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The basics of crypto trading

Coinbase

Bitgo
Year 2012
Founders -
Origin Europe

The Coinbase cryptocurrency wallet is one of the most “mature” platforms for storing of digital assets. What features do users find attractive? Referral program, buy/sell of cryptocurrency function, convenient interface, high level of security, ability to deposit from a bank account/card and availability of a mobile version.

Description

Coinbase is a wallet for storing a number of cryptocurrencies simultaneously. Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic can be kept in the system. There is also an ability to add ERC-20 tokens. The service has mobile versions for iOS and Android devices which allow not only to keep, but also to exchange currencies within the system.

The platform is available only in English as the multicurrency wallet hasn’t been translated into Russian yet. But intuitive design allows to sort out the functions rather fast.

History of creation

The world-famous company Coinbase was founded in 2012. It has instantly attracted the attention of cryptoinvestors with a convenient, comprehensible and safe interface of the wallet. In the end of the same year, a buy/sell of Bitcoins via bank transfers function was implemented.

In 2014 a quantity of users exceeded 1 million persons. The service has become even more popular after the launch of reliable vaults for their clients’ digital assets. Already in 2015 a Coinbase Exchange which operated with cryptocurrency was launched, and a year later it was renamed to GDAX (known at the moment as Coinbase Pro). In 2016 a new cryptocurrency, Ethereum, was added.

In 2017 the wallet started to support another demanded cryptocurrency, Litecoin. At that time an ability to instantly replenish an account through American bank accounts was announced and implemented (duration of transactions reduced from several days to a few seconds).

Today Coinbase is not just a multicurrency wallet, but a full-scale “cryptocurrency bank” with its own exchange. That’s why the platform may seem especially interesting for active investors who are trading coins.

Pros and cons

Coinbase is considered to be one of the most popular multicurrency wallets in the world. According to a number of users it resides in the top 3 of the most demanded online services. The platform isn’t that popular among Russians. The users who have already worked on the platform highlight the following positive sides:

The main disadvantages for domestic users are a lack of a Russian version, unavailability of a buy/sell of currency function (storing only), a prolonged account replenishment (if usual transfers without bank cards or accounts are conducted).

How to use the wallet?

The main question of an investor or a common person who isn’t acquainted with the Coinbase wallet is how to use it. Registration and linking of a mobile phone number are obligatory. We’ll explain the sequence and what to do next in the review.

A user may also work with the service through a mobile phone – an installed application which can be downloaded from Google Play or AppStore is required.

How to use the wallet

It also provides replenishing, exchange and withdrawal of digital assets. Abilities to follow the exchange rate dynamics and to quickly access the wallet are also available.

Registration of a wallet

At first a user should open the official website and press the “Get started” button in the upper right corner or in the centre of the screen (but in the latter case an e-mail address should be inserted at once).

Registration of a wallet

After that, the system will propose to choose a type of the account: individual or business. The first variant is suitable for private investors and common users. The first and last names, an e-mail address and a password for signing in should be inserted. Next a CAPTCHA and an agreement to the terms of use with a confirmation that the user is older than 18 should be checked.

Registration of a wallet

Then the system will require to confirm the e-mail address and to specify a phone number to tie it to the wallet in order to use the two-factor authentication later. A 7 characters’ verification code will be sent to the provided number.

Registration of a wallet

After the verification of the code, the user will be forwarded to his personal account where he will be able to conduct a number of operations.

The wallet doesn’t have a Russian version, so the investor will have to work in English or in any other provided language including Spanish, German, Italian and Portuguese.

A review of the service’s functionality

After the registration, the user instantly gets to a page with a bar of supported cryptocurrencies. Not only a list of available coins is shown here, but also their current value in fiat currency of the country which the system has chosen automatically during the registration, a daily volatility graph, information about the account balance (in the currency of your country for every digital asset separately and summarily), history of conducted transactions.

Registration of a wallet

More detailed information about any currency can be acquired if necessary by clicking on it. Data is provided in the following manner:

Registration of a wallet

not only the exchange rate of the coin is presented, but also a chart of its price volatility for different time periods (hour, day, week, month, year and of all time). In the same window buy and sell orders for a chosen digital asset can be placed. This option is available for all supported cryptocurrencies simultaneously in the “Buy/sell” tab.

Unfortunately, it’s not possible to work with the wallet from any country. For example, the currency buy/sell options aren’t available for Russians. They can only work on the platform through various anonymizers or use the wallet just for storing of digital assets.

Availability of a referral program is an advantage for a user – $ 10 is added to his account for every invited friend who has performed operations totally exceeding $ 100.

A friend should just register through a referral link and start working with the wallet. Then the funds will be deposited into the account.

Deposit, withdrawal and fees

Replenishment of the multicurrency wallet is available for all users directly in presented digital assets. In some countries deposit of money from bank accounts and debit cards is provided. But in Russia, it’s not possible to replenish an account using this method. The only way is to transfer already available assets via the “Accounts” tab after depositing money through a wallet number or a QR code.

Russians and CIS residents will also have to withdraw money to other wallets or use exchangers. The fee of the wallet for withdrawal of funds is 2-4 %. Advanced users advise using the exchange of the same development company to perform exchange operations so the expenditures will be several times lesser.

Feedback

Rather controversial reviews of the Coinbase wallet can be found on the Net. Domestic investors complain about a lack of availability to work actively with their own funds – they can only be stored on the platform. Positive comments concerning this feature also exist:

“I use the Coinbase platform to conduct transfers to my foreign partners. It’s a pity that the buy/sell option is disabled, still, the service is official and works legally which means it’s reliable.”

Conclusion

Coinbase is a multicurrency wallet which has shown itself from many positive sides. It can be used not only for cold storage of funds but also as a currency exchange. The company pays special attention to security by implementing multilevel protection with strong passwords and two-factor authentication.

Unfortunately, replenishment from bank accounts and cards isn’t available particularly from Russia and CIS countries. But still, users from these countries can participate in the referral program, use the platform for keeping their funds or conduct transfers to third parties. The platform also doesn’t have a Russian version. Nevertheless, a convenient and functional application has been developed for mobile devices.

The wallet is suitable for passive earnings from a long-term perspective. And, if active trading is being planned, it’s better to use the exchange from the same developer, GDAX, which has been known as Coinbase Pro since 2018.

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