Are you a newbie investor looking to purchase your first Bitcoin or a trader looking to maximize profits and pay fewer fees? Coinbase is based in San Francisco, the United States, and has been established in 2012. You can see this by going to coinbase.com global to check out. If your country is included here or not, there are different fees for different payment methods.
For example, you can use a US bank account would cost you one point four nine percent, whereas if you use a credit card or a debit card, you would be charged almost four percent. This is very high, but the funds will come into your account instantly. So you’re paying more for that convenience.
EVERYONE is talking about how Bitcoin is the future of money. But how do you practically jump on the Bitcoin?
Coinbase is one of the most popular cryptocurrency exchanges that already have 12 million users; with Coinbase, you can buy and sell cryptocurrencies from 32 countries and use the wallet.
Setup Coinbase Account
Simply create an account using your email address, and add your phone number for the 2-step verification process. To comply with anti-money laundering regulations, you need to share a photo of your ID, which you can do via your phone or your webcam. It takes about two minutes to get set up.
The next step is to connect your bank account (but an online transfer would also have been possible- if a little slow – up to 5 days before you can start trading). Once that’s done, you are ready to start buying your digital currency. The Coinbase interface is really user friendly. It was immediately clear how to buy Bitcoin, Litecoin, EOS, and Ethereum.
It’s so easy to use to check the current prices of different.
Cryptocurrencies and buy and sell cryptocurrencies. There is also a really great little feature where you can set an alert to notify when the price hits a certain point so you don’t need to keep checking, which has all of the privacy features you would expect as private keys and that type of thing you connect your bank account debit card or credit card so that you can change your digital currency into your local currency. So, for example, if you live in London, you can change bitcoin into British pounds.
And then, of course, you just buy the cryptocurrency and sell it when it’s time to get rid of it—some significant advantages of using Coinbase because it gives you a currency wallet. You don’t go out and get a third party currency wallet. They have secure storage as well as a secured offline interface. You do have the ability to set up a recurring buy so you can buy every week or every month a set amount. You also have insurance production, it’s the protection, it’s FDIC insured, which is banking insurance in the United States very important.
There are merchants out there that take Coinbase transactions. So that’s very important. And you can get you to know your charts here gives you an idea want what we’ve been doing. There’s a yearly chart of a theorem. If you’re going to get into more old coins, for example, some of the lesser traded currencies. For example, Monaro may have to get another exchange, but Coinbase seems to be where people start.
So that’s why we’re looking at it here again, though with it being FDIC insured that is huge because it gives us a certain amount of legitimacy that most exchanges just can’t match also though you’re only looking at Bitcoin at theorem and like a coin. But those are the three biggest currencies out there. You get everything integrated into one account certainly offers simplicity.
Coinbase taking a long time transaction
The dashboard is also really helpful in terms of providing information on the value of your cryptocurrency, and finally, the app is brilliant. But wasn’t so keen on the fees – just under 4% to buy and sell Or the fact that didn’t get a verification screen informing that transaction had been successful. The whole thing crashed during the Bitcoin transaction.
The website says that all funds stored online are insured. But it also says that 98% of customers’ funds are stored offline, which means that your funds are basically not insured. It also definitely wasn’t instant – the transactions took a while to process how long because they didn’t get a confirmation that they had completed or not.
You might like to consider if you are based in the US, then Coinbase is currently in a legal battle with the inland revenue. The other thing to bear in mind is that Coinbase offers a service to merchants who want to accept cryptocurrency.
How to Buy Bitcoin on Coinbase without fees
If you want to buy $100 worth of Bitcoin, so Coinbase wants to charge me a fee of 3.8 four dollars that is roughly 4% as you see, that’s really high, but you’re paying more for the convenience you’re getting that instant Buy.
So you can invest in your Bitcoin straight away however if you’re in the US the UK or anywhere in Europe that uses the euro currency you’re in luck you’re gonna be able to purchase your Bitcoin with 0% fees that are right zero dollars. So We definitely recommend you tell anyone about this because it could save hundreds or even thousands of dollars in fees.
The website is called pro.coinbase.com, and you can go there for low fees and are exactly owned by the same company. They are just two different platforms one coin base is more for the newbie, the new investor who just wants to buy their first Bitcoin, whereas pro.coinbase.com is more for the institutional investors, the day traders, the people with big money.
They have two different types of fees one is the take a fee, and the second is the maker fee as you can see. The take a fee can be as high as 0.25 percent. This is still much cheaper than Coinbase, where they charge you up to 4%, but we are looking to pay 0%, which is the maker fee, so what is the difference between a take a fee and a maker fee.
So a taker fee is where you make a market order, your purchase of the order book, and your order get filled immediately, and a maker fee is where you put your order on the order books. So you’re providing liquidity to the market, so you get rewarded by getting charged no fees by pro.coinbase.com.