Coinbase Review – The one Thing You Have to Know About
Coinbase offers its services in the United States, United Kingdom, Canada, Singapore, and the following European countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland.
All Coinbase accounts have a wallet the can be used for sending / receiving Bitcoins. In order to open such an account you will need to supply your utter name, verify your email address and accept Coinbase’s user agreement.
If you want to be able to buy Bitcoins with Coinbase you will need to supply a valid bank account to permit bank transfers to Coinbase.
Coinbase buying / selling boundaries
Once your Coinbase account is set up (tutorial later down in this post), you are able to buy a puny amount of Bitcoins until you raise your limit. For example, US residents who have a credit card on file in their Coinbase account (as backup) will be able to purchase up to $1000 worth of Bitcoins a week.
In order to raise your boundaries on buying Bitcoins you will need to supply the following:
- Identity verification
- Credit card verification
- Debit card verification
If you are a fully verified US resident you can reach the highest limit which is presently $50K worth of Bitcoin a day. Thresholds may also be sent depending on the payment method you choose to buy the Bitcoins with. For example, ACH transfer has higher thresholds than buying Bitcoins with a credit card on Coinbase.
Coinbase accepted payment methods
Coinbase transactions and fees
Coinbase transaction times depend on the payment method you will use. For example, a wire transfer can take up to five days to be approved whereas a credit card purchase will be instant. Once your account is funded you will receive the Bitcoins after placing your order (tutorial to go after). Depending on your payment method there can be different fees to the transaction.
Most transactions hold a 1% transaction fee + any fees related to the payment method you are using. Here is the latest fee chart taken from Coinbase’s FAQ section:
If someone sends Bitcoins into your Coinbase account you will have to wait for three confirmations to arrive on the Bitcoin network before Coinbase approves it on their internal system.
Coinbase has a very extensive FAQ page and also a support forum. Most standard requests will very likely find their response in one of these pages. If you are submitting a support ticket, expect a response to arrive within 48-72 hours (from individual practice).
Another issue is that most of the time the support team won’t dig deep into your issue on their very first response, and it is fairly common to receive “canned responses” that don’t truly address the problem. Many people in the community complain that Coinbase isn’t indeed very support oriented and that many times issues aren’t explained to the customer.
Their has been a lot of controversy over Coinbase inwards the Bitcoin community. If you’re fresh to Coinbase this is perhaps the one thing you need to take into account before making your decision to buy Bitcoins through Coinbase. The main point of controversy are:
- Coinbase tracks how users spend their Bitcoins – Coinbase can and will track how you use your Bitcoins. They may also close or freeze your account if you deal with adult services, gambling, selling stuff on the darknet and other shady business.
- Affiliate prize manhandle – Coinbase offers a referral program however doesn’t always pay its playmates according to what is stated.
- Taking a stand in Bitcoin debates – There are many “internal debates” inwards the Bitcoin community that Coinbase voiced its opinion on. Usually it’s expected from a service to remain neutral in these debates and go after the natural market movements.