Coinbase Exchange: Complete Review
One of the best ways to trade cryptocurrencies is through a reputable cryptocurrency exchange. Several debates have been held about cryptocurrency exchanges, causing rumors about their safety. The possibility of your money being stolen from an exchange can be frightening.
On the flip side, Coinbase has a different story. It’s not just another crypto exchange platform; it comes with many surprises to make trading more enjoyable.
The Coinbase platform is a leader in the crypto exchange platform with advanced security. It further allows you to buy, store, and sell different cryptocurrencies in a simple, intuitive, and risk-free manner.
The elegant design and easy-to-use tools of Coinbase have made it a favorite among investors and traders, and its exceptional features and top-notch safety make it stand out.
So, if you have been exploring around for a convenient way to purchase cryptocurrencies or coins with your fiat money, Coinbase may be your wise choice. Moreover, we will explore what Coinbase is, how it works, its pros and cons, and whether it is right for you in this comprehensive review of Coinbase.
Table of Content
Pros and cons of Coinbase exchange
- A cryptocurrency exchange that offers nearly 100 different cryptocurrencies for trading.
- It does not require a large minimum deposit to fund the account.
- An easy-to-use interface and a simple user interface make it easy for you to use the platform,
- There are a wide variety of altcoin options available on it.
- A high level of liquidity is available for supported digital assets.
- Regulatory compliance and strong security
- Compared to other cryptocurrency exchanges, this exchange charges higher fees.
- Opportunity to stake and interest is limited.
Coinbase Exchange Summary
|Headquarters||San Francisco, CA|
|Fiat currencies supported||USD, EUR, GBP|
|Cryptocurrency listed on the exchange||3000+|
|The minimum deposit amount||$2|
|The withdrawal fee||0.55% to 3.99%|
|Fees for transactions||$0.99 to $2.99|
|Limit daily purchases||$25,000 Per Day|
|Support for customers||Via Email and Phone|
About Coinbase Exchanges: Review
Coinbase has been operating since 2012, when it was founded by Brian Armstrong, formerly an Airbnb engineer, and Fred Ehrsam, formerly known as a trader of Goldman Sachs. Over time, Coinbase became one of the biggest crypto exchanges as its reputation spread throughout the crypto market.
Cryptocurrency exchange platform, Coinbase has its headquarters in San Francisco, California. However, it maintains a global presence in several countries, such as Ireland, Japan, and the United Kingdom.
Coinbase, Inc., the parent company of Coinbase, operates its exchange platform and associated products. Coinbase Inc. has yearly revenues exceeding $1 billion, which makes it a crypto “unicorn.”
With over 32 countries in which they facilitate crypto trading with fiat currency, Coinbase is regarded as one of the most valuable US companies. Through its platform, it has traded over $50 billion in crypto and holds over $20 billion in assets.
The Coinbase platform is designed to be user-friendly for retail traders and casual investors with little previous experience in cryptocurrencies, and its simplicity makes it ideal for beginners. So, you’ll be able to use the platform smoothly and make purchases without any hassles.
Features of Coinbase
- We will look at some of Coinbase’s features in the review.
- With Coinbase’s developer platform, developers have the opportunity to build APIs that keep track of historical crypto prices and real-time crypto data.
- This company has created a system allowing businesses to monetize their services and products using cryptocurrency. These businesses can use Coinbase products by reviewing API documentation on the Coinbase site, so they can quickly and easily set up a system to receive cryptocurrency as a payment method that is convenient and secure. In this way, Coinbase users can purchase coins using cryptocurrency.
- Coinbase’s user-friendly platform is often cited in company reviews. You can check balances, compare prices, and execute buy-sell orders in a few clicks.
- To enter the cryptocurrency market, traders have used the platform. In addition to Bitcoin, Cash, Ether, and Litecoin, traders can buy several other cryptos.
- Coinbase fees are slightly higher than other cryptocurrency exchange platforms on the market, but these fees are worth paying to take advantage of all of the services that Coinbase provides. Network fees for withdrawals, as well as costs for buying and exchanging.
- The Coinbase mobile wallet lets traders safely store their crypto.
A highly dedicated customer support team is always available to assist you at Coinbase.
How To Open an Account on Coinbase
- Getting started with Coinbase is relatively simple – you must register an account on the website to get started. However, Coinbase is still required to comply with KYC (Know Your Customer) requirements despite its use for buying decentralized currencies.
- In addition to the United States, Canada, Mexico, Australia, the United Kingdom, Asia, and several other countries, Coinbase is available in over a hundred countries worldwide. You will need the following information to register an account with Coinbase:
- The minimum age to qualify is 18.
- Passports, driver’s licenses, and national identification cards are all accepted
- An authentication phone number from one of the supported countries.
- Smartphones or computers with a stable internet connection.
- A compatible web browser is required.
- Then, click Create Account to begin creating your account.
- Coinbase also lets you choose your default payment method before you start trading.
- A variety of payment methods are available on Coinbase, including wire transfers, credit and debit cards, and PayPal.
- To secure your digital assets, choose a strong password (absolutely do not recycle passwords) and ensure that multi-factor authentication is enabled.
How to set up an account with Coinbase
With the following guide, we will take you through every step necessary to buy cryptocurrencies through Coinbase, so be sure to read it carefully.
All you need is an email address, a password, and your name to create an account.
Type of account
A confirmation email will be sent to you upon request. In the next step, you will be redirected to the startup page, which will ask you to confirm whether you would like to create an account as an individual or a business once you have completed the registration process.
Verify your Phone Number
Next; you need to verify your phone number. It is of the utmost importance that you complete this 2-factor identification process for your account to remain as secure as possible.
Set up Payment Method
Customers have two payment options with Coinbase – bank transfers or credit cards. To verify your bank account, Coinbase often conducts one or two small transactions between your account and Coinbase. When using a credit card, you must take a screenshot of the card. In the US, bank transfers can take up to four to five business days, and SEPA transfers can take 1-3 business days in the EU, but credit and debit card transactions are instant. Also, on Coinbase, users can link their PayPal accounts to use for cryptocurrency proceeds only when selling cryptocurrency.
Purchasing currency is easy once you have money in your account. To purchase the correct currency, you must be on the appropriate tab of your account. Coinbase informs you of the service fee and how much cryptocurrency will be bought before you confirm the transaction. Once the transaction is confirmed, Coinbase will credit your Coinbase wallet with the amount of cryptocurrency you purchased.
Is Coinbase Free to Use?
Even though Coinbase is free to join, you should know that it charges a small transaction fee for each transaction you make. Depending on several factors, it will vary depending on the type of payment method you choose and the size and conditions of the order.
Pricing varies depending on whether you use Coinbase (which provides basic trading features) or Coinbase Pro (which offers advanced trading features). As a fee for the transaction and facilitation fee, Coinbase charges a flat rate of 0.5%.
For example, if you pay using a digital wallet, USDT, or pay via your bank account, you will pay a reduced fee. There are some things to remember when paying with a debit card, and you can expect to pay a little more if you do. Besides adding a commission to simple trades such as trading currencies with different pairs, Coinbase offers a range of options to many users.
There are fees associated with Coinbase transactions ranging from 1.49% to 3.99%, with credit cards charging the most.
Fees on Coinbase tend to be lower than those on Coinmama and CEX, which operate similar businesses.
Bitcoin, Ethereum, Litecoin, and a whole range of other cryptocurrencies can be purchased on Coinbase, and more are added daily.
Further, Coinbase also runs the Coinbase Pro exchange, designed to cater to more advanced traders looking for a more professional experience.
Coinbase Customer Support
There is a dedicated customer support team at Coinbase that can be reached by email, in addition to a Knowledge
Base and FAQs page available for customers.
In recent months, the massive increase in customer demand has resulted in delays in customer support.
Typically, response times are between 24 and 72 hours. There have been instances where users have complained that they receive ” cliched responses ” not tailored to their concerns in a unique manner.
Is Coinbase Safe?
Cryptocurrencies are a highly risky investment, which increases the need for safety. However, Coinbase is generally one of the most secure platforms around.
Although hacks are rare, they do not occur on this platform. Several cases of people’s digital wallets being emptied within a few hours of being accessed have been documented. That usually happens because of poor cyber hygiene, but it isn’t always the case.
The ideal scenario for investing in cryptocurrency from Coinbase would be to move most of your crypto savings into a hardware wallet before investing a large chunk of your saved money into Coinbase. Several excellent hardware wallets are available on the market today, all of which are pretty secure.
To make your account more secure, you should also use multi-factor authentication to guarantee your account’s security. Coinbase has also tightened up security on its platform to ease security concerns.
Aside from ensuring digital balances against theft, Coinbase states that its platform is fully secure. Note that the policy will not cover theft resulting from unauthorized access to your account.
With its practical and easy-to-use service for purchasing and selling cryptocurrencies, Coinbase offers customers (especially newcomers) the opportunity to buy and sell cryptocurrencies.
Although Coinbase has good security levels, it’s always a good idea to transfer any cryptocurrency you buy through
Coinbase to a personal wallet, so you have full access to the crypto’s private keys.
Ultimately, it is a good introduction to the world of cryptocurrency and an excellent way for users to dip their toes into it without feeling like they’re entering a strange new world. Cryptocurrency newbies will find it suitable.