What is Coinbase?

As the leading mainstream crypto exchange in the United States, Coinbase has become a benchmark for new crypto investors. Coinbase offers a wide range of products, including crypto investments, advanced trading platforms, custodial accounts for institutions, wallets for retail investors, and its own US dollar stablecoin.

Coinbase was founded in 2012 and is a fully regulated and licensed cryptocurrency exchange that supports all US states except Hawaii. Coinbase initially only allowed Bitcoin transactions but quickly began adding cryptocurrencies that fit its criteria of decentralization.

Its list has been expanded to include Ethereum, Litecoin, Bitcoin Cash, XRP, and many more, with the promise of more as long as its requirements are met.

Pros and Cons

Pros

Extensive altcoin selection: Coinbase offers over 25 cryptocurrencies for investment, trading, and staking.
Extremely Simple User Interface: Coinbase is one of the most user-friendly crypto investment tools available. It’s easy to sign up and buy crypto within minutes. It also has a crypto payment learning program for users to learn more about how cryptocurrency works.
High Liquidity: Coinbase always ranks among the exchanges with high liquidity. This protects investors from severe slippage in an already volatile market.

Cons

High fees when not using Coinbase Pro: Coinbase has high fees compared to some of its biggest competitors. Many people new to the standard Coinbase platform will incur these fees unless they use Coinbase Pro—free to switch and with lower fees—which has more features that can be overwhelming for traders. new cryptocurrency translation.
Users do not control their own wallet keys. This is consistent with many centralized exchanges, but it is still an issue for all of them. When a user purchases cryptocurrency on an exchange, it is stored in a wallet that Coinbase has control over. This means that users have no autonomous control over their holdings, which in essence goes against the ethos of decentralized currency or finance. This can be avoided if the investor withdraws their funds into their personal wallet, preferably a hardware wallet.
Not enough altcoins for altcoin traders: Coinbase has a good selection of altcoins for novice investors, but those interested in seriously trading altcoins won’t find them. What a great option this is. That said, Coinbase plans to add more altcoins over time.

Coinbase Wallet Features

This wallet already has some high-performance features that make it the best cryptocurrency wallet. The wallet is packed with strong security and ensures that its “hot wallet” state does not lead to hacking incidents.
The main feature of the Coinbase wallet is to manage private keys and store users’ crypto assets directly on their device. It is used as a hot wallet compatible with hardware wallets such as KeepKey, Ledger, and Trezor. The wallet must not be used as a centralized exchange or broker. However, it is used to send and receive these exchanges.
Coinbase wallets can be connected to crypto-friendly bank accounts. The wallet also has various features that help users buy or sell cryptocurrency at a profit margin. The wallet is also compatible with major fiat currencies such as the US Dollar (USD).
A wallet with high compliance features, such as KYC rules that are implemented in accordance with company policy. For individuals with uncomfortable credit histories, this wallet may not be ideal. Anyone wants the wallet’s exciting features and support services.
A key feature of the wallet is to help users store digital collections. Non-fungible tokens (NFTs) are rapidly gaining popularity in the digital consumer market. Crypto Punks and Kitties are being digitized as collectibles. These NFTs can be properly stored in the Coinbase wallet. Moreover, the wallet also helps to buy and sell these NFTs on the internet.
The wallet provides secure storage services. The private and public keys are closely guarded in the wallet. The Secure Enclave feature is perhaps the strongest security measure developed by Coinbase. In addition, the cryptocurrency is protected in the wallet by biometric authentication. This restricts access to cryptocurrencies and allows a limited entry for users only. The wallet’s optional cloud backups are also quite useful for recovering lost private keys and crypto assets.

Service provided by Coinbase Wallet

Coinbase also offers some unique wallet utilities. As a software product, the wallet provides permissioned access to decentralized financial (DeFi) innovations. Users can buy and store Ethereum ERC-20 tokens or their digital currency in the wallet and link them to DeFi projects. They can participate in online airdrops, helping them earn free crypto.
The wallet also supports ICOs. It helps Coinbase users invest in new altcoins and stablecoins at the lowest market prices. Collecting rare digital artworks in the form of NFTs and digital collections is also an additional service supported by the wallet.
Browsing dApps and shopping at crypto-friendly stores is easy with this wallet. Most stores accept Coinbase for their wallet services in crypto deposits. Those who want to simply invest in digital financial assets can use this wallet. By far, the Coinbase wallet is still the easiest and safest digital wallet to manage, buy, and sell digital currencies.

Coinbase Wallet Supported Coins

Like the Coinbase platform, the wallet supports a limited number of digital assets. List of Cryptocurrencies supported by Coinbase wallet include:

Bitcoin (BTC)
Ethereum (ETH)
Bitcoin Cash (BCH)
Litecoin (LTC)
Ethereum Classic (ETC)
Ethereum Protocol Token 0x (ZRX)
Ethereum US Dollar (USDC)
Basic Attention Token (BAT)
Chain Link (LINK)
Zcash (ZEC)
Augur (REP)
Ripple (XRP)
Lumens (XLM)
Electro Optical System (EOS) Token
Dai (DAI)

The wallet also supports the fiat currencies of several countries. People from different parts of the world can add funds to their wallet using more than 50 fiat currencies, such as US Dollar ( USD ), Canadian Dollar ( CAD ), Australian Dollar ( AUD ) and Euro ( EUR ), among others.

How to Create a Coinbase Wallet

Step 1: Go to Coinbase.

Visit the Coinbase signup website.

Step 2: Enter your information.

On the registration website, you must fill in the following details about yourself: Your first and last name, and the email address that will be used to register. Of course, you must enter a password that you need to remember. It may be necessary to verify that you are not a robot. Just pass the verification and submit the information you provided by clicking the “Create Account” button.

Step 3: Agree to the GDPR.

If you live in the European Union, you have to accept the basics of GDPR. You can do that by clicking the Next button and then clicking the I Admit button.

Step 4: Accept or decline email updates.

If you’d like to receive personalized email updates about products, services, and special offers based on your account usage, click “yes.” If not, click “no.”

Step 5: Double-check your email address.

After signing up, you need to verify your email address. Wait for an email from Coinbase containing verification information and follow the instructions. Generally, you have to click the “Verify Email Address” button.

Step 6: Give the new device permission.

If you don’t see this message in your browser, you can move on to the next step. If you see it, you need to open your inbox again and click the “authorize” button in the new email sent to you a few seconds ago.

Step 7: Include your phone number.

In this step, you need to enter your phone number and verify it by entering the confirmation number received in the inbox. This allows Coinbase to send you a verification code whenever you log into your account.

Step 8: Tell more about yourself.

After phone verification, you’ll need to provide more information about yourself. You need to fill in your date of birth, address, and information on how you will use your Coinbase account. Once you have filled in the information, you can click the “continue” button to begin the verification process.

Step 9: Identity Verification

In the next step, you need to verify your identity to unlock all Coinbase features. You can pass verification by providing your ID or a photo of your driver’s license.

So, select the desired document for account verification and follow the steps shown in the verification form.

Step 10: Include your preferred payment method.

After verifying your account, you may want to fund your account to buy cryptocurrency. To fund your Coinbase account, you can use a bank transfer, credit card, or debit card. To set up your preferred payment method, click the avatar button in the top right corner and select the settings option.

Next, click on the linked account, then click to link the new account. For the purposes of this tutorial, I will show you how to add a debit card as a payment method.

Choose your preferred payment method (in our case Credit/Debit card).

Fill in the requested payment information, which will be used during the purchase process.

In the next step, fill in your card information.

Double-check the information filled in and, if everything is fine, click the Add Tag button.

Everything is done.

Congratulations! You already have a Coinbase account to buy, sell, send, or receive cryptocurrency. To buy any of the cryptocurrencies on offer, click on the “buy” button. After the pop-up is displayed, you can choose the coin you want to buy and which payment source will be used for payment.