What is meant by Coinbase Germany?
Coinbase Germany is a digital currency exchange where Bitcoin, Ethereum and Litecoin are traded. This simple, clearly structured platform makes it very easy for new users to become familiar with the trading environment.
Coinbase is one of the largest and best-known exchanges that facilitate the buying and selling of cryptocurrencies. In addition, it offers wallet facilities and includes the option to convert directly to other currencies. Coinbase is especially popular in Germany, where it is valued by users for its clarity and simplicity.
A Coinbase account can be opened and used within minutes. According to Coinbase, 6 million people already use a free account on this platform. If you plan to start using cryptocurrencies, you won’t find a better platform than Coinbase.
Coinbase registration is quick and easy
In order to trade cryptocurrencies on the Coinbase platform, you must first register as a user. To do this, a new user must disclose his real name, provide an email address and choose a password. This password must be at least eight characters long, though longer passwords are recommended.
Ideally, it should consist of random collection of letters, numbers and special characters, rather than any recognizable word.
In the next step, the new user must confirm the registration via a confirmation email routed via his own mail account. In addition, the user must provide a valid telephone number to facilitate security inquiries.
This procedure sets up a Coinbase wallet where digital currency can be created, managed and stored. The user is assigned an individual address and identification number, which he can then use for worldwide trading of digital currencies. Bitcoin, Ethereum and Litecoin can all be traded via this account.
Purchases and deposits via Coinbase
After the registration and activation process, the user’s identity is then verified. Once this has been completed, he can begin trading in three digital currencies and take full advantage of the platform.
Coins are paid for in euros and can be purchased using a credit card or SEPA bank transfer. The coins thus acquired in the respective cryptocurrency can then be stored in the user’s digital wallet.
The advantage of buying by credit card is that the user account can be credited directly. However, credit card fees make this deposit procedure the more expensive of the two methods. Though the SEPA process can take a few days, it is a much cheaper alternative, attracting lower fees.
Your preferred payment method and relevant data are then saved, which makes your next transaction much faster. There is a weekly deposit limit of 100 euros – any amount higher than this will trigger further verification of the user account.
A practical, handy app
Coinbase Germany provides a practical smartphone solution that enables users to access their account from anywhere. This app functions as a mobile wallet and is compatible with both Android and iOS.
Coinbase Germany offers reliable security features
Coinbase Germany attaches great importance to safety. For instance, most customer deposits are stored offline. Less than 2 percent of user deposits are stored on online servers, and any losses are covered by insurance.
Every time you log in to your customer account, the action triggers a Coinbase security query. The user is asked to enter his email address and chosen password. In addition, a smartphone-generated code must also be entered.
This security code is changed and updated every minute as a precaution to avoid the risk of hacking attacks. Each user has the option to configure their own account security. Detailed instructions can be found under the settings in the “Security” tab.
The same tab also verifies the specified phone number for the account and activates two-step authentication. This requires the user to install the free “Google Authenticator” app. The 2FA code must then be backed up, preferably as a paper copy.
Another security query is generated after the purchase or sale of cryptocurrency. Coinbase uses the Netverify verification protocol, which requires the user to capture an ID document via their computer webcam. This procedure only takes a few minutes, after which the user can begin trading.
Fees and the risk of price fluctuation
Users pay different transaction fees to Coinbase Germany when buying, selling and exchanging cryptocurrencies. These fees are charged according to fixed rates and should always be factored into trading calculations.
As of January 2018, a charge of 1.49 percent is levied on the sale and purchase of Bitcoin, Ethereum and Litecoin. When paying by credit card, this fee is increased to 3.99 percent. However, the use of the Coinbase wallet remains free.
One ever-present risk is that the price of various cryptocurrencies may fluctuate. All users should bear this in mind when trading.
Conclusion about Coinbase Germany
Beginners will find that the Coinbase Germany platform is very user-friendly and presents information clearly. This guarantees that Bitcoin newcomers will get off to a flying start. Another advantage is that the Coinbase brand is backed by a trustworthy company, based in San Francisco.
High security protocols such as the Bitcoin vault and two-stage authentication guarantee a high level of trust among users. Transfers can be actioned very quickly and the fees are relatively modest.
One disadvantage of Coinbase is that the monitoring of Bitcoins has been outsourced to a third-party company. Furthermore, the security offered by a ‘hot’ wallet is lower than the level of protection afforded by hardware-based wallets.
Overall, Coinbase Germany is a very trustworthy platform that is especially recommended for users who are new to cryptocurrencies.