Coinbase Review 2023: Crypto Trading Made Easy for First-Time Investors

As a new investor, you’re probably aware that learning everything about crypto can take time.

However, platforms like Coinbase make entering the crypto world much simpler.

If you’re a beginner, this platform is a great place to start. It combines helpful content and an easy-to-use design to make first-time crypto trading stress-free. Let’s learn more about Coinbase to see if it’s right for you.

How Does Coinbase Work?

Initially created in 2012 to give investors a safe place to buy, sell, and trade Bitcoin, Coinbase has become the largest cryptocurrency trading platform in the United States. As of 2022, it hosts over 150 currencies, including prominent ones like Bitcoin, Ethereum, Solana, Cardano, and many more.

Coinbase makes trading a breeze for beginner investors who might be hesitant to start investing their hard earned money in this evolving phenomenon. The platform’s seamless design makes daily buying, selling, and trading easy for anyone to follow. The company’s mini lessons also make it ideal for someone who wants to learn more techniques as they trade.

If you want even more advanced features (and you’re looking to save $ when trading cryptos), Coinbase Pro provides market tracking, a detailed overview of your trading history, open order monitoring, multi-portfolio management (up to 10), and unlimited trading with minimal fees.

Is Coinbase Safe To Use?

While Coinbase is now widely used in the U.S. and around the world, the platform has seen its fair share of controversy in early 2021. It’s worth noting that a phishing attack caused over 6,000 users to lose their money, which questioned the company’s reputation.

But, Coinbase has since stepped up its cybersecurity game since then. Thankfully, those affected were reimbursed, and the platform has since invested more to improve its cybersecurity. Today, it’s one of the safest currency exchanges on the market. Coinbase also protects your money by using FDIC-secured accounts and works to actively prevent any suspicious activity that may harm users.

It’s important to note that while the crypto market has ups and downs like the stock market, cryptos have proven to be extremely volatile. Especially for those risk-averse investors out there, it’s suggested to never invest more than 5% of your assets in crypto.

How To Get Started On Coinbase

Coinbase is free to get started, and the setup process is pretty straightforward.

To open an account, you’ll need to:

Be at least 18 years old
Have a government-issued ID
Have an internet connection
Have a phone number connected to your smartphone
Have the latest version of your internet browser installed on your desktop

How To Sign Up For Coinbase

Go to Coinbase to create an account.
Input your personal information, including your full legal name, email address, state of residence, and create a password.
Verify your email address and your phone number.
Add your personal information, including your occupation and Social Security Number (SSN).
Finish your ID verification.
Link a payment method based on your country of residence.
Start trading!

I’ve personally heard of people’s accounts being rejected because their picture wasn’t clear enough or the info wasn’t completely accurate. Make sure you take clear photos of your ID and double-check your personal information when you sign up!

New Coinbase Members Can Earn Up to $200 Worth Of Crypto

Coinbase will also reward eligible U.S. residents with up to $200 of free Bitcoin when they sign up and complete their first purchase.

All you need to do is finish the signup and verification process, make your first purchase, spin the wheel of rewards, and you’ll get your reward straight to your portfolio!

Additionally, Coinbase members can earn up to $400 in free crypto with the platform’s rewards program. Just complete short and easy “crypto courses” to be rewarded. Pretty sweet deal, right?

The Bottom Line

The cryptocurrency market is extremely volatile and can fluctuate drastically depending on the day. Even the most experienced traders can lose money if they aren’t careful so understand that you’re assuming a risk by partaking in crypto trading.

But if you want to make your experience with crypto trading more manageable, the right exchange can help you, especially if you’re a newbie. And this is why Coinbase is a great place to start out. It’s now one of the safest trading platforms and full of valuable content, so you don’t have to navigate the complicated world of crypto on your own.

Plus, Coinbase is free to sign up! So, go ahead and make your first trade today.