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Coinbase online payment system

Coinbase
https://coinbase.com/

Updated on October 11, 2012
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General Information

 

 

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Instant Payments

Payments arrive at the speed of an email (just a few seconds) and are confirmed within the hour. No more waiting three business days for checks.

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Low Transaction Fees

Coinbase charges just 0.5% when you buy or sell bitcoin via bank account transfer. After that all bitcoin-to-bitcoin transactions are free.

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Pay By Phone

Our website works great on modern smartphones (iPhone, Android, etc). Just visit coinbase.com from your mobile browser.

 

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Simple Transfers

Use your bank account to purchase bitcoins. Transactions are processed within two to three business days. (coming soon)

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Merchant Tools

Easily create "buy now" or donate buttons. We also offer full shopping cart integration. (coming soon)

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Widespread Adoption

About $2 million a day (USD) is already being transacted in bitcoin. It's quickly becoming an international currency.

Currencies

Bitcoin

Countries of use

USA

Users

private and business

Fees

0.5% when you buy or sell bitcoin via bank account transfer

Recent news

Posted on September 27, 2021
Phishing attacks are on the rise — here are some steps you can take to protect yourself

Phishing attacks are on the rise — here are some steps you can take to protect yourself

Tl;Dr: As we have discussed in previous blogs, at Coinbase we believe that a healthy and safe crypto industry is critical to growing and maturing the cryptoeconomy. Part of that means sharing information that we believe is useful to protect consumers broadly across the industry. It’s for this reason that we’re sharing the details of a recent large-scale Coinbase-branded phishing campaign that we believe impacted our customers, and many others.

Between April and early May 2021, the Coinbase security team observed a significant uptick in Coinbase-branded phishing messages targeting users of a range of commonly used email service providers (you can learn more about phishing in our Help Center.) Though the attack was broad, it demonstrated a higher degree of success bypassing the spam filters of certain older email services.

The messages used a wide variety of different subject lines, senders, and content. It sometimes sent multiple variations to the same victims. Depending on the variant of email received, different techniques to steal credentials were used as well. The following screenshots show a representative victim experience, but wouldn’t necessarily have been seen in exactly this order by all victims.

This phishing email is designed to alarm the recipient, hoping that they will click the link quickly without taking time to verify other aspects of the message.
For some victims with Hotmail accounts, attackers attempted to add a malicious application to the user’s inbox. If the recipient clicked “Yes”, an attacker would be able to read all the user’s emails (including password reset and device verification emails sent by Coinbase).
Finally, the user would be sent to a Coinbase-branded phishing page attempting to capture the user’s Coinbase login credentials. Note that while the URL contains the word “coinbase”, the domain is not “coinbase.com”

Once the attackers had compromised the user’s email inbox and their Coinbase credentials, in a small number of cases they were able to use that information to impersonate the user, receive an SMS two-factor authentication code, and gain access to the Coinbase customer account. With access to these accounts, the attacker was able to transfer funds to crypto wallets unassociated with Coinbase.

At no point did the attackers breach Coinbase’s security infrastructure or broader systems, and we have made changes to prevent this from this type of attack succeeding in the future.

Once we learned of the attack, we took a number of steps to protect our customers, including working with external security partners to take down malicious domains and websites associated with the phishing campaign, as well as notifying the email service providers most impacted by the attack.

While attacks like this have the potential to cause significant harm to their victims, taking a few common-sense security precautions can dramatically reduce their efficacy. Below we lay out a few best practices that everyone should follow to keep their various online accounts safe.

Strong passwords

Passwords are the front door locks to your online applications, but far too many people fail when it comes to basic password best practices. In fact, according to a recent study, more than 50% of those polled reused passwords across multiple accounts. If a password is the front door lock to your digital life, reusing a password is like having the same key to your house, car, mailbox and place of work. In other words, reusing a password is barely better than having no password at all. Strong passwords should have a combination of letters (both upper and lower case), numbers and special characters, and be at least 10 characters long. Many password managers will suggest options that meet these standards.

Use a password manager

If you’re following security best practices, you should be using unique, strong passwords for every site you visit, making it impossible to remember your credentials for all of your online accounts. This is where password managers like 1Password and Dashlane become invaluable. Not only will a password manager suggest strong, randomly generated passwords for you, many of them have built-in features that help prevent entering your password on the wrong website — such as those used for phishing campaigns such as the one described above.

Two-Factor Authentication

After choosing a strong, unique password, enabling two-factor authentication (2FA) is the most important way to secure your online accounts. 2FA, also known as 2-step verification, is a security layer in addition to your username and password. With 2FA enabled on your account, you will have to provide your password (first “factor”) and your 2FA code (second “factor”) when signing in to your account. There are many types of 2FA, ranging from a physical key (such as a YubiKey) — the most secure — to SMS verification — the least secure. Many people choose to use SMS 2FA, because it’s linked to a phone number, rather than to one particular device, and is generally the easiest to set up and to use. Unfortunately, that same level of convenience also makes it easier for persistent attackers to intercept your 2FA codes. We strongly encourage everyone that currently uses SMS as a secondary authentication method to upgrade to stronger methods like Google Authenticator or a security key everywhere it is supported.

Question everything

Coinbase, like most financial institutions or FinTech companies, will never contact you asking for your password, two-factor authentication codes, or to take actions like installing new software or sending funds to a cryptocurrency address. Whenever you receive a communication from a company that you have dealings with, check that it is what you think it is. Was it sent from a domain that is consistent with the company? (i.e., help@coinbase.com as opposed to support.coinbase@gmail.com). Is the landing page accurate? (paypal.com as opposed to secure-paypal[.]com). Is the content in the communication or on the website in the same style and of the same quality as previous communications? Many scam sites will have typos, use old logos or have a different feel than their genuine counterparts.

Coinbase provides a number of resources to help our customers avoid online scams and report potential malicious activity. Cryptocurrency transactions are irreversible. If you (or a hacker who has accessed your account illegitimately) send cryptocurrency to a third party, it cannot be reversed or stopped. When you send cryptocurrency to a blockchain address, you must be certain of the legitimacy of any involved third party services and merchants, and only send cryptocurrency to entities you trust. If you’re ever in doubt, do some research and never send funds or share information unless you are 100% certain that you are interacting with who you think you are.


Phishing attacks are on the rise — here are some steps you can take to protect yourself was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on September 27, 2021
Do more with your crypto: beyond the buy and sell buttons

Simply spend, earn, send, receive and trade 100+ cryptocurrencies and more on Coinbase

  • Direct deposit coming soon: customers will be able to deposit any percentage of their paycheck into their Coinbase account in crypto or USD
  • Coinbase Card adds ability to spend USD; offers new rewards with DAI, AMP and RLY; and general availability starts this Fall
  • Since the launch of Coinbase Earn in 2018 more than 6.5 million unique users on Coinbase have earned crypto

By Max Branzburg, VP of Product, Coinbase

Coinbase began with a radical idea that anyone should be able to easily, simply, and securely access bitcoin. We’ve come a long way since then.

Today, consumers have more options than ever when looking for a place to buy and sell bitcoin. This is something to celebrate. It means crypto is gaining more adoption around the world.

At Coinbase, our goal is to enable everyone to get more out of their money with the power of crypto. That’s why we’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.

Get paid in crypto

With more of their spending, earning, trading and borrowing happening on Coinbase, customers will need simpler ways to fund their Coinbase accounts. In the coming weeks, we’ll launch the ability for customers in the US to get paid into Coinbase. Customers can get paid in crypto or US dollars and can choose any percentage of their paycheck to deposit. With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase.

Reimagine crypto spending and earning

As customers look to the cryptoeconomy to meet their everyday financial needs, they need a way to easily make purchases with crypto and earn yield on their portfolio.

Coinbase Card is a Visa® debit card that gives customers up to 4% back in crypto rewards¹ on every eligible purchase, so our customers can seamlessly buy everyday items with crypto². Here’s what’s new:

  • Starting this week, cardholders can spend US Dollars (as well as crypto), while earning crypto rewards
  • Coinbase Card holders can already choose to earn 1% back in ETH, DOGE, or BTC or 4% back in GRT or XLM. Starting this week, they can also choose to earn 1% back in DAI or 4% back in AMP or RLY.
  • All customers* in the US will be eligible to sign up for a Coinbase Card starting this Fall

In addition to earning by spending, the ability to earn crypto without buying or transacting it has been critical in bringing more people into the cryptoeconomy. I’m excited to share that since the launch of Coinbase Earn in 2018, more than 6.5 million unique users have earned crypto for completing educational tasks such as watching videos and answering questions. Coinbase Earn is live today in 42 countries and we have plans to add more in the coming months.

Designing for the cryptoeconomy

Powered by crypto and blockchain technology, the cryptoeconomy has the opportunity to be a more fair, accessible, efficient, and transparent financial system for the internet age. Our goal is to be the gateway to this new financial system, by building a platform that is safe, trusted, and easy-to-use.

That means designing products with a simple UX that makes our platform usable and intuitive for even the newest entrants to the cryptoeconomy. Our app was originally designed for trading a few dozen crypto assets, but as we continue to build out a full-suite of financial services for the cryptoeconomy, our UX needed an overhaul to accommodate.

We made a number of improvements to our Mobile and Web apps, including:

  • A new ‘Assets’ tab to view your crypto holdings and discover new features
  • A revamped ‘Trade’ tab to help you research assets and transact for both novice & advanced traders alike
  • A new ‘Pay’ tab to access Coinbase Card and P2P payments for everyday spending
  • A new ‘For You’ tab to discover news, insights & education and engage with the broader cryptoeconomy

Our goal is to deliver the best financial services that consumers are used to, but in an even better way with crypto and blockchain technology. Financial services built on crypto have the potential to enable more fair and equal access to wealth for anyone, anywhere, without prejudice. It’s still early days, but by building the foundation of the primary financial account, we’re one step closer to enabling more economic freedom for the world.

*Coinbase Card will be available to all eligible customers in the US, excluding Hawaii.

¹Crypto rewards is an optional Coinbase offer.

²Coinbase will automatically convert all cryptocurrency to US Dollars for use in purchases and ATM withdrawals.

The Coinbase Card is issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Coinbase Card is powered by Marqeta.


Do more with your crypto: beyond the buy and sell buttons was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on September 27, 2021
Now get your paycheck deposited into Coinbase

By Prakash Hariramani, Sr Director, Product, Coinbase

Over the next few weeks, we’re rolling out the ability for customers in the US to deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on Coinbase Card, earn crypto rewards¹, and more. Get paid in crypto² or in US dollars and deposit as much³ or as little of your paycheck as you want. The future of payroll is coming.

Get easy and zero-fee access to crypto

There are many reasons why customers make frequent transfers into Coinbase: to make short or long-term investments, to earn interest on yield-generating assets, and to fund everyday purchases with Coinbase Card. However, customers tell us that making frequent transfers is time-consuming and inconvenient.

Now, you’ll save time on the extra steps it takes to move money so you can immediately earn interest on your income or earn crypto rewards with your Coinbase Card. Plus, you’ll pay zero transaction fees on direct deposit funds⁴ so you have instant and free access to the cryptoeconomy.

Maintain full control

Stay in control of your money by depositing as little or as much of your paycheck as you want. Get paid in any of the 100+ crypto available on Coinbase or in US Dollars. Choose to get paid in crypto so you can make recurring buys or earn interest on your income (by getting paid in USDC, DAI, or other interest-yielding assets), or choose to get paid in US Dollars to be ready for any trade or to spend with your Coinbase Card.

Set up just once

You can set up direct deposit in just a few steps without leaving the Coinbase app. Tap direct deposit in the settings, follow the instructions, and find your current payroll company or employer, and we’ll automatically update your paycheck allocation. If you’d prefer to set up direct deposit manually, we’ll provide instructions on what to share with your HR department or employer payroll website. You can modify your direct deposit preferences at any time within your Settings.

Enter the future of payroll

As you begin to do more with your crypto from staking to spending to sending, we’re also making it easier for businesses to pay their employees in crypto. We’ve partnered with a number of companies, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs, to allow employees throughout the creator economy and financial services to enter the future of payroll.

Stay tuned for announcements in the coming months as we make it easier for more businesses to pay employees in crypto.

¹Crypto rewards is an optional Coinbase offer.

²If you choose to be paid in crypto, Coinbase will automatically convert your paycheck from US dollars to crypto with no transaction fees.

³Limits apply, see terms.

No Coinbase transaction fees but a spread applies when we buy, sell, or trade cryptocurrencies. Other standard fees may apply, and will be shared during Coinbase Card sign-up.

The Coinbase Card is issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Coinbase Card is powered by Marqeta.


Now get your paycheck deposited into Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on September 24, 2021
Coinbase Exchange is launching price auction

As a trusted crypto exchange our priority is to build features that enhance transparency and help us create the best markets. Starting today, when we launch new assets on the Coinbase Exchange we will be using a price auction to help price discovery and create a healthier market when trading starts.

How price auctions work

In our price auctions, limit orders are collected over a minimum of 10 minutes for price discovery. While orders are placed on the book, the Pro and Exchange applications along with the API and data feeds will show an indicative price — a price that may be used to match orders when the auction is opened. Using this indicative price as a signal of the eventual open price, users can cancel and resubmit orders while the auction takes place. Upon completion of the auction, orders crossing the final opening price will be matched and the book will move to full trading or limit only.

For orders matched on completion of the auction, both sides are charged taker fees. Orders that remain on the book during full trading are charged standard rates. For more information about price auctions and how to get a data feed containing the indicative price, please refer to our API docs.

Coinbase Exchange will now use price auctions when we launch a new order book or when we restart an order book that was previously paused. These auctions can be canceled without matching any orders.

About Coinbase Exchange

Coinbase Exchange helps a wide variety of clients access one of the deepest pools of liquidity of any regulated crypto spot exchange using high throughput APIs and an advanced trading interface.

While Coinbase intends to use the price auction for every listing possible, there may be some instances where, for operational or market health reasons, we may use other methods of launching a new book including using Limit and Post Only modes to start new markets.


Coinbase Exchange is launching price auction was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on September 23, 2021
How crypto enables economic freedom

The following is an internal memo that I shared with Coinbase employees this week and would also like to share publicly to help people see how we’re working toward our mission of increasing economic freedom in the world.

Tl;dr: Our core thesis is that greater adoption and usage of cryptocurrency will increase economic freedom in the world, because crypto solves many of the shortcomings of the current financial system that hinder economic freedom.

Team,

Every quarter at our company All Hands, we review our Mission (what we’re trying to achieve) and our Strategy (how we’re going to get there). One question I often hear from employees is: “How does cryptocurrency create more economic freedom in the world?” This is a great question, so I wanted to share my thoughts with all of you.

First, a refresher: Economic freedom is a composite measure of 12 factors. It quantifies the rights of people to control their own labor and property in each country and globally. Economic freedom varies dramatically across the world, and while our economy is increasingly global, the government of any single country has significant control over the financial and economic freedoms of its people. Low economic freedom in a given country isn’t always due to malicious activity (e.g, fraud, oppression, etc) — it’s often due to mismanagement (poor monetary and fiscal policy) or simply bad infrastructure.

Crypto and economic freedom

The question to ask is: How can we build a global economy where anyone with an internet connection can participate, where property rights are enforced, and where money preserves its value? Crypto is the solution. Crypto can’t directly improve every facet of economic freedom (e.g., tax policies and government spending), but it can improve most of the underlying drivers (see below).

Read more about each of the factors here.

Why is crypto so uniquely positioned to increase economic freedom? Because it has these inherent properties:

Crypto is an open, global network

Crypto networks are open, removing the barriers of borders. It allows every person in the world to transact on shared networks, in the same way they communicate on a shared network (the internet). More importantly these networks themselves are not controlled by governments that can use their monetary systems to hinder economic freedom (and prosperity). This design principle leads to more open markets and increases trade freedom, investment freedom, financial freedom, and monetary freedom.

Crypto enforces property rights

Property rights allow people to save their income, grow their wealth, and plan for the long term because they know the fruits of their labor are safe from unfair seizure or theft. Before crypto, your confidence in property rights was a function of the trust you had in your government and its respect for the rule of law. With crypto, anyone can acquire and grow their wealth without intervention from trusted 3rd parties like a government or a bank, or fear that their wealth could easily be seized. Property rights are also about the ability to enter contractual agreements. In some areas around the world, a contract has little value, because you can’t be confident in its enforcement. Smart contracts move enforcement from the courts to the blockchain, enabling gains from specialization and commercial exchange.

Crypto is unbiased

Crypto networks are often pseudonymous (or even anonymous). They don’t care where you live, what your race or gender is, or who you voted for in the last election. Unlike the current financial system they are inherently open and unbiased. Anyone with an internet connection can create a wallet, get paid in crypto, spend in crypto and accrue wealth in crypto. Service providers like Coinbase do have compliance programs as required by law, but we don’t control access to all crypto and we don’t own the network. Anyone can access crypto networks through other providers if we make a bad decision, or are forced into bad regulation. In addition, self custody wallets like Coinbase Wallet provide an ever greater degree of freedom when it comes to financial inclusion.

Crypto enables mobility

As I mentioned above, there are important components of economic freedom that cryptocurrency can’t directly benefit (e.g., government integrity, tax policies, fiscal health, etc.). However, cryptocurrency does provide the conditions for mobility by reducing switching costs, allowing people to both accrue wealth and bring it across borders. Cryptocurrency is the ultimate embodiment of the power of the individual, by significantly reducing the barriers to emigration / exit, and thus increasing economic freedom.

Conclusion

As you can see, cryptocurrency can impact many of the factors that lead to more economic freedom. It can both help build better-functioning economies in countries with less economic freedom, and make it easier to emigrate to a better life. This is why our core thesis as a company is that greater adoption and usage of cryptocurrency will increase economic freedom in the world.

Technology is the longest lever we can pull to improve the human condition. At its core, cryptocurrency is a technology breakthrough that allows us to build a more free and open financial system that enables the rights of people to control their own labor and property. It is the best tool that exists to advance our mission of increasing economic freedom in the world.

What does this mean for Coinbase? Crypto is in many ways still nascent. It’s still hard to use, crypto networks are plagued with scaling challenges, and the economy built on top of crypto infrastructure is in its early days. Our strategy and roadmap is geared towards solving these challenges: We’re focused on building easy-to-use products that abstract away the complexity of blockchains, and we’re building the primitives of a functioning financial system. We still have a long way to go, but the future is bright.


How crypto enables economic freedom was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase

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