This needs to be a passport, driver’s license or national ID card.
Coinbase utilizes highly advanced verification tools to analyze your ID document, so they should be able to validate the upload within less than a minute.
Step 5: Confirm Your Payment Method
To conclude the account set-up process, you will need to verify your chosen payment method to confirm you are the true owner. If opting for a debit card, Coinbase will process two small charges from your card. You’ll need to log in to your online bank and confirm the last two digits of these charges.
Alternatively, if opting for a bank account, you need to make a small transfer into the account details specified by Coinbase.
The overarching selling point is that the platform makes it an ultra-seamless process to enter the cryptocurrency market for the very first time.
By going through a quick and simple account registration and verification process, you can buy and sell popular coins like Bitcoin and Ethereum at the click of a button. Moreover, as popular payment methods such as a debit/credit card, bank transfer and even PayPal are supported, this makes the buying process even more straightforward for newbie entrants.
However, it must be noted that in terms of trading fees, Coinbase is a little more expensive that other players in the cryptocurrency exchange arena. At an average fee of 1.49% for all orders over $200, this can quickly eat into your profits.
As we will breakdown in greater detail below, Coinbase is often regarded as one of the more costly cryptocurrency brokers in the industry. Not only in the case of trading fees, but certain deposit methods are costly, too.
- Step 5: Confirm Your Payment Method
- Trading Fees
- Coinbase world fact check section blogbugs
- Coinbase Vault
- Coinbase world fact check section blogging
- Coinbase Review: The Verdict?
- Coinbase world fact check section blogger
- Step 4: Verify Your Identity
- What is Coinbase?
- Step 2: Confirm Your Mobile Number
- Step 3: Set-Up Your Preferred Payment Method
Coinbase has a somewhat complex pricing structure when it comes to buying and selling cryptocurrencies, not least because it uses either a fixed-fee or variable percentage fee.
Firstly, and irrespective of your location, any buy or sell orders under $200 will come with a fixed fee. This starts at $0.99 for orders under $10, up to a maximum of $2.99 for orders of between $50 ad $200.
Anything above $200 and you will revert to a fixed percentage fee.
Coinbase world fact check section blogbugs
In this sense, somebody would need both your account password and mobile phone to compromise your account.
Device and IP whitelisting also act as a crucial safeguard. This is where you will be required to pass an additional security step to gain access to your Coinbase account, in the event that you are logging in from a new device or IP address.
While keeping your funds in the Coinbase wallet comes with its own security features, larger balances should be placed in the Coinbase Vault. In a nutshell, this allows you to set-up a 48-hour lock-up period on any future withdrawal requests.
At any point in time before the 48-hour period passes, you as the account owner can cancel the withdrawal.
This would be highly beneficial in the event that a malicious actor was able to access your Coinbase account and went on to make a withdrawal.
Coinbase world fact check section blogging
As such, customers now have a plethora of options when it comes to speaking with a member of the customer service team.
If you’re from the UK, you’ll need to dial 0808 168 4635
For everyone else, including the US, you’ll need to dial +1 888 908-7930
You can also send an email to Coinbase, although this needs to be done via an online contact form.
As long as your concern isn’t linked to a potential account compromise, the vast majority of questions and concerns can be solved via the platform’s highly extensive help centre. This also includes an AI-bot that can quickly point you in the right direction of where the seek assistance.
Coinbase Review: The Verdict?
In summary, it is clear to see why Coinbase has attracted a significant customer base that now exceeds over 30 million customers.
Coinbase world fact check section blogger
Coinbase is effectively joining a new, broader trend in the US. In fact, content creation by tech brands is growing at a rapid pace, as companies create their own communication channels.
Their goal is to drive investment and create stories around their brand. To do this, many companies are hiring content editors and writers to help them create these stories.
But reactions are mixed.
While some appreciate the project, others fear that it could lead to a kind of information war, in which answers can never actually be found, or, at least, never with 100 per cent certainty.
And in the cryptocurrency world — where every influencer is above all out to line their pockets — trust still doesn’t come easily, perhaps especially for a company whose core business relies on cryptocurrency exchange and investment.
Your options will depend on where you are located, although in most cases this covers a debit/credit card and bank account.
You will also be asked to enter the billing address linked to your prefered payment method.
Step 4: Verify Your Identity
Not only is Coinbased authorized by FinCEN and the FCA, but the platform has an excellent relationship with key regulators such as the Securities and Exchange Commission (SEC).
As such, the platform takes its anti-money laundering responsibilities very seriously. This means that you will now need to go through a basic KYC (Know Your Customer) process to verify your identity.
In order to do this, you’ll need to upload a copy of your government issued ID.
The amount that you pay will depend on your chosen payment method.
For example, if you already have funds in your Coinbase account, and the funds are sufficient enough to cover the amount you want to buy, then you will pay a fee of 1.49%. This is subsequently deducted from the amount of cryptocurrency you receive. For example, if you purchase $1,000 worth of Bitcoin, your 1.49% fee of $14.90 would leave you with $985.10 worth of cryptocurrency.
This is actually very expensive, especially when you look at the fees employed by other leading cryptocurrency exchanges.
For example, the likes of Binance charge just 0.1% every time you want to buy or sell a coin, which is considerably cheaper.
Coinbase works, what it allows you to do, the number of coins it supports, fees, payment methods, and more.
Let’s start by finding out what Coinbase actually is.
What is Coinbase?
Launched in 2012 and based in San Francisco, California – Coinbase is an exchange broker that facilitates the buying and selling of cryptocurrencies. Led by CEO Brian Armstrong, Coinbase is often used by inexperienced investors that are looking to purchase cryptocurrencies for the first time, not least because the platform supports everyday payment methods such as debit/credit cards, bank transfers, and even PayPal.
To illustrate just how big Coinbase has become, the platform claims to have signed up surplus of 30 million customers since it launched in 2012, with more than $150 billion worth of cryptocurrency assets traded along the way.
You will need to enter your first and second name, alongside your email address. Coinbase will then send you an email, which you will need to verify.
Next, you will need to select whether you want to open an ‘Individual’ account or ‘Business’ account. Unless you’re looking to buy and sell significant volumes, go with the former.
Step 2: Confirm Your Mobile Number
You will now need to enter your personal mobile number.
Coinbase will then send you an SMS message containing a unique code, which you’ll need to enter on-screen to verify that you are the rightful owner of the device.
This is absolutely fundamental, as you will need your mobile device to access key account features, such as logging in or withdrawing funds.
Step 3: Set-Up Your Preferred Payment Method
As you will be asked to deposit funds, you will need to set-up a payment method.