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Coinbase: a beginner’s guide to negotiate cryptocurrency
While the cryptocurrency world continues to grow and evolve, it may seem overwhelming for those who are new in space. With so many different cryptocurrencies available, each with its own unique features and advantages, it can be difficult to know where to start. In this article, we will adopt a beginner’s approach to learn Coinbase, a leading online platform to buy, sell and store cryptocurrency.
What is Coinbase?
Coinbase is an exchange of digital active ingredients that allows users to buy, sell and store various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more. Founded in 2012 by Brian Armstrong and Fred Ehrsam, the company has become one of the most important and known cryptocurrency exchanges in the world.
How does Coinbase work?
Coinbase works on a blockchain-based platform that allows users to buy, sell and transfer cryptocurrencies using their mobile devices or desktop computers. Here is an overview of its operation:
- Register : To start negotiating with Coinbase, users must create an account by providing basic personal information such as name, email address and password.
- Deposit fund : Users can deposit funds in their Coinbase portfolio using a variety of payment methods, including credit cards, banking transfers and cryptocurrency exchanges like Bitpay.
- Buy / sell cryptocurrencies
: Once the funds have been deposited, users can buy or sell cryptocurrencies from the Coinbase platform. They can select from more than 1,000 cryptocurrencies supported to buy or exchange.
- Trade with other users : The Coinbase trading platform allows users to negotiate transactions directly with other users. This feature is known as “spot trading” and allows fast and secure transactions.
Coinbase features
Coinbase offers a range of features that facilitate starting with trading of cryptocurrencies:
- Friendly interface : The Coinbase interface is designed to be user -friendly, which facilitates navigation even for beginners.
- Wide range of cryptocurrencies : As mentioned above, Coinbase supports more than 1,000 cryptocurrencies, giving users a wide range of options to choose during purchase or sale.
- Low costs : Coinbase invoices relatively low costs compared to other cryptocurrency exchanges, making it an attractive option for new traders.
- Safety features : Coinbase has implemented robust safety features such as two -fact factors and cold storage to protect user funds.
Coinbase fees
Although Coinbase is known for its competitive prices, there are costs that users must be aware:
- Transaction costs : Coinbase invoice transaction costs per transaction, which vary from 2.99% to 3.49%.
- Deposit and withdrawal costs : Coinbase invoices a small deposit and withdrawal fees by transaction.
- Interest on the funds held : If users hold funds in their Coinbase portfolio for an extended period (known as “cold storage”), Coinbase arouses the interest of these funds.
Coinbase Security
Security is an top priority for Coinbase, with the following measures in place:
- Cold Storage
: Coinbase uses a secure cold storage system to protect users’ funds against unauthorized access.
- Authentication with two factors : Coinbase obliges users to verify their identity by two -factor authentication before carrying out transactions.
- Regular safety audits *: Coinbase performs regular safety audits and penetration tests to identify and repair vulnerabilities.
In start -up with Coinbase
If you are new in the trading of cryptocurrencies, here is a step by step guide to start with Coinbase:
- Register : Create an account on the Coinbase website or the mobile application.
- Check your account : Check your identity by two -factor authentication.
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