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- 1 Coinbase is a major crypto exchange which makes trading convenient for many users.
- 2 Knowing certain things like finding wallets and other specifics helps the users in various ways.
Founded in 2012, Coinbase is one of the most widely used crypto exchanges. In the context of trading volume, it’s the biggest exchange in the world. It is also one of the most reliable platforms that supports millions of users. That’s why, users need to know everything about it. Finding the wallet is one such task that every user has to go through at least once.
Thus here are some instructions on how to find it.
Steps to Finding Coinbase Wallet on Desktop
1. First, the users must begin by creating an account on Coinbase.
2. Then, they need to access their profile by going to “Manage Your Profile” and then “Crypto Addresses”.
3. After clicking on Crypto Addresses, users get to see a list of all crypto addresses. To choose a particular crypto, they need to choose one from the “Tradable Assets” dropdown.
4. The next step is to go to the Actions column where they can see the QR code. They can copy the address from there and proceed. Also, it facilitates the transactions of several cryptocurrencies.
Steps to Finding Coinbase Wallet on Phone
1. Open the Coinbase wallet app on the phone and click on “Receive”.
2. The app shows a default asset on the screen. The users need to tap the asset name to view all the compatible cryptos.
3. The next step is to choose the asset they’d like to receive.
4. After the asset selection, the QR code and address surface.
5. Users can scan the address and proceed with the transaction.
Users may have multiple addresses associated with their account. So, they need to make the selection correctly and ensure that the address is typed correctly. They may also see additional addresses that they haven’t created. Without heeding them, they can simply generate a new address for every new transaction.
The QR code view also highlights the option to add a label to track the addresses. The users can scan the code or embed it somewhere. Notably, they can also input a message along with the address.
Things to Know About Coinbase Fee Structure
Coinbase follows a diverse structure for charging its customers. It doesn’t have a flat fee system and users can’t see the precise reasons for these changes. However, the company says that they determine fees on many parameters. It involves order size, payment method, location, market conditions, volatility, and liquidity. Moreover, it includes a spread in the price.
For the uninitiated, the spread is the difference between the price quoted by users and the actual market price. In addition, the advanced trade feature uses a simple maker-taker model for simplification. Takers are traders who remove liquidity and makers bring liquidity into the market.
The fee on both may vary from 0% to 0.60% depending on the volume and nature of transactions. Coinbase doesn’t charge users for inter-network transfers or the storage of assets.
How Safe It Is To Buy and Sell Cryptos On Coinbase?
Coinbase works online which means it’s open to all the cyber wrongdoings. Having said that, it must be acknowledged that the platform takes good measures for safety. The first security-centric feature it provides is a hosted wallet. Usually, a third party handles this particular program.
While it causes unease among some users, it does solve a big problem. It should be noted that crypto investors lose millions of dollars because they forget addresses and private keys. The presence of a third party rules out that possibility. They take full responsibility for safekeeping and also deploy a backup mechanism.
When one talks about crypto security, one needs to consider the regulatory scenario too. The Securities Investor Protection Corporation or the Federal Deposit Insurance Corporation doesn’t protect digital assets. Coinbase, nonetheless, provides a crime insurance that safeguards crypto.
The insurance protects against assets’ losses when they’re lost in a theft-like scenario. This means if a hacker gets into the account and siphons off the cryptos then, it’s covered. If users lose it due to any other reason, the insurance is not applicable.
Furthermore, the company keeps 98% of customers’ assets offline. Users can opt for a custodial or a non-custodial wallet based on their needs.
Final Thoughts
Crypto users have plenty of choices when it comes to centralized exchanges. It is better to compare all the other options before choosing one. Digital assets users can check the platforms like Binance, Kraken, and Gemini as well. The good thing is, they don’t have to just stick to one exchange for trading.
They can easily switch from one platform to another without going through many hassles. In the end, they need to prioritize their assets’ safety and convenience.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
