Coinbase Review

If you search for a non-biased review of Coinbase, I have good news… You have found it. Review of one of the oldest and strongest exchanges in the crypto industry – Coinbase. Founded in 2012 by Brian Armstrong and Fred Ehrsam, thinking that they were late in the industry and growing to be one of the biggest players in the industry. As we know now they were very early in the crypto industry and they still are.

This exchange has lived through the big bear market in 2014 and emerged stronger than ever as we see it now. Continuing to build the infrastructure for the industry thus doing what is necessary to be competitive. They even created additional exchange – Coinbase Pro under the wing of Coinbase. Which is more advanced and aimed towards serious traders. But this is for another review as now we will concentrate solely on Coinbase, its UI, security, options, etc…

Coinbase Features Review

Markets Crypto
Supported countries Worldwide
KYC Yes
Leverage No leverage
Deposits 10+ Cryptocurrencies, Credit/Debit cards, Wire transfer
Min. Deposit 10$
Max. Withdrawal Limit Depends on the account verification level
Trading fee 0.50%
Support live chat
Mobile app iOS/Android

Coinbase Security Review

Coinbase is regarded high on the security department and you can be sure about that because it is regulated in one of the most demanding jurisdictions. Thus being one of the biggest exchanges, Coinbase is investing a lot in its security as this is one of the most important sides of an exchange of this caliber. They work with Cold and hot wallets while also utilizing even more security methods. Like dividing your private keys using paper and storing them offline in secure locations. For personal account security, you have SMS verification, authenticator app, security key device. And your account comes with a default setting a 2-step verification to send any amount of cryptocurrency.

As this exchange is based in the USA it also has additional protection in case of reimbursing funds of users if their accounts are compromised. Therefore you can rest assured as the Coinbase wallets have FDIC insurance up to 250 000 USD from the US government (This is only for US residents).

On top of all of that Coinbase offers a Vault option. Which is a highly secured offline wallet as it applies very strict measures for withdrawal and storage. The Vault offers three very important characteristics:

  • Time-Delayed Withdrawals – Every withdrawal is delayed mandatory with 48 hours, a window where you may decide to cancel the order.
  • Multiple Approvers – You have the option to use joint accounts thus it will require multiple approvals for the confirmation of withdrawal.
  • Offline storage – As you would expect 98% of your cryptocurrency is going to be stored offline, with the key distributed to different locations in safe deposit boxes and physical vaults.

This is why we should consider Coinbase being on top of the security measures as it offers some very high-quality products and solutions.

Coinbase Deposits and Withdraws Review

On Coinbase you have a few options and as this is a regulated and high regarded crypto exchange you have FIAT deposits as an option. You can deposit FIAT through debit/credit cards or through bank transfers, which depends on where you are located. Otherwise, for cryptocurrencies deposits and withdrawals you have more 16 options. You can be sure in one thing as Coinbase regards itself high the listed projects are of high quality. Of course, before depositing and buying those altcoins do your research so you don’t invest blindly.

Coinbase User Interface Review

Coinbase-dashboard

The interface of Coinbase is slick, user-friendly made with everyone in mind. It is not a technical one like the ones on CEX, PrimeXBT or Binance, it is a very simple one. There is one exchange more that we reviewed on the website – it is Bitpanda. It has the same idea and aiming for the same userbase. Simple and effective, easy to use by everyone especially the newer people to this type of industry. As you can see on the dashboard you get direct exposure to a few cryptocurrencies for quick access. This is a feature that I like a lot in the design of the UI when I see it.

Coinbase-price-index

Coinbase offers an index that follows the prices on a list providing valuable information like price change, market cap option to follow and of course, trade button on the listed cryptos on the exchange. This is valuable if you don’t want to visit multiple websites to get basic information like Market cap or price of different assets.

Coinbase-accounts

Account Page

This is your account page on which you can find the available wallets and deposit/withdraw if requested. It is fairly simple view but enough for having a clear understanding of how much you have separated from other assets.

Coinbase-asset-view

Coinbase-asset-view-bottom

Asset Page

This is the page when you click on one of the assets for a detailed view. You have a very detailed description of the asset like circulating supply, ATH, popularity, market cap, etc… some very useful information. On the bottom, you will find the latest news for the selected asset which I find a very nice addition. To have everything put in one place so you can make a more educated decision either to buy/sell at that moment or not.

On the right, you will find buy, sell and convert options. Here buy and sell are for direct selling towards the FIAT currency of your choice or the ones available as an option for you. Convert is the tab where you have the option to exchange crypto to crypto. It is very easy to use, especially for new people in this industry. The design is very good and intuitive therefore I think that people will not have problems navigating and wondering how to buy, sell or exchange crypto to crypto.

The Coinbase UI is very good but it has one big flaw to not have regular charts and some basic orders. Of course, Coinbase aims to be a FIAT gateway towards crypto, it does not aim to be a trading platform. When you want to buy crypto you go to Coinbase, when you want to trade crypto with more advanced instruments you go to Coinbase Pro.

Trading Fees Breakdown

The spread fee on Coinbase is 0.50% – it is a rather high fee for buying and selling. They also charge an additional fee to that of the spread fee depending on where you are located. For example, if the total amount of the transaction is less than 10$ the fee is 0.99$. If it sis more than 10$ and less than 25$ the fee is 1.49$. Overall, it is quite high but nothing game-breaking overall as it is worth it if you want to use a licensed exchange with very high security.

The fees are different depending on the country and the method of choice.

USA

U.S. Bank Account – 1.49%
Coinbase USD Wallet – 1.49%
Credit/Debit Cards – 3.99%
ACH Transfer – Free
Wire Transfer – 10$ in and 25$ out

Australia 

Credit/Debit Cards Purchases – 3.99%

Europe

Standard Buy or Sell – 1.49%
Credit/Debit Cards Purchases – 3.99%
Bank Transfers (SEPA) – In is Free and Out is 0.15

Singapore 

Standard Buy or Sell – 1.49%
Credit/Debit Cards Purchases – 3.99%

Options and Order types

On Coinbase you have more than 10 cryptocurrencies to exchange which is not big as Binance, but those two exchanges are aimed towards different auditories. Coinbase is one of the best exchanges to transfer FIAT to crypto. With its option for timed auto-buys of crypto, it is a really good option in this industry.

You can set to have automated purchases:

  • Every day
  • Every Week
  • 1st and 15th of the month
  • Every Month

This is very useful if you want dollar cost average in your position on Bitcoin or the other available cryptocurrencies.

On Coinbase you will not find advanced order types, this is not an exchange made with day trading in mind or trading overall. It is made as a FIAT gateway or an exit point. Therefore for advanced order types, you go to Coinbase Pro.

On Coinbase you will also find some very useful products besides the exchange itself.

  • Wallet – a dedicated option to store your cryptocurrencies
  • USD Coin – a stable coin
  • Earn – Learn about crypto and make money
  • Coinbase Pro – exchange made for traders with advanced order types

For Business

  • Commerce – an option for you to accept cryptocurrencies
  • Custody – Institutional level custody for crypto
  • Ventures – Opportunity for crypto projects/startups to raise capital

There are quite useful instruments and options on Coinbase and with Coinbase Pro it becomes almost a full package. It is clearly that you will end up using more than one exchange as the altcoins available here are limited. And if you are trader you are definitely going to use another dedicate platform like PrimeXBT or Bybit with advanced order types and flexible leverage.

Affiliate Program

It is not the best program but it is there for anyone who is approved after filing an application. For those searching for a deep program that is rewarding for the long term Coinbase is not the perfect place for this. And its referral design is limited as you get 50% of their fees which is very good, but you receive it only for the first 3 months.

Is Coinbase a scam?

This exchange is one of the most reputable on the market and it is here since 2012. One of the oldest, one of the highest securities on the market and continues to build and evolve during its years of existence.

Conclusion

Searching for a secure and reputable FIAT gateway to crypto? Then Coinbase is your exchange offering services that are of value. With the vault option and custody solutions for institutions, it is one of the most powerful solutions in the industry. Stable, secure, keeping very high standards, regulated and flexible options are the reasons why Coinbase a reputable exchange. If you are searching for anonimity you will not find it here, especially if you are from the USA. Keep this in mind when you go to an exchange. It gives you high security but it also works with authorities to declare purchases so everything is watched by the government. This is important for USA users that plan to purchase crypto through Coinbase – keep a record of your transactions and file your taxes correctly if you don’t want problems with the IRS.

Pros / Cons
  • Very high security
  • Flexible buying option
  • High liquidity
  • Wide range of products
  • No advanced order types
  • Small range of cryptocurrencies

Coinbase is one of the oldest and most reputable exchanges on the market, aimed towards casual investors while also giving options for institutions.

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