Coinbase

Here at Handicappers Hideaway we strive to offer services and reviews on any product that coincides with online gambling. With the surge in online sportsbooks taking cryptocurrencies and it being the simplest way to deposit and withdraw from these books, branching out into teaming with crypto exchanges was natural. We have limited the number of exchanges to just a few of the most secure and safest places. Right now we have 4 exchanges we will be promoting.

We also wanted places you could purchase cryptocurrency quickly and easily with debit and credit cards. This is safe, simple and very easy to do. These exchanges also offer many other ways to deposit and withdraw crypto and fiat currencies. Sometimes you just have to buy crypto quickly and credit and debit cards are the best way.

Coinbase is one of the quickest and easiest ways to fund your account. Your first purchase can take as quick as 10-minutes from the purchase to verification. After verification of your ID, then each purchase after will be seamless and in a few seconds (most times) if using the same payment method. You can verify your account in the app or online on the Coinbase website.

You can use your Drivers License, Passport, State or Federal ID Card, Residence Permit (Green Card). Some jurisdictions will allow voter card, Military ID, Health ID Card and more. School ID’s and Military ID’s will not be accepted. Neither will medical ID’s, temporary ID’s or residence permits

Coinbase was launched in 2012 with a mission to create an open financial system for the world. It is operated from San Francisco, California and is operational in over 100 countries today. Coinbase is a distributed company. That is where all, or most, employees work remotely. It is the largest cryptocurrency exchange in the United States in terms of trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.

Coinbase is a very safe and secure platform. They are part of regulatory authorities such as FinCEN in the US and Canada’s FINTRAC, amongst others. They also follow Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. This is the safest way to deal with exchanges. There are many exchanges that don’t use these parameters, but here at HH, we don’t feel safe recommending these places.

Coinbase leads the cryptoeconomy. Customers around the world discover and begin their journeys with crypto through Coinbase. 245,000 ecosystem partners in over 100 countries trust Coinbase to easily and securely invest, spend, save, earn, and use crypto.

Every quarter Coinbase trades in over $312 Billion in volume. The company has over $330 Billion in safeguarded assets. The company also employs over 3,400 people and are still growing.

Payment Methods for U.S. Customers

There are several types of payment methods that you can link to your Coinbase account:

	Best for	Buy	Sell	Add cash	Cash out	Speed
Bank Account (ACH)	Large and small investments	✔	✘	✔	✔	3-5 business days
Instant Cashouts to bank accounts	Small cashouts	✘	✘	✘	✔	Instant
Debit Card	Small investments and cashouts	✔	✘	✔	✔	Instant
Wire Transfer	Large investments	✘	✘	✔	✔	1-3 business days
PayPal	Small investments and cashouts	✔	✘	✔	✔	Instant
Apple Pay	Small investments	✔	✘	✘	✘	Instant
Google Pay	Small investments	✔	✘	✘	✘	Instant

Note: Coinbase doesn’t accept physical checks for payment methods. Any checks we receive will be voided and destroyed.

Coinbase Fees and Explanations

Coinbase has a a complicated fee structure once you get more experienced. For most people they will pay between 0.5% and 4.0% for most transactions. It depends on the the transaction method. You will know the fee before the transaction is made. It is hard to find a structure on the website, but this is mainly because of how transaction fees fluctuate and change at all times. Advanced Trading fees are maker/taker fees and the maker always pays less. These are easy to find, but most beginners and casual users never will utilize this.

Network fees will also be determined when you buy or sell. These fees depend on how busy the network is. Bitcoin will almost always have the highest fees as it is an older crypto and on the old network. Technology in blockchain has improved and the speeds of mining coins have improved immensely. For transactions under $1,000 you can utilize the Bitcoin Lightning Network. It is cheaper and faster, but the transactions are way smaller.

Crypto Wallets

Coinbase also has several wallets you can use in house, or you can use your own. The ones on the site are great and safe. It is helpful when you deal with so many cryptocurrencies, NFTs, and the WEB3 network. They offer trading on over 200 cryptocurrencies and over 400 crypto-to-crypto trading pairs. Not having to use different wallets is a great convenience.

Each user will start off with lower deposit and withdrawal limits and crypto purchases may not be available immediately until the account is verified. It takes 10 minutes to upload the information and just a few more minutes to get verified.

Coinbase offers more than a one-size fits-all wallet for your crypto storage. The exchange offers three different types of hot/online wallets that are easy to use:

• Coinbase Wallet. A self-custody wallet that supports “hundreds of thousands” of crypto assets. It’s a separate wallet app that does not require you to open an account on Coinbase. You can also park your non-fungible tokens (NFTs) in this wallet.
• Coinbase Exchange. This default wallet option makes trades on Coinbase, but keep in mind your private keys are stored on the exchange, making them more vulnerable to hacks.
• Coinbase dApp Wallet. This wallet stores all ERC-20 tokens that run on the Ethereum network. There are many tokens on this network and this wallet is a must have.

Security

Coinbase’s security protocols are very thorough. Protocols include checking the dark web for customer passwords, recommending the use of a third-party security key and offering onsite security prompts.

All U.S. dollar deposits on the Coinbase site are held in FDIC-insured bank accounts. Crypto holdings are not covered.

Coinbase carries criminal insurance, which covers security breaches to the site but not compromised login credentials. It’s important that customers adhere to Coinbase’s strongest security recommendations to lessen the chance of losing your assets

Coinbase was subject to a series of hacks between March 2021 and May 2021. During this period, more than 6,000 customers had their accounts drained. They seem to have corrected the measures and are on solid footing.

Perks and Other Rewards

Coinbase has outstanding rewards and other perks. It is some of the best on the market and if you use the site regularly you can make some decent money for very little time and investment.

Their earn as you learn program is fun and entertaining. It is where you can earn digital assets by learning about different cryptocurrencies, NFT’s, and different blockchains. This is just a few of the examples. Users will watch short videos and read articles on digital assets and take a short quiz afterwards and once completed you get rewarded for your time and effort.

Coinbase also has their own Coinbase Card. It is a Visa debit card that turns your everyday purchases into crypto rewards. It is a nice card to have. You can either use US Dollars or your cryptocurrency itself to purchase things.

Coinbase One is a membership program you can join for a monthly fee. some of the perks are Zero trading fees, boosted staking rewards, priority support, and more. You can also earn 5.5% on your USDC assets. The cost is $29.99 a month and is available to US Customers and select other countries. You can find the full list on their website.

Coinbase also has their exchange that is used for open trading. You can buy, sell and trade over 10,000 assets. This is for more experienced traders and should not be taken on lightly. We highly recommend to only use this after you have become more experienced.

Closing Thoughts

You can’t get a better cryptocurrency site and exchange for beginners than Coinbase. Customer Service is normally pretty good, but depends on the time of the day. It is not just for US hours either. This is a worldwide company and you will just have to toy around with it. They have an extensive only help section with videos and articles. Most things can be found if you are willing to search.

With the ease of use, countries it is available in and features that are available this exchange is a no-brainer. You can trade with high limits if that is your choice or you can start your account with as little of $2. Users can also stake coins and earn in many different ways.

Handicappers Hideaway users can’t go wrong using Coinbase. Their fees are a little bit higher that some of the other exchanges, but the convenience and security is worth it.