There has been quite a lot of talk in the crypto world around Coinbase Earn, starting with can you make money on Coinbase, and moving on to how to earn money on Coinbase, how to use Coinbase to make money, and how legitimate a source is it to make money on in the first place?
If you have been active in crypto, you have most likely heard about this too. So, to help you out with the answers, we have curated this one-stop blog that has everything you need to know about making money on Coinbase Earn and more!
Cryptocurrency has been a part of the world for quite a few years now but it is only recently that this form of currency has started being noticed by the masses. Even long-term non-believers like the business tycoon Kevin O’ Leary from Shark Tank have become hardcore crypto-believer.
Though crypto may only be accepted as a legit mode of transactions in a few chosen parts of the world at present, crypto investors are in all corners, even where crypto has not yet legally been accepted as a form of currency. In those locations, crypto is considered a long-term investment area for long-term wealth creation.
On the other hand, what if investing in crypto itself can make money? Why not, right? We bring to you Coinbase Earn! Coinbase is a household name for all crypto traders & investors- beginners and professionals alike. With a user base of over 35 million, it is one of the largest crypto-exchange brokers in the US and globally. If you have already installed the app on your phone, here’s what you may want to learn about Coinbase Earn as a platform to make yourself some bucks.
What Is Coinbase?
Coinbase, an easy-to-use crypto-exchange platform, founded in 2012, 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, Coinbase is available in over 40 states and territories. As a platform, it is subscribed to by more than 35 million users, making it one of the largest digital currency exchanges in the world. Coinbase started with only Bitcoin as a digital currency but has added multiple others like Bitcoin Cash, Litecoin, XRP, Ethereum, etc.
Okay, all of this sounds good, but how to use Coinbase to make money? The answer is Coinbase Earn. But before we get to what Coinbase is and things to learn about it, it must be understood that having a Coinbase account is one of the prerequisites of joining the Coinbase Earn program. Here’s a quick brush-up on how to make a Coinbase account.
How To Make A Coinbase Account?
- Click on the “Sign-In” button (top right-hand corner of the home page)
- Fill in your credentials (name, email address, and password)
- Enter your phone number
- Verify your sign-up via the OTP sent to your phone number
- Enter your ID details to prove your identity
At this point, United States citizens will also need to input their social security number to proceed. Once the account is successfully created, you can add your bank account details to enable any deposit or withdrawal from the platform.
What Is Coinbase Earn?
Coinbase Earn is an incentive program by Coinbase that allows beginner Coinbase users to learn and earn cryptocurrency on Coinbase in return. Sounds too good to be true? There’s more. All of the fundamentals of cryptocurrencies are covered in depth by Coinbase’s teaching materials, which users may unlock as they continue to learn more and begin earning cryptocurrency.
Is Coinbase Earn Legit? How does it Work?
Coinbase Earn runs on a very easy-to-use, adaptive, and intuitive interface that makes even first-time trading super easy to do. Coinbase Earn imparts all the necessary knowledge and skills you would need, even as a beginner, to perform crypto trades. The education material is supplied in the form of videos on your favorite cryptocurrency followed by short quizzes to test your understanding. Once the module is completed, the user gets rewarded with the particular cryptocurrency that was picked to learn, hence helping you make money on Coinbase!
All eligible Coinbase users can use Coinbase Earn to access educational content on any of the supported cryptos like Band, GRT, MKR, CGLD, COMP, XLM, etc.
What Is The Eligibility To Make Money On Coinbase Earn?
Coinbase Earn is available for users in more than 100 countries including the US, the UK, Austria, Canada, Japan, Taiwan, etc. If your country is listed in the countries where the program currently runs, simply make a Coinbase account to join the Coinbase Earn program. Remember to check if you meet eligibility then you can start making money on Coinbase!
Sign Up Process & Eligibility Criteria For Coinbase Earn
Before you sign up for Coinbase Earn, you will need to make sure of the following:
- You must have a Coinbase account
- You must be a resident of one of the countries that support the Coinbase Earn program
- You must perform a full identity validation(customer & ID verification, and have reached the top account level)
- You must fulfill the platform’s internal fraud and compliance standards
- You must not own more than one Coinbase account
Once you meet all the criteria, you will need to wait for account verification and you can then start completing the Coinbase learn and earn tasks to make money on Coinbase!
How Much Money Can You Make On Coinbase Earn?
Now that you know how to use Coinbase to make money, let’s understand how much money you can make on Coinbase.
To put it in simple terms, the amount of money one can make off Coinbase via Coinbase Earn is highly dependent on the number and nature of the activity a user undertakes, as well as, the prevailing value of USD against the particular cryptocurrency. It must be noted that the number of tokens that one can potentially earn remains the same, even if the value of the dollar fluctuates.
Here’s how to earn money from Coinbase:
TR elements define table rows
|Automate tasks||Fetch.ai||$3 FET|
|Graphics rendering||Render||$3 RNDR|
|Settlement assurance||Amp||$3 AMP|
|Connects banks and payment systems||Stellar Lumens||$10 XLM|
|Indexing and querying data||The Graph||$3 GRT|
|Earn interest on crypto||Compound||Borrow or $9 COMP|
Coinbase Earn: The Pros and Cons
|Coinbase Earn Pros||Coinbase Earn Cons|
|Easy to use interface, unlike most other complicated and hard-to-understand cryptocurrency platforms||Relatively High Fees when using only Coinbase and not Coinbase Pro (for new users).|
|Mobile app compatible with both, Android and iOS devices||Like most other exchanges, Coinbase does not offer any control over wallet keys, which means that once you buy crypto on Coinbase, it is deposited in the crypto wallet that only the platform has control over.|
|Allows crypto traders and subscribers to buy only the most trusted digital currencies like Bitcoin, Litecoin, Bitcoin Cash, Ether, etc.||Does not offer anonymity because all your credentials need to be inputted for verification. This means that your earning details/ losses are accessible by the government.|
|One of the most liquid exchanges that helps save even new users from slippage.||–|
|Cryptocurrency can be bought or sold in fiat currency like USD, EUR, GBP, etc. This is important because most other platforms only accept currencies backed by commodities like gold.||–|
|Instant transactions via debit or credit card, PayPal, bank transfer, or even SEPA transfers in Europe.||–|
|Instant Exchange feature that allows the transfer of funds in Bitcoin and instantly converts it to fiat at zero extra processing charges.||–|
Alternative: How to Make Money on Coinbase?
On Coinbase, you may make money in a number of ways besides Over-the-Counter (OTC) cryptocurrency trading and buying:
- Coinbase Pro Exchange: For novice investors, Coinbase is the ideal platform. It’s worthwhile to look at Coinbase Pro if you want more fee-effective trading possibilities.
Advanced users get access to margin trading with access to up to three times the margin available to normal Coinbase customers, as well as stop orders, market orders, and limit orders with cheaper costs. Additionally, subscribers receive more thorough information on orders, quantities, and prices. The possibilities are endless once you figure out how to generate money using Coinbase Pro.
- Staking services: Staking services are available to verified users, who may stake their current Tezos (XTZ) balances to the network and earn rewards according to how much they hold. More bitcoin is received in return for larger stakes. After the initial transaction, payments are reimbursed every three days.
- Crypto Reward: When you use the Coinbase Visa debit card for regular transactions, you’ll receive 4% back in your preferred cryptocurrency.
- Registration Bonus: Simply for signing up, Coinbase will offer you $5 in Bitcoin. Even if that is currently just worth 0.000081 Bitcoin, you have to start somewhere, right?
- Referral Bonus: You may start asking friends and relatives to join Coinbase after you’ve created your account. You and your referrer can each receive $10 in Bitcoin if they utilize your referral link. Imagine how many Dogecoins you could purchase with that!
Closing Lines: Is Coinbase Earn Legit and Worth It?
To put it simply: Yes, Coinbase Earn is a legit way of making some extra bucks. This can be claimed to be the basic fact that Coinbase has been operational since 2012 and has only seen user base growth over the years. As a registered and regulated platform with more than 40 licenses that allow its operations in the US alone, it openly discloses that it provides user details to the relevant governing bodies. Hence, it is one of the safest crypto platforms to be on.
Moreover, all the money made via Coinbase Earn is insured by FDIC and the cash in your wallet is also insured for up to $250,000. It must be noted that since crypto is not insured, the best bet is to transfer it to your wallet post-purchase. All said and done, Coinbase Earn is most certainly one of the most viable and legit ways to make money.
Please note that this blog review is not sponsored or commissioned by Coinbase or any other entity; it is based on the views/ experience of the author alone.