Coinbase Sign Up: Get $10 Free For Investing $100
Coinbase is the largest US based cryptocurrency company in the world. They are supported by many other countries as well with millions of customers worldwide. This article will provide you with a review of all the services offered. We will also show you exactly how to fill out the Coinbase sign up form and how to make your first purchase.
There are a wide variety of services offered by Coinbase. However, they are primarily known for their brokerage service which allows for buying or selling of cryptocurrencies.
This Coinbase review will go into detail about the important aspects of Coinbase. We will also provide walkthroughs on how to utilize this service most efficiently.
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam. This makes Coinbase one of the oldest cryptocurrency exchanges that exists. When Coinbase first launched they started out as simply a Bitcoin brokerage service that sold Bitcoin directly to customers. However, additional services were added soon after, such as the option to sell cryptocurrencies for fiat.
Coinbase remains one of the few cryptocurrency exchanges that is fully licensed and regulated. Also, the company has raised over $400 million from investors such as The NYSE.
The service that Coinbase is primarily know for is their brokerage service, which allows users to buy or sell cryptocurrencies. The majority of new US cryptocurrency users end up making their first Bitcoin purchase through Coinbase. This is because of the company’s reputation, their easy to operate user interface and their excellent marketing program.
One issue with Coinbase’s brokerage is that users don’t have direct control over their own funds. Customers don’t have direct access to their coins because they don’t have the private keys (a secret code that allows a user restricted access to their cryptocurrency) or a seed phrase (a specific list of words which store all the information needed to recover a cryptocurrency wallet).
In this way, Coinbase operates very similarly to a bank. Just like a bank, once you make a deposit you no longer have direct ownership of your funds, Coinbase does.
Coinbase Pro is Coinbase’s cryptocurrency trading platform which used to be known as GDAX. The service is for more experienced customers and is different from the traditional Coinbase brokerage service which charges users an upcharge for simplifying the purchasing process.
Because Coinbase Pro offers advanced features, is more difficult to use and allows users to utilize a more traditional trading platform, the fees are much lower than the brokerage service. Coinbase Pro also offers users the option to trade more cryptocurrencies that the traditional Coinbase brokerage doesn’t offer.
Last year Coinbase launched their wallet app for iOS and Android. This wallet (a software program where cryptocurrencies are stored) stores the private keys on your device so that you are the only one who has access to your funds. Coinbase started out as a wallet, then became an exchange only and now they are again offering a wallet service.
Some of Coinbase’s other services include their unique index known as the Coinbase Index. This index tracks the performance of all the assets listed on Coinbase. They also have their own personal stablecoin, USD Coin (USDC), which is tied to the US dollar.
Coinbase offers a service called Paradex which is a platform that allows users to trade directly from their wallet. Finally, for institutional investors, Coinbase offers custodian services to safeguard their investments.
Coins Offered & Payment Methods
Coinbase offers users the ability to buy and sell the following coins: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Stellar Lumens (XLM), Ethereum Classic (ETC), Zcash (ZEC), Augor (REP), Dai (DAI), USD Coin (USDC), 0x (ZRX), and Basic Attention Token (BAT).
The payment methods that Coinbase offers include credit cards, debit cards, wire transfers (ACH in the US and SEPA in the EU) and PayPal (withdrawal only).
Coinbase’s fee structure varies depending on your payment method, the country you’re purchasing from and whether you use Coinbase Pro or Coinbase’s brokerage service. The transaction fees are 1.49% for a standard bank transfer and 3.99% for credit card purchases. If you deposit funds through a ACH transfer the transaction is free.
The full fee structure is listed below.
Sometimes Coinbase will decline your purchase when there is an extreme price shift, but this only happens on rare occasions. Coinbase has one of the lowest fee structures compared to other major brokerage services such as CEX.io and Coinmama. There is also no fee for transactions between Coinbase accounts. This allows you to transfer funds to other Coinbase users free of charge.
Coinbase offers their services in the following countries: Angola, Benin, Botswana, Cameroon, Ghana , Kenya, Mauritius, Namibia, Rwanda, South Africa, Tunisia, Uganda, Zambia, Armenia, Bahrain, Brunei Darussalam, Hong Kong, India, Indonesia, Jordan, Kazakhstan, Korea, Kuwait, Kyrgyzstan, Macao, Maldives, Mongolia, Nepal, Oman, Philippines, Singapore, Taiwan, Uzbekistan, Australia, New Zealand, Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, Aruba, Bahamas, Barbados, Bermuda, Canada, Cayman Islands, Costa Rica, Curaçao, Dominican Republic, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Trinidad and Tobago, United States, British Virgin Islands ,Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay
Coinbase Sign Up Step By Step
- If you want to sign up for an account on Coinbase, click the “Get started” icon in the top right corner.
- You will then be directed to the create your account form to fill out all of your information. Make sure all of your information is correct and verifiable.
- Verify your email address to complete the signup process.
- Add your phone number and a 7 digit verification code will be sent to your phone. Enter this code into the verification form and click the “Submit” button.
- Once you submit the code you should be prompted to verify your ID. If you are not prompted you should still do so anyways because you will be required to verify your ID to make a purchase.
Verify Your ID
- Coinbase is a US company. Because of this, they must abide by Know Your Customer (KYC) and Anti Money Laundering (AML) laws. These laws require customers to verify their identity to businesses. Unfortunately, you must include a large amount of personal information such as your photo and last 4 digits of your Social Security Number.
- After you fill out the information above you will then need to submit a front and back picture of a form of photo ID.
- If you want to add additional security to your account you can do so by enabling 2 Factor Authentication (2FA). To do this, first select the settings tab then navigate to the security tab.
- Scroll down to the “2-Step Verification” section, and make sure the verification code is set for any amount of digital currency, which is the most secure. You can then select the 2-step verification method of your choice.
- Any of these methods do a good job of protecting your investments and make it very hard for someone to breach your account. Because the codes change so often, a hacker would need to have access to you phone in order to steal your investments.
- This means that even if someone were to have your username and password, they still wouldn’t be able to do anything with your funds because they wouldn’t have the 2FA code.
Adding Payment Methods
- Before you make a purchase on Coinbase, you must add a payment method. Currently Coinbase offers debit card, bank account or wire transfer payments (Paypal has been added to Coinbase recently but at this time there is only a withdrawal option).
- To begin the process, first select the “settings” option. This can be found under the drop down arrow in the top right corner beneath the user icon.
- When you are at the Settings page, click the “Linked Accounts” tab. Then select the “Link a New Account” button.
- At this point you can now choose which payment method you would like to add.
- Debit cards can be used to make immediate purchases on Coinbase. However, debit cards have the lowest purchase limit of all the payment types offered by Coinbase.
- If you want to have funds instantly transferred to your account so that you can quickly trade for another cryptocurrency, debit cards are your best option.
- To get started, select the debit card payment option and fill out your billing address and card information.
- Once you have filled out your card information, Coinbase will send 2 pending charges to your account. You will not be charged for these transactions, they are simply used to verify your card. To verify simply take a look at you debit card statement and enter the last 2 digits of these charges in the Coinbase form pictured below.
- If you’re interested in making a larger cryptocurrency purchase, bank accounts or wire transfers are the way to go. Unfortunately, these charges are not immediate like debit cards are but they have higher limits and charge much lower fees.
- Bank account charges lock in your price the moment when you make the purchase. However, you will not receive your cryptocurrency for typicall 4-5 business days or longer.
- To link a bank account, select the bank account payment option and then choose your bank.
- After you choose your bank, enter your online banking credentials.
- If for some reason you receive an error message or you do not have your credentials, you can manually add your bank account by providing your account and routing number. The verification process will take 4-5 business days as opposed to the method mentioned above, which is instant.
How To Purchase Cryptocurrency
- Now that your payment information has been entered and your account is fully set up, you can make your first purchase.
- To make your purchase, click the “Buy/Sell” tab at the top of the page. Then select the amount of your purchase, the type of cryptocurrency you want to buy and your desired payment method.
- Click the buy option and then confirm your transaction. If you enabled 2FA you will have to enter your verification code to confirm the transaction.
- Selling cryptocurrency is essentially the same process, only you will be changing your cryptocurrency to fiat instead of fiat to cryptocurrency. The only notable difference is that you can’t sell using a debit card and must sell using either a bank account or a USD account held on Coinbase.
How To Deposit And Withdraw Cryptocurrency
- If you want to deposit or withdraw funds from your Coinbase account, select the “Accounts” tab.
- To make a deposit, choose your cryptocurrency and select the “Receive” option.
- When you click the “Receive” option, Coinbase will show you your unique wallet address that you can send your cryptocurrency to. Always be sure to only send the exact matching cryptocurrency to its corresponding wallet.
- This means you can’t send Bitcoin to a Ethereum wallet or Litecoin to a Bitcoin Cash wallet, it must only be Bitcoin to Bitcoin or Litecoin to Litecoin. If you make the mistake of sending one cryptocurrency to a different cryptocurrencies wallet address, your funds will be lost forever. Always make sure to double check before executing a deposit or withdraw.
- If you want to withdraw or send your cryptocurrency to another address, select the “Send” button.
- Enter the recipient’s wallet address and the amount in cryptocurrency or dollars that you would like to send. Again, make sure to only send your funds to wallets of the same type of cryptocurrency, or you will lose it forever.
- After all of the details are entered, you will be required to enter a 2FA code to finish the transaction. Most cryptocurrencies also have an additional miner fee charged for sending cyrptocurrency. This fee is sent to the miners who keep the cryptocurrency networks running and does not go to Coinbase.
- You should now know how to set up an account, buy, sell, deposit and withdraw cryptocurrecnies. With all of this information. you now have all you need to start buying and trading cryptocurrency today.
Coinbase vs Coinbase Pro
Coinbase and Coinbase Pro are operated by the same company and use the same login information as one another. This means you can signup for an account on either platform and your account for each platform is the same, but the services they offer are different.
The Differences between Coinbase and Coinbase Pro
Coinbase is tailored to first time cryptocurrency buyers because of its simple user interface. Contrarily, Coinbase Pro is for more advanced users who know how to use a trading exchange. Coinbase Pro offers different kinds of orders such as market, limit and stop limits.
They also have price charts, indicators, order books and bid ask spreads. Also, Coinbase Pro only allows deposits using wire transfers or ACH bank transfers (SEPA transfers in Europe).
Coinbase vs Coinbase Pro Fees
There is a significant premium on the fees charged when using Coinbase as opposed to Coinbase Pro. On Coinbase, there is a 3.99% fee on debit card transfers and a 1.49% fee on bank transfers.
However, on Coinbase Pro it’s actually free to make a bank deposit and the only fees are for market orders ranging from 0.1% to 0.25%. This means that if you place a limit order you won’t have to pay any fees at all!
Coinbase vs Coinbase Pro Price
There is also a somewhat hidden premium charged on Coinbase compared to the Coinbase Pro price. We were unable to find the exact details of this premium but its seems as though Coinbase’s price is roughly half a percent (0.005) higher than the price on Coinbase Pro.
On Coinbase there are limits on how much you can trade on their platform. The limits very depending on your payment method, verification status, account age, purchase history and location.
If you are a citizen of the United States you should expect your initial limits to be a $50 maximum for credit card purchases, $5000 maximum for bank transfer purchases and a $50000 maximum for sells of any payment method.
Coinbase Bitcoin Wallet Security
There are three types of wallets offered on Coinbase, the Coinbase Wallet, Coinbase Vault and Coinbase Multisig Vault. The details of each wallet are listed below.
The default Coinbase wallet allows the Coinbase company to control your investments. This means that you must trust Coinbase to keep your coins secure. This can become troublesome because Coinbase can close your account or block access to your funds at any time for whatever reason.
The idea of most cryptocurrencies, like Bitcoin, is to have the ability to control your own money without any third party risk. Because of these reasons, the Coinbase Wallet is not the place where you should be holding the majority of your funds.
The Coinbase Vault wallet is similar to the default Coinbase Wallet but offers an extra level of security. Your investments are stored in a Vault account which is protected by multiple users. If a customer adds two approvers to their vault, both approvers must confirm each transaction before it can process.
Every transaction takes 48 hours to process in order to provide extra safety. Unfortunately, you must still trust Coinbase to secure the funds in your Vault account. Again your Vault account can be closed at anytime by Coinbase so it is not recommended to hold your funds here either.
The Coinbase Multisig Vault is the most ideal of all three choices. The multisig vault operates with 3 keys, one key is shared, one is held by the account holder and one is held by Coinbase.
It only takes 2 of the three keys to spend your funds, so even if Coinbase goes offline or is compromised, you will still have your own key and the shared key. This means that your funds can’t be held because the shared key is encrypted with your password.
Coinbase USD Wallets
Coinbase also offers a USD wallet which allows users to store dollars on their Coinbase account. This wallet is used to store money in your account so that you can make a purchase without having to wait 5 days or more for a bank transfer to process.
You can also convert your cryptocurrency investments into USD at any time if you suspect a drop in the price of your coins. You can do this to protect yourself from volatility or to capitalize on a buying opportunity when the market drops in price.
Coinbase Debit Card
Coinbase offers a debit card as well, however, this is for UK customers only. This service uses your Coinbase balance as the debit card’s fund source, permitting you to spend cryptocurrency at any merchant that accepts Visa.
Coinbase Mobile App
Coinbase also offers a mobile application that is supported by iOS and Android devices. This allows you to buy or sell cryptocurrencies on Coinbase without having to login to your account on a computer. The app offers all of the same features that the PC version does, all while on the go. You can make buy or sell orders, change you payment methods or verify your contact information and identity.
This app can be very useful for tracking price movements as you can enable automatic notifications when certain price levels are reached. Recently the Coinbase app has actually become the most popular way for users to access Coinbase.
Customer support is one of the few areas where Coinbase is not an industry leader. There is a large FAQ section and most common questions can be answered there. However, if you submit a support ticket via email, response times can often take 48-72 hours or longer.
Unfortunately there are a lot of complaints from users who have expressed dissatisfaction from experiences with the customer support team.
Many users complain of responses that don’t really address their issues and that it can become difficult to get the support team to thoroughly investigate your problems. Coinbase is very aware of this public perception and has done much to improve their customer service team, but there is still room for improvement.
One of the most common complaints about Coinbase is sudden account closures or frozen accounts. Coinbase is extremely focused on legislative compliance as they were the first cryptocurrency company to receive regulatory approval in the US.
Because of the issues with customer support, it is crucial to avoid certain forbidden activities such as adult services or gambling to avoid conflicts.
Coinbase operates it KYC and AML practices much like a bank. So, if you want to avoid the headache of dealing with customer support, stay away from anything that may rub Coinbase’s algorithms the wrong way.
Having said all of this, even if you run into problems or account closures you will most likely be able to get your money back, it just may take some time.
Coinbase is one of the best places to exchange fiat dollars for cryptocurrencies. The user interface of the exchange is very simple and easy to use for both new and experienced investors. Coinbase’s platform has advanced security measures to ensure that their customers funds remain safe and protected. This helps to protect investors from potential loses.
With so many features like the Coinbase app, Coinbase Pro, multiple wallet options, and more, Coinbase remains the benchmark for cryptocurrency exchanges around the world.
Click any of the links in the article or the one below to signup for Coinbase and being trading cryptocurrencies today.
If you use any of the links in the article and invest $100 or more, Coinbase will credit you with $10 in free Bitcoin! So make sure to use one of the links in this article if you plan on signing up!