Coinbase is the world’s largest Bitcoin broker, and also offers an exchange, wallet, and developer API.
What is Coinbase?
Coinbase is one of the most popular cryptocurrency exchanges in the world, based in the U.S. and operating at varying capacities in 103 other countries including the likes of the U.K., Mexico, and Spain. A cryptocurrency exchange, as the name suggests, functions as a middleman in the crypto market, providing a platform for users to buy and sell different coins. Exchanges vary on factors ranging from the type of coins it trades, whether it allows for purchases with fiat money (USD, EUR, JPY), transaction fees, and processing times.
They hold over $20 billion in assets and over $50 billion in crypto has been traded using its platform since it was founded in San Francisco, California, USA in 2012 by Brian Armstrong and Fred Ehrsam.
Advantages of Coinbase
- Coinbase is one of the rare Bitcoin exchanges licensed to operate in the United States, so the legal issues of the exchange can be guaranteed.
- Coinbase e-wallet is one of the free, reputable and safe coin storage wallets.
- Founded in 2012, Coinbase is one of the oldest cryptocurrency companies.
- The exchange focuses on institutional investors, large companies in the field of financial investment.
Disadvantages of Coinbase
- Coinbase does not allow Vietnamese users to buy, sell or trade. So you can only use the wallet service of the exchange only.
- Bitcoin transaction confirmation time is longer because the exchange does not charge a transaction fee.
- Coinbase Pro has only 48 trading pairs. This number is completely incompatible with other exchanges, such as HitBTC with 802 pairs.
- Because of its focus on the US market and institutional investors, Coinbase’s trading volume is only in the top 30, according to Coinmarketcap.
How to Register on Coinbase?
Visit the account registration page of Coinbase account HERE.
Then, you fill in the information and click “Sign Up”. Next, you access your email, click on the confirmation link for Coinbase Pro account.
Enter your“First name”, “Last name”, “Email” and “Password”.
Once this step is completed, click on “Create an account”.
Click on “Following”
Once this step is completed, a verification email will be sent.
Go to your mailbox to validate your email.
Open your email and click on “Verify email address”.
Once this verification has been completed, you will automatically be redirected to the Coinbase site for the next step.
Enter your phone number.
You will then receive an SMS with a code, enter this code in the space provided for it.
Then fill in your information.
Questions such as “Why will you use Coinbase? “, have no impact on your personal use, they simply allow Coinbase to better know its users.
Finally, you will need to have your identity verified by providing your Passport, Driver’s License or Photo ID.
Choose the document you wish to provide.
You can send this document in 3 different ways, either by Webcam, Mobile Camera or File Download (PDF preferred or quality photo).
Complete this step and you already have an account and wallet Coinbase Pro!
Activate 2FA for Coinbase trading accounts
To increase the security of your account, you should enable security (2FA).
Go to https://www.coinbase.com/settings/security_settings then click on “Enable Authenticator”.
The exchange will ask the user to verify the phone number again to open 2FA.
Then, open the Google Authenticator app on your phone, scan the QR code displayed in the exchange. Note that you should save the 16-digit Key for backup when needed.
Finally, enter the 2FA code again and click “Enable”.
So you’ve turned on the security layer for your Coinbase account and then.
Conclude
So, what is Coinbase? Coinbase and Coinbase Pro are well-known exchanges in the cryptocurrency community. Moreover, Coinbase also extends beyond the crypto field to access the traditional financial market – bridging the two markets, promoting new money flowing into cryptocurrency.
However, because it must operate under strict US legal framework, Coinbase is quite limited to users, especially the Vietnamese community.
Therefore, if you want to find a friendly, intuitive exchange to get started, you should not use Coinbase. But if you want to find a reputable, secure electronic wallet service, Coinbase wallet is a good choice.
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