If you are a crypto enthusiast, you have likely encountered Coinbase, one of the largest crypto exchanges in the world. Coinbase is a place that offers users the opportunity to buy and sell crypto like BTC and ETH.
As crypto continues to see an uptick in adoption, many methods are popping up to help you buy crypto. Whether through Robinhood, Binance, or Venmo, these popular platforms allow you to buy the crypto you want.
When talking about Coinbase, we are talking of a company excelling in the market with a vast verified user base. The company debuted in 2012 before the crypto winter in 2018, and its survival through the winter gave investors hope by ticking many boxes.
In today’s guide, we will be looking at buying and selling crypto on Coinbase. This guide is geared toward newcomers in the industry who want to start with Coinbase. Coinbase is a crypto exchange, meaning that it is a platform that allows users in the crypto space to transact and store cryptocurrency.
The crypto exchange offers various currencies in the crypto industry and, according to DappRadar, provides more than 240 tokens. Coinbase is more of a beginner’s platform, while Advanced Trade is for more seasoned investors who want high-volume transactions and more trading options.
The company announced that it was creating a premium service and migrating all its users to the Advanced Trade platform. Coinbase is very straightforward for users; it offers balance checking, watchlists, and other tracking tools that help investors in the exchange make better decisions.
As of 2023, Coinbase has been set up in over 100 countries, which means they are halfway to 100%. The company also offers a Coinbase card, a Visa card that users can use to receive rewards on assets based on different programs.
Coinbase does charge a fee for trading on the platform, unlike Robinhood, which boasts free trading on its platform. Coinbase fees differ from most platforms and can be very complicated. These complications arise because the exchange does not charge a flat fee and needs to be more open about its costs and pricing.
Users report knowing how much they will be set at the last step before they complete the order. Many online sources say pricing depends on your location, payment method, and order size.
In addition, the company also includes a spread in the price, which usually differentiates the assets market and the price you are trading. The process for Advanced Trade gets more complicated and accounts for many more variables in the calculation.
Opening a Coinbase Account
Like all other reputable exchanges in the crypto space, you require a government-issued ID to sign up. Ensure that you take all the necessary precautions, including the steps in Cyber hygiene, to ensure your account is inaccessible to malicious actors.
Trading on Coinbase
According to Hanna Halaburda, a scholar and associate professor at NYU, the more prominent cryptos are safer. These currencies include BTC, ETH, BNB, etc., and although they cost a lot, that cost assists the blockchain in deploying more computational power, discouraging hackers from trying.
The platform allows users to buy fractionalized coins, meaning that you do not need to buy one total BTC, which at the time of writing is hovering around $27,000. On the exchange, you can purchase coins for as low as $10. Trading on the platform from there is a straightforward process, but always remember to do your research as an investor.
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