A “wallet” is basically equivalent to a bank account. It allows you to receive, store, and send crypto coins like bitcoins to others. There are three types of wallets:
- Hardware wallets
- Paper Wallets
- Web Hosted Wallets
A web wallet also called hosted wallet is one that is hosted by a third party. They are much easier to use, but the security of your coins will be in hand of service providers. Coinbase is a web wallet for buying, selling, transferring, and storing digital currency. In this Coinbase Review, we will discuss features fees merits and demerits of Coinbase. Coinbase’s ultimate goal is to create an open financial platform for the world and other global brands so that they will be able to convert their local currencies into digital currencies.
- Both buying and selling through digital currency is easy and convenient.
- Forwarding or accepting digital currency in- between online notecase, companion, or merchant payment on Coin base is free!
- It handles security and backups so there is nothing to worry.
- Coin base offers a multitude of services to a client under “one umbrella” – a wallet, an exchange, and merchant tools within one simple bridge.
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Signup with this link to get free Bitcoins of worth $10 in your coinbank account on your first purchase: Create new CoinBase Account [$10 free deal]
Supported Countries
Coin base is available in 32 countries all over the world. In Asia service is provided only in Singapore. European countries like Denmark, United StatesCyprus, Belgium, Greece, Hungary, Ireland, United Kingdom, Bulgaria, Austria, Croatia, Finland, Spain, Sweden, Norway, Malta, Monaco etc. Others the United States and Canada.
Compulsory verification method for Coin base
Individuals of all coin base accounts have an electronic wallet that they can use for sending or receiving Bitcoins. In order to activate such an account individuals need to follow three easy steps
Step1- Provide your full name
Step2- verification of email id.
Step3– Lastly accept the terms and condition of coin base for starting as a user.
Now as a registered user for being able to buy bitcoins you will need to provide valid bank account details so that it permits bank transfer to coin base.
Restriction of Coinbase buying and selling
Once the above process is followed and everything is done right you are set to go for buying a few Bitcoins until you raise your end-point.
Next, you might have a question how to increase the limit? ….one again it’s a simple task.
- Verification of any valid ID
- Verification of Credit Card
- Verification of Debit card
For example, a credit card allows you to transact more BitCoins on Coinbase.
Accepted Payment Process of CoinBase
The main key of payment in Coinbase is wire transfer. It varies from country to country whether the user will be able to directly link their bank accounts to coin base or whether they will have to send money to specific coin base accounts to fund their own account.
For example: In European countries, customers can use their European bank account from any supported countries to transfer euros to and from their coin base account. They can also buy digital currency with their credit or debit card.
Transaction charges of Coinbase
Dear users’ charges in bitcoin are decided upon market rate prevailing in the economy. A minimum flat fee is applied to conversion transactions below $200 which are disclosed before user executes the transaction.
Mainly most of the transactions hold a charge of 1% + any related as applicable as per the payment method of the user. It varies from country to country and the payment method used. Let’s take look at the latest fee chart of coin base.
Australia and Canada
Credit and Debit card buy imposes a fee of 3.99%
Europe
| Standard buy and Sell | Credit and Debit card Buys | In and out bank transfers |
| 1.49% | 3.99% | Free/euro 0.15 |
Singapore
| Standard buy and Sell | Credit and Debit card Buys | |
| 1.49% | 3.99% |
UK
| Standard Buy /Sell | Credit /Debit Buys | Wires of Bank in and out | Bank transfers in and out | |
| 1.49% | 3.99% | N/A | FREE/EURO 0.15 | |
USA
Base rate 4% for all transactions
| USA Bank account | Coin based USD Wallet | Credit and Debit card Buys |
| 1.49% with a $0.15 | 1.49% | 3.99% |
Conclusion
It can be concluded that coin base suffers both from pros and cons.
Pros
- Coin base is a trusted wallet.
- It basically offers high value in digital currency.
- Secure Wallet which also allows buy and sell.
Cons
- Restrict yourself to buy Bitcoins, Ethereum and Litecoin.
- Users’ don’t have access to private keys. Therefore it’s basically clear that your fund will be managed of Coinbase.
My opinion is to wisely invest with Coinbase. Hope this Coinbase review will be helpful for our readers. Please share your feedback and experience with us in the comment section below.
