The Coinbase App has become one of the most popular exchanges for cryptocurrency in the world. With it, you can buy or sell most types of cryptocurrency. It can currently be used in a hundred and two countries. The app has a very straightforward and user-friendly interface. It provides an easy way for beginners to get started buying, selling, and investing in cryptocurrencies. It also has a computer interface where you can access the exchange on your desktop or laptop. So it can be used to buy and sell cryptocurrency both on the website and through the mobile app.
Pros of the Coinbase App
- There are multiple ways of buying cryptocurrency. You can buy it by credit or debit card and receive the cryptocurrency directly in your account or you can buy it with a bank transfer. In that case, it will take four to five days for the cryptocurrency to arrive. You can also withdraw directly to your digital wallet accounts as well as your bank account.
- It is a very versatile exchange. It acts as an exchange as well as a cryptocurrency wallet. The app allows you to hold several wallets for all your currencies. You can have a wallet for each type of cryptocurrency as well as your country’s currency.
- Also, you can create price alerts in the app. You can set alerts to receive notifications whenever a currency of your interest reaches a certain price point that you want to buy at. So there is no need to keep a constant check on the prices.
- The app has been adding support for more and more cryptocurrencies to buy and sell.
Cons of the App
- Being a fairly new app, it faces app crashes at certain times when too many people try to access it. However, they do have a status page on their website that provides frequent updates if they are trying to fix something on the website or the app.
- On any exchange, you will have to pay a fee to buy and sell cryptocurrency. On coinbase, the default is 1.5% bank transfer to buy or to sell any cryptocurrency with 4-5 day delivery. For instant delivery, you are required to pay an additional 2.5% through debit or credit card, which brings the total fee to 4.0%.
The Coinbase App offers 2-factor authentication as a security feature. For extra security, it also has a BTC Vault as a second layer. Coinbase is SIPC insured up to $500,000. But it only covers funds held in your USD Wallet. Because none of your funds held in the cryptocurrency wallets are not insured by SIPS, it is recommended to keep your cryptocurrency on a hardware wallet for long-term, secure storage.
Price Chart Feature
The app provides a price chart on the home screen showing the current price changes as well as price changes over the last year, the last month, the last week, the last day, and last hour and all time. Moreover, it provides different price fluctuations throughout the day, week, etc.
It shows your recent activities that include your recent transactions for buying, selling, or transferring from Coinbase. Further, it shows your portfolio which is a breakdown of the amounts in our cryptocurrency wallets as well as your total balance on all the wallets.
Buy & Sell Options
The buy and sell options are present at the bottom of the app’s home screen. Select an option depending on the kind of transaction you want to undertake. If you want to buy a cryptocurrency, say bitcoin, you select the buy option and the buy menu opens up. Enter the number of bitcoins you wish to buy in terms of US Dollars and the app instantly converts it to the equivalent bitcoin amount. You can choose where to purchase the bitcoin from that is whether you want to debit from your bank account or with your credit card.
Again, with your bank account, you will have to pay a lower fee and the delivery takes place within 5 days whereas, with your credit card, you pay a higher fee for instant delivery. You can also choose to purchase a whole number of bitcoin instead of purchasing a dollar amount equivalent. The same process is used to sell cryptocurrency.
To send or receive cryptocurrency, you go to your account, then your digital wallets. Your wallet will have an address which is a string of 10-20 letters or numbers. A QR code provided in the app will open up your cryptocurrency address. You can copy your address and share it with anyone and they will be able to send cryptocurrency to your addresses. The same process is used if you want to send it to someone as well.
More about the Buy & Sell Options
The side menu of the app provides a summary of buy and sell options, a summary of your wallet accounts where you can see your balances. You can also invite your friends to the app using a referral link.
The little bell on the top right corner opens up the alerts tab which helps you set mobile alerts so you do not have to be constantly checking the app to see the price of the cryptocurrency. You enter a specific price at which you will be willing to buy or sell a cryptocurrency and once it hits that price, you will receive a notification, and you can open the app and carry out your transaction.
Cryptocurrency has been a huge mover over the last 24 months and there are not that many legit cryptocurrency companies listed on any exchanges. Coinbase will be one of the biggest IPOs for a long time. Coinbase is the biggest US Cryptocurrency trader. It was founded in 2012, so it has been there from the beginning of the cryptocurrency boom period. Coinbase provides a good product, at a good price and higher fees than its competitors, thus generating a lot of profits. It is coming out as a profitable company on the direct listing. Coinbase currently has 2.8 million active users which is the number of users who are coming on the app and making a trade every month. It also has 43 million identities verified users. They are one of the first big companies to be directly listed. In a direct listing, there are no new shares available on the day they get listed.
Coinbase vs. Gemini
- Both do not have any deposit fees.
- Gemini does not have any withdrawal fee whereas Coinbase has a fee.
- The trading fee in Coinbase is a lot higher than Gemini.
- The interface on both apps is quite identical.
- They are both very user-friendly and provide a referral bonus.
- Gemini requires a lot more information to create an account as compared to Coinbase.
- Gemini has a handful of coins to choose from.
Coinbase has emerged as the biggest and best US-based Exchange. Currently, they are valued at over a hundred billion dollars after a private placement at NASDAQ. Its buying process is one of the easiest and fastest available, providing several payment methods. The fee structure consists of
0.5% premium over market price plus a transaction fee relative to the amount transacted. Thus it has a competitive fee structure compared to similar alternatives.
However, it does have a slow response and a lack of assistance sometimes. All in all, Coinbase is a great option for beginners as well as seasoned cryptocurrency traders.