The Cryptocurrency Gold Rush Is Born
Who Owns it?
Product Name- Coinbase
Overall Ranking= 80
Price- Free to use and sign up, Various Fees associated will transactions
Owners: CEO= Brian Armstrong, Founder Established in June 2102
What is Coinbase?
Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency
Coinbase is the largest US Based cryptocurrency exchange, Coinbase currently is a platform to buy sell and trade (using GDAX) Cryptocurrency. Currently, they only have 4 coins supported on their platform. The most well know is Bitcoin as well as Litecoin and Ethereum and newly added Bitcoin Cash.
They provide a one-stop shop for users to set up an account much like other online commerce platforms like PayPal, you need to verify who you are and connect to a bank account just like any other bank or service does. Then once that is complete you have the ability to purchase and sell any of the coins they support on their platform, currently just those 4 mentioned above but there will be more shortly as they have announced that they will offer more coin choices soon in 2018
I have been a member of Coinbase for a while now, I was Mining Bitcoin and Litecoin and several other coins when Bitcoin was less than $230 a coin not that long ago. I have seen the value go up like I and most other miners expected. Now the age of digital currency has arrived. I have in the review information that hopefully will help you decide how to proceed with Coinbase.
Pros and Cons
- Secure 2 Factor Authentication verification process allows for added security
- Can connect to Bank account to add and withdraw funds
- The Largest U.S. based CryptoCurrency Exchange
- Has its own coin trading platform ( GDAX)
- Has a USD Vault Associated with a user account so you can buy or sell instantly with no wait
- Great Customer service
- Can Contact support via Chat, Email
- Plans To Add Several ALT Coins to the Platform.
- Has a Referral Program
I can speak from experience that Coinbase is a good place to get started in Cryptocurrency. Many other exchanges are coin only which means you need to use Bitcoin, Litecoin, Bitcoin Cash Or Ethereum, to start trading. So getting your coins purchased on Coinbase then easily transferring to an exchange is the way to go. Be aware there are fee’s for every transaction and make sure you enter the correct “receive” or “deposit” address when you send out your coins to the exchange. You can also trade your Coinbase coins using GDAX which is owned by Coinbase, you can trade any of the 4 coins they have for each other.
- Currently, Only 4 Coins supported- (Plans to add many more in early 2018)
- Transferring Money from Bank takes 7 Days
- Rising Fee’s for transactions and withdrawals
- Slow Verification of transactions at times
- Very Little Training On How CryptoCurrency Works
- Referral Program Limited to $10 reward
- Customer support Mainly VIA FAQ page or Robot Chat
My annoyance is with the robot customer service option. It takes a bit of effort to find the contact info for human support. That part I don’t like, and the affiliate program they have is nice but a bit lacking in my opinion. The program offers a $10 reward to both you and me if you join Coinbase via my referral link and end up spending $100 on currency.
That’s a nice perk, however, I have seen other programs that kick you a percentage of the fees from your referrals for as long as they are a member.
Who is it for?
Anyone looking to get into Digital currency, Primarily Bitcoin, Litecoin or Ethereum or the newest addition of Bitcoin Cash. The age of cryptocurrency has arrived and this is just the beginning. Bitcoin’s Incredible rise in value has driven people from all over who have never heard of it before to be interested in getting their piece of the pie and get in the game.
Coinbase has a nice secure platform you can trust as they store 98% of the currency offline, which means there is much less of a risk of getting hacked and lose your coins
Coinbase has great visual representations of how certain Coins are progressing with graphs. Below is a Graph of Bitcoin within the last 24 hrs, of when I posted this.
How You Benefit From Coinbase
The benefits are many on that you can buy sell and trade (Via GDAX) on Coinbase easily and Securely. The customer interface is very intuitive and easy to perform a transaction. It takes a bit to get initially setup due to all the security features but t is worth it. This is where your digital assets are managed so it makes sense. Coinbase is insured so you can breathe easier knowing your assets can be recovered if need be. U. S accounts are insured by the FDIC for up to $250,000.
The exchange that Coinbase owns GDAX(Global Digital Asset Exchange) is fully regulated US based so you get the comfort of a bit of protection for your transactions.
Honestly, you should not have a huge amount stored on Coinbase. Your best bet is to control your own funds by having an offline wallet on your PC, then send to Coinbase and trade if you need to or to cash in.
Coinbase has a referral program, it is a bit limited but it still is a reward. When someone joins Coinbase from your referral link and then spends $100 or more You both get $10 of Bitcoin. A Nice perk, but I wish it was more robust like a percentage of transaction fees like other exchanges use.
You can join Coinbase Using My Referral Link Right Here
Many support related issues can be answered via the FAQ page or using the automated chat program. This is slightly annoying if you are trying to speak to a human. In order to email support, you need to follow the contact us feed until you get to where you can launch a ticket. There are some predetermined options to select for critical issues, Just pick one that is as close as you can get to your issue then type in the text box and send it off. They have a large customer base so it can take almost a week for them to respond to your issue. You can contact them directly on twitter which is interesting but still a direct connection. Just don’t send regular tweets to support as they are visible to everyone.
I have found that whenever I had a question or needed support they were spot on and informative as well as helpful so I go with a good rating for customer service. I just don’t like the hoops you need to go through to get to a question answered
Coinbase is Insured which is nice and they store 98% of the assets offline so there is very little chance of a breach. If there were to be a breach, the customer could still retrieve their funds since they are insured
Coinbase is free to join and set up, They charge fee’s per transaction, also when you transfer to another wallet outside Coinbase there is a fee since this is also a transaction. There are different fees based on what country you are in. Here is the Fee Disclosure Page
This is one reason why I have them raked in the 80s instead of 90s because of the fee’s and transaction wait times. As well as not much training is available from them on how to do everything.
The Profit potential is large, but so is the loss potential as the volatility is massive among digital currencies. Consider this more of an investment opportunity rather than a business and you may be better off. I can say that though most coins go through wild swings in value, most of them trend upwards, so I see the profit potential as very high. Starting out with a coin that is worth .01 and you invest $100 in it, then suddenly you have a huge profit gain when it goes up to .05. There are no coins on Coinbase that are that cheap, but you can certainly get your Bitcoin there and trade some of it to another exchange to get some other coins.
Final Verdict/ Conclusion
Overall Coinbase is a fabulous place to make your go-to option to acquire cryptocurrency. The security they provide by storing most of the assets offline is fantastic which makes them much harder to be compromised. The fact that they are insured is a huge benefit for customers. Coinbase has a smartphone app and uses 2-factor authentication at login so this makes it easy to carry your digital assets with you.
Customer support is top-notch, once you get to them by going through the annoying steps to get there, I don’t like not having a direct line to customer service, but in there defense I can see why with as cryptic as cryptocurrency is the questions would be non-stop.
Success Chance= Variable- 85%
Recommended = Yes