Well, Hello There, Crypto Enthusiasts!
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Jump Headfirst into the Crypto Pool
Oh, you eager beaver, you’ve set your sights on the cryptocurrency markets? Wonderful! Let me introduce you to some (at your own risk, I might add) curious options for you:
First up, ladies and gentlemen, drumroll for the Best Wallet. This No-KYC crypto wallet that’ll treat you like elite, making you the first to know of newly trending token launches.
- Ready to dabble in multiple blockchains? The Best Wallet has got you covered.
- You can be THAT person who always knows about the latest meme token in town. You’re welcome!
- And yes, they offer the chance to earn staking and airdrop benefits with their $BEST token. Cool, right?
Next in line, we have the Kraken. Besides having a truly rad name, they also offers a 1%-2% bonus in USDG on eligible deposits¹.
- A holy grail for traders, they offer around-the-clock, world-class customer support.
- Enjoy seamless transfers with immense liquidity, and access to margin and futures markets— they’ve got it all!
- And did I mention their mobile-friendly trading tools? If you’re a phone-first person like me, bingo!
¹Tickle your fancy? Remember to opt-in via the Kraken app with a net deposit exceeding $1,000 and do it before October 31, 2025! Don’t say I didn’t warn you.
And yes, we aren’t done yet. Time to give some applause for ZenGo. Be your own crypto-knight and buy cryptocurrency securely, directly to your wallet.
- They utilize advanced MPC cryptography to keep your assets safe and sound.
- Three-factor authentication means that even professional hackers might give up trying to crack your account.
- By the way, if you’ve been anxious about losing seed phrases, ZenGo provides a hassle-free wallet recovery. Sweet relief, isn’t it?
- And you have access to in-app live help. Yes, there are actual human beings who can help. With a wallet. On your phone. We’re surely living in the future, folks!
Last but not the least, meet Uphold. Uphold takes upholding crypto security seriously. And they’ll help in your quest of locating obscure—but who knows? Potentially profitable!—tokens before they’re widely available.
- Exchange hundreds of cryptocurrencies in just one step—yes—they heard your prayers.
- Trade, buy, sell, and hold 300+ digital assets. That’s like strolling down currency boulevard!
- Rest assured knowing they employ comprehensive security protocols. So, you can put up your feet and trade worry-free.
*Investing with them is subject to risk, though. Their lawyers make me say this.
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So, you’re gunning for cryptocurrency? I bet my bottom dollar you’ve heard of Coinbase.
Not just a dabbler but a leader in the cryptocurrency game in the U.S., Coinbase is your go-to to buy, sell, and stash away digital assets like Bitcoin and Ether. Sure, you can engage in DIY currency exchange through Venmo, Cash App, or Robinhood. But why not trust the experts with over 110 million users? Their IPO in April 2021 was the formal invitation for digital currency to join the cool kids club. Of course, the crypto market is a rollercoaster ride, but fear not, users stick to Coinbase to keep track of their token performance, make trades, and manage their holdings. Trust me when I say, we got you covered, buddy!
Cryptocurrency a bit puzzling for you? Here is a full-proof guide to help you conquer the realm of Coinbase. But remember, as with rollercoasters, always keep your hands and legs inside the ride!
Note: We may be compensated if you click this ad.
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What’s the Big Hype About Coinbase?
If you’ve been living under a rock and need an introduction to Coinbase, listen up! Coinbase is a digital trading platform that lets you buy, sell, and store your favorite cryptocurrencies. With a list of about 240 digital assets, you’re spoilt for choice. Whether you’re a trading newbie or a weathered investor, Coinbase has something for everyone. Advanced Trade is designed to serve all you high rollers out there, offering you sophisticated trading tools.
With more and more figuring into the whole cryptocurrency hullabaloo, platforms like Coinbase are gaining popularity . Go global with Coinbase, with its operations spanning over 100 countries! Offering a seamless user interface, this platform lets you track your balance and keep an eye on the crypto rollercoaster. Watch out for that Bitcoin drop!
But hey, that’s not all. From September 2021, you can get your paycheck deposited directly into your Coinbase account, with the added bonus of converting your hard-earned moolah into Bitcoin or other cryptos. Where’s the future, you ask? It’s right here!
“Free” is a Four-letter Word
Guess what? Coinbase comes with a catch. Unlike Robinhood offering commission-free trades, Coinbase charges a fee for each transaction made on its platform. It’s not as clear as crystal though! Their approach to fees is enough to make heads spin. The fees aren’t exactly fixed, and the final cost only shows up right when you’re about to confirm your purchase —reminds me of those hidden airline luggage fees, don’t you think?
Factors like your location, the transaction amount, payment method, and even market conditions like volatility and liquidity contribute to the fee changes. And that’s not all, folks! Coinbase incorporates a spread fee—aka the difference between an asset’s market selling price and the price at which you buy/sell.
Users of Advanced Trade have an encore, as it enforces a maker-taker model with fees ranging between 0% and 0.60%. The more you trade, the lower your fees with fees dropping from 0.40% to 0.25% for transactions between $10,000 and $50,000. But hold your horses! Remember, there’s no such thing as a free lunch, and these trading fees can put a dent in that neat balance of yours.
Opening Your Account with Coinbase: Don’t Break a Sweat!
Creating a Coinbase account is as breezy as a walk in the park! All you need is a government-issued photo ID, contact digits, and the last four digits of your Social Security Number. Also, a strong and unique password (best using a password manager) and multi-factor authentication will help keep your account off the hackers’ radar! Choose a payment option like bank account, debit card, wire transfer, PayPal, Apple Pay, or Google Pay, and brace yourselves to dive into the crypto pool!
Is It Worth Investing in Cryptocurrency?
Well, is it ever a good time to invest in crypto? Cryptocurrency reached record peaks during the pandemic, but then plummeted dramatically. With Bitcoin reaching almost $68,000 per coin in November 2021 and Ether capping at $4,800, several altcoins garnered attention too. But remember, you might want to hold on to your hats, folks, because the rollercoaster can take some furious turns. With the Federal Reserve hiking up interest rates in March 2022 to curb inflation, there’s been a downward trend in traditional asset classes—stocks, bonds, and cryptos.* Amid regulatory uncertainties and volatility in the crypto market, it’s always safe to follow the age-old wisdom: only risk what you can afford to lose.
How to Buy and Sell Cryptocurrency with Coinbase
Got your eye on a specific cryptocurrency? Well, if you can’t swallow the whole Bitcoin, Ethereum, Litecoin or Bitcoin Cash, Coinbase lets you nibble at fractions. Just like Robinhood lets you invest in fractional shares of high-priced stocks, Coinbase allows you to invest as little as $2 in any crypto asset it services. But remember, with little regulatory oversight and no intrinsic value in the crypto market, it can be a true challenge separating the wheat from the chaff. In other words, do not invest more than you’re prepared to lose.
Is It Safe to Buy and Sell Cryptocurrency with Coinbase?
Before you embark on this crypto journey, let’s talk about safety. To buy and sell cryptocurrency, you’ll need to secure a digital wallet for your assets. With multiple security features for different wallets, protecting your assets from hackers will entail staying on your toes.
Coinbase offers a hosted wallet which is managed for you — so no complex passwords for you to remember (or forget). However, you’re placing your trust and cryptocurrency in Coinbase’s hands.
Cryptocurrency held in Coinbase isn’t insured by the FDIC or the Securities Investor Protection Corporation, but don’t fret! Coinbase does house a crime insurance coverage policy that protects against certain losses from cybersecurity breaches. It proudly claims to store more than 98% of customers’ digital currency in secure, offline storage. U.S. dollar balances, up to $250,000, are FDIC-insured.
But if you’re looking for complete control, consider a non-custodial wallet where you possess the keys to your kingdom— I mean funds. Though losing your credentials in this case could mean a total loss, you’ll gain access to exciting options like yield farming. For ultimate peace of mind, a cold (or hardware) wallet provides the highest level of security. Hardware wallets are physical storage devices— for example, the Ledger Nano X that costs $149, or the Trezor Model T for $219— that house your cryptocurrencies offline.
Check out Money’s roundups of the best crypto exchanges and best crypto wallets. You’ll find Coinbase dominating both lists, but remember, all financial decisions involve risk.
This article was first produced by someone probably not as humorous as me, way back in 2021, but it’s been updated to provide you with the best crypto chuckle of your day.
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Psst, here’re some more from Money’s treasure trove:
– Time to let Fido fetch you some profit? Now, You Can Buy Bitcoin on Venmo.
Can’t afford to buy Bitcoin? Check out these three Ways to Get in on the Action Without Owning Bitcoin. Don’t say you weren’t told!
– New to Robinhood? Here’s a handy guide to getting started with Robinhood for Beginners. Happy trading!