Coinbase Wallet: What Is It and How to Use?
Coinbase – the world's largest BTC broker with the offer of exchange, wallet, and developer API.
Is it safe?
It is the BTC company registered in San Francisco. It is the most popular and biggest BTC broker, and it is backed by trusted investors.
It has licences and it is regulated.
How to pay and what are the fees?
It is possible to pay with a credit or debit card and bank transfer. The most popular way is paying by credit card and comparing Coinbase with other popular exchanges, it has the lowest fees – 3.75 %.
Where can you use Coinbase?
Coinbase supports over 30 countries. Among them are USA, UK, Canada, Singapore and 28 European countries.
What personal data should you provide?
You fully verify your identity and provide many personal details. If you are paying with credit card, you should provide a picture of your driver’s license or passport.
As Coinbase is regulated, it asks for identity verification due to the KYC and AML laws.
What limits does it have?
The platform offers very high limits depending on how much information is verified.
How fast are BTCs sent?
The time varies depending on country and way of paying. In US you will get them instantly if you pay by card and in 5 days if you do a bank transfer. In Europe while paying with SEPA, you will get your coins within 1-3 days.
Coinbase BTC Wallet Review
It is available on the web and via apps. With the platform, you can create three types of wallets.
1. Coinbase BTC Wallet
Here, your BTCs are not under your control – the company controls them. Therefore, relations are based on trust that the company can ensure safety of your crypto.
More than that, you can get your account and access to your money blocked any time.
2. Coinbase Vault
This option is for those who want to secure large amount of bitcoins. If you have a Vault account, your crypto is protected by multiple approvers of withdrawals. The process takes 48 hours and if the withdrawal you didn’t make is noticed, it will be cancelled.
3. Multisig Vault
Its multi-signature vault. One key is kept by the platform, the second one is hared, and the last one is held by you.
Any two of the three keys allow spending crypto, and the big advantage is that if Coinbase goes down, the shared key and your own key are still there.
As for data provision, the platform requests your name, phone number, email, and some more personal information.
Use platform only to make transactions with BTC but don’t store funds there (only if you have a multisig vault).
Coinbase USD Wallets
With it, you can keep dollars in your account as well. it can bring you several benefits, as first, you will not have to wait for five days for process of BTC buying to be completed – it will be quick. Second, you will be able to pend crypto online without explosion to Bitcoin’s volatility.
How to join Coinbase?
- Create an account
- Verify ID
- Secure your account by 2FA.
- Add payment methods
- Buy crypto
Remember that the platform may track how you spend your crypto and asks for quite a lot of personal data, however, it is very easy to use for beginners, popular and is considered one of the most trusted.