Updated: Aug 16, 2020
Coinbase is highly regarded as the best place to get started with crypto! With a wide variety of cryptocurrencies and a user-friendly interface, anybody with access to a smart phone or computer can make their first purchase! Coinbase strives to be most trusted place to buy and store crypto and create a user experience that is just about as easy as sending an email.
To download the Coinbase app, you can visit the App Store on your iOS or the Google Play store on your Android. Search for Coinbase and download the app. You may see other apps, Coinbase Wallet and Coinbase Pro. These will be covered in later blog posts.
Depositing funds on the app is quite easy. After completing basic KYC (Know Your Customer), you will have the option to buy crypto using either a bank account, a debit card, or a wire transfer. PayPal is available as well, but currently only for withdrawals.
Coinbase utilizes three different verification levels to determine how much you are allowed to invest or withdraw from the platform. They are as follows:
Level 1: By verifying your phone number, you will be able to invest up to $9,500 using your bank account and/or credit/debit card.
Level 2: By verifying your personal information, you will be able to invest an unlimited amount and wire funds in and out of Coinbase. You will aslo be able to store USD within your account.
Level 3: By verifying a photo ID, you will be able to send and receive crypto.
The Coinbase app displays your portfolio balance at the top of the Home page along with a bell icon to display any notifications that you may have received. Notifications can be set up from within the app to track large price swings in a cryptocurrency, or custom set to notify you of a certain price target that you may be looking for, a buy or sell opportunity. Other notifications include staking rewards and top news stories from the industry.
On the Home page, you can also create a watchlist to keep an eye on the 24 hour price action of a particular coin. Coinbase will automatically aggregate the top movers (either down or up) and display them on the home page. The Home page also shows the most recent top news stories in the crypto world.
The Portfolio page will show you your current holdings on the exchange. You can view a graph of how this amount, valued in USD, has changed over the last hour, day, week, month, year, or all-time. You can hover over the chart with your thumb or finger to see your balance on any particular day in history.
In the center of the menu bar on the bottom of the page, you will find the swap button. This allows you to either buy crypto with cash, sell crypto for cash (USD), convert crypto to another crypto, send crypto to another wallet, or receive crypto from another wallet. When buying or selling crypto, it is important to remember that Coinbase does charge a fee for the transaction. This fee can be as little as $0.99 for smaller transactions or up to 1.49% for larger transactions. That means that if you were to buy $1,000 worth of Bitcoin, you would pay $14.90 in fees to Coinbase, equal to 1.49%. When sending and receiving transactions to and from other wallets, you may incur network fees (although these are often insignificant).
One thing I love about Coinbase is the ability to earn rewards. You can earn up to $161 in FREE crypto from participating in the "Learn and Earn" campaign. It is very simple to participate. First, you watch videos to learn how the crypto works and then you take a one questions quiz to check for understanding. For each video that you watch, and for each correct answer, you get coins deposited to your wallet! You can learn and earn Orchid, Stellar Lumens, EOS and more! Click the links to get started!
Coinbase currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Basic Attention Token (BAT), ChainLink (LINK), Dash (DASH), Kyber Network (KNC), EOS (EOS), Algorand (ALGO), Tezos (XTZ), Orchid (OXT), Maker (MKR), 0x (ZRX), ZCash (ZEC), Stellar Lumens (XLM), Augur (REP), OMG Network (OMG), Ethereum Classic (ETC), Bitcoin Cash (BCH), Cosmos (ATOM), Compound (COMP), Dai (DAI), United States Dollar Coin (USDC), and the United States Dollar (USD). More will undoubtably come to the platform in the future!
Coinbase is even starting to integrate rewards! You can currently earn 2.0% APR on the stable coin Dai and 0.25% APR on USDC, which are both far better rates than you can earn in most banks. Stable coins generally keep a stable value to the USD, and often have equal collateral in a vault to back them up. Coinbase also supports staking of Tezos, with an APR of 4.03% (variable), however the price of Tezos is susceptible to market fluctuations.
Coinbase is FDIC (Federal Deposit Insurance Corporation) insured, meaning that you account is safe up to $250,000. You can sleep easy at night knowing that your funds are secure. Coinbase keeps 2% of their funds on the exchange and 98% in offline cold storage, minimizing the potential damage of any hack.
In summary, Coinbase is the best place to get started with crypto in my opinion. The simplicity of use and no need to set limit or market orders on complex exchanges makes Coinbase far and away the best place to get started with Bitcoin. Its security is unparalleled and your funds are insured.
In further reviews, I'll take a look at Coinbase Pro, as well as the Coinbase Wallet. Good luck getting started on Coinbase and as always, stay tuned!
If you are serious about getting into crypto, Coinbase is a great place to start! You can start today by downloading the app from Google Play (Andriod) or the App Store (iOS) to purchase your first Bitcoin! Don’t worry, you can buy fractions of a Bitcoin too ;) You'll get $10 for FREE if you buy $100 or more using the Coinbase link above.