Coinbase is a cryptocurrency wallet and exchange. Full site review, replenishment and withdrawal, trading on the site.

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Coinbase is a reputable marketplace with solid trading volume and high capitalization. The crypto exchange allows authorized users to receive income from exchange or trading operations. In addition, the Coinbase online wallet is available to everyone, using which you can safely store cryptocurrencies, observing all the terms and conditions of the service.

Coinbase is a regulated company headquartered in San Francisco. She owns many cryptocurrency services. Started in 2012. The company has two divisions: Coinbase UK and Coinbase Payments. In most of the US states, Coinbase has the required licenses to operate.

In 2018, Coinbase Payments received a license from the British regulator FCA and the ability to conduct transactions with electronic money (E-money License) in the EC countries. The company plans to obtain a banking and brokerage license.

Coinbase is an international platform, but there are regions from which customers cannot use the purchase / sale of cryptocurrency. The list of such countries includes Russia, Belarus, Ukraine. It will be possible to register and enter your personal account, but the operations of buying, selling, verification will be unavailable. A notification will appear stating that the Coinbase exchange is not supported in your country. For a list of countries where trading operations are not prohibited, see the link: www.coinbase.com. Coinbase cryptocurrency wallet can be used from all countries.

Thus, you should choose other exchanges for trading, for example, Binance, Currency.com, EXMO, Bybit, FTX, Huobi, OKEx, Bitmex.

Coinbase is actively purchasing various crypto assets. Decentralized exchange Paradex was bought; startups Earn and Cipher Browse; broker Keystone Capital. In 2018, the company began its expansion into the Japanese market, opening its first branch there.

Depending on the trading platform and region, Coinbase supports operations with 7 cryptocurrencies and 1 stablecoins (at the time of writing the review):

  1. Bitcoin (BTC).
  2. Basic Attention Token (BAT).
  3. Bitcoin Cash (BCH).
  4. Ethereum (ETH).
  5. Ethereum Classic (ETC).
  6. Litecoin (LTC).
  7. 0x (ZRX).
  8. USDC.

The coinbase.com website is a platform for buying, selling cryptocurrency and an online wallet. Exchange pro.coinbase.com (formerly GDAX) is an interface for professional trading using a terminal with advanced functionality. Wallet.coinbase.com is a mobile wallet for storing cryptocurrency. Custody.coinbase.com is a service for large buyers and sellers (minimum $ 10 million).

About Coinbase

For traders and cryptocurrency speculators, the Coinbase exchange is very convenient due to its many features. A well-optimized interface will delight professional investors with its simplicity and obviousness, as well as surprise with the logical structure of every newbie. The developers have streamlined the trading process and conversion procedure as much as possible, making it understandable and comfortable.

Crypto transders, regardless of the primary level of technical skills and practical knowledge, quickly adapt to the exchange platform interface. Coinbase has plenty of options, features, and additional features. For example, it is interfaced with the Coinbase Pro (GDAX) cryptocurrency exchange, which provides advanced traders with auxiliary, sophisticated tools needed in professional digital asset trading.

The Coinbase platform was founded in 2012 by two Americans – F. Ashram and B. Armstrong. Three years later, the staff of the trade service consisted of more than 28 employees, and today a group of different specialists, numbering 108 people, is working on the project. In October 2018, the company carried out an optimization, during which 15 people were laid off. About 22+ million active users are registered on the platform, the capitalization of the exchange exceeds 8 billion US dollars, the annual profit may reach 1.3 billion. The operation and development of Coinbase is supported by a number of large investment organizations – IDG Ventures, Andreessen Horowitz, DFJ Growth, etc.

The main guarantee of the prospects and success of the Coinbase cryptocurrency exchange is absolute legitimacy, the availability of the necessary licenses, as well as active interaction with US government agencies.

Throughout its existence, the Coinbase exchange platform has been constantly improving. Developers optimize opportunities for crypto traders, add new options to the functionality. Initially, Coinbase was a highly specialized service where users worked exclusively with bitcoin, however, today you can store in an online wallet, convert and use in trading: Ethereum Classic, Litecoin, Ethereum, Bitcoin Cash, 0x, Basic Attention Token and a token tied to fiat money – USDC.

Features of the crypto exchange Coinbase

For the most part, modern cryptocurrency exchanges are more likely to cause disappointment and funny irony among professional speculators, but Coinbase is definitely not one of such analogs. The developers of the trading platform have worked very seriously in the past, and also successfully continue to improve it now. Some of the features of this site were noted above, however, other significant characteristics should be indicated.

✅ The interface of the Coinbase website is presented in a basic English version. It is not difficult to include additional options, although the Russian modification is not provided. This is not surprising, since Coinbase is a purely American resource, officially registered in San Francisco.

Russian-speaking users who do not speak English can use online translators. Transliteration is quite understandable, and if you have experience in using trading platforms, then there will be no difficulties with conversions, trading, depositing and withdrawing funds.

✅ olid trading volume. In the virtual world of cryptocurrency trading, the Coinbase project is famous and very popular. This determines quite acceptable commissions, and also allows you to keep profitable quotes for registered traders.

✅ The main fiat currencies on Coinbase are the US dollar or the euro. The British pound was added in 2018.

✅ Many exchanges provide crypto traders with averaged or fixed quotes according to an incomprehensible scheme, however, Coinbase here resorted to a different method of forming prices for virtual currencies. They are calculated according to market patterns, taking into account the current offers for sale / demand from speculators. Quotes always reflect the actual value of digital coins.

✅ The Coinbase cryptocurrency wallet is used by over 32 million people, and this figure does not include traders or speculators.

✅ A kind of classification of registered users trading virtual currencies. There are takers and their rivals, makers. The former are speculators who work with instantly executed orders, and the latter are people who conclude deals through the Depth of Market.

✅ Strictly limited volumes of deposits, determined by three parameters. The user is assigned a specific status on the trading platform based on the selected payment methods, country of residence and the level of verification passed. For example, European clients who have fully verified their identity can weekly withdraw up to € 30,000 from Coinbase. For the same users in the US, the withdrawal amount is limited in a different way: up to $ 50 using a credit card; maximum $ 5,000 if the transaction goes to a bank account; no more than $ 50,000 for cryptocurrency wallets and electronic payment systems.

✅ Coinbase offers a Shift Card for verified American users. This is a special Visa card for the Bitcoin cryptocurrency. It is accepted for payment by a limited number of places where settlement with BTC coins is practiced. Such a debit card costs $ 10, but the owner then does not lose money on commissions for transactions and conversions of Bitcoins.

✅ On the Coinbase exchange platform, in addition to the ability to exchange digital coins or earn on the exchange rate difference of cryptocurrency assets, you can save coins in an online wallet. It is easy to use funds from it in any financial transactions, including settlement actions.

✅ The exchange is not attractive to a significant audience of crypto traders, speculators or investors due to the absolute transparency of digital money flows and the emphasized focus on legitimacy. At all stages of verification, the system collects virtually a complete set of information about the client. People who prefer anonymity naturally prefer to interact with more loyal or openly “gray” cryptocurrency exchanges.

Positive qualities of Coinbase

Most of the previously mentioned features are undoubted advantages of the Coinbase trading platform. Of course, it is also necessary to note some other advantages of this project:

✅ Site reputation. No break-ins were recorded during the operation.

✅ Fast executing transactions. Users note the speed of transferring coins to other clients to cryptocurrency wallets.

✅ Compulsory deposit insurance, officially registered in the supervisory authorities. The loss of coins due to exchange hacking will be fully compensated by the reserve fund.

Any force majeure situations for clients, including theft of all personal crypto assets, which occurred due to the loss of keys or passwords, are not considered insured events. No refunds will follow here.

✅ You can sell bitcoins through PayPal.

✅ 98% of all cryptocurrency is stored in cold wallets autonomously and securely stored.

✅ Vault Wallet crypto wallet available. For security reasons, the withdrawal permission can be individual or group. The first option provides for confirmation of operations with two passwords sent to 2 different user emails.

✅ All cryptocurrencies that traders and speculators can work with on Coinbase are very volatile and always in demand. If you correctly apply a well-developed trading strategy, even day trading will bring a solid profit.

✅ There is a specialized trading platform – Coinbase Pro.

✅ For some countries, it is possible to work with fiat money: through debit cards or bank accounts for American clients; SEPA transfer, debit cards with 3-D Secure – for Europeans.

The Coinbase exchange has a really impressive set of great qualities and positive features. But, we must not forget about the disadvantages, which are also present a lot.

Disadvantages of the Coinbase crypto exchange

In addition to a lot of pluses, the trading platform has enough negative aspects. It is these flaws that block Coinbase’s entry into the TOP ratings of cryptocurrency exchanges.

Disadvantages of the Coinbase service:

  1. Purchase or sale services are not provided to customers from Russia, Ukraine, Belarus. You can only use Coinbase as a wallet.
  2. There is no translation of the official website into Russian.
  3. Significant restrictive criteria that limit the deposit and the amount of withdrawal.
  4. Extremely limited selection of virtual currency pairs. Trading instruments are made up of coins: BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash), ETC (Ethereum Classic). Also added ZRX (0x) and USDC crypto asset (dollar coin). In November 2018, the Basic Attention Token (BAT) was added to the listing.
  5. There is no possibility of anonymous trading or large conversions. Complex verification with the need to disclose almost all personal data, starting from the place of work and position, ending with very high-quality scans of documents.
  6. Frequent disappearances of communication with technical support in problem situations. Cases of ignoring complaints and claims. The best way to “shake up” the consultants and the administration of the Coinbase exchange is to publicly post the problem on a special project channel on the Reddit social network.
  7. Irrevocable blocking of crypto-money lying on a trade deposit or in wallets, if a transaction of digital coins is declared to the accounts of gambling sites, online stores, or to a competitive exchange LocalBitcoins.
  8. Tracking cryptocurrency flows on user accounts and blocking funds when applied by government agencies. It is even possible to lose absolutely all virtual currency on Coinbase upon the birth of some unfounded suspicion of money laundering, illegal transactions, gambling, etc. That is, the account is deleted, crypto coins are seized without proof of guilt and the possibility of acquittal proceedings.

Registration on the Coinbase website

The process of creating an account on the Coinbase crypto exchange is simple and quick if you use the email address at gmail.com.

Step-by-step instructions for registration are as follows:

  • Go to the official page of the coinbase.com website.
  • At the top right, click on the “Sign in” button or immediately select “Get Started”.
  • Activate the active line “No account?” Under the identification window. (Don’t have an account?).
  • Select the type of account – “Personal” (Individual) or “Commercial” (Business).
  • Enter data in Latin: name, surname, work email, and password.
  • Solve the elementary captcha and accept the terms of the system.
  • Click “Create account”.
  • Wait for an email message.
  • Follow the link specified in the letter.

All that remains is to log into your Coinbase system account by entering your password and email address. Everything is clear, simple and, surprisingly, fast.

Verification procedure for Coinbase

The usual creation of a user account on Coinbase only allows you to use an online crypto wallet. To make conversions and engage in trading, earning on the price difference of exchange-traded assets, you need to be verified in the system. In other words, it is required to enter contact information with their documentary confirmation. This feature is not available for all countries.

Verification instructions:

  • Go to the Coinbase website. After entering the password and current email, click on the “Sign in” button.
  • Click “Sign in”.
  • In the next window, enter the 7-digit code sent in the special window and click the “Verify” button.
  • Go to the opened account in the “Settings” tab.
  • Fill in the fields of the personal questionnaire (country, city, address, date of birth, etc.).
  • Click “Saving”.
  • Specify the payment method – MasterCard, bank account (for US residents) or Visa.
  • Carry out 2-3 verification transactions, checking the receipt of funds.

This completes the verification process for Coinbase.

In addition, Coinbase often asks for detailed and documented disclosures (scanned copies). However, this requirement is imposed when operating with amounts equivalent to € 30,000. Difficulties may arise here, since the final 4 digits of the SSN (social security number) must be specified. This is for the Americans. Other users will need to settle this part of the verification through tech support. They are looking for alternative ways to complete the procedure.

Coinbase wallet

The cryptocurrency wallet is provided to all registered Coinbase users, regardless of where they live. To create it, follow the instructions:

  1. Go to the “Accounts” section.
  2. Click “Create Vault”.
  1. Choose a cryptocurrency to store.
  1. Give your wallet a name.
  1. Choose who will sign the withdrawal permission: just you (Individual) or a group of people (Group).
  1. When choosing an individual method, you will need to confirm using two email addresses: one – registration, the second – you need to specify.
  2. Confirm the second email. Follow the link in the letter.
  3. The setup is complete and you can go to the wallet (in the Accounts section).
  1. To replenish, click “Deposit” and transfer the cryptocurrencies to the generated wallet address.
  1. Click Withdraw to withdraw. Confirmation time is 48 hours.

How to top up your wallet balance

On the Coinbase cryptocurrency exchange, in order to make conversions or perform trade manipulations with digital coins, you need to deposit funds to your account. This is a simple procedure if you follow the instructions:

  • While in your personal account, go to the “Accounts” tab.
  • In the left sector of the page that opens, the balances available for replenishment will be located. The USDC wallet is added to the previously mentioned cryptocurrencies. It is a stablecoin worth 1 USD.
  • Select a cryptocurrency account for crediting funds. When we choose a cryptocurrency wallet, therefore, there will be a transfer from another, external storage of coins. If the transaction is from a card or bank account, then an account in local currency is used, to which dollars, euros, etc. are transferred.
  • Click on the “Receive” button in the window of the selected wallet.
  • Transfer the required number of coins to the address. You can use online exchangers to buy them.

You can also top up your Coinbase wallet with fiat money. Each region has its own conditions and payment solutions. A fiat money account will appear in the wallet only after confirming the country of residence with the upload of the document.

For US customers:

For customers from the European Union:

Exchange operations and trading on Coinbace

It is necessary to first introduce defining clarity for a holistic understanding of how any crypto exchange, including Coinbase, works. Speculative conversions and trading are financial transactions that are identical for these processes in their first half. That is, the asset is always exchanged for the required crypto-coin – the conversion is performed. Here, the speculator, who received the desired coins, can simply withdraw them in order to implement their own ideas. Traders, on the other hand, will wait for a favorable change in the quotation for the desired pair of cryptocurrencies in order to perform a reverse exchange (close an order) and receive a profit. In the same order, we will study the actions on the Coinbase exchange platform.

✅ Cryptocurrency exchange. You must first replenish some wallet with cryptocurrency.

As noted, the developers of the site have created a close merger of the Coinbase exchange with the GDAX project (now Coinbase PRO). This platform is optimal for professionals who use in their work a detailed analysis of price charts using various indicators and auxiliary elements (Fibonacci lines, support levels, trend vectors, etc.). All Coinbase account credentials are automatically transferred to the GDAX service. That is, you can immediately use this project after replenishing the Coinbase online wallet.

When the cryptocurrency is transferred to the pro.coinbase.com exchange, the actions for the exchange will be as follows:

  • Click on the “Buy / sell” tab in your personal account.
  • Select a cryptocurrency pair above the trading terminal for the planned operation. For example, ETH / BTC. This case assumes the presence of a certain amount of Ethereum, since we will purchase Bitcoin for Ethereum at the current rate.
  • Analyze the price chart, view Depth of Market, trading history, order book.
  • If the quote is acceptable, then a deal should be made.
  • Specify the type of order. For the order to be instantly executed, you need to select the “Market” option.
  • Register the amount in the transaction registration block. For a specific example, you need to enter the amount of BTC, since ETH is purchased with them.
  • Activate the Buy button.

Everything. For speculators dealing exclusively with conversions, the work ends. It remains now to withdraw the received Bitcoin coins. At the time of the review (end of October 2018), 1 BTC could be obtained for 29.9 ETH.

✅ Crypto trading on Coinbase. Users engaged in trading, having fulfilled the conditions described above, begin to track the change in the ETH / BTC pair quote. As soon as there is a price jump in the expected direction (rise in price of Ethereum relative to Bitcoin), profit is instantly fixed. The trader simply converts BTC to ETH.. A successful deal will generate income.

If there are trading speculations, then at the initial stage of making a sale or purchase, it is not necessary to choose the market order type “Market”. There are other options. “Limit” is a pending order that indicates to the system a specific price at which it should be triggered. Usually used when shopping. Now there is no such quote, but the trader expects its imminent appearance. In order not to miss out on the right price, the Limit order is declared. Another modification is Stop order. It is used to automatically close a position upon reaching the border of a predetermined value. Usually, this is how the possible risks are limited.

Withdrawing funds from the coinbase.com wallet

It is easy to withdraw earned or remaining cryptocoins from the Coinbase cryptocurrency exchange.

The sequence of actions is as follows:

  • Go to the “Accounts” section.
  • Select the cryptocurrency account from which you want to withdraw the coins.
  • Click on the “Send” line.
  • Fill in the fields: “Transfer amount” and “Wallet account”.
  • Click “Transfer”.
  • Indicate a two-factor identification verification code, which the system will immediately send to your mobile phone.
  • Click on the Send button.

After a maximum of 3 days, the application is executed by the operators of the Coinbase exchange and the coins are transferred to the specified account of the cryptocurrency wallet.

Feedback

The Coinbase exchange offers its registered clients, especially novice crypto traders, easy and practical ways to buy, exchange or sell cryptocurrencies. Like analog projects, the Coinbase exchange platform is characterized by some drawbacks, which are more than offset by numerous advantages. The project has distinctive features. It is popular with speculators, investors and traders of any professional level – from absolute beginners to experienced professionals performing large transactions. The use of some services, such as buying cryptocurrency or selling from some countries, is not available. But, you can always use Coinbase as a wallet for storing crypto coins.

It is possible to make money on Coinbase, store coins and change cryptoassets in the right directions, but you should not forget about the possible vulnerability of online wallets and the harsh rules for blocking an account. The latter danger can instantly leave an inattentive user without all the cryptographic money credited to the trade balance (exchange wallets). We recommend choosing another platform or using bitcoin exchangers.

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