So, the Coinbase app allows you to buy and sell 22 cryptocurrencies.
All of the digital currencies listed above can be purchased in the traditional sense, that is, you will get 100% ownership. Unlike eToro, the Coinbase trading app allows you to withdraw cryptocurrency to your personal wallet.
Convenience for the user
In terms of ease of use, you won’t find anything better than Coinbase . After you download the mobile app, you will be prompted to create an account. This requires some personal information with your official ID. For the latter, you will need to take a photo of your passport / driver’s license. After that, you can easily top up your account with fiat currency.
Basically, if you want to start trading right away, you can deposit funds using a debit card. Unfortunately, you will have to pay 3.99% for this – even more than Binance. Alternatively, there are bank transfers, which are usually free, although this will depend on your location. In the case of a bank transfer, you will also have to wait a few days until the settlement is made.
You can start buying and selling cryptocurrency right after you top up your account. Each cryptocurrency is traded against the US dollar.
In terms of trading fees, Coinbase has a standard buy/sell rate of 1.5%
If you buy $1,000 worth of Bitcoin , there will be a $15 fee.
Selling $10,000 worth of Bitcoin will pay you $150.
Admittedly, this app is less competitive than the options mentioned above. So, if you’re a complete newbie, you might have to sacrifice transaction value for user-friendliness.
Security and regulation
Coinbase has an excellent reputation with regulators in the US. The company is registered with FinCEN as a “ money service business”, that is, it must comply with American laws. First of all, these are anti-money laundering laws related to KYC. Simply put, all Coinbase customers are required to go through an identification process.
Additionally, Coinbase is in the process of obtaining a brokerage license from the SEC. In addition to the US, the Coinbase exchange is also registered with the FCA. Internal security at Coinbase is also top notch. For example, over 98% of client funds are stored in cold storage, and the app uses 2FA.
USD accounts are also protected by FDIC insurance, which covers the first $250,000. “Vault” is also a convenient protection feature of the program, which puts a 48-hour lock on all withdrawal requests