5 Tips to getting started with coinbase
If you are a “crypto-maniac,” and you need a safe place to buy and sell cryptocurrency, then you need to get an account with coinbase. The reviews around this trading platform are positive. If I were you, I would register with it.
Coinbase is the home to the most familiar cryptocurrencies in the market. In short, we are talking about, Bitcoin, Ethereum, Bitcoin cash, and Litecoin. By that small introduction, I know that you are curious, and you want to understand what you need to get into the site. Here are some points to gather when you are starting with it.
You will need verification documents during registration
Now, allow me to explain to you that the registration process is simple. The most natural registration process you will ever come across. However, due to security reasons, they will require that you provide some form of identification.
As you register, ensure that you gather any of these documents around. It could be your ID, passport, driving license, whichever. In fact, they are a regulated service, which means that they operate under certain jurisdictions. By the way, note that approval takes around seven days. After that, you will be free to buy and sell on the platform.
Never lose the secret code
The trading platform goes a step higher by encouraging users to acquire a secret code,
which includes 16 digits. Inventors understand that hackers can be a nuisance and wiser than us sometimes.
To acquire the secret code, you have to activate the authenticator in the settings tab. Once you receive it, ensure that you write it down. It is the best way to keep it. If you lose that code, be assured that you may never be able to recover that account. Note that you will have to pay some annual fee to use it. However, I believe it is worth the amount.
It is also wise to avoid sharing personal information with anyone, especially through calls and emails. Customize your email in such a way that you do not receive those anonymous texts.
Buying and selling tips
Once you have approval, you are free to start transacting. You need to link your bank account to the trading platform. Understand that the trading process does not require any tutorial because it is (again) simple.
You will have to endure weekly limits for both buying and selling instances. For example, you cannot buy more than $25,000 worth of crypto and sell more than $100, 000 in the same week. However, do not worry because the limit continues to lower as you gain experience and familiarity with the site.
Tips on Charges
One thing that is unique with coinbase is that you will have some form of fee for most transactions you make. The only operation that is free is when you are transferring crypto to a wallet that is a coinbase wallet. Be sure to start funding the account once you get approval.
Some of the fees you will encounter include transfer fees, mining fees, and conversion and exchange fees. An excellent way to save money while transacting is to fund through your bank account. Your debit or credit card rate is higher than the banking account. However, note that bank account transactions may take up to 5-7 days to complete.
Secure your cryptocurrency
One thing that you will love about this cryptocurrency trading site is that it offers optimum security for every coin that you own. You want to learn several ways to protect the coins from hackers. One way to do so is via the vault. It offers restrictions to unknown personnel by adding more security layers within it. You can also ask your friends to help you with verification during withdrawals.
The other method is by using ledger Nano S. Instead of storing your hard-earned Bitcoins, Ethereum (or whichever crypto asset you own) on the internet, choose to save it in your hard drive. The external feature removes every possibility for any hacker to reach the assets.
For more information, read the coinbase review on Reddit, which offers additional details on coinbase.