Various types of digital currencies or cryptocurrencies are gaining popularity for the last few years. The generation and verification of the transfer of these digital currencies are regulated by using an encryption technique instead of a central bank. They are created by a mining process with the help of Blockchain technology. A miner can buy a certain amount of digital currency after the verification of his data. If you are interested in trading in cryptocurrencies then you will have to find a trading platform. Coinbase is a GADX or global digital asset exchange company that offers you a platform to trade in the cryptocurrencies of your choice. The process of Coinbase sign up is briefly described in this write-up for your consideration.
How to sign up with Coinbase?
When you want to buy and sell cryptocurrencies then you must have a platform to support you by providing you information about the transactions available on the network of Blockchain-based traders as well as to verify your transactions. Coinbase can be a reliable platform for you as it will allow you to store your cryptocurrencies along with using it as your wallet. This platform will allow you to trade almost all types of cryptocurrencies across more than 30 countries. In order to use Coinbase as your cryptocurrency trading platform, you will have to open a Coinbase sign up account as you open in your bank. After opening this account you can use it for trading digital currencies along with tracking the history of your transactions without depending on some mediator.
Sell and buy cryptocurrencies
After signing up with Coinbase you will have to connect your account with your credit/debit card or bank account to start buying cryptocurrencies. Though you can also use your bank account for this purpose but banks may take longer than a digital platform while verifying your transactions. Similar is the condition while selling your digital money as banks may take 2-4 days to complete your sales proceeds. On the other hand, when you use Coinbase for buying and selling your cryptocurrencies then your transaction will immediately be visible in your account. In this way, transactions through Coinbase will be completed immediately and you can also use it to store your digital money. Moreover, it will give you real-time information about the current price of your cryptocurrencies.
Insurance and security
Coinbase offers you a safe and secure platform to trade in cryptocurrencies as it stores most of your deposits offline so that you can track it anytime even if it is not connected to the internet. In such conditions, you can get a hard copy of the encrypted data or transfer it to your USB device as well as share it across the world in safe deposit vaults. In this way, Coinbase protects the assets of its clients.
Precautions with Coinbase
However, while using a Blockchain-based platform like Coinbase, you should keep in mind that some of the transactions can take some time in verification because being labor-intensive, this process is slow as Blockchain verifies a transaction after verifying its history. So, when you trade in cryptocurrencies after Coinbase sign up then it may not process the transaction immediately in case of a change in their prices. Thus, the payment system of Coinbase can be unreliable for unverified transactions.