Coinbase works to make it as easy as possible to buy, sell, and manage cryptocurrency. Through the free Coinbase wallet, you can sell and buy Bitcoin, Ethereum, and Litecoin; connect Coinbase to your bank or another financial account; and see cryptocurrency price charts and set price alerts.
Connect a payment method: You can use a checking account, credit card, or PayPal account for transactions. From the top-left menu, select Payment Methods, tap the + button, and then step through the process of adding a payment method. Coinbase also handles ACH, SEPA, and other bank transfer systems, but using those services can take three to five business days for a transaction to complete. For payment fees, Coinbase charges a 1.49 percent fee for a bank or wallet transaction and 3.99 percent for a debit or credit card transaction.
Handles popular currencies: Coinbase lets you buy, sell, and spend Bitcoin, Bitcoin Cash (a hard fork of Bitcoin), Ethereum, and Litecoin.
Easy to buy and sell cryptocurrency: To purchase digital currency, select Buy from the menu in the top-left corner, enter an amount you'd like to purchase, select your payment method, and tap Buy Digital Currency. To sell, from the same menu, select Sell, enter the amount you want to cash out, select the wallet you want to sell from and the account or wallet you to want to deposit to, and tap Sell.
Security: Coinbase uses a combination of encryption and authentication to secure customer accounts and funds. The company also insures all the digital currency it holds online in case of a security breach. And 98 percent of customer funds are stored offline, disconnected from the Internet, the company claims.
Charts and alerts: You can view charts of recent activity for Bitcoin, Ethereum, and Litecoin and set alerts for price targets.
Transactions system can overload: During peak trading periods, Coinbase transaction processing can be unresponsive or unavailable, its users report.
Coinbase stores your cryptocurrency: While Coinbase insures all the digital currency it stores, it's not the same as your holding on to the private cryptographic keys. If you're concerned about someone else holding the privacy keys, consider using a hardware wallet.
Coinbase strives to be a full-service platform for buying, selling, transferring, and storing cryptocurrency. While the popular app is easy to use, its popularity can work against it at times, with high-volume periods causing slowing transaction times.