made regularly, sometimes daily. This makes the platform unique.

You can buy and sell the following digital currencies on coinbase,,,

Bitcoin(BTC)

Ethereum(ETH)

Solana(SOL)

Cardano(ADA)

Polkadot(DOT)

USD Coin(USDC)

Litecoin(LTC)

Dogecoin(DOGE)

Algorand(ALGO)

Shiba Inu(SHIB)

Polygon(Matic)

Avalanche(AVAX) and so much more...

COINBASE EARN.

  Coinbase provided a feature that will allow you to earn free cryptocurrencies by learning about different crypto related topics and idea or new projects. You could earn from $3- $12 or more just by taking quizzes , reading and watching a short video about a particular crypto asset. This amount is not so bad for doing a small amount of work just within 5 minutes I'll say, Opening an account with coinbase comes with the added advantage of earning free cryptocurrencies.

COINBASE WALLET.

  You can find and download this on both iOS and Android Devices from play-store and Apple store. Coinbase provides it's own wallet to safely guard your crypto assets and manage your private keys by using secure biometric authentication and cloud backups. 

When you open an account on coinbase, you will be given a 12 word recovery phrase that only you can access, Even coinbase won't have any access to this secret code, Ensure to keep this codes, because loosing them will result in loosing your entire crypto account and you may not be able to get the account back. This features make storing and using the coinbase wallet a lot safer and secured.

CONS OF USING COINBASE.

So, We've described lots of advantages of using the coinbase platform, Lets take a look at certain constraints of using this platform that is not so much publicized. Just like everything in life, Coinbase is not perfect "Yet" There are still a few drawbacks and issues that can be concerning or that will not make it the most preferable crypto exchange especially when you compare it with other exchanges like Binance, Gemini and Bybit Let's check out a few coinbase Cons:

1. Customer Service.

      In the past 12 months alone, Coinbase has received and recorded over 2100 complaints from users. And earlier in July  2021, They allegedly violated securities laws. There is a lot of complaints of not being able to reach coinbase's customer support service at times when their attention is needed. So, When it comes to customer service their ratings is poor and generally low in comparison to other Crypto exchanges that offer better customer services.

2. High Transaction Fees.

  You should know that coinbase fees can be very expensive, And fees can vary depending on the country you live in. There's a 0.50% spread for Buy or Sell transactions , And transaction fees can be from $0.99 up to $2.99 depending on other factors. Coinbase also includes all withdrawals and deposit fee in the trading fee which partly explains why their trading fees can be so high.

If the trading fees on coinbase is not something you want to deal with, Then there are other crypto exchanges that offer much better and lower fees, But with probably less available coins to trade or invest in like coinbase.

3. Missing Altcoins.

     Even though coinbase has been applauded for having lots of different Altcoins, Not all coins are included, You will find that a couple are missing, And this could be an issue for traders and Investors.

4. Security.

     All accounts on coinbase use 2-Factor Authentication. This prevents anyone else from having access to your account except they gain access to your phone. There are some risks when using crypto, And coinbase being one of the top leading exchanges uses the best security and standard encryption practices to keep customers assets safe.

But, Despite this tough security measures, Lots of coinbase users still get their account hacked and drained of it's coins, It's important to use strong passwords. If someone else gets access to your phone number or email, They may be able to have access to your coinbase account, So keep all these private.

      The Coinbase Platform is a vast crypto exchange with unique features like  trading and investing in lots of different crypto currencies that have different functions you can also earn free crypto regularly that when converted to paper money will be significant for something as little as watching videos for just 5 minute max. Coinbase is particularly great for beginners to just Buy|Sell assets. If you don't want to deal with other complexities in the crypto world.

Coinbase may be one of the most popular, But there are many other exchanges that offer lower fees, More secured and flexible. We will be reviewing some of this later in the future.


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