Due to digitalization in the payment method and currency the world is experiencing a lot of changes in the web world. Various decentralized forms of currencies which are also known as crypto currencies or digital currencies have come into existence and there are a lot of platforms that are providing the service related to cryptocurrencies. There are a lot of platforms that provide services of buying and selling bitcoins or other cryptocurrencies and there are some others that provide the opportunity of storing the cryptocurrencies in the wallet that are known as crypto wallets. Visit the Bitcoin Evolution for more information on bitcoin trading.
Crypto wallets
Crypto wallets are basically of two types: hot crypto wallets and cold crypto wallets. While some of the other platforms provide both the features of buying the crypto assets and storing them in the wallet. One of those platforms is Coinbase which provides both the features to the user and it is very easily accessible. Coinbase is banned in some parts of the world, so, you have to check whether it is available in your area or not before making any decision. This article is based upon the points you need to know about Coinbase.
Coinbase
Coinbase is the platform that allows the user to buy or sell the crypto assets in the market and provides the facility to store those crypto assets in the inbuilt wallet of the platform. It acts as a partner that helps you buy and sell bitcoins or other digital currencies. It has a hot crypto wallet which means the key is stored in the webspace and a password will be given to the user to access the key. But same as the partner it also needs some share from the user’s crypto-asset which is termed as the fees in the Coinbase platform which means it charges some amount of fees for each one of the transactions being performed by the user from the platform. Therefore, the person who does these activities more often or in simple words who invests in the bitcoin trading exchange or other cryptocurrencies would witness the deduction of capital which is the fees being taken from him, and hence it is not that profitable. But for the person who is doing the long-term investment, it is one of the best platforms out there in the market.
Fees charged to using it
The fees being charged to the user also depend upon the payment method used by the user, whether he is using a debit card, credit card, or another crypto asset for exchange. It has different types of fees which depend upon the user whether he is depositing the crypto asset or converting one crypto asset into the other or is directly buying the digital currency. In Coinbase the user has to pay more fees if he directly buys the asset from the platform but to avoid paying the high fees he can first deposit the cryptocurrency in his coinbase account then withdraw the money.
The fees are only charged because it is the main source of generating revenue for the trading platforms and coinbase is not the only one. If a person wants to do the trade with fewer fees, he has the option to switch to Coinbase Pro which is the upgraded version of the coinbase and charges fewer fees and gives more profitable interest to the user. One can transfer his owned crypto assets to the Coinbase pro account and can withdraw them. The crypto assets bought from the debit cards get available at that very moment but the charge is about 3.5%-4.0%.
