Coinbase Review

Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam, without knowing they built one of the biggest exchanges in the crypto industry today. They thought that they were late in the crypto industry when they founded the exchange but as we now know, they were very early in the crypto industry.

Coinbase lived through the big bear market of 2014, coming out stronger than ever while continuing to build up its infrastructure remaining competitive over the years. They even created an additional platform aimed towards advanced traders – Coinbase Pro. 

Coinbase Features Review

Coinbase Security Review

Coinbase adheres to high-security practices and as it is highly regulated, it can operate in most of the USA and Europe. As it is one of the largest Fiat gateways, the exchange is investing heavily in security and stability. 

For the most basic security practices, Coinbase uses Cold and Hot wallets and at the same time uses even more security methods, such as dividing the private keys using paper wallets and storing them in different locations. 

For personal account security, you have an SMS verification, authenticator app, and a security key device.

As this exchange is located in the USA, it also has additional protection in case of breaches, an emergency fund from which users can be compensated in case their accounts are compromised. So you can rest assured because the Coinbase wallets are insured by the US government with FDIC insurance up to $250,000 (this only applies to 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 – Each withdrawal is delayed with a 48 hours window where you can decide to cancel the order.

Multiple Approvers – You have the option to use joint accounts that will require multiple approvals for confirmation when withdrawing funds.

Offline storage – 98% of your cryptocurrency is going to be stored offline, with the key distributed to different locations in safe deposit boxes and physical vaults.

Coinbase Deposits and Withdraws Review

Depending on your location you can deposit fiat currencies by debit, credit card, or by bank transfer. Otherwise, for cryptocurrencies deposits and withdrawals you have more than 16 options.  

Since Coinbase is highly regarded in the crypto industry, strict requirements apply to the cryptocurrencies listed. Before you deposit and buy altcoins, you should of course do your own research.

You can deposit and withdraw the following cryptocurrencies:

• BTC
• ETH
• USDC
• ZRX
• REP
• BAT
• BCH
• LINK
• DAI
• DASH
• EOS
• ETC
• LTC
• OXT
• XLM
• XTZ
• XRP
• ZEC

Coinbase User Interface Review

The interface of Coinbase is slick, user-friendly, and is intended for beginners. It is not a technical interface like the ones on CEX or Binance. There is one exchange more that we reviewed on the website – it is Bitpanda, it has the same idea and aims for the same user base. 

As you can see on the dashboard you get direct exposure to a few cryptocurrencies for quick access. Clicking on one of them will redirect you to the asset page where you can either buy or sell it.

Coinbase offers an index that follows the prices on a list and provides valuable information like price change, market cap, and of course, a trade button on the listed cryptocurrencies. This is valuable if you don’t want to visit multiple websites to get basic information for different crypto assets.

Account Page

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

Asset Page

This is the page where you click on one of the assets to get a detailed view. You have a very detailed description of the asset such as circulating offer, ATH, popularity, market capitalization, etc. Below you will find the latest news for the selected asset.

On the right side, you will find buy, sell, and convert options.  Here buy and sell are for direct selling towards 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 for crypto. The design of the user interface is streamlined and beginner-friendly.

The Coinbase UI is very good, but it has a big flaw that there are no regular charts and some basic orders. Of course, Coinbase wants to be a fiat gateway for crypto, it does not want to be a trading platform. If you want to buy crypto, go to Coinbase, if you want to trade crypto with more advanced instruments, 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. There is also an additional fee to the spread fee depending on your location. For example, if the total amount of the transaction is less than $10, the fee is $0.99. If it is more than $10 and less than $25, the fee is $1.49. All in all, it is quite high, but not exactly game-breaking, as it is worth it if you want to use a licensed exchange with very high security.

The fees vary depending on the country and the method that you choose:

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 a lot especially when compared to Binance, but these two exchanges are done with different auditories in mind. Coinbase is one of the best exchanges to convert fiat to crypto, and 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 to dollar cost average in your position on Bitcoin or the other available cryptocurrencies.

On Coinbase you will find some very useful products besides the actual exchange:

• Wallet – a dedicated option to store your cryptocurrencies
• USD Coin – a stable coin
• Earn – Learn about crypto and make money
• Coinbase Pro – a trading platform for experienced 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 tools and options on Coinbase and with Coinbase Pro it almost becomes a complete package. It is clear that you will end up using more than one exchange because the altcoins available here are limited. If you are looking for an advanced trading platform, you will definitely use other platforms like Binance, Kumex (Kucoin), or Bybit with advanced order types and flexible leverage.

Affiliate Program

It is not the best program, but it is there for everyone who is approved after filing an application. For those who are looking for a deep program that is worthwhile in the long run, Coinbase is not the perfect place for it. Its referral reward is very limited, as you get 50% of its fees, which is very good, but you only get it for the first 3 months.

Conclusion

Looking for a secure and reputable fiat gateway for bitcoin? Then Coinbase is your exchange that offers services of high value. With the vault option and custody for institutions, it is one of the most powerful solutions in the industry. Stability, security, compliance with very high standards, regulated and flexible options are the reasons why Coinbase is one of the best. 

If you are looking for anonymity, you will not find it here, especially if you are from the USA. Keep this in mind when you go to a crypto exchange. It offers you a high level of security, but it also works with the authorities to declare purchases so that everything is monitored by the government. This is important for users from the USA who plan to buy crypto through Coinbase – keep a record of your transactions and file your taxes correctly if you do not want to have problems with the IRS.

Min. Deposit: 10$

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