Coinbase was founded in June 2012 by Fred Ehrsam and Brian Armstrong. Coinbase is a community of engineers, designers, and entrepreneurs set out to create a platform that would enable customers and merchants to buy and sell digital currency via traditional methods like credit/debit cards and other money transfer options.
Although a number of cryptocurrency enthusiasts do not agree with its policy on users being required to report how they spend their coins, its platform still remains popular as a safe, insured, compliant and fraud-free.
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Ease of use
Coinbase is a super-fast and easy way to buy Bitcoin, Bitcoin Cash, Litecoin and Ethereum. All you have to do is set up an account, get verified and you can buy coins with your credit or debit card, plus a list of other money transfer services like bank and wire transfers.
Coinbase charges fees of 3.99% on credit/debit card buys under 200 USD. For purchases above $200 a variable fee applies which depends on the payment method and country. For a full list of fees by country and method of payment click here.
They offer a fairly extensive list of support FAQ’s, plus email and direct US and UK telephone numbers to customer services.
If you have a credit or debit card linked to your Coinbase account, you have the ability to buy 250 USD worth of Bitcoin per day depending on your country of residence. In order to raise your limits, you must submit personal information and an ID verification. Once your account is fully verified you can buy up to 50,000 USD per day. Plus, if you wish to buy and sell more you can transfer cash to your account via wire transfer and engage in larger order sizes.
There have been a good number of users complaining about Coinbase’s online-wallet-type – like a Bitcoin bank, but that means your coins are insured in the case of Coinbase. They are known for strict policies that resemble how banks and other corporate payment companies operate and since Bitcoiners love the freedom and anonymity that comes with cryptocurrencies, some aren’t happy about this, but you can’t please everyone. However, if you prefer security and reliability at the expense of your privacy, then this is a viable option.
If you are looking for top-level security from an exchange platform, they have you covered with their insurance policy on all digital and fiat currency deposits. Plus, residents of the United States enjoy the Coinbase USD wallet cover from the FDIC meaning they can deposit up to $250,000 and have peace of mind even if Coinbase was to become insolvent. This can’t be found in many other exchanges in the Bitcoin environment and gives the new customers good reason to have their accounts verified.
Check out what Coinbase has to offer
If you’re looking to buy Bitcoin, Bitcoin Cash, Litecoin or Ethereum, then this is a good first stop. The fees are expensive, there’s no denying that, but when compared to other options, plus the fact they have insurance to cover you from them being hacked or employee theft, Coinbase is a good option. You’ll find it easy to sign up, easy to buy and sell, plus easy to verify your account for higher purchasing options. For beginners, this is a very good first option to buy into the crypto-sphere.
- Beginner friendly user interface
- Insurance for all fiat and cryptocurrency deposits
- Different wallet options for new and advanced users
- Low transfer fees
- Offers a variety of payment options
- Features secure multi-signature cold-wallet vaults protecting users funds
- High Credit/Debit Card purchasing fees
- Verification required for increased buying levels
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