Crypto Market under the green wave, Litecoin shows the biggest gains

Since the cryptocurrency has done waves in 2017, investors have begun to take an interest in online trading platforms: this is the only broker between the buying and crypting companies. One of the world's largest encryption brokers, Coinbase, remains at the top of popularity, but there are some security issues that pop up here and there. Is the platform still worth our trust? What are its strong and weak sides? The time has come to look at Coinbase in every detail.

Coinbase was founded by Brian Armstrong and Fred Ehrsam in San Francisco in 2012 and now operates in over 30 countries worldwide. As a portfolio, it is available in 190 countries. At this time, Coinbase is used by 12 million customers and has already served to convert $ 40 billion into digital currencies. In 2013, it was the largest exchange of cryptocurrencies in the world and the Bitcoin startup with the best financing. The key feature that makes it different is the opportunity for users to exchange their currency at a set price based on market value. Furthermore, it is one of the few online exchange platforms that accept credit cards.

Coinbase offers two basic products:

• Coinbase Pro (formerly GDAX) – a professional asset trading platform.

• Cryptocurrency retail brokers (Bitcoin, Bitcoin Cash, Ether, Ethereum Classic and Litecoin) for fiat currency.

In addition, developers and business users can leverage their own proprietary API to create their own applications based on Coinbase Pro and accept cryptographic payments. In March 2018, Coinbase Pro began to support ERC-20 tokens. No IPO will be launched, despite the rumors.

To dispel doubts about safety, it is necessary to remember that Coinbase Pro is officially registered and fully certified. It is supported by major cryptocurrency companies and investors: Andreessen Horowitz, Rabbit Capital, The NYSE, Union Square Ventures (USV) – the list of contributors can go on and on.

Who is the use of Coinbase Pro recommended for?

1. People from the United States, United Kingdom, Canada, Singapore and some European countries (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, the Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland).

2. Those who use credit cards and need a quick service (instant exchange is guaranteed for cardholders).

3. Investors working with some popular cryptocurrencies (BTC, BCH, ETH, ETC, ZRX, LTC).

Although Coinbase Pro has managed to build a strong reputation during the five years of its existence, the image of the platform has recently been overshadowed by negative reviews: this year the number of complaints has increased by 100%. The vast majority of feedback said that "money was not available when promised". So, what's the problem?

Is Coinbase Pro safe? Previous issues

Although Coinbase Pro has never been involved in any of the hacking scandals, there have been some other serious problems.

For example, in February 2018, representatives of Coinbase Pro said that personal data (tax code, name, date of birth, address and records of historical transactions) of some users of the platform collected in the period 2013-2015 will be managed from the IRS within three weeks. This is a direct violation of privacy.

Fraud claims were also sent in the summer of 2018. During the period January-June 2018, the SEC (Securities and Exchange Commission) and the California Department of Business Oversight received over 134 pages of complaints. Most of them look like:

As practice shows, bombarding customer support with tickets and messages is not much help: although Coinbase Pro has recently increased its customer service, the team seems to be unprepared for the flow of problems.

Even users of the CIS and Russia seem angry. Their Coinbase Pro wallets are finally locked together with local IP addresses. The withdrawal process can take weeks or even months.

People continue to express their frustration, while Coinbase Pro spokesperson said that due to the growing interest in cryptocurrency, the company finds it difficult to handle a huge amount of transaction requests. There have been no comments on the allegations of lost funds – the privacy policy of Coinbase Pro "prohibits comment on specific customer cases".

Coinbase Pro is working hard to restore customer confidence and time will show if the victims of the block will receive their funds.

How does Coinbase work? How to use Coinbase?

As has been said, Coinbase performs several functions: this is an exchange platform, a portfolio and a trading platform. Let's take a closer look at these features.

1. Brokerage service for the sale and purchase of cryptocurrencies. With an intuitive user interface, Coinbase Pro lets you execute transactions quickly even for beginners. However, your resources are not under your control: it's like putting money on a bank account. No private key or seed phrase is provided.

2. The Coinbase wallet is available either on the website or as an iOS or Android application. The wallet keeps private keys on the user's device.

3. The solutions for merchants allow the acceptance of cryptocurrencies on an e-commerce site with the help of a dedicated plugin. This plugin is supported by some popular CMS (Shopify, Magento and WooCommerce).

Together with Wilshire Phoenix, Coinbase Pro will soon launch the new investment tool.

Ways to buy Cryptocurrency on Coinbase Pro

The interface of Coinbase Pro is intuitive and understandable: registering will not require much time and effort. As soon as you have a new account, you will need the currency to trade with. Do you want to buy digital assets for fiat currency? Various payment options are available: bank transfer (including ACH in the US and SEPA in the EU), credit cards and debit cards.

As soon as a deposit is made, the user can perform cryptocurrency transactions. You can find convenient offers and act as a buyer or make your exchange request and be a creator. In most cases, requests are handled instantly. Please note that Coinbase Pro dealmakers are not subject to fees or commissions.

There are different types of requests:

Regular orders	Instant purchase of cryptocurrency for the current price. Set the required amount of coins and click on Place Buy / Sale Order.
Limited orders	Cryptocurrency is exchanged for the price of the user, not the market. The trader can set the price of the desired cryptocurrency and as soon as he reaches this threshold, the order will be opened. The option is available for both manufacturers and buyers.
Orders with stop signs	This option is useful in cases where the price of cryptocurrency suddenly decreases. As soon as the cryptocurrency price reaches the minimum limit, the order is opened.

In addition to the trading platform, Coinbase Pro offers analytical tools to compare prices: charts, indicators, etc. This allows you to hold your finger on your wrist and make smarter decisions.

Coinbase Pro Commissions

When it comes to Coinbase Pro commissions, users' opinions are against it. Some argue that the commission is more than pleasant, while others argue that the platform robs customers. The commission percentage depends on the withdrawal / deposit method used. Therefore, bank transfers are debited with a commission of 1.5% and take a few days, debit or credit card payments are processed immediately but with a 4% commission.

The base market price on Coinbase Pro is +0.5 percent. Flat fee fees are applied for transactions less than $ 200:

• For transactions ≤ $ 10, the fee is $ 0.99.

• For transactions ranging from $ 10 to ≤ $ 25, the commission is $ 1.49.

• For transactions from $ 25 to ≤ $ 50, the fee is $ 1.99.

• For transactions ranging from $ 50 to ≤ $ 200, the commission is $ 2.99.

Depositing money via ACH transfer is free, all other methods pay $ 10. Transactions between Coinbase Pro accounts are totally free. Transactions outside your Coinbase Pro account require three confirmations to have resources sent to your account.

As you can see, the commission structure of Coinbase Pro is quite complicated. You should learn the rules before starting the game. At the same time, the most expensive solution can not be defined:

Transaction and liquidity limits

Just like rates, transaction limits may vary based on user location, payment option and verification status. The user can get an overview of the restrictions by checking the account limit page.

Verified US customers have a limit of $ 25,000 per day and the following weekly limits:

• $ 5,000 Buy via bank account;

• $ 50 purchase by credit / debit card;

• $ 50,000 Sell.

Note that untrusted traders with a credit card can buy Bitcoin worth only $ 1,000 a week. European customers can hold up to € 30,000 on their account at any time.

In order to increase the limit, users should undergo the verification procedure that includes the provision of their phone number with some personal information and the upload and verification of their photo.

Coinbase or Coinbase Pro?

Coinbase Pro, formerly called GDAX, has many advantages. While Coinbase's regular brokerage platform simplifies the trading process, Coinbase Pro is designed for the most encrypted users, with 22 trading pairs. The platform offers a myriad of advanced trading tools: real-time orders, trade histories and graphical tools. It also allows the trading of BTC, ETH, LTC, BCH and ZRX, but the rates are much lower and customers can take advantage of advanced trading features.

Coinbase Bitcoin Wallet Review

In 2019, Coinbase launched proprietary mobile wallet services. The portfolio allows users to send, receive and store cryptocurrency (BTC, ETH, LTC). It also stores private keys on the user's device and 98% of the user's cryptocurrency is stored in cold wallets to avoid theft.

The process of sending resources from your wallet is quite simple:

• Log in and open the "Submit" tab in your account.

• Select the wallet to send money and the cryptocurrency.

• Enter the amount of currency.

• Enter the address to which you send the funds.

• Press "Send".

To receive the cryptocurrency, you must do the following: go to the "Account" tab, find the wallet in which the cryptocurrency must be sent and click "Receive".

Keep in mind that Coinbase tracks customers who send their funds and can prohibit users from certain activities and transfers. For example, your account may be barred from sending encryption to LocalBitcoin, gambling websites or darknet purchases. As a rule, users with closed accounts are reimbursed on bank accounts.

Set up a Coinbase account

The Coinbase account management process is relatively simple even if you do not have experience with online cryptographic exchanges. The website interface is intuitive and intuitive: the main menus allow you to manage services quickly.

Create a profile

To register on the Coinbase website, you must enter your first and last name and set a password. You must also specify your email address and click on the activation link that was sent to you in an email message. You can also go through the verification process at each login session using your mobile phone.

Coinbase partner with legal entities. Users can use the platform as institutional investors or as traders. After registration, it is necessary to define the appropriate payment method.

ID verification

To go through a verification process, a trader must upload the scanned copy of his identity document or passport or any other document that verifies his personality.

Additional security

To ensure the security of user data and resources, Coinbase takes advantage of the 2-factor authentication process: you can verify your personality via SMS on your phone or with the help of third-party apps like Duo or Google Authentication. Users' private keys are encrypted. If Coinbase detects a new IP address that attempts to access your account, you will receive a notification about it. Being one of the first to receive US regulatory approval, Coinbase uses anti-money laundering and KYC practices.

However, if your account is compromised, Coinbase assumes no responsibility for the funds you have lost. For this reason, it is strongly recommended to archive the cryptocurrency offline in a portfolio that only you control. Make sure you use a complex password.

Adding payment methods

As mentioned, the following payment methods are available:

• Bank Transfer;

• credit or debit cards;

• Bank payments in Singapore.

To use a payment method, you need to log in to your account, select the Payment methods page. Click "Add a credit / debit card" and enter your card details. Make sure the billing address for the card is correct.

Deposit / send cryptocurrency

A deposit can be made by credit / debit cards and bank transfers, but payment methods and conditions may vary from country to country. To send cryptocurrency, go to Account → Payments → Send. You will need to specify the payment option and the address.

Frequently asked questions about CoinBase

What payment methods can I use on Coinbase?

Users of Coinbase can deposit and withdraw money using bank transfers and debit / credit cards. Please note that external transactions must be confirmed three times before they appear in the user's account.

US users can also order The Shift Card. This is a VISA card that allows Coinbase users to spend Bitcoin from their account in any place where VISA is accepted. The card costs $ 10, but there are no transaction fees for national purchases and no BTC / USD conversion fee.

Does Coinbase support your country?

At the moment, Coinbase supports the following countries: Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway , Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and United States.

Is your privacy preserved during the use of Coinbase?

To protect user privacy, Coinbase uses SSL encryption, 2-factor authentication, and some other security practices. Funds can be stored in Coinbase Vault – a cold wallet with private keys available only to the user.

How fast does Coinbase send you Bitcoin?

Withdrawing funds to your bank account via SEPA bank transfer takes 1-2 business days. Withdrawal by bank transfer is made within the next business day.

Customer care

The customer support service is where they hide the pitfalls of Coinbase. The Internet is full of negative user feedback: customers are disappointed by the ticket system and support agents: they have to wait for an answer for weeks.

Other complaints concerned the impossibility of buying or withdrawing funds: Coinbase did not seem to be ready for the dizzying increase in the number of users. This caused any downtime. Since September, some users are unable to withdraw their cryptocurrency and their cases are pending.

Conclusion

To sum up, Coinbase is easy to use: its team has managed to make the navigation process impeccable. Coinbase Pro is perfect for traditional traders as it provides the full range of useful tools. However, it seems that the platform is currently focused on attracting new customers rather than satisfying existing ones. The number of negative reviews is overwhelming, so Coinbase is definitely not for the faint hearted.

However, if you do not face problems, prices and rates are more than pleasant. Coinbase is ideal for the purchase of cryptocurrency. But if you do not want to lose the hard-earned coins, it's better to buy a hardware portfolio to keep the funds.

To make the final decision, compare the advantages and disadvantages of the platform:

Professionals	Versus
Platform navigation does not require specific skills. It's perfect for newcomers.	Coinbase monitors the way users spend their money.
It allows you to buy cryptocurrency faster than many other platforms.	The Coinbase portfolio is less secure than a hardware portfolio.
Both credit card and debit card payments are available.	Poorly organized customer support.
Low rates	The choice of cryptocurrencies is strictly limited.
The company is officially regulated.	No leverage is available.
There have been no cases of hacking.