Coinbase is one of the most popular online brokers for cryptocurrencies. Indeed, this American company, created in 2012, now serves millions of users. Furthermore, as of 2017, it’s the largest bitcoin exchange. So is Coinbase legit? Is Coinbase secure? I’ve been using it for a while and it looks like it is. But let’s review Coinbase in details to determine if it’s the right broker for you.
Coinbase, one of the leaders in bitcoin exchange
Three years after the introduction of bitcoin, Coinbase decided to promote and be part of the open financial system. And so far it’s working pretty well for them. Indeed, they have benefited from the growth of the bitcoin market to develop their exchange services. And the site is often presented as “the Paypal of the bitcoin”, since it greatly facilitates access to this crypto-currency. But bitcoin is not the only coin available. And you can also order ethereum and litecoin.
They have set three goals for themselves, which weigh in my Coinbase review. And these are to be:
- Trustworthy: Which is part of the answer of your question: is Coinbase safe?
- User-friendly: Which is what we’re expecting of the best bitcoin exchange
- Advocatory: Which will help you to enter the world of cryptocurrency
While their mission about bringing more economic freedom, innovation, efficiency, and equality of opportunity in the world may be part of their sales pitch, I like this approach of the cryptocurrency. Because of course you’re here to make money and buy bitcoins at Coinbase. But these cryptocurrencies I’m reviewing on BestBitcoinAlternative.com also represent amazing opportunities, no matter where you are.
Coinbase basic details
It’s important to know who you’re dealing with when buying crypto-currencies.
How to register on Coinbase?
While it’s very simple, the process always takes time. And if you plan to buy bitcoins, ethereum or litecoins, you should prepare in advance. First of all, you need to click on this link.
And you’ll need to provide some basic personal information: First name, Last name, E-mail and password. Don’t use a fake identity or a pseudonym. Because you’ll have to follow the KYC (Know Your Customer) process to use their services.
Also, you’ll have to verify your e-mail address, and provide additional information. They just want to avoid fraud and money laundering.
You will need to scan your ID (passport or ID card). And to use your webcam too… So that their team can verify the authenticity of your document and your application.
When opening an account at Coinbase, you must provide these mandatory information before being able to buy bitcoins. Because Coinbase does not wish to allow anybody to launder money on the basis of the bitcoin – or to engage in other illegal activities.
How to buy and sell altcoins?
Coinbase payment methods
Their main payment method is transfer. And depending on your country, you’ll be able to link your bank account to transfer money, or to send your money to a Coinbase account.
If you prefer a fastest way, you can use payment via credit and debit cards. However it’s also more expensive…
A word on Paypal: You can only sell digital currencies as of today. So you can’t buy bitcoin at Coinbase with Paypal.
Coinbase fees and transactions
Anyone can easily buy bitcoins, taking advantage of affordable fees:
Coinbase buying limits
You should know: You will not be able to buy as much bitcoins as you want. But it’s the same with most exchanges these days…
Your account will be limited by weekly buying/selling limits. To find out about these, you can click on the “Purchase / Sale of bitcoins” tab and then on “Buying Limit”:
The limits imposed on you will depend on various elements:
- The age of your account
- Your history (and in particular the number of purchases already made)
- The verification steps (identity, bank account, credit card).
Want to buy more bitcoins immediately than what the buying limits allow you? Do not hesitate to order them on other competing sites. And if you’re looking for a Coinbase alternative, you can take a look at Cex.io and Coinmama.
Where does Coinbase offer their brokerage services?
Ok, my bad. Maybe not everywhere… Because we’re at the beginning of the cryptocurrency transition. And even one of the best exchange is not available worldwide yet. But if you’re leaving in one of these countries, you’re covered!
Coinbase just secured a new round of funding from investors, so it should soon be available in other countries. Therefore, you should check their site if your country is not in this list yet.
As you can see, my opinion on Coin base is extremely positive. And that’s why I’ve been using it myself for some time now.
The site is simple to use, and makes it easy to buy your first bitcoins. But if you have to hold a significant amount of bitcoin, you should get an independent crypto-wallet. Or use Coinbase’s multi-signature vault, at minimum.
A comment, a question about my review of this exchange? Do not hesitate to write me in the comments and to share your testimonials! I will answer everybody!
Coinbase is a reliable site, which we can only recommend. It is the most popular platform in the world to easily order Bitcoins. You can trust the site to buy your first Bitcoins.However, you will have to verify your identity in order to order Bitcoins.
- Easy to use for beginners
- Relatively low fees
- High liquidity and buying limits
- Easy way for new users to buy bitcoin
- Instant buy available
- Can't use PayPal to buy bitcoin
- May track how users spend bitcoin