Get $10 in free bitcoin when buying or selling $100 of digital currency at Coinbase using the link above. Coinbase is a licensed exchange and newbie friendly. It has been operating since 2011, and thus has built a solid reputation over time, though not without growing pains. Coinbase also owns the Global Digital Asset Exchange (GDAX). Among the investors in Coinbase is the New York Stock Exchange, which invested in the exchange in January of 2015. In 2017, the exchange generated about $1 billion in revenue.
Currently, Coinbase offers bitcoin, Ethereum, Litecoin, and Bitcoin Cash, with plans to offer ERC20 tokens in the future. This exchange is a great way for those who are interested in buying cryptocurrency for the first time to do so due to its user-friendly interface. Users can see how much cryptocurrency they own, the dollar value (or value in other currencies depending on setting) of their cryptocurrency holdings, and their transaction history. Users have the option to sell their cryptocurrency back to the exchange, and have their funds deposited to their linked bank account. The ability to send and receive cryptocurrency is also provided. Conveniently, Coinbase offers a mobile app for Android and iOS users, providing access to accounts and services using a mobile device.
The fastest way to deposit money into a Coinbase account is with a debit card. Another method of depositing money is from a bank account (ACH), though that method may take four to five business days. Linking a bank account to Coinbase requires verification, which will be done by providing the amounts of two separate small deposits from Coinbase. Unfortunately, many credit cards have disallowed their use with Coinbase, and those that do may charge additional fees and rates of interest by equating it to a cash advance. Because of the extra fees charged to those using a credit card to buy cryptocurrency, it is strongly recommended not to use this method of payment.
It is recommended to set up two-factor authentication (2FA) while using Coinbase for added security. 2FA requires further authentication besides logging in with a username and password, in case login details have been compromised, such as by verifying a code sent to the user’s email or cell phone number.
While Coinbase is a great starting point for novices, it is generally advised for users to eventually set up their own wallets that prevent others from controlling their private keys, and to do so with reputable providers with a history of stellar reviews.