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Coinbase is a leading centralized cryptocurrency exchange (Cex) that facilitates the buying, selling and storing of various cryptocurrencies. Launched in 2012, they are known for their user-friendly interface, which makes it accessible for beginners in the space. The platform also places a strong emphasis on security, implementing strong measures to protect user funds and data. We are going to explain how the platform works in this Coinbase tutorial.

If you aren’t familiar with some specific words or terminology you can refer to our glossary.

Getting Started with Coinbase Exchange

Signing up only takes a few minutes, just as on other Cex. You will have the option to either sign up with your google account or with an email address. You will then be asked to enter some of your personal details, including your:

• Full name
• Find a secured password

At this stage, you can also switch to create a business account. After that step, you will be asked to verify your email address. Once verified, you will be prompted to add your phone number and enter the security code sent to your number. When validated, you will need to confirm your country of residence and provide more of your personal details along with proofs of identity and citizenship in order to verify your account.

After setting up and verifying your account, you will then be able to trade on the platform. Navigating through Coinbase for the first time can be an exciting journey into cryptocurrency. You can easily buy, sell and store cryptocurrencies (amongst the 248 assets that are currently supported) and track your portfolio. The exchange is user-friendly and perfect for beginners, as it goes straight to the point and doesn’t have lots of jargon. They also have step by step guides in their help centre.

How to Buy Crypto on Coinbase

In order to start buying crypto on the platform, you will need to click on the ‘Buy/Sell’ section, select the cryptocurrency of your choice and enter the amount. Different payment methods will be offered such as:

• Bank transfers
• Payment cards
• Wire transfer
• And others depending on your location

After choosing your payment method and confirming the transaction, the asset will automatically appear on your Coinbase wallet.

To ensure safe purchasing on Coinbase, it is advised to enable a 2FA (two-factor authentication) for an added layer of security on your account. Another tip to optimize your transactions would be to monitor the market. Coinbase offers real-time price charts and market updates for a wide range of assets as seen earlier. This will allow you to analyse trends and make decisions accordingly. You also have the possibility to customize price alerts to receive notifications about the coins you are interested in and stay informed of significant price movements. Thanks to this feature, you will never miss an opportunity.

Coinbase Wallet App & Managing your Crypto

The Coinbase Wallet app is a distinct and versatile cryptocurrency wallet that operates separately from the Coinbase exchange. It allows users to take full control over their digital assets by storing them securely within the app, rather than on the exchange. This means that you can manage a wide variety of cryptocurrencies and NFTs (Non-fungible tokens). You will also have the possibility to access decentralized applications (DApps) along with other DeFi (Decentralized Finance) platforms.

In order to transfer your funds from an exchange to your Coinbase wallet app you will need to follow these steps:

• Click on the ‘Receive’ tab to get your wallet address for the crypto you wish to receive
• Select the right token (sending assets to the wrong address may result in a permanent loss)
• Copy the address or use the provided QR code
• Go to the exchange from which you want to transfer your funds and select ‘withdraw’
• Paste your Coinbase wallet address into the designated field
• Confirm the transaction and your asset will appear in your wallet (it can take more or less time depending on the network’s congestion)

It is important to note that the wallet app stands out for its strong security measures, including biometric access controls and a secure enclave to prevent any unauthorized access. Finally, the app emphasizes user sovereignty, by offering control over private keys to the users themselves. A critical feature for those who prioritize autonomy and security in the digital asset space.

Introduction to Base Network

Base is a layer-2 scaling solution built on the Ethereum blockchain. They aimed at offering a more cost-effective and faster way for transactions and smart contract operations. It leverages the security and decentralized nature of the Ethereum network. All of this, while aiming to reduce the barriers to entry for users and developers by lowering transaction fees and increasing throughput. Base is closely associated with Coinbase. It was developed and launched by the exchange to support its broader ecosystem, including the Coinbase wallet and the decentralized finance space.

This strategic move by Coinbase aims to:

• Nurture the growth of the DeFi industry
• Facilitate easier access to blockchain
• Promote wider adoption of digital assets

By creating Base, Coinbase not only expands its services within the cryptocurrency market but also provides a foundation for developers to build DApps with enhanced scalability and efficiency. This strategy exemplifies how traditional exchanges are increasingly playing an integral role in the evolution of the blockchain.

Coinbase’s Products and Network

Users of Coinbase and Coinbase wallet app stand to greatly benefit from the integration with the Base network. In fact, it significantly enhances the user experience by offering faster transactions at reduced gas fees. Through Base, Coinbase users can access a wider range of DApps and services. The Coinbase wallet app, in particular, can leverage Base’s capabilities to offer more efficient transactions with smart contracts and easier management of assets. This synergy between Coinbase’s products and network not only streamlines operations for existing users but also makes it more inviting and accessible for new users.