Coinbase is by far the most popular online bitcoin exchange averaging over 19 million visits to the website in the last three months and in the month of June they hit 28.26 million visits.
Coinbase allows you to buy and sell Bitcoin, Ethereum and Litecoin with ease using a debit or credit card, These types of transactions are generally for smaller purchases of below £1000 and there there are weekly limits which increase with time. For larger purchases you can also use a SEPA transfer from your bank to Coinbase, this is used for larger purchases and can take 4-6 working days to process, please note that most banks will also charge you to make a SEPA payment.
As well as the online exchange Coinbase also has an app which is available on both android and IOS, the app looks very good, it is laid out well and like the website, it is very easy to use. You can buy and sell altcoins on the app, send them to other wallets and view then price movements like you can on the website.
To date Coinbase has exchanged $6 billion in digital across 32 different countries and has served a total of 8.2 million customers.
With such a large amount of money entrusted with them Coinbase has very high standards of security.
First of all they have a two factor authentication when logging in so as well as your username and password you must either type in a code which they send via an sms or get a code through the Google authenticator app.
Finally the biggest security feature on Coinbase is that they store 98% of customer funds offline, this means that sensitive data which would normally be kept on the servers is completely disconnected from the internet. The data is then encrypted and copied to USB drives with paper backups, these drives and paper backups are stored in safe deposit boxes and vaults all over the world.
Overall Coinbase is perfect for anyone who is trying to get into investing in cryptocurrencies, it is simple to use you can buy them straight from your debit/credit card so you are not dealing with any 3rd party. It is a good way of monitoring what you bitcoin, ethereum or litecoin is worth as it updates real time and let’s you know the current value of your digital assets. The only downside is that if you can only withdraw your funds via a SEPA payment (this also requires that you have sent a SEPA payment to Coinbase). If you have not done this you will have to transfer your Bitcoin or use Shapeshift.io for your Ethereum or Litecoin to move it to another exchange like Localbitcoins.com for example and sell to a third party from there which may sound confusing but this is relatively simple and takes 10-20 minutes usually.
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