An important component of the crypto-world, Coinbase is the premier fiat-on-ramp and digital currency exchange. It allows people to buy cryptocurrencies using FIAT or traditional money and also to cash crypto-assets back to it. Also, it features a secure exchange where users can trade crypto-assets. The service further features a wallet, where users can store cryptocurrencies and analyze data related to price/portfolio worth.
This article will guide you on how to create an account on Coinbase, since its one of the chief gateways, to the crypto-world.
Creating an Account
Coinbase user interface is designed for simplicity and ease of use. An account can be created in a few simple steps. Once you have gotten to the website, you need to open the sign up page. The next step would be to enter the complete name, email address and desired password. You will now receive a verification link on the entered email address, which you must click to proceed to the next level of account set up. Next, the system will ask you to input your mobile number to enable two factor authentication, this adds a robust layer of security, so even if your email address and password is compromised, the attacker can’t login to your account, unless the code sent to your mobile is entered. Your account on Coinbase has now been created.
You can further enhance security of your account and increase limits by completing identity verification using passport, driver license, national id etc. Also, Coinbase system is compatible with Google Authenticator (two factor code system) or with hardware keys, so you can use them also, to keep the security top notch on your account.
FIAT-On-Ramp
The most salient feature of your Coinbase account is that you can buy crypto assets using your debit/credit card and bank account. You can also convert your crypto-assets back to FIAT and withdraw to your bank or PayPal account. This service however isn’t currently available in all countries, you must check the Coinbase documentation to check the countries, where you can do that.
Cryptocurrency Exchange
Coinbase also has a digital currency exchange where you can trade crypto-assets. The exchange interface also is user friendly and similar to other prominent exchanges.
Coinbase Wallet
Coinbase features an inbuilt multi coin wallet where you can store your crypto-assets securely. It can also be used even if you don’t have a consumer account on the service. It can accessed on Web or iOS/Android version clients. However, you don’t control the private keys on the wallet and hence its advisable to withdraw it to an external wallet. But Coinbase also provides vault and multi signature wallet options, both of these options are more secure than regular wallets, because they require multiple providers to authenticate transfers. The platform also launched its own debit card which allows users to use their crypto-assets easily, like traditional debit cards, but the service rollout is currently limited.
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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