Coinbase is the most popular cryptocurrency exchange in the United States. There’s Coinbase and then there’s everyone else when it comes to cryptocurrency exchanges in the United States.
This platform was used by 67% of those who own or have owned cryptocurrencies in The Ascent’s crypto research of over 50 million Americans. That was significantly greater than any other exchange; Binance came in second with 27%.
The statistics show that Coinbase, which recently reached 56 million users, is the most popular cryptocurrency in the United States. What makes it so popular in comparison to other exchanges? Here are the key factors that contributed to its success.
Coinbase’s security is Excellent
Security is a major requirement for crypto exchanges. Users want to know that their investments are secure.
This platform has a proven track record in this area. It has never been hacked or experienced a significant cryptocurrency theft.
At least 98 percent of customer assets are kept in cold storage, which means they are kept on offline devices. It ensures assets are maintained online, and cash balances are covered by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per customer.
It is simple to use
Crypto exchanges must be easy to use. Cryptocurrency is already a difficult topic to grasp, especially for newcomers. Many new users will abandon up or go to a different exchange if they feel like they need an instruction manual only to acquire cryptocurrency.
One of the most user-friendly exchanges is Coinbase. It features a simple interface, and you can quickly figure out how to purchase, sell, send, and receive cryptocurrency. The Coinbase website also includes a lot of educational material.
It has a big number of coins
Coinbase provides one of the largest cryptocurrency options among US crypto exchanges, with over 50 coins accessible for purchase. It regularly adds new coins, as seen by the fact that Coinbase now supports Dogecoin trading. If you want to learn more about altcoins (alternative cryptocurrencies to Bitcoin), This platform has a lot to offer.
It has a well-received smartphone app
A good smartphone app is essential for many crypto investors who want to trade on the go. Coinbase offers a mobile app for both Apple and Android smartphones. The Coinbase mobile app, like the website, is simple to use. It allows you to monitor your balances as well as purchase, sell, and transfer cryptocurrency from any location.
The Fees Are Reasonable
One of the few criticisms leveled about Coinbase is that its fees are difficult to comprehend. There’s a flat transaction cost and a variable transaction fee, and you pay the higher of the two.
Despite the fact that the cost structure is a little complex, Coinbase’s fees are comparable to those charged by other prominent cryptocurrency exchanges. Although its rates aren’t the lowest, you may buy cryptocurrency on Coinbase with confidence that you won’t be ripped off.
It Provides You With The Opportunity To Earn Free Cryptocurrency
Coinbase has a great feature in its rewards area where you may earn free cryptocurrency. You can achieve this in a few different ways.
Completing educational content on specific coins is one option. Modules on Coinbase allow you to learn about certain coins, take quizzes, and receive free cryptocurrency. You could, for example, go through Polygon modules and get a few dollars worth of that coin in return. It’s not much, but it’s a good incentive to learn about cryptocurrency.
Referring friends or setting up a regular bitcoin purchase can also earn you incentives from Coinbase.
For More Experienced Users, Coinbase Pro Is Offered
Coinbase features a more complex version called Coinbase Pro in addition to its ordinary version. Coinbase Pro provides a few less fees and a lot more functionality, such as advanced graphing tools and additional transaction possibilities. It costs nothing to sign up for a Coinbase Pro account, and it’s a simple process if you already have one.
Because Coinbase is available in two versions, it may appeal to a far broader audience. Coinbase is a good option for beginners and people that value ease of usage. Coinbase Pro has the features that advanced investors require.
We’ve seen more sites acquire crypto than ever before, thanks to its meteoric rise in popularity. Despite the competition, Coinbase has maintained its position as the largest crypto exchange in the United States. It’s a good idea to consider your options before committing to an exchange platform, but if you choose Coinbase, you’ll almost certainly be pleased with your choice. Find out more about the differences between Coinbase and Coinbase Pro.
Hundreds of platforms are waiting to provide you access to thousands of cryptocurrencies all across the world. And, in order to select the one that’s ideal for you, you’ll need to figure out which features are most important to you.