It is important to understand that any crypto on any exchange account is only as secure as the account holder makes them. It is imperative to use strong passwords and to utilize the available security features like 2-step verification. Coinbase provides a solid amount of security in comparison to a number of other leading exchanges. This is one of the reasons Coinbase is a great offering for those looking to safely get started investing in cryptocurrency.
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That said, the premise of cryptocurrency is to remove intermediaries where possible and to be in total control of your own funds. While Coinbase does provide an easy entry to cryptocurrency investing, it is important to learn about proper cryptocurrency security and storage. Savvy crypto investors may use Coinbase Pro for its reduced fees and then withdraw their holdings to their own secure cold storage. Signing up for Coinbase is a very straightforward and easy process. First, you enter your name, email, and the password you wish to use. You will then be asked to verify your email address.
Next, Coinbase asks you to enter in your phone number to receive a verification code and enter it. Coinbase will later use this phone number to send 2-step verification codes.
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After this stage, it will prompt you to enter your identification information. Just like any bank account or investment account, you must prove your identity via state identification. For users in the United States, this will require a social security number. At this point, your Coinbase account will have been created and you are able to add your bank account, credit card, or debit card information to enable deposits and withdrawals so that you can start trading or investing.
Coinbase is an ideal tool for new crypto investors who may not have any other investment experience. While the standard platform is overpriced, its features, like its learn program and the ability to easily set up recurring purchases, provide the inexperienced with a clear path to becoming invested and actually understanding cryptocurrency. Those with more trading experience will find that Coinbase Pro is a cheaper and more robust option, but it is still lacking in terms of features.
If you wish to trade seriously, you may find that Coinbase is not the right fit for you. Overall, Coinbase is designed with the beginner in mind. Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
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Your Practice. Popular Courses. Open Account. Pros Solid variety of altcoin choices Extremely simple user interface Very high liquidity. Cons High fees when not using Coinbase Pro User does not control wallet keys May not have as many altcoins as some other exchanges. Key Takeaways. Coinbase offers a secure way to invest and trade with cryptocurrencies. Coinbase features a growing list of over 25 cryptocurrencies. A simple user interface provides a great environment to learn. Coinbase Pro has cheaper fees with more features and is free to use for anyone with a Coinbase account.
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Company Overview. Pros Explained. Cons Explained. Buy and Sell. Open an Account. Pros Explained Solid variety of altcoin choices : Coinbase offers over 25 cryptocurrencies for investment, trading, and also staking. Extremely simple user interface : Coinbase is perhaps one of the easiest on-ramps to crypto investing. It is easy to sign up and buy cryptocurrencies within a matter of minutes. It also has a learning program that pays users cryptocurrency to learn more about how cryptocurrency works. High liquidity : Coinbase consistently ranks among highly liquid exchanges.
This protects the investor from serious price slippage in an already volatile market. Cons Explained High fees when not using Coinbase Pro: Coinbase has high fees compared to some of its largest competitors.
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Many newcomers who use the standard Coinbase platform will be subject to these fees unless they use Coinbase Pro—free to switch to and with lower fees—which has more features that could be overwhelming to new crypto traders. Users do not control their own wallet keys: This is consistent with many centralized exchanges but it still remains a con for all of them. Just wish they would open up the short term investment plans for investors looking for short term investments.
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