KEYTAKEAWAYS
- Coinbase is a pioneer in the crypto exchange space, known for its user-friendly platform.
- It offers high security and regulatory compliance, ensuring safe trading for users.
- Coinbase supports various cryptocurrencies and provides advanced trading features through Coinbase Pro.
CONTENT
Learn about Coinbase, a leading cryptocurrency exchange known for its user-friendly interface, strong security, and compliance. Discover its features and benefits.
WHAT IS COINBASE?
Coinbase is a centralized exchange focused on spot trading of cryptocurrencies and is the first licensed virtual currency exchange in the United States. Currently, Coinbase ranks second globally in spot trading volume. Additionally, Coinbase is a publicly traded company on the Nasdaq under the ticker symbol COIN.US. In simple terms, Coinbase is the first publicly listed cryptocurrency exchange.
Founded in 2012, Coinbase is one of the pioneer cryptocurrency exchanges. Its goal is to create a platform where anyone can easily trade cryptocurrencies, providing a high-credit, efficient trading experience with simplified operations. This aims to make the cryptocurrency market more active and widely used, achieving a new breakthrough in the financial sector.
Coinbase is especially suitable for beginners in cryptocurrency trading. It offers a wealth of beginner-friendly educational content and a simple trading interface, eliminating complex candlestick charts and presenting cryptocurrency trends with clear numerical changes. The focus is on buying, selling, sending, and receiving cryptocurrencies, rather than complex trading products.
▶ Coinbase Official Website: https://www.coinbase.com/
In addition to basic trading services, Coinbase also offers advanced trading features through its premium platform, Coinbase Pro. These features include limit orders, stop orders, and margin trading, designed specifically for advanced users.
Another attractive feature of Coinbase is its ability to facilitate fiat-to-crypto transactions. Users can directly purchase cryptocurrencies using their local currency or sell them back to fiat without the need for intermediary currencies.
Coinbase also offers additional services, such as a secure digital wallet for users to store their assets. Their “Vault” feature provides an extra layer of security by requiring multiple approvals for withdrawals from the wallet.
With its user-friendly interface, robust security measures, and the ability to facilitate fiat transactions, Coinbase has become a popular choice for both novice and experienced cryptocurrency investors.
>>> More to read : Choosing the Right Cryptocurrency Exchange: CEX vs DEX
COINBASE: MISSION & ADVANTAGES
-
Mission
- Customer First: Committed to providing the best services and user experience for customers.
- Open & Transparent: Maintains transparency in company financials, strategic plans, and decisions to provide insight into operations and growth.
- Diversity & Inclusion: Dedicated to fostering a diverse and inclusive work environment by embracing employees from various backgrounds, cultures, and perspectives.
- Career Development: Focuses on the professional development and growth of employees, offering various training and development opportunities to help them achieve personal and professional goals.
- Achievement & Responsibility: Encourages employees to contribute to the company’s growth and success while promoting responsibility and accountability in both work and life.
-
Advantages
- High Security: Utilizes multi-layered security mechanisms, including offline storage and encryption, to protect users’ funds.
- Strong Reputation: As one of the earliest cryptocurrency trading platforms, Coinbase has a solid reputation and is regulated by the U.S. government.
- Ease of Use: Provides a simple and user-friendly trading interface, supporting multiple payment methods such as credit cards and bank transfers.
- Support for Various Cryptocurrencies: Offers a wide range of mainstream cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, and continually expands its cryptocurrency list.
- High Liquidity: Ensures high liquidity, allowing users to quickly buy or sell cryptocurrencies with relatively low fees.
>>> More to read : TOP 5 Crypto Trading Platforms April 2024
COINBASE VS OTHERS
How does Coinbase compare to its competitors? Let’s analyze the advantages and disadvantages from the perspectives of trading volume, compliance, and security.
- Trading Volume
Coinbase‘s 24-hour spot trading volume is $1 billion, accounting for 3% of the total trading volume ($33 billion), ranking second globally. In comparison, the largest cryptocurrency exchange, Binance, has a 24-hour spot trading volume of $7.2 billion, representing about 22%, which is seven times that of Coinbase.
- Security
Mt. Gox was considered the earliest cryptocurrency exchange in the industry, but it collapsed after a hacking attack in 2014, indirectly highlighting Coinbase’s higher security, as it was founded around the same time. While major exchanges like Binance, OKX, and KuCoin have suffered significant losses due to attacks or security vulnerabilities, Coinbase has also experienced security issues but with relatively minor losses.
- Compliance
Compliance is Coinbase‘s standout feature. It proactively embraces regulation and has obtained exchange licenses in multiple countries. Compared to Binance, which faces regulatory challenges in several countries, Coinbase‘s compliance efforts give it an edge and make it more appealing to users.
>>> More to read : 4 Trusted Crypto Market Live Trackers for Staying on Trend
COINBASE TUTORIAL & HOW TO START
- Register an Account:
Sign up for a Coinbase account by providing some basic information such as your name, email address, and phone number.
- Identity Verification:
To ensure the security of your account, complete identity verification by uploading a form of ID (such as a driver’s license or passport) or by undergoing facial recognition verification.
- Add a Payment Method:
To purchase cryptocurrencies on Coinbase, you need to add a payment method. Options include linking a bank account, credit card, or debit card. After adding a payment method, you’ll need to verify it to ensure account security.
- Purchase Cryptocurrencies:
Once your account is verified and a payment method is added, you can buy cryptocurrencies on Coinbase. Choose the type of cryptocurrency you want to buy, enter the amount, select the payment method, and confirm the transaction.
- Store Digital Currency:
If you plan to hold your cryptocurrencies long-term, you can store them in Coinbase’s digital wallet. The wallet provides secure storage for your digital assets, and you can view your cryptocurrency balance at any time.
- Trade Cryptocurrencies:
To trade cryptocurrencies, select the type of cryptocurrency you want to trade, specify the amount and price, and place your order. Once someone accepts your order, the trade is complete.
