Coinbase Customer Support Phone Number
Coinbase Customer Support Phone Number
Coinbase is a digital currency-based broker exchange allowing users to buy and trade Bitcoin and other crypto’s. Compared to the traditional cryptocurrency exchanges, Coinbase is slightly different as it allows users to buy crypto via using fiat currencies. It is considered as one of the biggest crypto-broker exchanges across the globe.
Introduced in San Francisco, California in 2012, Coinbase has assets of around $20 billion, and $50 billion cryptos have been traded on this platform since its inception. The exchange has two major products – a broker exchange and a professional trading platform called GDAX. Both of these platforms can be used independently.
What are the features of Coinbase?
1. Trusted Crypto’s
Most of the people considered Coinbase as the opening platform to enter into the crypto market. Users can purchase Bitcoin, Litecoin, Ethereum, and Bitcoin on the platform. It has these four cryptocurrencies only that users can buy. The platform offers those coins that are approved currencies and don’t open up to tokens that could be equities.
It is kind of rare that the platform would add new coins making it a trusted and secure platform.
2. User-friendly Interface
This digital currency-based broker exchange has a user-friendly interface making it a great tool for users who are new in the Crypto Industry. Having clean design makes it easy to navigate and whatever tools you require will be available at your fingertips.
3. Fiat Currencies
Compared to the traditional cryptocurrency exchange. Coinbase accepts different types of fiat on the platform for the four digital currencies it caters to the audience who want to trade. The currencies accepted by the exchange are EUR, GBP, and USD. In addition to that, the exchange provides a variety of payment methods to help users to get their fiat money on board to buy crypto. Various types of payment methods include bank transfer, debit/credit cards, PayPal, and SEPA transfers for European citizens.
4. Instant exchange
Users who prefer sending money in Bitcoin but like to transact it with fiat, Coinbase has a feature for them called ‘Instant exchange’. Under this ‘Instant exchange’, you don’t have to use fiat to buy Bitcoin and can send directly it to your receiver. This feature can be used to make the process accessible, continuous, and instant. You can pay directly with fiat and the payment will be converted into Bitcoin. Also, there are no extra fees to attain this service and this makes it Coinbase a better exchange to trade.
5. The Shift Card
If you would like to spend the Bitcoin in your Coinbase wallet, this can be easily done with the help of the Shift card. Coinbase has a debit card which is actually a Visa debit card allowing U.S. users in selected states to spend Bitcoin from their Coinbase wallet. The working process of this debit card is similar to any other Visa. When you transact with the card, the equal amount of value of Bitcoin will also be debited from your online wallet. Though this card facility is not yet available in all the states of the United States.
6. GDAX upgrade
If you have an interest in trading and also a frequent buyer and seller of crypto, you can easily transfer to GDAX which is a sister platform of Coinbase. On the GDAX platform, you can trade between cryptos. Also, you can look for a large selection of cryptos to trade between. Though the policy of Coinbase on securities and equities is still there, GDAX only deals with coins considered as virtual currencies.
7. Money is Secure
Though it is never 100% safe to your money on an online exchange, Coinbase happens to be the secure wallet you can use. The platform keeps 99% of its assets in offline cold storage and one can’t hack anything in cold storage. Having 1% of assets online in the hot wallet system and these assets are protected from any losses. It means that if your money ever gets stolen from Coinbase, your money will definitely come back.
Coinbase- a wallet
Coinbase is surely an exchange but it doesn’t have an in-built wallet. You can keep your crypto on the platform if you want to keep it.
Safety factor of Coinbase
Coinbase comes in the list of those four exchanges who have a license in NY under the pilot BitLicense program. It is adhered to KYC (Know Your Customer) rules and is compliant as possible to regulations and rules. The exchange has over 40 licenses to be working in the U.S. and is licensed to be working in the other 31 countries. In addition to it, the exchange keeps its assets insured, leaving all chances of hacking and theft. Because of the KYC rules, users have to submit a government-issued piece of ID and in a few cases, address verification to use the platforms to buy and sell features. The security element adds the other positive side of the exchange.
Cons of using Coinbase
It’s time to review all the downside of Coinbase exchange which are given as follows:
- Account limits
Coinbase platform allows you to exchange the fiat with the cryptocurrency, it also has limitations on spending and how many times you can do it. As per the Coinbase website support forum, limitation on spending is done for security, regulatory compliance, and fraud prevention. The limit is based on factors such as the payment method used by a user, purchase history of a user, period of the account, etc. All these limits are done automatically. Though there are a few methods through which you can increase the account limits and a few steps among them are compulsory to use the buy and sell features.
Users can also add a phone number, submit personal details, submission of a photo ID, and create an established purchase history by buying and selling (trading) via the Coinbase platform. You need to know that the limits are quite different for each account that is linked to the Coinbase wallet. For instance, the purchase limit for your credit card is going to be different and separate from the purchase limit for your linked bank account.
- High fees
Coinbase transaction is being done in many currencies and has various payment methods. Due to having many payment methods, the service charges of the exchange are high compared to other exchanges. Having high fees are the major negative impact of the exchange. The fees are being charged per transaction and its calculation is done in two different ways. For transactions, under $200, a minimum fee is applied. For instance, if a user is buying/selling anything with a U.S. bank account, the conversion fee would be 1.49% for transactions over $200 and if it is below $200, the charges would be 4%. This base rate might vary based on your country and region.
Lack of Anonymity
Though Anonymity is considered as one of the safest options to use Coinbase, for a few users, this factor creates a problem. The exchange is obligated to report the users’ information to the governmental bodies who monitor it meaning that whatever you keep in crypto assets will be recorded onboard and you have to pay crypto taxes whatever your country’s laws require. Having this factor reduces the aim of having cryptocurrency for some as it was initially created to be a decentralized and unsigned method of transacting wealth.
The other negative point is that the exchange keeps a track and monitor how much user is spending. Your wallet might get frizzed if Coinbase finds any kind of doubtable transactions such as paying/receiving for adult services, gambling, illegal goods, etc.
Look at the one-liner advantages and disadvantages of the exchange
- It has a friendly interface and offers the four trusted cryptos – BTC, LTC, ETH& BCC.
- It accepts fiat transactions.
- Coinbase has many payment methods and can easily connect with US bank accounts.
- It is highly regulated to keep the exchange secure and safe.
- It is adhered to legal policies making it transparent and trustworthy to its users.
- It is connected with GDAX to trade cryptos.
- Coinbase debit card is also known as the Shift Card for U.S. users.
- The exchange is not available in many countries.
- It has a limitation on how much you spend or withdraw
- Service charges are quite high
- It has strict KYC policies allowing transactions to be operative and prevents anonymity.
- It is tax compliant and shares your information with tax authorities.
Coinbase is the best option
- For newcomers
Coinbase turns out to be the best platform for new coming investors. It has a user-friendly interface that would help you in the understanding of using online exchanges. You can also transfer over to GDAX to trade and transact it with many currencies than what is being offered on Coinbase.
- Buy with Fiat
Being a broker exchange, you can buy crypto with the fiat currency this thing is already mentioned at the beginning of the article. It has the best platform for newcomers into the crypto Industry. As per the fact, the maximum flow of capital into the crypto sector has come via Coinbase from its audience.
- For small businesses and Investors
Coinbase is an excellent option for small-scale businesses and investors who would like to invest their cash into crypto. Though for huge businesses and investors who have an interest in investing large sums of money, Coinbase fees are quite high.
Introduction of Coinbase
Coinbase is a global digital asset exchange company called GDAX providing a platform to buy and sell digital currencies and send information about transactions out to the blockchain network in order to verify those transactions. Coinbase has its own wallet where you can store all the digital currencies. The exchange offers exchanges of Bitcoin, Ethereum. Bitcoin Cash, Litecoin, and many assets with fiat currencies in over 32 countries.
Moreover, if you have an interest in trading in digital currencies but don’t want to hand around under the advanced technology, Coinbase is a pathway to start your crypto journey in a new form of currency and investing. On the Coinbase platform, you will not find any kind of pseudo-anonymity, your name is linked to your Coinbase account and the bank account making transaction history easy to track down. In case, if you are not working on the blockchain, there’s nothing you can do to assure that the verification of your transaction history or the account is taking place.
- Buying and Selling Cryptocurrency
The exchange asks you to link your bank account, credit card, or debit card to your Coinbase account in order to buy cryptocurrencies. With a bank account, users are allowed for higher limits such as $100 per transaction and $2,500 per week but it takes a long time for verification, resulting in that you will not be able to see money in your Coinbase wallet for two to four days depending on the type of bank you are using.
During selling Bitcoin, once it is confirmed, you have to wait for two to four days to see the amount in your bank account.
The limit is slightly lesser as $200 per week with a credit or debit card, but you can purchase digital currencies by transferring funds from the bank account to the site. For such transactions, Bitcoin visible in the Coinbase wallet instantly and you can sell Bitcoin to your Paypal account as your Bitcoin is going to exchange with the local currency.
To deal with any kind of error while selling and buying cryptocurrency, users can always contact with the team members who are there to guide you. You can always call on the Coinbase helpline number which is always functional and the team is ready to support you anytime. You can connect with the team to avail solutions related to all kinds of troubles that can be easily eliminated by taking superlative assistance from the skilled professionals who are always there to assist you at any step and fix all your troubles immediately.
2) Security and Insurance
Coinbase platform stores almost 98% of users’ funds in offline mode to maintain the security of the cryptocurrency assets you buy and store within the exchange. On the Coinbase website, the exchange assures users that sensitive data available on the server is nowhere connected or linked with the internet. Data is encrypted, and being transferred to USB drives and paper backups, and placed in safe deposit boxes vaults across the globe.
Remaining 2% of users’ funds are kept online and are covered with a breach of coinbase’s online storage. In addition to that, Coinbase keeps all customer fiat currency in custodial bank accounts. In case, if you have fiat currency in Coinbase, in a USD wallet. It is being covered by FDIC insurance up to $250,000. This step helps in the protection of users’ assets (if they are converted in Fiat currency) even in Coinbase bankruptcy.
If you hold massive money tied up in Bitcoin, there is a requirement of secure space to store it safely. In that regard, Coinbase provides a Coinbase vault having time-delayed withdrawals providing 48 hours to cancel a withdrawal, and also, the option of multiple approvers is available and increases in security by assuring that all withdrawals have been approved by multiple people. Coinbase also offers a multisig vault considered as a more involved and secure vault that requires multiple keys to unlock.
3) Word of Caution
We know that the blockchain process involves verifying transaction history step and this verification process is slow, only a certain amount of transactions get verified in a limited time. Therefore, if you sell your Bitcoin but the purchase is still not confirmed by the blockchain network, and the price of the currency changes, the final sale would not take place. You then have to sell Bitcoin at the new rate if you want to sell. Because of the blockchain and other reasons, the Coinbase payout system seems untrustable sometimes. Reports were making round for delay in payout times.
If you are looking for solutions and remedies to handle all Coinbase technical glitches, users can always contact the team of elite experts who are always there to handle all troubles. You can always call on Coinbase phone number which is always functional and the team is ready to assist you anytime. Connect with the team anytime to deal with all kinds of troubles.
Is Coinbase the right place to store Bitcoin?
In a blog in 2016, Coinbase CEO and Co-founder Brian Armstrong talked about storing around 10% of bitcoins available in circulation. Since its inception, the rate of Coinbase users and investments have been increased rapidly making it a billion-dollar exchange after a year.
It is true that if something is trusted by many doesn’t make it safe to be your custodian. The trusted third parties are security holes and the role of Bitcoin is to be a participant in a permission less system that grants you financial sovereignty. Though Coinbase didn’t lose funds in its first sever years but still, its security is questionable.
If you are concerned related to security and hacking trouble and need assurance that Coinbase is the right platform, you can always talk to the team of experts who are there to handle all troubles. Connect with the team anytime and deal with all kind of issues. You can reach them via call, message or email depending on your choice. Reach the team members via Coinbase toll-free number and get solutions related to all troubles happening in Coinbase. Talk to the team anytime and get the perfect remedies which can be easily executed and help in fixing troubles.
Is Coinbase safe for mass withdrawals?
Bitcoin was introduced for the accessible way to fiat culture that generates arbitrary inflation rates and fractional reserves, allowing a fraction of the user’s money available for withdrawals. When you visit a bank and request to withdraw money, the institution is indeed unable to make the payment on the spot. They will come up with a daily withdrawal limit on you.
Coinbase withdrawal limits
When you are trading on Coinbase, you need to ensure that the exchange will let you withdraw bitcoins you bought and hold in their custodial wallet. There are no such restrictions on how much you can withdraw at one time. Also, you can never predict when these regulations get strict and become hard to get your coins from the exchange because of the increasing demands and verification.
Your Bitcoin is Subject to International Relations
Users who are a non-US citizen from one of the supported countries and if the US government wants to end up diplomatic relations with your native government, then your funds might get frozen during the conflict. This incident happened with Iranian users who were trading on Bittrex and got affected by the sanctions of the US Treasury Department’s Office of Foreign Assets Control (OFAC). Also, they didn’t get any fair date to withdraw their coins and could wait for ending the conflict as soon as possible.
Coinbase has its operations in over 100 countries and you can never predict when yours get on target by the Global financial enforcement. Being an American Company, Coinbase left with no choice but to comply with the orders given to them by OFAC. hence, it is unreasonable to predict that the exchange is going to act in its best interest especially if you’re not an American citizen and your native country gets in conflict with the USA.
To deal with all troubles associated with Coinbase and if you need assistance to handle trading on the platform hassle-free, you can always contact the team anytime for availing quality remedies. You can always call on Coinbase support phone number which is always functional and the team is ready to assist you anytime. Connect with the team anytime for generating remedies related to all kinds of worries.
Does Coin base Protect Your Privacy?
One thing that is quite concerning about the Bitcoin space is KYC/AML practices. Maximum bitcoiners don’t like the idea of data collection. Though there are a few security reasons to neglect the private data collection because once your picture along with ID proof got registered on a server, it creates the reinforcement of a honeypot for hackers. Other exchange Binance had a big issue with a hacker who managed to download the data of many users and was looking to extort bitcoins from the exchange.
Coming to the Coinbase, there is no choice but to submit the data. If you have plans to buy some bitcoins and go out, you can delete the account and request the company to delete all your records, considered it as a positive sign for your privacy and sovereignty. Moreover, a user should never have any hopes from a company related to your financial privacy in association with the government.
Coinbase and Legislation connection
Legislation changes take place often and the party under which Coinbase works can have access to any data at any time. In association with the IRS, in November 2017, Coinbase was supposed to inform the taxman related to which users have over $20.000 annual transaction volume in the four months, the American-based exchange also had to send the IRS complete information and transaction records of users who used the exchange between 2013 and 2015.
If you are concerned about financial privacy as a way to protect and save yourself from government rules and regulations and from the people who might try to hack your account, it is advisable to be alert with your digital account and the personal data you put in exchanges.
You are advised to move your coins to your own wallet and run a full node and know about how to manage UTXOs and in fact, try to mix BTC with applications such as Wasabi wallet when you would like to eliminate links to the sender and attain probable deniability. You should know that Bitcoin is not completely private but Coinbase exchange is a financial platform where the government can track and keep a record of your activity.
Blockchain analysis – Neutrino
Talking about tracking and investigation, in 2019 the exchange attained blockchain analysis to start-up Neutrino to have a better track on transactions and associate data with other entities and individuals. The issue which is the most concerned about other than the Orwellian nature of the exchange is the connection of Neutrino’s Founders with a hacking team, a company that serves investigation technology to government that breach human rights and freedom.
To deal with all issues related to Coinbase, you can always connect with the team member who is always there to handle all your worries. You can always call on Coinbase support phone number which is always functional and the team is always there to handle all your worries. Whenever you are in trouble, reach out to the team and get quality remedies from the professionals who are ready to assist you.