Created in June 2012, Coinbase is both a platform and a Bitcoin portfolio that enables consumers and merchants to trade with the digital crypto-currency called Bitcoin. It is a Californian company based in San Francisco.
Coinbase Review
The advantages of Coinbase platform are:- The purchases in euros or dollar by credit card ( Mastercard & Visa ) as well as SEPA credit transfer is one of the highlights. (the United States Canada Europe the United Kingdom Australia Singapore)
- Once its identity verified it is possible to buy up to 1000 $ or € of bitcoins each week using its CB.
- One can also buy Ethereums (another digital currency).
- Two types of portfolios are available:
- The first is super simple and designed so that beginners can store their BTC in all serenity (security is managed by Coinbase).
- The second, Multisign Vault, uses " multi-sign " innovation and allows advanced users to secure their wallets themselves. This means that if Coinbase disappears suddenly, these users will always control their bitcoins.
- All deposits are insured. However, if your password gets hacked this one would not be included in the Coinbase insurance. Always use a long and secure password.
- By 2016 the platform has set up the use of PayPal to sell its Bitcoins. This feature will soon be available for Europeans as well as users seeking to sell via Paypal.
- You can bind a credit card called Shift Card and then pay for it using the balance of your Coinbase account. This feature is not yet available outside of the United States.
Step-by-Step How to Buy Bitcoin with Coinbase
Let's take a closer look if this slogan is true in reality when using Coinbase for the purchase, sale and use of the crypto-coin bitcoin.
To get started on Coinbase, everything is indicated on Coinbase. There are 3 steps to complete your buying, registration, connection of your bank account and the procedure of purchase of Bitcoin, each step is clearly detailed by Coinbase.
1. Registration
To register, you can fill in the registration form available on the Coinbase homepage or fill out the same form on the Coinbase page of our site.
Coinbase Tip: Use my invitation to receive $ 10 free in Bitcoins, ethereums or litecoins when you buy $ 100(100 € or 100CAD or 100CHF) or more.
In your turn you can also invite friends by offering them your Coinbase sponsorship offer, simply fill in your friend's email and click on an INVITE button.
Once the form is filled in, Coinbase asks you to check your e-mail address, a verification email will be sent to you in your mailbox.
Click the link you received and your Coinbase account is now open.
A guide then appears on the page, you just need to follow this step-by-step guide to get your first bitcoins.
2. Complete Profile and Connect to Bank Account
First of all, Coinbase proposes to associate a telephone with your account: it is not compulsory but strongly recommended for an optimal security: With each connection to your account or during important transactions, a code will be sent to you by SMS on your phone number. This authentication factor prevents a hacker from guessing or stealing your password from owning your account.
The second step is to complete your profile, date of birth and place of residence.
Then you go to the next step, selecting the payment method and click "Add Payment Method" button. You have the choice between three ways of payment: PayPay Account, or bank deposit (SEPA transfer) or the payment by credit/debit card.
When you choose one of these payment methods, you need to verify your identity. You can choose between 2 documents: identity card or driver's license.
Click on the document of your choice then present it face to your webcam, front and back. Once the photos taken click on check. The verdict falls after 2 to 3 minutes only.
If it is negative no luck, you are offered to repeat the taking of photos because it is probably a lack of light or a blurred shot that prevented reading your document.
3. Procedure of Purchase of Bitcoin
By credit card no funds will be deposited on your Coinbase account, so you can instantly buy bitcoins, but the purchase costs are high (= 3.99%) and the purchase limits are low ($ 100 or € 100 per day).
By bank deposit, it is necessary to wait from 1 to 3 days maximum to receive your funds by SEPA transfer. Purchase costs are low (= 1.49%) and higher purchase limits - up to $ 3,000 per day. The ceiling limit can be increased if you apply through an online form by providing proof of your financial means.
Click on your payment method and follow the procedure indicated, if you choose the SEPA credit transfer, the Coinbase bank account details where to send the deposit are indicated. This account is that of Coinbase, Therefore you should take care to note the reference number provided in your bank transfer. Be careful not to transfer more than 45,000 $ otherwise your transfer will be returned.
Once the money received on your Coinbase account you can buy bitcoins. There is no order book on Coinbase as one can find on a stock exchange platform, you only have to fill in the amount you want to buy and the number of bitcoins you get will be displayed, as well as the amount expenses. The transaction is done instantly. Transparency is at Coinbase , there are no hidden fees. As for the sale of Bitcoin, the method is identical.
The bitcoins you have purchased are stored on your Coinbase Bitcoin wallet, accessible on the BTC WALLET tab. This wallet is automatically created when you open an account with Coinbase, to know the address, just click on the "address of the portfolio" tab. Coinbase opinion: scam or not?
It's up to you to transfer your bitcoins to another external bitcoin wallet or keep them on Coinbase. The option to keep your bitcoins on a Coinbase wallet called BTC VAULT (safe) is also available: it is an even more secure wallet managed by you or by Coinbase, depending on your choice. If you manage security yourself, the safe keeps your private keys and makes this wallet one of the top bitcoin wallets on the market.
In conclusion, it can be said that Coinbase is a platform that allows everyone around the world to buy and store bitcoins easily, quickly and safely. It has already proven itself with more than 3 billion bitcoins exchanged in volume and more than 3 million users in the world. It takes barely ten minutes to register and verify his identity and up to 1 to 3 days to buy bitcoins if you use the bank transfer option. There are no hidden fees and the only costs of buying and selling are competitive. There is no charge on deposits and only $ 0.15 on SEPA withdrawals. In the case of a problem there is a reactive customer service available by online form or by e-mail to support@coinbase.com.
* Caution, the Bitcoin should be considered a high-risk asset, invest only what you can afford to lose.
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