In this guide, you will know how about the origin of coinbase, its meaning, how it works, the features of using coinbase, the advantages and disadvantages as well as the pros and cons of using coinbase, works and its payments methods. Nigerians and interested bitcoin traders will know everything which they need to know about Coinbase.
Coinbase is acclaimed to be the one of the world’s largest crypto-broker exchanger if not the world’s largest Bitcoin company. Its primary occupation or service is that it serves as an online platform for buying, selling, trading and transferring cryptocurrencies and well as other digital currencies.
The San Francisco based company was made for the purpose of creating an open digital financial platform where people from all corners of the world will be able to send money electronically by converting their local currency into digital currencies and cryptocurrencies. It is trusted because it has a record of being used by over 13.5 million active users who are on the platform. It was founded in San Francisco, California in the year 2012 and since then its has a hold on over $20 billion in assests and over $50 billion in cryptocurrency being traded on its platform since it’s inception in 2012.
Is Coinbase Legit?
There a lot of bitcoin outlets which claim to be legit but in real sense are not trustworthy. Coinbase is as legit and trustworthy as it seems. Coinbase operates just in 30 states out out of the 50 states In the United States of America. It is also being used by over 30 developed countries in the world today. Coinbase has a simple interface by which new users and first-time buyers to purchase bitcoins makes it very easily.
Payment Methods and Fees Attached On Coinbase
Direct Bank Transfer are made available to people in USA, but they may need to have a Visa/MasterCard as a backup. Other payments options are SEPA Transfer, Paypal and Sfers Transfer.
Features of Coinbase
One of the features of using coinbase is the availability of purchasing four cryptocurrencies which are Bitcoin cash, Ethereum, Bitcoin and Litecoin. It has an easy to use dashboard/interface which beginners and layman will be able to comprehend without having issues. In Coinbase, you have maximum satisfaction when it comes to the safety of your funds. Your money is 100% safe in Coinbase. Conbase has a tough site and system security which will not make you to lose your money in event of hacking or theft.
Advantages of Coinbase
- It has an easy to use interface/dashboard
- It has different payment options and can be used for countries outside USA
- It is connected to GDAX to facilitate crypto trade
- Coinbase accepts fiat transactions
Disadvantages of Coinbase
- Coinbase has a limitation on how you can spend or withdraw your earnings
- Its prices and fees and higher compared to other e-currency outlets.
- Its KYC (Know Your Customer) License allows transactions to be monitored and it prevents anonymity of business transactions
- Your information will be shared with tax authorities
After reading this, you will be able to check and know if is suitable for you or not. For Nigerians inside the country and outside the shores of the country, this review will make you understand the methods and standard of Coinbase.