Coinbase review and beginner guide for 2018

Our 2018 review of Coinbase

If you already own cryptocurrency, you most likely got it off Coinbase at first. Focusing on security and ease of use, Coinbase has grown to become the largest cryptocurrency exchange in the Western world. In the fall of 2017, it came to the point that they took in over 100,000 new users every day! So if you’re looking to buy your first cryptocurrency and heard about Coinbase, this review is the perfect starting point.

Go to Coinbase

The verdict

Coinbase is in our opinion truly the perfect place to start your journey into cryptocurrencies such as bitcoin and ethereum. We have always recommended our friends and family to go there simply because it’s so easy to get started and the setting is familiar to beginners.

The great security and trust in Coinbases services are also two of the main reasons behind our recommendation. Going strong without suffering any hacks or lost of customers funds since 2012 is definitely not something all exchanges that old can boast of. They achieve this by holding 98% of their cryptocurrencies in highly secured cold-storage and by being a US company follow strict regulations of handling their customer’s funds.

At the moment Coinbase only supports 4 of the largest cryptocurrencies besides bitcoin and that is ethereum, litecoin, bitcoin cash and ethereum classic. They are however constantly working on adding new coins that will be available later in 2018. They are also working on wide range of different products and services mostly geared toward institutional investors or traders. Coinbase Pro is one of these that is just about to launch where you can buy cryptocurrencies at zero fees!

Pros & Cons with Coinbase

✅ Accepts multiple payment options
✅ The most beginner friendly platform
✅ Very high security
✅ Quick and easy user verification

⛔ Relatively high fees
⛔ Can sometimes get overloaded with demand spikes

Beginner’s guide to getting started on Coinbase

1. Go to Coinbase
Go to Coinbase

If you use the link above you’ll get $10 in bitcoin for free when you complete your first investment over $100. At the same time you support our work here at Exchangecomparer, thanks!

2. Sign-up your account

Start by filling in your personal information and create an account. After that, you’ll need to verify your email address and set up an two-factor authentication. This means that you will also verify your phone number to increase the security of your account and making it a lot harder for a malicious hacker to take control over your funds even if your password is compromised.

Besides this you’ll also need to upload a picture of your password, driving license or ID. This is because Coinbase needs to comply with the KYC/AML laws.

Registration process

Registration process

 

3. Add your preferred payment option

This will usually pop up on the front page when you complete sign-up process. But if not head to the Settings tab and then to Payment methods. There you’ll click the “+Add payment method” and you’re ready for the next step.

Choose payment-option

Choose payment-option

4. Choose between bank transfer or credit/debit card

Now is the time to decide if you want to do your investing through a credit/debit card or by using bank transfers. If you go for the first option your transaction will go through straight away and your bitcoin will directly be credited to your wallet. However, the drawback is that you’ll pay a hefty fee on your purchase. If you instead go for the second option and use a bank transfer you will have to wait 3-5 days for it to clear. This will give you a much lower fee and allow higher amounts but since cryptocurrencies are very volatile this may affect the price at which you can get in.

Bank account or Card payment

Bank account or Card payment

5. Complete your first purchase of cryptocurrency 

Now you’re finally ready to make your investment into cryptocurrencies. Head over to “Buy/Sell” and pick the cryptocurrency you want to purchase. After that pick the payment option you added already and the amount you want to purchase. Press the Buy button and your newly bought cryptocurrency will directly be added to your account!

Buy your first bitcoin

Buy your first bitcoin

6. Download the Coinbase app

Now that you own some cryptocurrency you probably want to keep a good eye on it. So go ahead and download the Coinbase app to your smartphone so you can follow the daily price movements and buy/sell on-the-go.

Congratulations! 👑

Now you’ve completed your first step in to the world of cryptocurrencies. If you appreciated this guide please share it with your friends and family so they also can come along on the crypto journey to the moon! 🚀

Summary
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Coinbase
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