The Coinbase app is used as a platform to buy, store, and trade cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. Coinbase currently has its services available in 32 countries (including the United States).
In addition to being one of the earliest platforms available for buying Bitcoin, the company has grown fast since its inception in 2012 with 1 million users by January 2016, 5 million by October 2017, and over 13 million by March 2018. The platform processes around 50,000 daily transactions and a total volume of more than a billion dollars a day.
What is Coinbase’s revenue model?
Coinbase has three primary sources of revenue:
- Fees are charged to users when they buy or sell cryptocurrency via the platform.
- Fees are collected by merchants who accept cryptocurrency as payment for goods and services offered on Coinbase’s marketplace.
- Subscriptions are paid by specific enterprise customers who want access to additional premium features such as security, transaction support, or enhanced charts.
Coinbase offers Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), three of the most popular cryptocurrencies. Fees for these transactions vary by country. For instance, in the USA, there is a flat fee of 1.49% per purchase. In addition, when you transfer funds from one wallet to another on the same platform, this transaction is free. However, transferring funds between wallets on different platforms may incur network fees. These are paid to miners that maintain the blockchain for each respective cryptocurrency. Finally, Coinbase earns money by collecting interest on its customers’ fiat currency deposits via its USD Wallet service. That being said, essential to note that Coinbase may adjust its fee structure in the future.
Fees on coinbase:
Coinbase charges a 1.49% flat fee per purchase, regardless of which cryptocurrency is being purchased. Network transfer fees may also apply when transferring funds off the platform. These typically vary depending on which currency you’re sharing and where it will (e.g., another crypto wallet or fiat currency like USD).
Cryptocurrencies available on Coinbase
Few cryptocurrencies are available on Coinbase are:
- The Bitcoin currency (BTC)
- The Ethereum currency (ETH)
- The Litecoin currency (LTC)
- The Bitcoin Cash currency (BCH)
- The Ethereum Classic currency (ETC) and many others
How do I buy cryptocurrencies on Coinbase?
The process of buying cryptocurrency with a Coinbase is straightforward.
- Create your account and sign in.
- Select how much currency to purchase.
- Then press ‘Buy Currency’.
- Once confirmed, the currency is automatically added to your online wallet.
However, it’s important not to send currency directly from another exchange or wallet without transferring funds onto the platform for security reasons.
Coinbase Pro is a replacement for the previous version of Coinbase’s online exchange. However, unlike its predecessor, Coinbase Pro shares data with the regular Coinbase site. As a result, accounts on either platform share balances and transaction history, so transferring funds from one account to another isn’t necessary to track them separately.
The Coinbase Pro platform offers a great mix of simplicity and functionality, making it one of the best options for casual cryptocurrency investors. It’s also one of the only fiat-to-crypto solutions that do not require you to jump through all kinds of hoops just to get started.
Read more: Binance vs Coinbase: All you need to know
Fees on coinbase pro:
Coinbase pro does not have any charges for making deposits or withdrawals. However, like most other exchanges on this list, there is a flat fee of around 0.25% when trading between cryptocurrencies. And if you use Coinbase’s Shift Card to pay for goods and services, there is a flat fee of 3.80% on all purchases made through the card.
Cryptocurrencies supported on coinbase pro.
Few cryptocurrencies supported on Coinbase pro
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
Firstly create an account for Coinbase Pro. The account setting includes verifying your identity to adhere to Know Your Customer norms and anti-money laundering laws. Provide a valid photo I.D. and wait for Coinbase to approve your submission. You’ll also need to link a bank account to transfer funds into the platform from which you can purchase the different cryptocurrencies listed above. Finally, sign up for GDAX using the same login credentials.
Ways to deposit on Coinbase Pro:
There are two ways to deposit on Coinbase Pro:
- Credit card.
- Bank transfer.
Credit card purchases also come with a bit of markup when compared to the standard fee structure. However, this service will allow you to purchase cryptocurrency much faster than traditional bank transfers so that it might be worth it depending on your priorities.
Once your payment method has been verified, the cryptocurrency purchased will appear in your account wallet. Keep in mind that some cryptocurrencies can take up to an hour or two for the transfer to complete, while others may take several days.
Verification on Coinbase Pro
The time it takes to get verified on Coinbase Pro very much depends on how diligent Coinbase concerns its verification processes. You need a valid form of photo I.D., along with information about your bank account and residency location. It should take no more than a few minutes if there are no issues with the data submitted. Be aware that Coinbase Pro offers far more stringent requirements than other fiat-to-crypto brokers like Gemini or Kraken.
Comparison between Coinbase and Coinbase Pro:
Coinbase is a trading platform that facilitates the transfer of digital currencies, while Coinbase Pro is an exchange designed for more severe cryptocurrency traders.
Coinbase Pro and Coinbase share many of the same security features, such as encryption and two-factor authentication. Each company also performs regular I.T. system scans to make sure it complies with state regulations.
The sign-up process for both Coinbase and Coinbase Pro is similar:
- Use your email address and password to log in
- Confirm your account details.
- Verify your identity by providing a photo identification
Once you’re approved, you can start making deposits into your account right away.
Is Coinbase pro safe?
Yes. Like the company of Coinbase, Coinbase Pro is a well-established trading platform that complies with all current financial regulations. Signing up for an account takes only a few minutes, and you can purchase cryptocurrency almost instantly, just like on other platforms.
Alternatives to CoinBase Pro:
There aren’t too many alternatives to Coinbase Pro in terms of sheer convenience when buying cryptocurrency right away with fiat currency. The exchange does fall short compared to other features like swapping between cryptocurrencies or margin trading, but this is understandable given their target audience.
By how many ways people can deposit on Coinbase pro?
There are two ways to deposit on Coinbase Pro:
- Credit card.
- Bank transfer.
What does the Coinbase Pro platform offer?
The Coinbase Pro platform offers a great mix of simplicity and functionality, making it one of the best options for casual cryptocurrency investors.
What are the fees on Coinbase?
Coinbase charges a 1.49% flat fee per purchase, regardless of which cryptocurrency is being purchased.
What are the fees on Coinbase pro?
Coinbase pro does not have any charges for making deposits or withdrawals. However, like most other exchanges on this list, there is a flat fee of around 0.25% when trading between cryptocurrencies.
What is Coinbase?
Coinbase is a trading platform that facilitates the transfer of digital currencies.