Coinbase – Best Cryptocurrency Trading Platform

Coinbase Cash

Moving on from my last article where I tried to introduce the concept of cryptocurrency explained in layman’s terms as a very good long term way to earn money working from home, today I would like to introduce you to Coinbase, in my opinion the best cryptocurrency trading platforms.

Coinbase Logo

Name: Coinbase.com

Website: https://www.coinbase.com

Founders: Brian Armstrong & Fred Ehrsam

Cost: Min flat fee of £1 + geo percentage fee

My Rating: 4.8 out of 5

 

How To Buy Cryptocurrency With Coinbase


As mentioned in my previous post Cryptocurrency Explained Simply, I was introduced to Coinbase by my son, who asked me to invest a little amount of money for him. I must say, being used to dealing with stockbroker looking-like platforms, which appear seemingly and scaringly complicated and are even more complicated to use, it was refreshing how easy to use Coinbase was. And I believe the winning card of Coinbase is its very user-friendly approach to what is otherwise often presented like the incomprehensible world of virtual currency.Coinbase How To Use

The principle is very simple. You register your details, go through an ID verification process where you post a couple of pictures of your form of ID, deposit some money using your debit or credit card, and then buy an amount of cryptocurrency using that deposit.

And literally, that’s all that there was to it when I purchased £100 worth of Ethereum currency this morning. Yes, my son persuaded me, given the fact that at present most currencies are at their lowest value for the last few months.

Before I delve deeper in the details of Coinbase and its user-friendly tools. However, let me tell you a little more about the origins of Coinbase.

 

The Story Of Coinbase


Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2011, but registered in the summer of 2012 and started trading in bitcoins a few months later. However, Coinbase started gaining ground when big venture capital companies decided to invest huge sums of money in cryptocurrency trading via Coinbase. These included Riddit, Expedia and eventually PayPal.

Coinbase has always fought to be as transparent as possible, and at times it has been questioned for challenging some of the biggest clients on the use they intend to make of their acquired cryptocurrency. This was deemed at some point in breach of clients’ privacy of monetary transaction. However I can see why Coinbase may want to be as transparent as possible, given the not always traceable nature of cryptocurrency transactions, which has in the past led to unethical ventures.

To this day Coinbase is very strong in trying to be as accountable as possible, and protects its legit interests by wanting to vet the ID of new joining members – as legally recognized banks would do, I suspect.

If Coinbase was originally based in the States, it has now expanded its trades to accept fiat currency of 32 countries and to implement transactions and storage of cryptocurrency from 190 countries worldwide.

 

Who Can Use Coinbase


The only requirements to start buying and selling cryptocurrency on Coinbase are these:

  • You must be age 18 or over;
  • You must hold a valid photo ID;
  • You must be a bank account holder, or have your own credit or debit card.

Provided you fulfill all these requirements, and if you have a genuine interest in cryptocurrency, then nothing else can stop you from using Coinbase to purchase your first batch of cryptocurrency. And it’s really as simple as that!

 

Tools Offered By Coinbase


As you access Coinbase website, or on its app, you are presented with five main tabs. Coinbase Tools

  • The Dashboard shows you the trend of the four cryptocurrencies it trades in over the last day, or week, or month or year. This tool is very good as it enables you to start having an inkling as to whether the currency you intend to invest in is going to keep moving up or down;
  • The Buy / Sell feature is the part of the website where you actually purchase your cryptocurrency. I cannot comment on whether selling currency is equally as easy as purchasing it, as I am still to sell the percentage of Ethereum I have just purchased or the part of Litecoin I purchased on behalf of my son, but I can vouch to the fact that making the actual purchase has once again been made very easy and user-friendly;
  • The Account tab contains all the accounts in the different currencies you have purchase, and the values they have in real time – again, quite a handy feature as it shows the value of the currency at the time you purchased as well as the current value, so that you can quickly realise whether you are in profit and by how much;
  • Tools is possibly the one tab that is still a little obscure to me. I believe with one of the sub functions you can set up recurring transaction, should you want to make automatic periodic transactions in specific currencies. But under Tools you can also store your currency wallets, where you can then also transfer cryptocurrencies acquired from source different from Coinbase;
  • and finally, Settings is the tab which stores all your personal information, from your identity details to your method of payment set-ups to the fiat currency you intend to be paid in when selling your currency.

 

The Advantage Of Trading With Coinbase


I shall never get used to the stock market format of most trading platforms or even of binary option platform. By contrast, Coinbase is presented in the most simplistic of layout. This to me is the winning card to Coinbase growing success – the more accessible and easy to use a process is, the more followers it has.

Security is another winning aspect of Coinbase. Coinbase is insured against losses. What this means is that, should their online system be hacked, Coinbase insurance policy will pay out the losses to all its clients. Not only that, but Coinbase informs it only stores 2% of its funds online, with the remaining stored in their offline virtual vaults.

I am not going to show you the step-by-step process of opening and running an account on Coinbase deliberately. And that’s for two reasons. Firstly because, as mentioned, Coinbase is so straightforward that it’s self-explanatory. But the other reason is that, if you click on your profile picture at the top right-hand side of your screen, you will be able to access a most brilliantly organised Contact Support section, where you have the facility to ask questions, but where really I have found all my questions already answered there. Again, another advantage, this one, to make this platform stand out over other competitors.

 

Coinbase Is Not Quite Perfect Yet


Yes, unfortunately there are a couple of points that make this platform short of the full 5 out of 5 mark I was prepared to give it initially.

The first reason is due to the fact that, at present, Coinbase is trading only in four main cryptocurrencies: Bitcoin, Ethereum, Litecoin, and the recently added Bitcoin Cash. So, if you wanted to purchase Ripple as you have a special feeling about it, you can’t do so on Coinbase. Nor of course can you transfer Ripple or other cryptocurrency to Coinbase vaults, other than the four ones it trades in.

But the biggest disadvantage to UK based clients such as myself is possibly the fact that, when purchasing cryptocurrency, Coinbase does not accept GBP fiat currency, but only Euro. At the risk of sounding cliche, but I believe with the advent of Brexit next year, Coinbase will soon have to fall in line and start accepting pound sterling payments. It may be easily understandable that at present they still accept Euros only, as although Coinbase UK is a London registered company (daughter company of the States one), their bank account is however still held in Estonia. Coinbase Buy & Sell Fees

However, this is a flaw as, especially for larger sums of money, this may mean that when purchasing cryptocurrency in Euros from our British bank held accounts, we UK residents may end up having to bear a loss in exchange rate.

 

Thumbs Up For Me


In spite of these flaws, I still remain highly favourable to using Coinbase to get hold of cryptocurrency. I still believe cryptocurrency is a good opportunity to make some good money and build a steady profit, provided you bear in mind this is unlikely to happen in a short space of time.

More so, therefore, as your investment, however small or big it may be, is likely to sit in the vaults of traders for a long period of time, it is of paramount importance that you feel comfortable with the platform you are dealing with, and that you feel you can trust them.

With Coinbase, I absolutely do.

 


Name: Coinbase.com

Website: https://www.coinbase.com

Founders: Brian Armstrong & Fred Ehrsam

Cost: Min flat fee of £1 + geo percentage fee

My Rating: 4.8 out of 5


What has your experience of trading in cryptocurrency been like so far? Have you invested any money yet? And which platform have you used? Whatever your experience, and whether it is with Coinbase or any of its competitors, by all means you are welcome to drop down a line in the Comment area below. I shall endeavour to respond to each of you as soon as possible. Thank you!

 

10 thoughts on “Coinbase – Best Cryptocurrency Trading Platform”

  1. Hello Giulia,

    I have been curious about cryptocurrency but haven’t tried to find a place to buy it yet. Like you mentioned, I was afraid it would be like trying to buy stocks.

    This site sounds like a great way for someone with no knowledge or experience in cryptocurrency to get started and feel comfortable since it is so clearly laid out. I am really glad I happened to see this post! I will seriously consider using Coinbase myself now. I really like the simplicity and ease of use you have reported here and it makes the whole process seem much more accessible and not daunting like it felt before.

    Since I am in the U.S. it should work just fine. Thanks for this wonderful review and opening the door to cryptocurrency for all of us novices!

    1. Well Jessica, remember I am as novice as everybody else at this. And that’s why I found Coinbase so helpful in initiating newbies to this trade. Sometimes I feel it’s almost too easy to use; the easier, the more enticing to invest money (!!!). A good dose of self-control is still required, if you know what I mean 🙂
      If you decide to give it a go, let us know how you get on!

  2. Thanks for this comprehensive, yet comprehendable walk-through Giulia.
    I’ve nursed a growing interest in cryptocurrencies for some time now but have not got round to actually buying any because it seemed too complicated. Your excellent review has given me the push I needed to go from thought to action. Thanks much. Goran

    1. Believe me Goran, with Coinbase trading in cryptocurrency is almost too easy. I suspect because with cryptocurrency you do not have to have that intrinsecate knowledge of stock market moving forces, such as political and economical local and international event, all you have to worry about is whether there is enough demand or not. Yes, it’s true that cryptocurrency is extremely volatile, hence you need to keep a watchful eye on its sudden movements. But its relative novelty and ease to use makes trading in cryptocurrency, and trading with Coinbase, still very good fun 🙂

  3. Hi Giulia,

    I was Googling CoinBase and I read a few other reviews. They lost me. I found yours and voila I understand. Thank you so much as I am lost with all this cryptocurrency things and, if it ain’t cash, I don’t really know what I am doing for sure.

    However, you sign up to CoinBase and meet a few basic criteria and you are set to GO! I like that a lot and I thought all these crypto things were scams lol. Great to know and you have peaked my interest even further!

    Thank you for laying all this out simply and I may give it a go and see how things turn out. Much appreciated Giulia 🙂 .

    Regards,

    Philip.

    1. Yes Philip, give it a go. I’m not a risk taker at best of times – yes I know, the boring type, that’s me throughout – let alone when it comes to money. But with my small sum of money, I’m keeping a regular and watchful eye on Coinbase Dashboard to check whether my fraction of ethereum is going up – and it is going up again, slow but sure – so that I can then sell at the right time. If you can, try doing the same, with a long term target, and let us know how you get on 🙂

  4. Thanks for sharing this very interesting information Giulia. I have always been uncomfortable about investing in Bitcoins, although the system seems simple to understand. However, the way you explain how Coinbase operates makes it more digestible to me and could very well convert me.

    However, one thing that I don’t understand is why Coinbase doesn’t accept British Pounds even though the UK never used Euros, why would that change after Brexit? They will still use the same British Pounds.

    Anyway, that doesn’t concern me as I live in the Euro zone (France) but I was just wondering.

    So, yes, I will certainly give it a try and will definitely do that through your link.

    I wish you the very best.

    John ツ

    1. I expect after Brexit, and like many UK based companies have already started doing, Coinbase may have two choices: either start trading in Pound Sterling if remaining in UK, or moving its UK head quarters in Euro zone. The site has a message advising they are working towards introducing GBP to their platform. I believe using an Estonian bank may have some tax reduction advantages to the company. But, as you say, I am not bothered either, even if unlike you I am UK based. The important thing is that the company is reputable and pays off the traded quota.
      If you intend to give Coinbase a go, do come back to let us know what you think of the whole experience. It would be grand to compare opinions!

  5. My son told me something about this a few months ago. Didn’t really understand what it was. He just mentioned a little bit about it. Now that I have read your article, I’m seriously thinking about investing in this. Sounds like a great investment.
    Thanks for sharing this article. Very interesting.

    1. Like you, Brenda, I didn’t wise up to it until my son started talking to me about it. I now check my Coinbase account regularly enough – every day, dare I say. The good thing about trading in cryptocurrency and doing so on Coinbase is that you can start trading with very little amounts of money. The one thing that you have to be careful of, though (but this is more unique of cryptocurrency, rather than of Coinbase) is that cryptocurrency is very volatile. This means that within 24 hour cycle, a currency may reach its peak and then drop to ground zero straight after. All I can say, when currencies go up, they can earn you really good money. But, as most currencies are at their lowest at present, if you want to give it a go, do so now!!!
      Thank you for stopping by. I hope you will come back to my site for more working from home ideas 🙂

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