Coinbase is one of the largest digital currency exchange platforms founded in 2012 having business operations in more than 32 different nations with 4 million clients distributed across the globe. The broker, established in collaboration with Ycombinator as its central part, is a licensed and regulated firm operating today as one of the earliest and the oldest exchanges specializing in cryptocurrency trading of Bitcoin, Ethereum, and Litecoin. As gritty as it sounds, bitcoin trading is really as simple as getting a loan from the bank, however, you need to know the basics and fulfill certain essential criteria. Here’s more on Coinbase:
What’s Its Function for Bitcoin
Customers can easily purchase and sell bitcoin, a popular cryptocurrency mode of modern times, by using their bank accounts through Coinbase. Other modes of conducting business include Paypal – used for selling only – and credit cards amongst others.
The firm started by providing Bitcoin selling services to its customers and by May 2016 had expanded into GDAX, a bitcoin exchange that allows people to trade bitcoins for bitcoins. With its huge customer base, Coinbase today offers services in Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, US and the U.K amongst others. If you’re also interested in bitcoin trading, check out coinbase review and how the coinbase.com trading exchange works.
Verification Methods For Coinbase
The Coinbase wallet is like a bank account that can be used for all cryptocurrency transactions. Customers use the wallet to sell or purchase bitcoins as desired for which they need to sign a Coinbase user agreement. They also need to provide personal details like their full name and email in order to successfully set up the wallet. Clients have the option of trading with Coinbase where they can buy bitcoins from the firm but to enable transactions and bank transfers, they need to provide details of a valid banking account.
Purchasing & Selling limits For Coinbase
As soon as your account is activated, you can purchase a meager amount of bitcoins until you reach a specific raised limit. Most U.S. customers who have kept a backup in their accounts like a credit card can buy bitcoins worth $1,000 every week. The highest limit for buying bitcoins these days for American clients that are completely verified is $50k a day, which also depends on the payment method you select for the purchase. For example, with an ACH you have a higher bitcoin purchase limit compared to a credit card method, and this varies from region to region. You can step up the bitcoin purchase limit of your account by providing identity verification, debit card verification, and credit card verification information to Coinbase.
Accepted Payment Methods For Coinbase
The firm’s primary method of payment is the wire transfer which is dependent on your geographical location. Based on your country, you can send money to a particular Coinbase banking account to boost the limit in your account or link your account directly to the bitcoin trading firm. Customers now also have the choice of buying bitcoins through their credit and debit cards, a method which is faster than a bank transfer but requires a small processing fee. Paypal accounts currently can only be used for selling bitcoins on Coinbase and you can set one up to receive funds if you plan to trade your cryptocurrency.