Coinbase Exchange is a leading cryptocurrency trading platform trusted by many users in the United States. It allows trading in over 120 types of cryptocurrencies. Apart from cryptocurrency trading services, Coinbase also offers various other crypto products to serve different user groups: Coinbase Pro, Coinbase Custody, Coinbase Prime, Coinbase Earn, Coinbase Wallet, and more.
Coinbase is currently the second-largest centralized exchange in terms of trust score according to Coingecko. Its daily trading volume ranks second only to Binance, with over $1 billion in trading volume.
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Products Offered by Coinbase
1. Coinbase Pro: Coinbase Pro is a trading platform designed for professional traders. It provides users with direct price data feeds, multiple order placement options, and continuously updated price charts.
2. Coinbase Custody: Launched in November 2017, Coinbase Custody provides storage and financial control solutions for institutional investors such as hedge funds, asset managers, and retirement funds. It supports most popular cryptocurrencies and targets investors with a minimum balance of $500,000.
3. Coinbase Wallet: Coinbase Wallet is a mobile app that allows users to buy, store, and trade over 500 types of cryptocurrencies and NFTs. It can also be used for crypto asset lending and earning interest.
4. Coinbase Prime: Introduced in September 2021, Coinbase Prime enables institutional investors to buy, store, and trade cryptocurrencies on a large scale. It offers various advanced features and routing orders to find the best prices for traders.
5. Coinbase Commerce: Businesses can use Coinbase Commerce to accept cryptocurrency payments. It allows customers to pay with Bitcoin, Bitcoin Cash, DAI, Ethereum, Litecoin, or USD Coin. Merchants can integrate Coinbase Commerce into their e-commerce platforms and withdraw received cryptocurrencies to their Coinbase accounts.
6. Stablecoin: In 2018, Coinbase and payment infrastructure company Circle launched USD Coin (USDC), one of the most popular stablecoins in the market. It has a market capitalization of over $26 billion.
7. Coinbase NFT: Coinbase NFT is a platform for trading NFTs issued by Coinbase Exchange. It allows trading various famous collections such as Bored Yatch Ape, Crypto Punks, Mutant Ape Yatch Club, and more.
8. Layer 2 Solution: On February 23, 2023, Coinbase introduced its own Layer 2 solution called Base. It aims to scale Ethereum and is built on Optimism’s OP Stack technology, offering safety, low costs, and developer-friendly features.
Transaction Fees on Coinbase:
Coinbase Exchange uses the maker-taker fee model to determine transaction fees. Fees are based on the order size. Here’s a breakdown of Coinbase’s trading fees.
Creating and Using a Wallet on Coinbase:
Creating a Coinbase Account:
Access to website:coinbase.com Choose “Sign up”.
Select the type of account you want to register for and click “Get Started”.
Fill in the required information: First Name, Last Name, Email, Password.
Verify your email.
Choose your country and enter your phone number for two-factor authentication.
Provide personal information to verify your identity. Upload pictures of your driver’s license OR Identity Card
Creating a Wallet Address on Coinbase:
At Coinbase, Bitcoin, Ethereum, and Litecoin wallets all have two main types: primary and sub-wallets. The characteristic of the primary wallet is that after receiving a transaction, the wallet automatically changes to a new address, and the old address is added to the list of old wallets. Therefore, after each transaction receipt, users should review the new wallet address to prepare for subsequent transactions. If the new wallet address is not updated and the old wallet address is still being used, the funds will still be credited to your account.
To get the wallet address:
- Click on “Account”.
- Select “Receive”.
- Then, choose “Show Address” as shown in the image.
Creating Multiple Sub-Wallet Addresses on Coinbase:
- Click on “Tool”, select “Addresses”, then click “Create New Address” to generate a new sub-wallet address.
Sending Money from Your Coinbase Account
Step 1: Click on “Send/Request” and then click “Send”.
Step 2: Enter the recipient’s wallet address in the “Recipient” field.
Step 3: Choose the type of currency and enter the amount of money you want to transfer.
Step 4: Click “Send Funds”.
