What is Coinbase.com in brief?
Buying cryptocurrency online on Coinbase is the easiest way to own digital money. Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. We’re based in San Francisco, California. Bitcoin is the world’s most famous alternative currency with a total market cap of over $100 billion. The bitcoin has a network of thousands of computers run by individuals all over the world. (taken from coinbase.com)
Coinbase has already reached over 30M users and $150 volume in trading. Coinbase has two core products: a Global Digital Asset Exchange, GDAX, for trading a variety of digital assets on its professional asset trading platform, and a user-facing retail broker of Bitcoin, Bitcoin Cash, Ether, Ethereum Classic, and Litecoin for fiat currency. The platform has raised $217M from world’s leading investors on the market.
It is very basic to create account on Coinbase. Simply click on create account on coin base.com and at the right top of the screen click on Get Started then fill blank spaces with your information, name, e-mail, and password, then you are all set up. You will see the current market price of each cryptocurrency in chosen fiat currency. Coinbase offers its users a wallet, an exchange, and merchant tools within one simple interface
Trading Fees on Coinbase (taken from coinbase)
Coinbase charges a Spread of about one-half of one percent (0.50%) for Digital Currency Purchases and Digital Currency Sales. However, the actual Spread may be higher or lower due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes.
You will pay a fee (in addition to the spread), which is the greater of a flat fee or a variable percentage fee determined by region, product feature and payment type.
- If the total transaction amount is less than or equal to $10, the fee is $0.99.
- when the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49.
- If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99.
- If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99.
For example, if you are in the United States and wish to purchase $100 of bitcoin and pay with a U.S. bank account or your USD Wallet. The flat fee would be calculated as $2.99. As noted below in the variable fee section, the variable percentage fee would be 1.49% of the total transaction, or $1.49. Since the flat fee is greater than 1.49% of the total transaction, your fee would $2.99. If you wanted to purchase bitcoin with a credit or debit card, they would charge a fee of 3.99% since the variable percentage fee is higher than the flat fee.
Variable percentage fee structure by location and payment method are shown in the last section below. These fees do not apply to Digital Currency Conversions. As a reminder, the Coinbase Fee will always be the greater of the minimum flat fees described above or the variable fees described below.
Digital Currency Conversions
With a Digital Currency Conversion, you can accomplish in a single transaction what would otherwise require two separate transactions. For example, you could directly convert Bitcoin to Ethereum (a Digital Currency Conversion), or you could sell Bitcoin and then purchase Ethereum (a Digital Currency Sale followed by a Digital Currency Purchase).
Coinbase charges a spread margin of up to two percent (2.00%) for Digital Currency Conversions. The actual spread margin charged varies due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes. Platform does not charge a separate Coinbase fee for digital currency conversions.
Coinbase Mobil Application
Mobile applications are making buying cryptocurrency online on coinbase very easy, safe, and fast. It is available for IOS and Android devices.
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