Based in the U.S., in San Francisco, California, to be exact, Coinbase began operations in 2012 and describes itself as “a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin”. You can buy Bitcoin, Bitcoin Cash, Ethereum or Litecoin from 32 different countries either by debit card, wire transfer, or ACH bank account linking, depending on your preferences and where you are located.
As well as having built-in BTC, BCH, ETH and LTC wallets, U.S. customers also have a USD wallet, which is pegged to the USD, and European customers have a EUR wallet that’s pegged to the Euro. These are legal USD and Euro equivalents, held in custodial accounts, and, for all intents and purposes, exactly the same as having USD or Euros, tax ramifications included.
The fee structure ranges from 1.49% to 3.99% 'effective' fees, depending on how you transact (with additional costs for wire transfers), and there is a modest spread to keep in mind as well when buying and selling.
Coinbase also adheres to industry Best Practices when it comes to security, as well as offering additional security in the form of “vaults” that require additional security steps for withdrawals.
To create an account you only need to provide your name, an email, and a password. Once your email has been confirmed you can proceed to account verification.
For answers to specific questions, visit Coinbase Support
Previous posts in this series:
HowTo Buy Crypto – Part 1: LiteBit
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