Coinbase: Beginner Guide for Cryptocurrency Trade
As the cryptocurrency world continues to grow and develop, it may seem huge for those who are young in the room. With so many different cryptocurrencies available, each has its own unique features and benefits, it can be hard to know where to start. In this article, we will use a novice approach to find out Coinbase – the leading online platform for buying, selling and storing cryptocurrency.
What is Coinbase?
Coinbase is a digital asset exchange that allows users to buy, sell and store a variety of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and more. Brian Armstrong and Fred Ehrsam was founded in 2012, and the company has become one of the largest and most well -known cryptocurrency stock exchanges around the world.
How does Coinbase work?
Coinbase operates on blockchain -based platforms that allow users to buy, sell and transfer cryptocurrencies using their own mobile devices or desktops. Here is an overview of how it works:
- Sign up : To start trading with Coinbase, users need to create an account by providing personal information such as name, E -Past address and password.
- Deposit Funds : Users can deposit funds in their Coinbase Wallet using various payment methods including credit cards, bank transfers and cryptocurrency stock exchanges such as BitPay.
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Buy/Sell cryptocurrency : When the funds are deposited, users can buy or sell cryptocurrencies from the Coinbase platform. They can choose from more than 1,000 supported cryptocurrencies for buying or trading.
- Trade with other users : Coinbase trading platform allows users to talk directly to other users. This feature is known as “Spot Trading” and allows for quick and safe transactions.
Coinbase Features
Coinbase offers a series of features that make it easy to start working with cryptocurrency trade:
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User -friendly interface
: Coinbase interface is designed user -friendly, making it easy to navigate even for beginners.
- A wide range of cryptocurrencies : As mentioned above, Coinbase supports more than 1000 cryptocurrencies, giving users a wide range of options to choose from when buying or selling.
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Low fees : Coinbase charges relatively low fees compared to other cryptocurrency stock exchanges, making it an attractive opportunity for new traders.
- Safety Functions : Coinbase has introduced strong security functions, such as two -factor authentication and cold to protect user means.
COINBASE CARD
While Coinbase is known for their competition pricing, there are some fees that users need to know:
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The transaction fee : Coinbase charges a small transaction fee for trade ranging from 2.99% to 3.49%.
- Deposit and withdrawal fee : Coinbase charges a small deposit and removal fee for the transaction.
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Interest on the Funds held : If users have a longer period of time (known as the “cold storage”), Coinbase’s wallet contains funds, Coinbase earns interest in these funds.
Coinbase Security
Security is the main priority of Coinbase with the following measures:
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Cold storage : Coinbase uses a safe cold storage system to protect user means from unauthorized access.
- Authentication of two factors : Coinbase users are requested to verify their identity using two -factor authentication before making any transaction.
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Regular security audits : Coinbase performs regular security audits and penetration test to identify and prevent vulnerabilities.
Starting with Coinbase
If you are a beginner in cryptocurrency trading, here’s a step -by -step guide how to start working with Coinbase:
- Sign up : Create an account on a Coinbase site or mobile app.
- Check your account : Check your identity using two -factor authentication.
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