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Sunday, August 1, 2021

How to Use Coinbase Exchange: A Comprehensive Guide for US Customers to Start Trading

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Coinbase is one of the largest cryptocurrency exchanges in the industry. It provides two types of services: buying cryptocurrency on the crypto exchange service Coinbase (which includes a crypto wallet) and trading on the Coinbase Pro exchange.

The platform is regulated in accordance with US law, and the company is headquartered in the US. Coinbase officially operates in over 100 countries around the world.

Let’s take a closer look at this platform, find out the nuances of its use, learn the size of the commission, and evaluate the efficiency of the support service.

Registration on Coinbase

Simply registering with Coinbase is not enough to start trading. To start using your Coinbase account, you need to go through verification, which includes a photo of your ID. Verification of documents usually takes several hours. You can avoid verification only if you use the service strictly as a wallet for storing cryptocurrency.

Trading interface

The trading interface is easy to adapt to for both a beginner and a professional. The base language of the website is English. The exchange provides plenty of instruments for trading — 50 different cryptocurrencies. The platform works with fiat currencies: US dollar, British pound sterling, and euro.

Each client can open their own cryptocurrency wallet on the website. Once the wallet is replenished, the client can start trading on the GDAX service. The substantial trading volume of the exchange will ensure the smooth execution of orders. The trading terminal is represented by a convenient chart with a large number of auxiliary tools for technical analysis. You can trade using Market, Limit, and Stop orders. It is possible to use x3 leverage for cryptocurrencies BTC, ETH, and LTC.

Safety on Coinbase

Few crypto exchanges for us customers can truly be considered safe and reliable. However, Coinbase puts the security of customer funds in the first place. All the digital currency Coinbase holds online is insured. The insurance policy covers any damages related to Coinbase’s physical security breaches, cybersecurity, or employee abductions.

Besides, the company guarantees to its clients that the bulk of all finances is stored on hardware wallets. When registering, the user is immediately prompted to perform two-factor authorization. The site uses SSL encryption.

In most of the countries where the exchange provides services, its activities are licensed. In the United States, it is regulated by several local regulators (Sale of Checks License, Money Transmission License, etc.). The UK Financial Conduct Authority (FCA) only regulates CB Payments Ltd (“Coinbase Payments”). 

Deposit and withdrawal of funds on Coinbase

You can fund your Coinbase wallet in USD or EUR using a card, bank transfer, and PayPal. Euro can only be deposited through the web interface (but not via the mobile application). Of course, you can also transfer cryptocurrency directly to your Coinbase wallet.

Depending on the region of registration, the client will be offered various payment terms for withdrawal. American users can withdraw up to $50,000 per day. 

You can top up your account in dollars through the ACH system free of charge (up to 5 working days) or by regular transfer for $10. The withdrawal will cost you $25. You cannot withdraw money from Coinbase to a card but only to an account.

When buying cryptocurrency using a debit card, the commission on Coinbase will be 3.99%, and in the case of buying from a bank account — 1.49%. However, third-party cryptocurrency buying services using the Coinbase API may charge additional fees.

Trading fees on Coinbase

The size of the commission depends on the trading volume for the last 30 days. With a volume of up to $50,000 per month, the rate is the same for makers and takers (0.35-0.50%). In the case of large volumes (from $50 thousand to $10 million per month), the fees are more profitable: takers pay 0.18-0.25%, makers – 0.08-0.15%. Moreover, the spread is up to 2%, which is quite a lot.

Support on Coinbase

Technical support on the site is provided in the form of a Support section in English and Spanish. Here you can find the most necessary information in answers to popular questions. You can also send a question to the provided e-mail address or call two phone numbers. The latter is only available to US and UK customers.

Conclusion

The Coinbase platform is convenient enough for any level of user expertise if their registration is included in the list of countries the company provides its services in. The wallet is available to every user regardless of registration. Given its high level of security, reliability, and compliance with US laws, Coinbase can be safely recommended to American users.

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