- Company Name: Coinbase
- Headquarters: San Fransisco, CA
- Official Website: https://www.coinbase.com
- Established in 2012
Coinbase is the largest USA facing bitcoin exchange online. I rank them so highly because of their ease of use for first time bitcoin buyers. Especially from the USA.
North American customers can buy bitcoin with a credit card, bank transfer and bank wires.
You can turn normal money (US dollars) into bitcoin, bitcoin cash, ethereum, and many others. They are adding more crypto coins as the markets mature. As of right now, the cryptos they deal with also include:
- Bitcoin Cash
- Ethereum Classic
- USD Coin
- Basic Attention Coin
- Stellar Lumens
Coinbase also has a cryto coin called ‘USDC’ that they tie 1 to 1 with real U.S. dollars. If you are trading in and out of bitcoin or cypto then this coin can help you quickly lock in USD value.
Coinbase is designed for new users. People who are ready to buy their first cryptocurrency.
There is hardly an easier or safer place to buy your first bitcoin than Coinbase. There are some that are cheaper but involve a more complicated purchasing process.
Who Should Use Coinbase?
I recommend Coinbase for the following people:
- You are a first time bitcoin buyer
- You want a safe and secure place to buy bitcoin
- You want to pay with a credit card or bank transfer
- You are fine with providing identification
- You are NOT looking to use their built in wallet to gamble online (you’ll want your own wallet if you want to bet btc)
If some of those things are you, then Coinbase is a fantastic solution.
Is Coinbase Legit? (Yes)
Even though Coinbase shut my business partners account down in February of 2017, I still say they are legit.
He was the one who broke their terms and conditions (Oh no he played a little online slot machines and got a payout from an online casino) which violated their terms.
So, they shut him down.
Still, they are the real deal. They are the largest USA based and US facing BTC exchange out there.
While they will absolutely shut your account down if they see that you are gambling or breaking any of their terms of service, they have always made right by their customers. People who have had accounts shut down end up getting all of their money out.
They even did a 180 regarding Bitcoin Cash Coins which were generated at a 1/1 ratio for how much ever bitcoin you had in your coinbase account. At first they were not going to support it, but after backlash they made right to benefit their clients the most. Now they list it as one of their coins to buy and sell.
They are large and quite frankly, in-charge when it comes to USA fiat bitcoin exchanges where you can sell your bitcoin for USD and get a wire out to your bank.
You can buy bitcoin, litecoin and ethereum here. You can also utilize their built in exchange, GDAX to trade larger sums of BTC for lower fee’s.
Full Coinbase Review – Facts and Details You Should Know
There is something to be said about ease of use for new bitcoin buyers. Let’s face it, bitcoin is fairly confusing on its own. Having a trusted and reputable place to get your first bitcoin helps all of us keep our mind at ease.
How To Buy Bitcoin at Coinbase
You have two options when buying bitcoin on coinbase as far as funding your account.
You can use a credit card and buy up to $150 worth of BTC on your first day with a basic account level. I am in the process of creating a step-by-step guide to buying bitcoin at coinbase for the first time.
Invite a friend to use Coinbase. When they join up and deposit at least $100, you’ll both earn a free $10. Pretty hard to beat that!
Pros & Cons
Types of Verification
Coinbase follows KYC policy. You have to verify your account to buy bitcoin with credit cards or bank transfers. You can use a government ID and or drivers license for verification.
Accounts with balances are also required to utilize the google authenticator app for two factor authentication.
Limits & Liquidity
The limits depend on your deposit method and account levels.
- Credit / Debit Cards = $150 / week
- Bank Account = $2500 / week
- USD Wallet = $10,000 / week
You can increase these limits by uploading your ID and providing government documentation for identity verification.
Frequently Asked Questions
Final Coinbase Thoughts
Coinbase is great for first time bitcoin buyers. They do have their issues though. Most notably their service was completely down during the extremely volatile price swings. People were trying to set up and cancel trades but could not access the system. Instead of cancelling trades like stop-losses, those where hit and executed even though users were trying for hours to log in and adjust them. Being down during critical times is my biggest criticism of Coinbase. Their fee’s are higher than some places but they do offer a lot with their service. If you are trading you can open an account at their built in trading platform called GDAX, where you can buy and sell for lower fee’s via their trading engine.
I recommend new users to start out at Coinbase. Visit Coinbase and get $10 worth of bitcoin free when you purchase your first $100 worth, just by using any link from this website.