What is Coinbase?
Centralized cryptocurrency exchanges (CEXs) like Coinbase serve as digital marketplaces for trading assets such as Bitcoin (BTC) and Ethereum Classic (ETC). Founded in 2012, Coinbase operates globally with stringent regulatory compliance, requiring identity verification (KYC) for account creation.
Key Features:
- Supports BTC, ETC, ETH, and other tokens
- Operates under strict financial regulations
- Potential risk: Exchange insolvency (though unlikely for established platforms like Coinbase)
👉 Discover how Coinbase compares to other top exchanges
Transferring ETC to Non-Custodial Wallets
For optimal security, move purchased ETC from Coinbase to self-controlled wallets:
- Fund your bank account
- Transfer cash to Coinbase
- Purchase ETC
- Set up a non-custodial/hardware wallet (e.g., Ledger, Trezor)
- Transfer all ETC to your private wallet
Why this matters:
- Eliminates reliance on third-party custodians
- Gives you full control via private keys
- Aligns with crypto's "don't trust, verify" philosophy
Creating a Coinbase Account
Step-by-Step Setup:
- Select "Individual Account"
- Provide email + strong password
- Verify email and mobile number
- Submit KYC documents (passport/driver's license)
- Wait for identity verification (typically 1-3 days)
Funding Methods & Deposits
Available options (U.S.):
- Bank transfers (ACH)
- Debit cards
- Wire transfers
- PayPal (for withdrawals only)
Processing times:
- Instant purchases available with debit cards
- ACH transfers take 3-5 business days
Buying ETC on Coinbase
Two Purchase Methods:
Basic Method
- Click "Buy/Sell" → Select ETC → Enter amount
- Commission: ~0.6% for small trades
Coinbase Advanced
- Lower fees (0.4% maker/taker)
- Limit/stop orders
- Charting tools
Pro Tip: Dollar-cost average (DCA) to mitigate volatility risks.
👉 Learn advanced ETC trading strategies
Sending & Receiving ETC
Sending:
- Click "Send/Receive"
- Enter destination wallet address
- Confirm transaction (network fee applies)
Receiving:
- Share your ETC address or QR code
- Confirmations: 3,000 (~11 hours for full clearance)
Coinbase Visa Debit Card
Key Benefits:
- 1-4% crypto cashback
- Spend ETC at Visa merchants
- Automatic conversion to fiat
Note: Currently no ETC cashback option (select BTC/other tokens instead).
Who Trades ETC on Coinbase?
| Group | Motivation | Frequency |
|---|---|---|
| Investors | Long-term holding | Occasional |
| Miners | Cover operational costs | Daily |
| Traders | Short-term speculation | High frequency |
| Merchants | Convert ETC to fiat for expenses | As needed |
FAQs
Q: Is Coinbase safe for ETC storage?
A: While secure for trading, always transfer long-term holdings to non-custodial wallets.
Q: What's the minimum ETC purchase amount?
A: $2 USD equivalent on Coinbase.
Q: How do taxes work for ETC trades?
A: Coinbase provides Form 1099-MISC for U.S. users; consult a tax professional.
Q: Can I stake ETC on Coinbase?
A: No—ETC uses proof-of-work (mining), not proof-of-stake.
Q: What countries support ETC trading?
A: Available in 100+ countries; check Coinbase's official list.
Q: How do I contact Coinbase support?
A: Via in-app chat or support ticket system (response within 24-72 hours).
For more ETC resources:
https://ethereumclassic.org