How Does Coinbase Works?

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How Does Coinbase Works?

How Does Coinbase Works? – With the craze over the cryptocurrency, everyone wants to know how to invest in them. To invest you will need the help of a cryptocurrency exchange. It is one of the most use of cryptocurrency exchanges in the world. So what is Coinbase and how does it work?

Coinbase

This is the cryptocurrency exchange which was established in 2012. It is a global digital exchange company (GDAX), providing various services like buying and selling, wallet, transaction tools. It provides the exchange in currencies like Ethereum, Bitcoin, Bitcoin Cash, and Litecoin as well as other digital and fiat currencies of the countries it is providing its services.

How Does Coinbase Works?

It is a reputed cryptocurrency exchange. To know about its working we need to know about it in depth.

Coinbase Brokerage Services

The main service that is provided by the Coinbase is the buying and selling of the cryptocurrencies. Here you can buy various cryptocurrencies like bitcoin, Ethereum, Litecoin and so on. If you are a beginner then it is the best place for you to enter the cryptocurrency world.

Coinbase Wallet

It also started the service of an independent mobile wallet for ios and android users. With this wallet, you will be provided a private key which is accessible to you only. This kind of service provides you the privacy and security.

Security

It takes security very seriously. While transacting it uses complex algorithms so no third party can eve-drops on you. They store most of the cryptocurrency in the offline station guarded 24/7 and monitored by the world’s best security cameras.

This can give you the assurance that the money you are investing is safe.

Insurance

Coinbase also comes under the FDIC insurance policy in the United States. So if you lose you fiat or cryptocurrency from the Coinbase wallet. Then it will be refunded to you. In this, you can have the insurance up to $250,000.

But you have to keep in mind that the theft is from your side then you will not come under the FDIC insurance policy and will not be getting the money back.

This can give you the feeling that the money you are investing is safe.

Coinbase Currency and Payment Methods

Coinbase provides the service of buying and selling of these currencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ethereum Classic (ETC)
  •  0x (ZRX)

The payment methods provided by the Coinbase are:

  • Wire transactions
  • Credit cards
  • Debit cards

Coinbase Fee

Buying and selling of the cryptocurrency from the Coinbase can be a tricky thing to understand. If you are buying or selling the bitcoin then you might have to pay a higher transactional fee as compared to the other cryptocurrency. This is because of the congestion created by bitcoin buyers and sellers.

You might think that Coinbase is quite expensive but it is not. It charges much less in comparison to the cryptocurrency exchanges like Coinmama, CEX.io.

Geographical Reach

Coinbase has a wide reach. It is providing its services in the 32 countries. Some of them are:

  • United States
  • United Kingdom
  • France
  • Greece
  •  Spain and so on

Conclusion

You might have heard about the complaints of the users regarding the Coinbase. But you have to understand that it is impossible for any company to maintain a 100% track record. All it can be said that Coinbase is one of the most trusted exchanges all-around the world. So you might have got the answer to the question “How Does Coinbase Works?”.

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