Coinbase Exchange Introduction
Coinbase is one of the most popular cryptocurrency platforms in the US. The firm is geared towards the mainstream market and does an exceptionally good job of making cryptocurrencies accessible to all. Coinbase makes it easy to understand cryptocurrencies through a range of educational services, and it also provides ample opportunity for investors to grow their crypto investments in ways of their choosing. While it may not be the best option for high frequency traders, it gives the average investor plenty to enjoy.
Notable Coinbase Features
Coinbase comes with many notable features that do a good job of keeping investors interested in the Coinbase platform. Customers can take part in programs offering rewards, earnings potential, cashback, staking, and more. Coinbase users can also take advantage of the Coinbase credit card, the native digital wallet, and even trade with a fee-free stable coin created by Coinbase (USDC).
Referral Program
The referral program offers users the chance to get some free cash when they invite their friends to Coinbase. All that is required is that the referred customer use the Coinbase platform to make a hundred dollars in trades within a 180-day period from signing up.
Recurring Investments
Another way Coinbase tries to give a little back is through the recurring deposit cashback incentive. For this, users can set up a direct, recurring deposit with Coinbase of at least $50 per deposit and the user’s account will be credited with an additional $5. Coinbase credits the user’s account after the second successful recurring deposit.
Earnings Program
Coinbase also offers a learning center which pays its users to learn about new blockchain projects. Upon opting in, users view educational content on various crypto and blockchain projects and answer questions based on what they learned. Upon completing the learning material, Coinbase users are rewarded in crypto.
Staking
Staking cryptocurrencies is quite popular amongst digital asset investors and Coinbase offers staking services for several different crypto products. While staking is not a firm-specific service (it is a feature built into specific cryptocurrencies), it is nice that users can take advantage of staking at Coinbase.
At Coinbase, staking is available on Algorand (ALGO), Tezos (XTZ), Ethereum (ETH), and Cosmos (ATOM).
Wallet
Anyone wishing to buy and hold cryptocurrencies in a safe location, could easily consider Coinbase’s crypto wallet solution. Users can use the digital asset wallet with or without a Coinbase account and the wallet comes in a few different formats to make it easier for a greater number of users to access the wallet product.
Coinbase also offers a standalone wallet product for mobile users, as well as browser extensions allowing users to use and access their crypto currencies easily online.
There are hundreds of digital wallet apps available today. Coinbase’s offering is worth a look not because it preforms differently from every other digital wallet out there, but because Coinbase has proven its reliability over time. Coinbase provides security and peace of mind, coupled with storage tools that are intuitive and simple to use.
Coinbase Card
Coinbase also offers its customers the option to receive a credit card that is tied to the Coinbase account. The card allows users to access and spend funds held at Coinbase at ATMs and in stores anywhere Visa is accepted.
As the Coinbase card is connected to the Coinbase account, users can decide which asset is spent by default when the card is used. While any asset can be used as a payment tool, a common payment choice will probably be Coinbase’s stablecoin (USDC), since there are no transaction or exchange fees when using the card with USDC.
Available Cryptocurrencies
One place Coinbase really shines is in the availability of assets to hold and trade. Coinbase
users can trade from USD or stablecoin to over 60 cryptocurrencies, as well as creating trading
pairs in any combination. See the list below for more information.
Trading (Coinbase vs Coinbase Pro)
Trading on Coinbase comes in a few different styles. Users should test out the available options to see which of the platforms is most suitable to their trading needs and expectations.
Coinbase
Most Coinbase users will use the primary Coinbase platform which features simplified, beginner-friendly trading options that make crypto trading accessible to all.
For trading on Coinbase, users are presented with options to buy crypto using funds from their Coinbase account or their bank account. Selling has the same options. Users simply choose their preferred digital assets and payment account and an amount to be transacted.
Investors can also buy and sell between currency pairs at will using the Convert option. All that is required to convert one asset to another is to choose the desired parings from a dropdown list. Coinbase calculates the trade price and fees and provides a cost for the trade.
Coinbase Pro
Some might want a bit more from their trading experience, and Coinbase attempts to answer that call with a trader-focused app, Coinbase Pro.
Coinbase Pro has some advantages over the Coinbase alternative, including an in-depth look into the order book and level two data, adjustable candlestick charts, on-chart order entry, and more. Placing trades on the Coinbase Pro platform is also less expensive than on Coinbase.com.
While Coinbase is a powerful tool for trading a wide selection of currency pairs at a fast pace and at relatively low fees, it does lack several important features that are often expected on a ‘pro’ trading tool.
For example, technical analysis tools are mostly missing from the platform. Traders can activate two pre-defined moving averages set at 12 and 26. There are no other options for technical analysis available other than the ability to change the timeframe.
Charting purists and vanilla candlestick traders may find no issue with Coinbase Pro charting, but many might miss some common options and indicators.
Despite its charting shortcomings, Coinbase Pro is highly responsive and lightweight. It runs right from the browser and traders can gain market depth insights on the platform that are invisible on the standard Coinbase offering.
Coinbase Mobile (Coinbase vs Coinbase Pro)
Users also have access to a Coinbase and Coinbase Pro mobile app for Android and Apple devices. In many ways, the apps replicate the features and usability of the primary desktop applications. While the mobile apps are clearly designed to fit onto smaller screens, the same tools, assets, and accessibility exists.
One the Coinbase mobile app, users can connect their bank to deposit or withdrawal money, purchase cryptocurrencies directly with funds from a connected bank account, and trade between available pairs on the network.
The Coinbase Pro mobile app enjoys the same strengths as the desktop version, including depth or market, plenty of currency pairs to trade, access to the user’s connected fiat banking institution, and some basic charting.
From a trading perspective, the differences between the Coinbase and Coinbase Pro mobile apps is negligible. Both are stable and powerful, yet simple and user friendly.
Open Coinbase Account
Open Coinbase Account
Coinbase Fees
Coinbase is a good mainstream solution for cryptocurrency investing and trading but fees at Coinbase are high compared to the forms competitors. There are fees for placing trades between currency pairs as well as for initiating deposits and withdrawals.
Where Buy and Sell operations are concerned, Coinbase combines a spread charge (around half a percent) with a per trade fee. The per trade fee amount is based on the amount of the transaction. In the United States, transaction fees are as follows:
· Under $10 incurs a fee of $.99.
· From $10 to $25 incurs a fee of $1.49
· From $25 to $50 incurs a fee of $1.99
· Above $50 incurs a fee of $2.99
For cryptocurrency conversions, Coinbase charges a set fee of 2%.
For a more detailed description of the Coinbase fee structure, see the Coinbase help document here (https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees).
Coinbase Pros and Cons
Coinbase is a powerful, user friendly platform that allows users of all experience levels to take part in the world of cryptocurrency. There is a lot of love about the platform, but it may not be for everyone. In general, the platform is mixed in terms of how it compares with many of its competitors. Therefore, weighing the Pros and Cons is a wise choice before devoting time and money to the platform.
· User friendly interface and trading
options
· Simple funding methods
· Wide selection of digital assets
· Integrated digital wallet
· Multiple platforms to choose from
· Solid education approach · Pro trading platform lacks many essential tools · High fees · Lack of control over trading costs on primary platform (Conbase.com)
· Good mainstream cryptocurrency access
Final Thoughts
When it comes to cryptocurrency platforms, Coinbase provides a service that just about everyone can benefit from. Even for traders who desire more active trading options than what Coinbase provides, the platform still can prove useful in many respects. Coinbase is a safe, trusted name that does a great job of bridging the divide between traditional money systems and blockchain powered monetary systems. In short, there is a lot to love about Coinbase, and it is certainly a great platform for the majority of users in the space. However, the high fees and a lack of technical trading tools, some deter a significant group of serious traders.
Open Coinbase Account
Open Coinbase Account
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