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Coinbase : exchange + wallet

Coinbase : exchange + wallet

Coinbase is the leading exchange service today in buying and selling Bitcoins. It was founded in 2012 and since then has received over US$31 million in venture capital funding. The Bitcoin exchange service is available in 19 countries around the world. Their Online wallet is beginners friendly but the fact that the company holds your funds is can be somewhat risky. Having said that Coinbase has recently launched their Vault service which denies the company control over your funds.

Coinbase is a Bitcoin company based in San Francisco, and backed by trusted investors. Coinbase is the world’s largest Bitcoin broker, and also offers an exchange, wallet, and developer API.

Coinbase, available to users in over 30 countries as of 2016, is the world’s largest Bitcoin broker. Customers can buy bitcoin with a connected bank account, SEPA transfer, Interac Online, and many more payment methods.

Account

You need to sign up to coinbase using your valid email address and then you will recieve the confirmation email from coinbase.Follow the instructions,enter all of youe personal information, including your banking info.Then coinbase will deposit two small amounts to your bank account in a few business days,and you should see it on your bank statement after 2 business days.Visit the site and confirm the details and you are all done and verified with coinbase.

Payment Methods Accepted

Coinbase supports 30+ countries. The payment methods available depend on your country.

Payment Method Countries Funds Available Currency Fees*
Bank Transfer USA 5-7 days** USD free
Interac Online Canada instant CAD free
EFT Transfer Canada 4 days CAD 1 CAD
SEPA Transfer Europe 1-3 days EUR free
3D Secure Credit Card Europe instant EUR 3%
3D Secure Debit Card Europe instant EUR 3%
Xfers Transfer Singapore instant SGD free

*Note that the actual deposit of currencies into your Coinbase account is free. Coinbase then charges a 1% fee per purchase.

**U.S. customers may add a Visa or Mastercard credit card as a backup payment method. If a backup credit card is available, Coinbase instant buy will be enabled for up to $1,000 worth of bitcoin per week.

Limits and liquidity

Coinbase offers very high limits. Limits depend on your account level, which is determined by how much information you have verified. Fully verified U.S. customers may buy up to $50,000 worth of bitcoin daily.

European customers may have a maximum of €30,000 euro in their account at any time.

Fees

Coinbase charges a flat 1% fee on all purchases.

Supported Countries

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

Costumer Support

Coinbase has a knowledge base and email support. Coinbase “Community” can be used to ask questions and get support help.

Security

Wallet: Coinbase controls the private keys. You must trust that Coinbase will keep the keys secure. You must also keep your account password safe, and also the 2FA code if activated. Coinbase is a VC backed company with over $100 million in funding and likely has a very strong security setup. However, the point of Bitcoin is that users have the ability to control their own money. Coinbase can shut down your account and block access to your funds at any time.

Vault: Coinbase offers a unique solution for securing larger amounts of bitcoin. Bitcoin stored in a Vault account can be protected by multiple approvers. If a user adds two approvers to his vault, both must confirm that the withdrawal is valid before it processes. All withdrawals from Vaults take 48-hours to process. The time delay provides a safety net; if you see a withdrawal was requested that you did not make, the withdrawal may be cancelled. Like the hot wallet, you must trust Coinbase to secure vault funds. Vault accounts can also be shutdown by Coinbase at anytime.

Conclusion

For a simple and full service experience Coinbase offers the best alternative. If you want to easily open a Bitcoin account, use it on the web and on your mobile device, and maybe even sell your products and get paid in bitcoins then the Coinbase Wallet is the best way to start.