Coinbase is one of the world’s most popular cryptocurrency exchanges, especially within the United States. They’re extremely well-known for their user-friendliness, enabling newcomers to quickly and easily purchase cryptocurrency using a credit card.
Whereas other exchanges require users to be able to navigate a trading interface, Coinbase removes this from the equation, allowing users to simply buy and sell at market rates – no candlestick charts necessary!
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The company has had several rounds of funding, comprising of a seed capital round, Series A-E funding, and a secondary market sale.
Coinbase raised $600,000 in seed capital in September 2012, including backing from Y Combinator, Reddit co-founder Alexis Ohanian, IDG Ventures, and several others via FundersClub – an online venture capital firm.
Coinbase is best known for its reliability and compliance with regulations in the United States. Unlike many other cryptocurrency exchanges, Coinbase is based in the USA, and maintains transparent banking relationships. Existing since 2012, Coinbase also has a much longer history than other exchanges.
USD balances in Coinbase accounts are covered by FDIC insurance, for a maximum of $250,000 per individual.
Ease of use
Coinbase is also well-known for being one of the easiest options for first-time cryptocurrency buyers.
They considerably streamline the onboarding process, removing knowledge barriers and enabling credit or debit card purchases. In order to purchase cryptocurrency for the first time, all a user must do is simply select their asset of interest, and choose how much fiat currency to spend on it.
Send crypto more easily with Coinbase Wallet!
Introducing simpler sends to Wallet usernames, @ensdomains, and your Coinbase account.
— Coinbase Wallet (@CoinbaseWallet) February 25, 2020
How does it work?
To get started, visit https://www.coinbase.com/.
Click the green “Buy” button, next to the asset you would like to purchase.
Form here, a user will enter their name and email address, along with their desired password.
Coinbase will send an email to the address provided. Click the link in the email to complete the sign-up process.
You will also be required to enter a phone number, which will assist in securing your account.
A user will then be taken to the dashboard homepage. To purchase cryptocurrency, click the blue “Trade” button in the top right-hand corner.
The user will also need to enter their payment method, and details. These can also be added in the settings panel, by clicking the profile picture in the top right-hand corner.
What assets are supported?
Why are we covering Coinbase?
As one of the more reputable fiat onramps, Coinbase is generally the first point of entry for many new users looking to get into crypto. From Coinbase, users can purchase popular DeFi assets like Dai and ETH which can be sent to other wallets and DEXs like Uniswap.
How to get involved?
In-depth posts about platform releases, listings, updates, and more can be found on The Coinbase Blog.