Making your first steps in a new market can be scary and sometimes difficult, especially, if trading is new to you in general.
With those “newbies” being the ones that Coinbase prey on the most.
Remember, when trading there are two fundamental things you need to be able to do in any market, with those being buying and obviously selling.
Both are crucial so that you can claim your hard earned rewards or liquidate before you lose too much.
However, Coinbase doesn’t allow you to do the later in Australia and from my experience with the trading service, they don’t really make that very clear until it’s too late.
Instead of being able to sell your Crypto’s, Coinbase says that trading is unavailable in our country.
A claim which makes very little sense as other trading services such as Coinspot, have been active and allowing their users to sell their coins for months.
Meanwhile, Coinbase only has four Crypto’s in Bitcoin, Litecoin, Ethereum and Bitcoin Cash available for purchase, limiting your options to trade to only the big Crypto-players who have already “enormous gains.”
In addition, Coinbase doesn’t even allow you to purchase Ripple, the second largest Crypto in the world by market cap.
How can a legitimate trading service such as Coinbase function with such ridiculous restrictions? Especially, as trading should and normally does involve selling your investments at a minimum.
Based on my experience with Coinbase, it simply isn’t worth the hassle, especially as there are other trading services that offer a whole lot more.
For those who were unaware or are trying to move their money away from Coinbase, I suggest opening new wallets on other platforms and transferring your coins into those new wallets.
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