Coinbase Review – The 1 Thing You Have to Know About

[mdfaysal]

Coinbase Review – The 1 Thing You Have to Know About

Coinbase is the biggest Bitcoin broker / exchange around, supporting 32 countries and with more than 4 million customers around the world. Founded in 2012 as part of Ycombinator Coinbase is also one of the oldest exchanges around. Coinbase is a regulated and licensed company.

Coinbase allows users to buy and sell Bitcoins through their bank account, credit card, Paypal account (selling only), and other less known methods as well. Even though Coinbase has started out only as a broker (selling Bitcoins directly to customers), lately (May 2016) Coinbase started operating GDAX – A Bitcoin exchange, where Bitcoiners can trade Bitcoins with one another.

Supported Countries

Coinbase offers its services in the United States, United Kingdom, Canada, Singapore, and the following European countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland.

Coinbase required verification methods

All Coinbase accounts have a wallet the can be used for sending / receiving Bitcoins. In order to open such an account you will need to supply your full name, verify your email address and accept Coinbase’s user agreement.

If you want to be able to buy Bitcoins with Coinbase you will need to supply a valid bank account to allow bank transfers to Coinbase.

Coinbase buying / selling limits

Once your Coinbase account is set up (tutorial later down in this post), you are able to buy a small amount of Bitcoins until you raise your limit. For example, US residents who have a credit card on file in their Coinbase account (as backup) will be able to purchase up to $1000 worth of Bitcoins a week.

In order to raise your limits on buying Bitcoins you will need to supply the following:

• Identity verification
• Credit card verification
• Debit card verification

If you are a fully verified US resident you can reach the highest limit which is currently $50K worth of Bitcoin a day. Limits may also be sent depending on the payment method you choose to buy the Bitcoins with. For example, ACH transfer has higher limits than buying Bitcoins with a credit card on Coinbase.

Coinbase accepted payment methods

Coinbase’s main payment method is the wire transfer. Depending on your country you will be able to either link your bank account directly to Coinbase or send money to a specific Coinbase bank account in order to fund your account.

Latelt Coinbase has introduced also the ability to buy Bitcoins via credit and debit cards. Using this method will cost you an extra % for processing fees but it’s faster than using wire transfer. If you’re looking to sell your Bitcoins on Coinbase you can also use Paypal as the receiving source of funds. However, the use of Paypal is limited to sellers only. At the moment it’s not possible to buy Bitcoins with Paypal on Coinbase.

Coinbase transactions and fees

Coinbase transaction times depend on the payment method you will use. For example, a wire transfer can take up to 5 days to be approved whereas a credit card purchase will be instant. Once your account is funded you will receive the Bitcoins after placing your order (tutorial to follow). Depending on your payment method there can be different fees to the transaction.

From Coinbase 2018 Review - The 1 Thing You Have to Know About |
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