Exchange Reviewed: Coinbase, Buying Cryptocurrency Made Easy
If you are thinking to buy your first cryptocurrency, you will certainly need to start with Coinbase. Several other platforms like Robinhood and Square Cash have recently opened up crypto purchases, but Coinbase is by far the most common choice. Coinbase makes the cryptocurrency buying process very easy and rapid.
What is Coinbase?
It is a global digital asset exchange (GDAX) which offers the ability to buy and sell cryptocurrencies. Its interface provides the user with an easy and efficient way to interact with blockchain. The technology which tracks the cryptocurrency coin and asset movement. It acts as an intermediary between the user and blockchain, as your average person won’t have the technical information required to interact directly with the blockchain. Coinbase works differently from traditional cryptocurrency exchanges. Instead of requiring users to trade on market, it directly sells cryptocurrency to the user at a set price. It allows the user to buy their cryptocurrency more quickly than on an exchange.
Buying and Selling Cryptocurrency
For purchasing cryptocurrencies, the platform requires you to link a bank account, or debit or credit card to your Coinbase account. Using a bank account will allow for higher limits, but it will also take long enough to verify the transactions. So you won’t be able to see money in your wallet for at least two to four days (depending on your bank). While selling Bitcoin, once the sale is confirmed, the sales proceeds will show up in your bank account after two to four days.
Good to know is that when you want to buy cryptocurrencies with a debit or credit card, limits are slightly lower than when you using bank transfer. Cryptocurrency investing, speculation and possession could be seen as a complex and overwhelming process for new buyers. But Coinbase has done a great job to make this process extraordinarily easy. Buying and selling cryptocurrencies at Coinbase is as easy as selling and buying normal stocks.
Why Choose Coinbase?
Coinbase is a stable, well-made platform that aims to simplify purchasing crypto by eliminating most of the negative aspects found at exchanges. The platform is made in such a way that it provides security to customers’ funds, so even novices cryptocurrency buyers can store their coins and use the platform very easily. The exchange also offers a mobile app, allowing you to buy, sell, and send cryptocurrency on the go. At this exchange, you can also buy crypto with both credit/debit cards and bank transfers.
It’s good to know that Coinbase only offers users the ability to buy and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin, so if you want to work with something that is not Bitcoin, Litecoin, Bitcoin cash or Ethereum, then forget about Coinbase. On the other hand, if you do want to work with only these four cryptocurrencies. You should know that Coinbase is one of the leaders buying and selling Bitcoin, Ethereum, Bitcoin cash and Litecoin. All cryptocurrencies sold by the exchange are also supported by most hardware wallets like the Ledger Nano S and Trezor.
Coinbase is a great option for those who are new to the world of cryptocurrencies. Especially if they don’t want to bother with a complex exchange process. The platform is also one of the few exchanges (eToro, Changelly) that accept credit and debit cards. Next, to that, it’s also one of the few exchanges which have a worldwide accessibility. Many people choose this exchange because it’s the easiest way to buy cryptocurrency and because of its user-friendly trading platform.