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In 2012, Coinbase was launched in San Francisco, California.  Since their launch, they’ve served over 8 million customers and helped users exchange over $20 Billion worth of digital currency.  Currently users from 32 countries can use their services, including the United States.

Coinbase operates differently from traditional cryptocurrency exchanges.  Instead of requiring users to trade on a market, Coinbase directly sells cryptocurrency to users at a set price (based off the current market price).  This allows users to buy their cryptocurrencies more quickly than on an exchange.  It also allows them to accept credit cards (in addition to bank transfers), something few exchanges offer.  After users have verified their Coinbase accounts, they can then purchase cryptocurrency instantly.

Fees range from roughly 1.49% to 3.99% fee, depending on your payment method.  Credit cards come with the higher fee, due to the fees charges by credit card companies and risks of fraudulent chargebacks.  This means you can save around 2.5% by using bank transfers.  These fees are lower than other competitors who directly sell cryptocurrency to their users (Coinmama, CEX.IO).

Coinbase allows its users to buy and sell three of the most popular cryptocurrencies; Bitcoin, Ethereum, Litecoin, & Bitcoin Cash.  While they plan to add more cryptocurrencies in the future, you’ll currently have to look elsewhere if you want to buy other altcoins.

Go To Coinbase

 

Coinbase bitcoin crypto wallet training course

In this video course you will find instructions on how to setup your CoinBase crypto wallet account

Is Coinbase Safe?

If reading this Coinbase review, chances are this is a question you’re asking.  The short answer is yes, but we’ll take a closer look at this in 3 parts below.

Company Legitimacy

As a company operating in the United States, Coinbase is required to comply with U.S. laws and regulations, at both a federal and state level.  Here are some of the laws, regulations, and regulatory bodies that Coinbase complies with:

  • Registered as a Money Services Business with FinCEN.
  • Complies with the Bank Secrecy Act.
  • Complies with the USA Patriot Act.
  • Complies with state money transmission laws and regulations.

These regulations and laws force accountability onto Coinbase, something that may be lacking from some of their offshore competitors in other countries with less strict regulations.

Aside from the United States, none of the other 31 countries, where Coinbase operates, require licenses to operate a cryptocurrency business.

It’s also worth noting, Coinbase has many trustworthy investors backing the company.  These investors include Alexis Ohanian (Reddit Co-Founder), Bank Of Tokyo, Blockchain Capital, and Digital Currency Group.

 

BTC calculator:

btc =

BTC price:

1 BTC = 8365.73000 USD
1 BTC = 7100.34000 EUR
1 BTC = 62.1900000 LTC
1 BTC = 12.0600000 ETH
1 BTC = 961109.5700 JPY
1 BTC = 6224.51000 GBP
1 BTC = 8677.04000 CHF
1 BTC = 11018.0500 AUD
1 BTC = 10893.2700 CAD
1 BTC = 18360.2500 BGN
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Safe Keeping of Funds

Coinbase segregates customer funds from company operational funds.  These customer funds are held in custodial bank accounts.  This means they will not use funds of yours to operate their business.  They also claim, “Even if Coinbase were to becomes insolvent, the funds held in the custodial bank accounts could not be claimed by Coinbase or its creditors.  The Funds held in those accounts would be returnable to Coinbase’s customers.”

98% of customers’ cryptocurrency funds are stored in secure offline cold storage.  These cryptocurrencies are held on multiple hardware wallets and paper wallets.  The physical cryptocurrency wallets are then stored in vaults and safety deposit boxes around the world.  These measures protect customers’ funds from being lost or stolen by hackers.

The remaining portion of cryptocurrency, that is stored online, is fully insured by a syndicate of Lloyd’s of London.

United States residents who use Coinbase’s USD wallet are covered by FDIC insurance, up to a maximum of $250,000.

It’s important to note that, despite all of this, customers are still liable if their personal accounts are compromised.  This is why it’s typically recommended to store your cryptocurrencies in an offline cold storage wallet that you control.  You can view our recommended wallets here.

Go To Coinbase

Coinbase bitcoin crypto wallet training course

In this video course you will find instructions on how to setup your CoinBase crypto wallet account

Personal Account Security

Coinbase offers its users a variety of features to secure their personal accounts.  You should also use a strong, unique password.

Multiple 2-factor authentication (2FA) methods are available to help secure your account.  The most basic 2FA option is through SMS texts, but we recommend setting up a third party 2FA app.  Options for this include Google Authenticator and Authy.

You can also track the activity of your account and get notified if a new device or IP address attempts to access your account.

Customer Support

Coinbase offers customer support through email.  In our personal experiences, we’ve typically received responses from support within 24-72 hours.  For general questions, they have an extensive FAQ.

Supported Countries

Coinbase serves customers in the following countries:

Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States

Buy and Sell Limits

Buy and sell limits can vary by user location, payment method, and verification status.  You can view your limits at any time, by viewing your account’s limits page.  As a verified U.S. customer, you likely will be able to get these weekly limits fairly easily:

  • $5,000 Buy through Bank Account.
  • $50 Buy through Credit/Debit Card
  • $50,000 Sell

You can apply for higher limits, if these limits don’t meet your needs.  Your limits for instant purchases, like credit card purchases, may not be able to be increased.

Go To Coinbase

 

Coinbase bitcoin crypto wallet training course

In this video course you will find instructions on how to setup your CoinBase crypto wallet account

Coinbase Review Summary

To summarize this Coinbase review, we think Coinbase is great place for newcomers to buy cryptocurrency.  Newcomers will find Coinbase easier to use than an exchange, while being able to use more payment methods.  However, we do recommend storing your cryptocurrency on a wallet you control, if holding large amounts.

Pros

  • Easier to use than an exchange.
  • Buy cryptocurrency faster than most exchanges.
  • You can buy cryptocurrency with Credit and Debit Cards (In addition to bank transfers).
  • Lower fees than “easy buy” competitors.
  • Trustworthy and regulated company.
  • Safely stores customer funds.

Cons

  • Monitors how you spend your cryptocurrency.
  • Wallets are less secure than a wallet you control yourself.
  • Slightly higher fees than most exchanges.

Summary

Coinbase is a great beginner friendly option for buying Bitcoin, Ethereum, and Litecoin.

Go To Coinbase

 

Coinbase bitcoin crypto wallet training course

In this video course you will find instructions on how to setup your CoinBase crypto wallet account

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