Investing in crypto has become very popular in the UK recently and Coinbase makes it easy to start trading mainstream cryptocurrency.
In case you haven’t noticed, cryptocurrency has exploded in popularity across the UK. Prices of cryptocurrencies have increased steadily over the past few years thanks to new technology and platforms that have made crypto trading easier and available, not just to tech heads, but to the wider public globally.
Let’s take a look at the UK version of Coinbase, a cryptocurrency trading platform, digging into what you can buy and sell, what features Coinbase offers, and whether it’s worth checking out.
Coinbase is a US-based broker that specialises in digital cryptocurrencies such as Bitcoin, Ethereum and many more. Through Coinbase, you can buy and sell cryptocurrencies quickly and easily as well as the ability to process UK bank transfers and debit cards – sounds pretty attractive right now eh?
Based in San Francisco, the cryptocurrency brokerage launched back in 2012 and one of the first to gain traction in the UK; and by 2013, had become the most funded bitcoin startup and the single largest cryptocurrency exchange on the planet.
This success can be attributed to Coinbase’s easy-to-use interface geared toward those with little or no trading experience, which has attracted over 35 million users from over 100 countries worldwide.
Creating an account is as simple as clicking a few buttons and making a few swipes on your smartphone screen. With the convenience of buying and selling crypto and low fees, it’s not surprising that Coinbase has become popular.
Creating a Coinbase account is super straightforward.
After installing the app, you will need to register an account by entering your first and last name, email address, and password. The app will send you a verification email, then you can add a phone number for two-factor authentication (2fA).
After you create your Coinbase account, you’ll be invited to verify your identity. Coinbase requires you to upload a government-issued photo ID to prove you’re over 18 and confirm your identity.
The app asks you questions about your income, employment, and the reason you want to use Coinbase, and uses the answers to suggest investments tailored to your preferences. Following all verification steps, you can link a payment method, such as a standard bank account in the UK, SEPA transfer, 3D secure card, or PayPal account.
A GBP deposit from bank transfer usually takes up to 24 hours, while a EUR deposit from a UK bank account normally takes one to two business days.
You can start buying and selling crypto when your payment method is approved. To open a trade, select the “Buy/Sell” button in the top-right-hand corner and choose from a wide range of crypto denominations.
Coinbase currently supports most major forms of cryptocurrency, including Bitcoin, Ethereum, Litecoin, Dogecoin, and more.
It was recently announced that Coinbase will launch Ethereum 2.0 staking, which will allow users to participate in the confirmation chain for a given transaction. The rewards for validating transactions on these blockchains range from 3%-7.5% on ETH staking.
Using Coinbase to stake does not require a minimum amount of money, and the staking feature is currently in beta. Users can join the waitlist on Coinbase’s website here.
UK and European users can also sign up for a Coinbase card that lets you use cryptocurrency as a debit card to make everyday purchases.
With Coinbase Cards, you can withdraw cash anywhere that accepts a VISA card. Each card has a free monthly cash withdrawal limit of £200, and a fee of 1.00% for cash withdrawals above that limit. Coinbase Cards typically arrive in the mail within 7 days.
In addition to Coinbase, Coinbase Pro is a platform for making cryptocurrencies tradeable directly with other users.
The difference between Coinbase Pro and Coinbase is that Coinbase Pro is designed to allow individuals to trade crypto with each other, while Coinbase is more of a traditional brokerage firm that lets you buy and sell crypto with fiat currency (i.e., government money).
There are no subscription fees or monthly fees associated with Coinbase Pro.
- The interface is very simple and the whole process of buying and selling cryptos is very straightforward. You can use your UK bank account or regular debit card to make purchases and transfers.
- There’s a good choice of currencies to buy at Coinbase. The exchange supports the major cryptocurrencies, as well as some not-so-common ones.
- Several Coinbase customers report they never hear back from customer support and that it is difficult to reach them.
- A number of customers claim that Coinbase violated their promise to insure crypto funds. Others claim that their wallets have been hacked and that money is missing without a response from Coinbase.
- The fees at Coinbase are higher than many other exchanges, but at least they make sure you understand what you’re paying.
What’s the deal with Coinbase? Is it worth it? In our opinion, Coinbase is a good place to start if you’re interested in trading cryptocurrencies.
The platform is well-known, has a lot of users, and has one of the easiest, most streamlined processes for trading digital currencies. Coinbase is one of the top cryptocurrency exchanges globally and is a good option for both new and experienced cryptocurrency investors.
For more options, check out our other cryptocurrency exchange reviews.