Dear Black People, Consider Investing With Coinbase – Brokerage Firm for Cryptocurrency
Coinbase is a brokerage firm for cryptocurrency. If you’ve been thinking about getting into the crypto world, Coinbase is for you.
How to Invest with Coinbase?
Coinbase – B+
Coinbase is easy to use and allows purchase of fractional shares in cryptocurrency, however, they earn a B+ because they only offer investments through crypto and do not have a retirement fund. Let’s take a look.
Who They Are
Coinbase is a brokerage firm for cryptocurrency wallets instead of offering brokerage accounts. They only deal with investing in crypto on their platform. If you’ve been thinking more and more about getting into the crypto world, Coinbase is for you.
They allow their clients to purchase fractional shares of cryptocurrency, which means you’ll own a fraction of Bitcoin or Ethereum,or perhaps even the famed Dogecoin, made popular by Snoop Dogg and Elon Musk.
How They Work
Their platform is easy to use and simple to figure out, which makes Coinbase perfect for an investor who’s just starting their journey. Once you create an account, you can sign in online, or download their app for any of your mobile devices. Once you are ready to begin investing, you can get started with as little as $25 through a direct bank account withdrawal or with a debit card.
They do have an extra level of security to ensure you are who you say you are. You’ll need a photo ID to prove your identity. Once you provide it, however, you’re good to go. With a few taps of a button within their app or a few clicks of your mouse online, you’ll be investing with crypto in no time.
Coinbase Perks
There are some perks for investing with Coinbase, including $10 in Bitcoin for every person you refer. If you sign up all your friends and family, be sure they mention your name as you’ll have more and more in your electronic wallet to invest.
They also offer crypto rewards simply for being present on their platform by watching their free videos, taking free quizzes, and learning more about cryptocurrency overall through their website. These rewards urge new and seasoned investors to learn more about crypto as a whole to better decide where they’d like their money to go and to grow.
If you hold certain kinds of crypto, such as Dai, Tezos, USDC, or others, you’ll be eligible for daily rewards in your wallet. These kinds of perks are huge draws for those who want to invest in crypto, such as Bitcoin, and they reward the investor as the investor learns and invests even more.
Coinbase Flaws
Even Coinbase, with all of its perks and ease of use has some dings against it. First, it is an investment company only for crypto electronic wallets, so if you’re looking for mutual funds, 529 Plans, or stocks, this is not the investment site for you.
Coinbase also has no retirement accounts which means IRAs are off the table as well. While it is fun to watch the world of crypto rise and fall, there is no direct retirement security at Coinbase. This has earned the company a B+ from Financial Joy School.
To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.
