Coinbase 101: A Complete Guide

If you’ve dabbled in the world of crypto or just researched it, Coinbase might have come up here and there. It is impossible to conduct a cryptocurrency search without encountering a plethora of trading platforms. But what about Coinbase? Is it any good? This guide will tell you all about Coinbase.

Coinbase is an online crypto trading platform and it is the perfect choice for beginners. The feature sets are robust, and you also get all kinds of different cryptocurrencies to trade. All the major ones are available, like Bitcoin, Ethereum, Solana, and Dogecoin.

This review is going to provide a 360-degree look at the platform. You will know what features are available, how the interface functions, and what type of security it has. So, let’s get started.

How Coinbase Started

The company did not start as long ago as one might expect given its popularity. It launched in 2012 as a platform to trade Bitcoin. Over the years, the company has expanded a lot. Now, you can trade dozens of cryptocurrencies.

An interesting thing about Coinbase is that there is no single headquarters. Much like cryptocurrencies, which are all about decentralization, Coinbase is also a decentralized company.

Coinbase has around $547 billion in trades that go through per quarter and employs about 3,700 employees. Coinbase has products for different things. They even have a crypto wallet. So, you are likely to find everything that you would want to start trading crypto reliably.

How is the Trading Experience on Coinbase?

Trading on Coinbase is one of the most polished experiences you will find. The company has been in the game for some time. And the choice of currencies is pretty stellar as well. You have two options when it comes to trading on the platform.

You can either go with the original Coinbase or go with Coinbase Pro. For beginners, the original Coinbase would be the best option. The interface is very polished and friendly. You do not need to have any advanced computer knowledge to get started.

The best part is how quick and easy it is to get started. On the home screen, you are shown your balance and other quick info. You can start trading in just a couple of clicks.

The Pro version of the platform gives you access to more features not available in the base version. When everything works just as you would expect, the experience is sublime.

With Coinbase, you do not need to worry about a clunky security UI and all those hassles — more on these a bit later. The experience overall is pretty great. However, there is one caveat The most common complaint about Coinbase is its customer service.

You need to jump through quite a few hoops to get in touch with an actual person who can help you. It supports all the major customer service channels, though. If you are facing any trouble, there are a couple of things you can do.

The help page is where you will find most of the answers to common questions. Everything is pretty well laid out. You can also use email tickets, chatbots, and an automated phone system.

Coinbase Security

When anything financial is involved, one of the biggest concerns needs to be security. You do not want to store money on a shoddy trading platform. Coinbase’s security features are top-notch.

Those concerned about the platform’s security have nothing to worry about at all. Coinbase uses industry-leading security protocols. About 98% of the customer’s assets are stored offline. These are for cold storage. And the record is kept both digitally and on paper.

Then there is the bank encryption. You are required to set up two-factor authentication. That adds an extra layer of security. That being said, there are always some risks due to human error. You, as the user, need to ensure that you follow best practices and keep everything safe and secure too.

What Cryptocurrencies Can You Trade on Coinbase?

Coinbase has a lot of options when choosing which crypto to trade. The company originally started as a place to trade Bitcoin.

But with the recent crypto-boom, Coinbase has expanded to allow its users to trade a lot of other currencies as well. On the platform, you will find currencies like:

• Bitcoin (BTC)
• Dogecoin (DOGE)
• Solana (SOL)
• USD Coin (USDC)
• Cardano (ADA)
• Ethereum (ETH)
• Polkadot (DOT)
• Algorand (ALGO)
• Uniswap (UNI)
• DAI (DAI)
• Shiba Inu (SHIB)
• Stellar Lumens (XLM)
• Polygon (MATIC)
• SushiSwap (SUSHI)
• Litecoin (LTC)

Not a bad list of options.

Is it Right for You?

So, is Coinbase right for you? All the features, UI, and security do not matter if the platform is not suitable for you. If you are a beginner who wants to dive into the world of crypto, then yes, Coinbase is the place to start with.

The interface is very friendly and modern. All the details are laid out clearly. And as mentioned above, the overall feature set is pretty good as well. The vast cryptocurrency options also give you a lot of choices.

If you are wondering whether it is a good time to invest in crypto or not, then the answer is that it has never been better. The cryptocurrency market is booming right now. And some currencies are soaring. Dogecoin, for example, surged 8,000% in the first couple of months of 2021. That is no joke.

Final Verdict: 4.5/5

After reading Coinbase 101: A complete guide, you should have a comprehensive idea of what it is and how it can help you. If you have ever wanted to get into crypto trading, Coinbase is the place to start with.

The thing makes the platform perfect for beginners is the friendly user interface. You will be able to pick it up pretty quickly. Getting started with buying and selling crypto is also very fast as well.

Apart from these, the large selection of cryptocurrency options also makes it an appealing choice. Coinbase does not get a perfect score just because of its less than stellar customer service.