Cryptocurrencies are on the rise and have become an integral part of everyday life for many people and the economy. Thus, the digital means of payment are not only traded, they are also often used for exciting leisure activities such as playing in online casinos. If you are interested in diving into the world of cryptocurrencies yourself, the first step is to get your hands on the coveted coins.
The best way to implement this plan is with the help of a cryptocurrency exchange. These are companies that make it possible to buy and exchange cryptocurrencies of all kinds. However, a cryptowallet is also required. A digital wallet in which the individual cryptocurrency units can be stored.
Since there is a large selection of different providers, which is also constantly increasing, finding the right trading setup can prove to be a real challenge for many users. But don't worry! At this point, we'll help you out and introduce you to a particularly high-quality provider: Coinbase.
First, you will learn about the general features and the main advantages and disadvantages of Coinbase. After that, Coinbase will be tested to see how well the provider fulfills the most important criteria of cryptocurrency exchanges and wallets. For this, we draw on our extensive Coinbase experience, which gives you an authentic insight into the qualities of the provider. This way, you will be well informed at the end of the article and can decide whether Coinbase is the right provider for you and your plans.
Coinbase at a quick glance
Coinbase entered the crypto trading arena back in 2012, which is why users can now benefit from the provider's many years of experience. It is also noteworthy that Coinbase was the first provider to receive US government approval to trade Bitcoin in more than half of the states. This pioneering position and early government acceptance already indicate the high seriousness and quality of the provider.
By the way, you heard correctly that Coinbase combines the functions of a cryptocurrency exchange and a wallet. Accordingly, after signing up with Coinbase, you are able to trade cryptocurrencies and store them under high security standards. Judging by our Coinbase experiences, this circumstance is particularly practical, as it eliminates the need to search for a second provider.
Advantages and disadvantages
Below you will find a list of the most important advantages and disadvantages of Coinbase. This selection is based on our direct Coinbase experiences that have stuck with us the most:
|+ Optimized safety standards||- No telephone hotline for support|
|+ Telephone service for blocking|
|+ Wide range of cryptocurrencies|
Clear layout facilitates operation
When visiting a new website, the layout is the main factor that determines whether the user can find his way around and feels comfortable on the site. For example, overly bright colors, colorful advertisements and an excess of information can quickly have a deterrent effect.
However, this problem does not even come close to Coinbase. The page is kept very minimalistic and benefits from an unobtrusive, blue-white color scheme. At the top of the homepage you will find the individual submenus, so that you can easily navigate through Coinbase. All in all, the homepage looks more than tidy, which makes for a pleasant handling.
Another handy design decision is that all you have to do is scroll down a bit and you will be informed with an overview of the most important price changes on the cryptocurrency market.
Furthermore, the homepage provides practical advice on how to build a cryptocurrency portfolio and more information about Coinbase's security standards.
Of course you will also find the buttons for login and registration at the top right of the homepage.
The registration at Coinbase is of course also an aspect that is especially important for new players. Below you will find a short list of the individual steps. If you follow this step-by-step guide, you will have created your own Coinbase account in no time.
1. Confirm the register button
The first step to getting your own Coinbase account is to click the right button. The rule here is that you have to click on "Register" for a new account. The "Register" button is for users who want to log in to an already existing account.
2. Enter your first and last name
The first and last name, which are marked as mandatory at Coinbase, must be entered in any case. There are providers where this is not necessary, but since Coinbase has extremely high security standards, you do not have to worry about the security of your personal data.
3. Enter your email address
The next step is to enter an email address. This will allow you to confirm your account and use it to the full extent.
You will then have to enter a password. It is best to make sure that it contains both numbers and letters to ensure the highest possible security. Alternating upper and lower case letters also make a password more secure.
For users from the USA there is another useful hint. If they additionally verify their new user account with their ID card, they will receive Bitcoin equivalent to $20. If you live in Germany, this tip is not immediately useful for you, but Coinbase is working on offering this option in other countries in the future.
6. KNY (Know-Your-Customer)
The Know-Your-Customer regulation, KNY for short, has been mandatory for banks ,financial service providers and now also crypto exchanges for several years. This includes a complete legitimation by the provider. You are guided through the process step by step.
In general, the verification process is similar for all providers. After entering your data, a short video call is scheduled, in which you have to confirm your ID and thus your person. After the subsequent verification, you can start trading.
How does trading work at Coinbase?
After you have successfully registered, you can almost start trading. Before that, however, you need to get your portfolio ready for takeoff. The best way to do this is to make your first investments at Coinbase and purchase cryptocurrencies. Judging by our Coinbase experience, this is done quickly, so that users are able to buy cryptocurrencies quite flexibly.
In our Binance review, we made purchases via credit card and buy-it-now. These options were particularly fast and promise a certain level of security due to the high reputation.
In addition to being able to buy cryptocurrencies directly, the overview is of course also of central importance for controlling the rates.
The overview is called up by clicking the "Prices" button at the top of the screen. Immediately afterwards, you will be greeted by a summary. There you can find out which cryptocurrencies have increased in value the most and which have decreased the most. We found this quick overview to be extremely practical in our Coinbase experience. You can already use this short information to control the planning of your portfolio.
However, that is not all. If you scroll down a bit, you will find a detailed listing of the price developments of all cryptocurrencies. Based on this, you can additionally see how big the total market capitalization of the respective cryptocurrency is and how many units are currently in circulation. Furthermore, the purchase of the desired cryptocurrency can be initiated with just one click.
Of course, trading also includes the individual cryptocurrencies with their different characteristics and price developments. In this respect, the first question is whether the cryptocurrencies you are interested in are also traded on Coinbase. Since the repertoire of each cryptocurrency exchange differs slightly, a quick look at the respective portfolio is advisable.
In the case of Coinbase, users can enjoy awide range of different cryptocurrencies, so most traders should find what they are looking for with this provider. Of course, Coinbase offers some of the most popular cryptocurrencies with the highest market capitalization, such as:
But even small but popular cryptocurrencies have their place at Coinbase. For example, you can also act with currencies like Dogecoin or Shiba Inu.
Outstanding security measures ensure a good feeling when trading
As mentioned above, Coinbase attaches great importance to the security of its customers. This claim is holistic and covers several areas. Users not only know that their cryptocurrencies are in good hands with Coinbase, but also benefit from high data protection guidelines.
The first special protection measure concerns your account directly. To log in to your Coinbase account, it is not enough to enter your name and password. Instead, you will receive an additional security code from Coinbase, which you must enter on your cell phone. Only then you will get access to your account and can start trading.
Coinbase is also ahead of the industry in terms of data encryption. The provider uses SSL encryption for data transmission. This system is also used by banks for extremely secure online banking, which indicates the high quality. The private keys needed for transactions, on the other hand, are secured with AES-256 keys.
Another special security measure is the physical data storage offered by Coinbase. The provider backs up its customers' data redundantly and stores it not only digitally, but also saved on USB drives and in paper form. In this way, the risk of theft or data loss due to technical failure is minimized. An example would be a blackout of Coinbase's servers, which could cause the irreparable loss of its users' data. Such a situation would be a worst-case scenario and is therefore highly unlikely, but even in this hypothetical situation Coinbase would be able to secure and subsequently restore its customers' data in physical form. Coinbase states that a total of approximately 98% of all customer data is stored independently of the Internet. This means that hackers have hardly any possibility to get hold of the important customer data.
All in all, at Coinbase you enjoy a sophisticated security system that is capable of protecting both your cryptocurrencies and private information from third-party access and technical failure over several levels.
So, if you've been apprehensive about moving large amounts of money or value digitally, Coinbase is the wallet for you.
Reliable support ensures a good basis of trust
Since cryptotrading is not only a sophisticated but also significant issue, it is crucial for every wallet provider and cryptocurrency exchange to offer high-quality and professional customer service.
In fact, Coinbase also lives up to this claim. The provider handles the majority of the service via email support. If you have any questions during the registration or trading process, you can simply contact us via email. It is practical that you already specify in the mail, in which area your problem or your question falls. This ensures that your request reaches the right employees more quickly, which in turn means that you can be helped more quickly.
Unfortunately, Coinbase does not have a telephone hotline in the traditional sense. Nevertheless, the emergency lock works perfectly by phone. This way, you can quickly protect your account from access by third parties in case of doubt.
Glossary and tutorials provide extensive information
It is also helpful that Coinbase offers a comprehensive glossary that contains useful information about the individual cryptocurrencies and the features of Coinbase. However, this flood of information is not forced upon the user, so that beginners are not overwhelmed. Instead, they can visit the glossary specifically when they need support or questions arise about a certain topic. Furthermore, Coinbase offers numerous video tutorials, which present the topics in a visually appealing way and are also particularly suitable for new users.
Flexible trading on the go with Coinbase
The offer of a cryptocurrency exchange as well as a wallet also includes that users can access the applications on a mobile basis. This is the only way to ensure that you can react to price changes on your way to work or during your lunch break, for example. Fortunately, Coinbase is up-to-date in this respect and you can access all features of the wallet and the exchange via smartphone.
Conclusion: Coinbase has everything a wallet has to offer
Overall, our Coinbase experience was mostly positive. The basic features of a cryptocurrency exchange and a wallet are realized in a high-quality manner through clear information about price developments, many cryptocurrencies offered and a reliable app.
However, the most outstanding feature of the provider, which left a particularly positive mark on our Coinbase experience, was the security standards of the wallets. These start with account security and double verification, and continue with advanced SSL encryption. The physical storage of the individual cryptocurrencies is particularly noteworthy. This means that even in the event of a total technical failure, the value of the customers can be guaranteed.
In our opinion, only the support still needs to catch up. For a company of this size, a live chat is actually state of the art.
Coinbase generally offers all the functions and features that customers need for a high-quality trading experience. So if you want to start trading right away, we can only recommend Coinbase.