What is Coinbase Earn, and how can you make money with it? Is it an ideal way of making money? Our Coinbase Earn review offers these Coinbase details and more.
Diversified investing has always been my core principle in wealth creation. With several income streams, never again will small and medium expenditures like groceries, power bills, or even vacations be a bother.
Cryptocurrency is one investment area that has seen significant growth in the past decade, and that has since made a lot of millionaires. But, which crypto platforms offer you the best chance to make money?
Well, if you are a beginner in this field and wish to make some extra bucks, Coinbase is a great platform to get you started. With a user base of over 35 million, it is one of the largest crypto-exchange brokers in the US, as well as globally.
In this Coinbase Earn review, I share with you the nitty-gritty of this platform, including what it is, how it works, and how you can make some bucks for yourself.
So, first things first!
Table of Contents
What is Coinbase Earn?
First, Coinbase is a fully licensed and regulated cryptocurrency exchange broker, operating in over 100 countries globally, including the US, Austria, Bulgaria, Croatia, Belgium, and Cyprus. In the US alone, the platform is available in over 40 states and territories.
Founded in 2012, this platform enjoys a membership of more than 35 million users, making it one of the largest digital currency exchanges in the world. Initially, Bitcoin was the only digital coin allowed in Coinbase, but it has since added other cryptocurrencies to its list. You can now trade in Bitcoin Cash, Litecoin, XRP, Ethereum, etc.
The platform also boasts of having traded over $320B, with more than $25B worth of assets on the platform. It allows you to buy, store, and sell cryptocurrency. If you are looking for an easy-to-use crypto-exchange platform where you can use and earn crypto, Coinbase might be a perfect platform.
Coinbase Earn, on the other hand, is an incentive program that gives users a chance to learn on Coinbase and earn cryptocurrency. If you are a novice in this field and want to make it big in crypto, this program is a perfect start for you to learn and earn free cryptocurrency on Coinbase.
Through its educational content, you’ll not only learn about various cryptocurrencies, but you’ll also add some cryptocurrency to your account. Eligible Coinbase users can unlock lessons and start earning crypto.
Let’s now dive deeper into this Coinbase Earn review, see how the program works, and learn how to earn money on Coinbase.
How Coinbase Earn Works
Coinbase has a simple interface that gives even the first-time crypto-traders an easy time. Firstly, it allows you to make digital currency purchases through the most common payment methods, such as a debit card or bank transfer.
Coinbase Earn program not only makes earning money with Coinbase easy, but it also helps you to get the necessary knowledge and skills to trade in crypto. All you need is to watch several videos on your favorite cryptocurrency and complete a short, simple task or quiz to test your understanding. You’ll then get rewarded for the same, with that particular crypto.
The program is available for all eligible Coinbase users, where they can access educational content on any of the supported cryptos.
Some of the supported cryptos include Band, GRT, MKR, CGLD, COMP, XLM, etc. you can get the full list of these cryptos on the official Coinbase Earn page.
Watch videos, give correct Coinbase Earn answers, and earn your favorite crypto. It is that easy.
Who Can Earn with Coinbase Earn?
Coinbase Earn program is available in over 100 countries worldwide, and the list keeps growing. Whether you are in the US, the UK, Austria, Canada, Japan, or Taiwan, you have a chance to earn free cryptocurrency on Coinbase through this program.
Once you’ve opened a Coinbase account, you can easily join the Coinbase Earn program and start making money.
How to Sign Up for Coinbase Earn
To sign up for Coinbase Earn, you must first meet the following requirements.
- Have a Coinbase account
- Be a resident of one of the supported countries
- Do a full identity verification (customer & ID verification, and have reached the top account level)
- Fulfill the platform’s internal fraud and compliance standards
- Own not more than one Coinbase account.
Once your account is verified, you can now start completing the Coinbase learn and earn tasks to earn free cryptos.
And, since you must have a Coinbase account before qualifying for the Coinbase Earn program, let’s see how you sign up for the platform.
Coinbase Earn Review: Opening a Coinbase Account
As we mentioned earlier, this platform is created with crypto beginners in mind. This means that the platform is easy to join, as it is easy to operate.
The signup process requires you to visit the Coinbase official website and click on the Sign In button on the right-hand corner of the page. This will direct you to another page that requires you to fill in your name, email address, and password.
Coinbase then prompts you to enter your phone number to allow them to send you a code that you need to enter as prompted. They will later send some verification codes using this number, after which you must enter your ID details to prove your identity.
For US citizens, you’ll need to input your social security number at this point. The account is now created, and you are free to add your bank account details to enable any deposit or withdrawal from the new Coinbase account.
At this stage, you are also ready to trade or invest with the Coinbase platform.
How to Earn Money with Coinbase
Coinbase offers over 25 cryptos to trade, invest, or stake in. If you want to diversify your income sources through cryptocurrencies, Coinbase is an ideal platform to buy, sell, or even build your crypto portfolio.
However, this is not the only way of making money on Coinbase. Our Coinbase Earn review explores even more opportunities for you.
As earlier stated, you can earn free cryptocurrency with Coinbase Earn by completing easy learn and earn tasks. By watching educational videos about your preferred cryptocurrencies, you stand a chance to earn even more crypto.
How much you earn on these Coinbase Earn activities depends on the number and nature of the activity, as well as the strength of the USD against the particular cryptocurrency at that time. The number of tokens to be earned doesn’t change, even as the dollar value fluctuates.
You can also accumulate more digital coins through the referral program. Inviting new users to Coinbase Earn via your referral link earns you some cryptos.
However, the referrals must fulfill the following conditions before you can get paid:
- Join the program and accept your invite using your referral link.
- Open or possess an eligible Coinbase account.
- Be a resident of regions where the particular crypto is supported on Coinbase.com and Crypto Pro.
- Complete a task for the Earn program they were invited to.
Coinbase Earn Review: Pros and Cons
Since this is an unbiased Coinbase Earn review, we are going to look at both the upsides and downsides of the platform in details, to help you decide whether this is what you need in your investment portfolio or not.
Coinbase Earn Pros
Simple and Easy-to-Use Interface
This is an ideal feature, especially for the new crypto investors. Unlike several other exchange platforms that are complicated to maneuver, Coinbase offers the best experience. You don’t need to have prior experience.
Coinbase also has a mobile app, compatible with both Android and iOS devices. You can easily download your app on the Google play store and App Store.
Deals with Trusted Cryptos Only
The platform allows crypto traders to buy only the most trusted digital currencies. Some of these include Bitcoin, Lite Coin, Bitcoin Cash, Ether, etc. This means that while trading or investing with Coinbase, you are sure of the coins you are trading with.
The platform has consistently featured among the most liquid exchanges. This is an excellent feature that cautions the investors from grave slippage, especially with the volatile nature of this market.
Accepts Fiat Currency
This means that you can buy or sell crypto in USD, EUR, or GBP currencies, etc. This is unlike the traditional crypto exchanges, which need a currency that is backed up with commodities like gold.
In addition, you are offered multiple payment options to help make your transactions easier. For instance, you can buy crypto on this platform using your debit or credit card, PayPal, bank transfer, or even SEPA transfers in Europe.
If you want to send money in Bitcoin but transact with fiat, the “Instant Exchange” feature on the platform allows for just that. This means that you can pay using fiat currency, while the platform automatically converts this to Bitcoin.
It is instant and makes the entire process easy and convenient. There are zero extra charges for this, something that our Coinbase Earn review couldn’t miss to point out.
Coinbase Earn Cons
Relatively High Fees
This applies when you are using Coinbase and not Coinbase Pro. These are two platforms in one, with the latter best serving the experienced crypto traders. It means that beginners have to endure high fees before they can learn and join the Coinbase Pro.
The transaction fees are charged differently based on the amount transacted. For instance, if your transaction is below $200 USD, a 4% fixed rate applies. For transactions above $200 USD, a 1.49% service fee applies.
These fees vary based on your location.
No Control over Wallet Key
As a Coinbase user, you don’t have control of your own wallet keys. And although this is a common feature in numerous other crypto exchanges, it’s still a drawback in Coinbase. What this means is that after you buy your crypto, it’s deposited in a crypto wallet, which you don’t have control over – but the platform does.
The platform is required by law to submit its user details to the relevant governing authorities. This means that all your Coinbase Earn details and earnings are on display for the government.
For this reason, you must pay taxes as stipulated by your county’s laws.
Is Coinbase Earn Legit or a Scam?
Coinbase Earn is certainly not a scam. It’s a legit platform and program.
How do I know this?
Firstly, the platform has been in operation since 2012, and its user-base continues to grow exponentially. Also, Coinbase is registered and regulated, with over 40 licenses that allow its operations in the US alone. It is also supposed to provide all its users’ details to the relevant governing bodies, which means that it’s always under the government ladder.
So, if you were worried about the safety of joining Coinbase, you definitely shouldn’t. The platform is safe to join, as it is safe to trade and invest with.
The money you make in Coinbase is safe, as it is insured by FDIC. However, only the cash in the wallet is insured up to $250,000. The crypto is not insured and you should, therefore, transfer it to the wallet, once you make a purchase.
Verdict: Is Coinbase Earn Worth It?
The main reason for compiling this Coinbase Earn review was to determine whether or not Coinbase Earn is worth it. This was to offer you everything you need to know about the platform and help you make a well-advised decision.
Well, based on what we’ve learned here and my experience with the platform, the platform is certainly worth it. While you might end-up shifting to other more complex crypto exchanges as you become a pro, this is the best place to start as a beginner.
It’s easy to operate and earn with Coinbase, although one might feel the pinch of the high fees, especially with the standard Coinbase. The platform offers you a reliable option to make money online.