Coinbase is the most popular exchange to buy and sell cryptocurrencies, for Fiat currencies. In the last year, they also started to list bigger altcoins.
Table of Contents
- When did they start?
- Do we know the founders?
- How secure is it, is there 2FA, etc.?
- Is it insured, if not, is there a backup fund?
- What does the exchange focus on?
- Is it a centralized or a decentralized exchange?
- Does it hold IEOs?
- What are the fees?
START AND FOUNDER
Coinbase started in June 2012, by Brian Armstrong, Fred Ehrsam, and Ben Reeves, however, Ben Reeves later parted, as he had his differences with Armstrong about how the Coinbase wallet should operate.
The current CEO is Brian Armstrong, with the President being Emilie Choi.
Coinbase is located in San Francisco, California.
You can add 2FA or SMS Authentication, plus you also have the ability to verify yourself. Once you do that, you can start using the site to its full potential.
Coinbase, just like most other exchanges, keeps the majority of the user funds in cold wallets.
Cold wallets are used to keep funds offline, safe from hacks.
They keep the remaining 2% of the assets in hot wallets, which is insured, for up to $255 million.
This insurance is first of its kind; no exchange has ever done that before.
THE EXCHANGES FOCUS
The primary focus of Coinbase is its main website, coinbase.com, which is used to onboard new users into the cryptocurrency space.
They used to only focus on bigger cryptocurrencies, like Bitcoin, Ethereum, and Litecoin, however recently they started to expand into more lesser known, but quality projects.
Coinbase also has a pro version on their website called Coinbase Pro, which is made for advanced users.
Both of them are centralized exchanges.
Neither does Coinbase, nor Coinbase Pro holds Initials Exchange Offerings at the time you are reading this.
The fees are highly different, based on the transaction you are making, for example, standard buy/sell has a 1.49% base fee, while instant buys (for credit and debit cards) has a 3.99% fee.
Coinbase Pro has considerably lower fees, so it is advised to transfer your cryptocurrencies there if you would like to trade them. However, you can not purchase cryptocurrencies with Fiat currencies on that platform.
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