Coinbase Overview
On this page, we’ll cover everything you need to know about Coinbase. Our goal is to ensure you can join the platform with confidence. Whether you’re already an experienced Coinbase user or a beginner, our insights will provide fresh perspectives on navigating the platform. Buckle up—let’s dive into Coinbase!
What Is Coinbase?
Coinbase is a cryptocurrency exchange designed to simplify trading digital assets. Initially, it offered just a handful of cryptocurrencies, but during the 2017 crypto boom, Coinbase rapidly expanded its portfolio. Today, it’s a top-tier trading platform renowned worldwide. While its trading volume may not rival Binance’s, its growth trajectory is impressive.
Coinbase’s History
Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase aimed to make crypto trading fair, transparent, and accessible. Over the years, it has solidified its position as a market leader. Starting with a modest selection, Coinbase now supports over 70 cryptocurrencies across 230 markets, making it the world’s second-largest crypto exchange.
With acquisitions like Xapo (a crypto custody service), Coinbase boasts over 5 million verified users, operates in 100+ countries, and has a valuation nearing €200 billion.
How to Buy Cryptocurrency on Coinbase
Buying crypto on Coinbase is straightforward. The platform supports three fiat currencies for deposits:
- EUR
- GBP
- USD
You can also transfer various cryptocurrencies. To unlock full account features, complete the Know Your Customer (KYC) verification during signup. Here’s a step-by-step guide:
Steps to Buy Crypto on Coinbase
Sign Up
- Visit Coinbase’s homepage, enter your email, and click "Get Started."
- Provide your name, email, and create a strong password.
- Confirm your email via the verification link sent to your inbox.
Verification
- Verify your phone number via SMS code.
- Declare your nationality, estimated annual trading volume, and employment sector.
- Submit a government-issued ID (passport or driver’s license) and proof of address (e.g., utility bill).
- Processing typically takes ~20 minutes.
Deposit Funds
- Choose between credit/debit card (instant but fee-heavy) or bank transfer (takes 3 business days for deposits over €1,000).
Purchase Crypto
- Select your desired cryptocurrency.
- Click "Buy crypto with cash," enter the amount, and confirm the transaction.
Pros and Cons of Coinbase
Pros:
- User-friendly, ideal for beginners.
- High security with no recorded hacks.
- Supports fiat deposits and multiple cryptocurrencies.
Cons:
- Limited advanced features (upgrade to Coinbase Pro for more tools).
- Lengthy verification process.
- Sparse homepage design.
Is Coinbase Safe?
Coinbase is one of the most secure crypto exchanges, employing robust measures like two-factor authentication (2FA). Use Google Authenticator or Authy for added security. While no platform is hack-proof, Coinbase’s Address Management feature adds an extra layer by requiring approval for new withdrawal addresses.
Coinbase Fees
Depositing fiat is free, but trading fees vary by region and transaction type. For detailed fee structures, check Coinbase’s official site. Coinbase Pro charges lower fees (0–0.5%) per trade.
Leverage Trading on Coinbase
Currently, Coinbase doesn’t support leverage trading due to regulatory complexities. This feature was discontinued, and its return remains uncertain.
Mobile Trading with Coinbase
Coinbase’s mobile app (iOS/Android) offers seamless trading. The app is more intuitive than the browser version, making it our recommended choice.
Earning with Coinbase
Coinbase offers free educational courses on cryptocurrencies. Completing courses earns you small crypto rewards (up to €28 worth). Hold these assets—they might appreciate over time.
Coinbase Visa Card
The Coinbase Visa Card automatically converts crypto to fiat (USD) for spending. A 4% crypto cashback is available, but EUR transactions incur conversion fees.
Customer Support
Coinbase’s forum and help center cover most issues, but live support is bot-driven. For human assistance, submit a ticket—response times average 1–2 days. Quality of replies can vary.
Is Coinbase Legal?
Coinbase complies with global regulations, ensuring transparency. Its strict KYC policies prevent sudden regional blocks (e.g., in Finland).
Coinbase in Finland
Finnish users can access Coinbase, which operates in 100+ countries. It avoids jurisdictions under U.S. sanctions.
Taxes and Coinbase
In Finland, crypto profits are taxed as capital gains. Report realized earnings to Verohallinto (Finnish Tax Administration).
Final Thoughts
Coinbase is a secure, beginner-friendly platform with innovative features. While advanced traders may prefer Coinbase Pro, its simplicity and educational resources make it ideal for newcomers.
FAQ
Q: How long does Coinbase verification take?
A: Typically ~20 minutes, but may vary.
Q: Can I use Coinbase without ID verification?
A: No—KYC is mandatory for full access.
Q: Does Coinbase support staking?
A: Yes, for select cryptocurrencies. Check their website for updates.
Q: What’s the minimum deposit amount?
A: No minimum for bank transfers; card purchases vary by currency.
Q: Is Coinbase available in all countries?
A: No, it excludes sanctioned regions.
Q: How do I contact Coinbase support?
A: Submit a ticket via their help center for human assistance.