How Does Coinbase Work: Basic Features and Easy Instructions

As, now, the market offers a vast variety of online crypto exchanges, it is hard for beginners to choose among them. Thus, we decided to help you with that and tell you about Coinbase ― it is one of the most frequent choices today. So, you will definitely get interested as well.

Coinbase Global Inc. is a global cryptocurrency exchange platform, which boasts more than 70 million clients, trade volumes of about $327 billion per quarter, a selection of about 350 diversified crypto coins (on Coinbase Pro), competitive fees, and availability in more than 100 countries.

Obviously, the first question most traders are interested in is the safety of their funds and vulnerable personal data. In the case of this company, there are no issues for concern. Its security team makes use of all the safety measures available from secure offline funds storage to insurance and encryption instruments.

Another point worth mentioning is that there are two platforms to choose from ― Coinbase and Coinbase Pro. The second source is meant for advanced traders and offers extended functionality and lower fees.

So, how does Coinbase work? Here are short instructions for beginners:

  1. Registration. If you use your PC, find the “Get Started” button on the homepage. In case you want to access the exchange via smartphone or tablet, download the app. In the form, you will be asked to fill in your full name, state of residence (for US residents), electronic address, and password.
  2.   Standard email confirmation via link.
  3. Phone number confirmation. You will need to log in using the email confirmed and provide the cell number. To verify it, you should fill in the code from an SMS message.
  4. Filling in the basic information about yourself. Again, you will be requested to provide your name, address, date of birth. Besides, the system will ask you a few questions about your occupation and funds sources.
  5. ID verification. You must take a photo of your ID and send it to the platform.
  6. Choose a payment method. To clients from the USA, this system offers card payments, linking bank accounts, wire transactions, PayPal transfers.
  7. Make your initial deposit. The administration recommends starting from at least $50.
  8. Make a purchase. Click on “Buy/Sell” and select the name of the crypto needed, for example, Bitcoin. Then, you will need to type the amount you want to buy or the sum you want to invest and choose a convenient payment method. The next step is to preview and check the details and confirm the purchase.

In sum, Coinbase is a safe and wise choice for every crypto trader. So, follow the instructions above and give it a try.