Today, we would like to tell you about Coinbase, one of the leading Bitcoin broker platforms in the marketplace.
General information
The company has raised $75 mil in investment form in 2015, gaining an advantage over its rivals. Coinbase positions itself as the leading Bitcoin broker in North America, as well as in Europe. And it has every right to do so.
Out of all Bitcoin platforms that are present on the market, Coinbase looks like the most complete product. The company offers its services to the clients in the U.S. and Canada, as well as 26 European countries. Users are able to access very liquid Bitcoin dollar exchange market, as well as Euro and Pound sterling markets.
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Safety
All the Bitcoins stored in Coinbase are insured against theft, 97% of the total amount of coins is being kept in “cold storages”. Coinbase accepts credit and debit cards as payment methods for Canadian customers. Purchased funds will be instantly credited to your account.
In order to contribute to Bitcoin popularization, Coinbase works closely with regulators, making online transactions as secure as possible. Such collaboration requires the platform to meet certain AML/KYC standards.
A part of Bitcoin community believes that the payments must be completely anonymous. Therefore, they are unhappy with regulators being involved in Coinbase. However, the company is convinced that their approach will lead to faster cryptocurrency legalization and ensure additional user security.
Opening an account
In order to open an account, you will need to provide your full name and confirm your e-mail address. The ability to purchase Bitcoins will be available after entering a verified bank account information.
Coinbase offers a two-tier account system. Upgrading your account allows you to increase your transaction limit. In order to become a tier two user, you will be required to submit your address, phone number and the last 4 digits of your social security card number. After completing an identity questionnaire and waiting for 30 days, you can enjoy all the benefits that come with a tier two account.
Digital wallet
Coinbase has got a great security system. You won’t need to worry about your Bitcoins’ safety. The private key, that is needed to access the cold storage, is fragmented and stored between paper and the hard drives. There is also a backup for each piece in case it ever gets lost.
Coinbase offers a wide range of customizable protection methods, including two-factor authentication upon login and withdrawal. Additionally, you can set a transaction limit and get notified after reaching it.
Mobile version
If you’re looking to use Coinbase via smartphone, we’ve got good news for you. The developers have done a fantastic job here. The application is available on App Store and Google Play and offers access to the full functionality of the platform. Two-factor authentication is available upon initial sign up. Besides, you will need to confirm your e-mail. The Coinbase app is protected with PIN. If your device has been lost or stolen, you can always remotely disable the app.
Support
Professional support team is available 24/7 via e-mail. Our observation is that they tend to reply faster during workdays. Customer support is also available via instant chat on American working hours.
Bottom Line
Unless you’re looking to hide your wealth or perform shady transactions, Coinbase could be the perfect solution for you. The company puts a lot of effort into protecting user information and ensuring safe payments. For Canadians, the ability to deposit using their credit/debit card is also a big advantage. Who knows, Coinbase might as well be the perfect Bitcoin broker we were asking for.