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Coinbase

    • Wallet platforms – Web, Android, iOS
    • Supported coins –  Bitcoin, Ethereum, Litecoin, Bitcoin Cash
    • Validation – Centralized
    • Security – Moderate
    • Ease of use  – Very simple to use
    • Extra services – Can make transactions off the blockchain
4.0 rating based on 1 rating
Free

By BTCGuru


Introduction

From number of bitcoin wallets available in the market, Coinbase is the wallet suggested for beginners and novice users. It is also known as the world’s largest bitcoin broker with services spread in 30+ countries. The rapid growth and increased numbers of users in a very short span is what makes it more interesting! There’s a lot of hard work and smart features used in developing it which makes it stand out from others wallets. Let’s explore the most unique and reliable features of this bitcoin wallet.

What is Coinbase?

Coinbase is a wallet used for storing bitcoins. It is known as the largest bitcoin broker all over the world. This wallet has successfully gained customers from US, Brazil and UK which have immense customer base for bitcoins. Serving in more than 30 countries with more than 4M customers throughout the world, this bitcoin wallet has achieved some serious milestones. Coinbase was launched in year 2012 to facilitate payments for bitcoins, Ethereum and Litecoin cryptocurrencies.

The features of a wallet are something which makes it more powerful and exclusive than other options. Here are some highlighting and irreplaceable features of Coinbase wallet.

Coinbase wallet Dashboard

Coinbase features:

Reliable customer support:

When it comes to reliability, users depend on how rich the customer support section of a wallet is. Coinbase is a reliable wallet as it makes communication more transparent and easier. Users can ask queries, get guidance and connect with the company through mails. The detailed FAQs are provided for information and the users are responded within 24-72 hours.

Worldwide presence:

What makes this wallet the largest bitcoin broker is its availability. It is available in 32+ countries which makes it highly usable and preferred wallet.

Easy purchases and selling:

Intense Ease of purchasing and selling the bitcoins can make a wallet stronger than others. Coinbase follows this path and makes it easy for the customers to get bitcoins. Instead of trading, Coinbase sells the bitcoins directly to users at a standard price. This eases the process of purchase and sale of bitcoins compared to exchanges. The flexibility of making payments include credit cards, bank transfers and a special coinbase VISA Debit card!

Easy purchase and sell

Additional Coinbase features:

  • The user interface of Coinbase is extremely compatible and smooth for the beginners
  • Users can explore numerous withdrawal and deposit options
  • A debit card can be linked with your Coinbase wallet to make payments more quick and easy
  • It is one of the most secured wallets for bitcoin trading and transactions
  • The fees of using Coinbase wallet is lower than other wallets which makes it more adaptable
  • It supports multiple currency options like USD, EUR and GBP
  • Verified users can purchase bitcoins worth 1000USD using credit cards

User Interface:

User interface of Coinbase is highly flexible. The user interface of Coinbase provides an easy to use interface for beginners and also allows a separate multi signature UI where multiple users can make payments using the same wallet. Here is all you need to know about its usability and design.

Usability:

Coinbase is a web wallet that supports Android and  iOS apps.

Design:

Coinbase is specially designed to empower user friendliness.  When it comes to ease of use, Coinbase gets all the points. First, the Home page of the wallet is very simple and easy to understand. The registration process is also easy and well guided.

Transactions using Coinbase are very straightforward. The wallet allows storing, selling and purchasing bitcoins in a very flexible and quick way. Navigation within different tabs is simple and understandable. Setting up an account is done through easy steps like signing up, choosing account type (individual or business)   , verifying contact number, setting up the payment mode and making transactions using Coinbase.

The multi signature facility is a secure and smooth way in which a single wallet can be efficiently used by many users. The design for this tab is flexible and unambiguous. The complete UI and different tabs of Coinbase are intuitive and easy to understand!

These are certain ways through which, Coinbase provides efficient usability.

Security:

One of the basic concerns in using a world famous and largest bitcoin wallet is its security. Everyone needs a secure wallet for storing their currencies and thus, it is very important to ensure security. Coinbase has faced a lot of complaints and concerns regarding security while the developers have strong answers for such concerns.

Additional security features offered in Coinbase:

  • The company is located in US, a country which has a predefined set or regulations for each firm. Coinbase has to follow US laws for money transmission which makes coinbase more secure and legalized than other wallets.
  • Coinbase follows secure fund storing where in any case, the company won’t use the funds from customer account. The currencies are securely moved into cold storages which are then stored in hard wallets and paper wallets. There are also options like safety boxes to prevent theft.
  • One of the promising security features of coinbase is that the wallets of US residents are also covered by insurance.
  • For securing the the personal accounts of all the customers, Coinbase has come up with 2 factor authentication which secures the account by confirming payments with text messages, pin codes and Google authentication. You can track all your transactions along with the IP addresses.

Verification in Coinbase

Coin Support:

Coinbase supports only 3 currencies currently which are Bitcoins, Ethereum and Litecoin

 

Pros:

  • Simpler option than exchanges for bitcoin trading and transactions
  • It facilitates payments through multiple channels like debit cards, bank transfers and much more
  • It is highly secure and insured
  • The UI is smoothly designed, intuitive and pleasing
  • The company has a promising reputation and wide spread customer base
  • Fees are low than competitors

Cons:

  • Your bitcoin expenditures may get tracked
  • The firm has faced complaints for slow response towards customer queries
  • Number of currencies supported is less 

Final verdict for Coinbase

Coinbase offers a very easy to use bitcoin storage platform to the beginners. It is a secure wallet, but to ensure safety of your funds, you must transfer the funds into your personal wallet. For beginner and investors, this is a convenient option for using their cryptocurrencies.

  • Stay Away from coinbase!!

    They charge immense fees for micro transactions, they generally have delays, poor customer and support service.

  • Need to work

    Takes excessively numerous days to “settle” exchanges. Site stooped transaction because of high volume !

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