Coinbase Exchange // Condensed Review – Pros and Cons

Coinbase Exchange // Condensed Review – Pros and Cons

Coinbase is one of the world’s largest cryptocurrency exchanges, owned and operated by Coinbase Inc. The exchange is based in San Francisco and is fully licensed to carry out operations not only in the UK, EU, and U.S. (registered as MSB with FinCEN), but also in many countries of the world. Coinbase currently boasts 89 million verified users.

In this Coinbase review, we will cover the pros and cons of this exchange, as well as in-depth coverage of the services and fees at Coinbase.

Register a free account at Coinbase

Restricted Countries/Regions

Coinbase is prohibited in the following countries/territories: Cuba, Crimea, Iran, Israel, Lebanon, North Korea, Palestinian Territories, South Sudan, Sudan, Syria, Somalia. Please kindly check with your country or region to see whether using this exchange is allowed.

Is Coinbase a safe cryptocurrency exchange?

On the legal side, Coinbase is one of only 4 exchanges to have a license in New York state under the BitLicense program. As such, this exchange adheres to strict KYC (Know-Your-Customer) rules and stays compliant to laws and regulations.

On the technical side, Coinbase takes extensive security measures to protect its customers. This exchange keeps more than 98% of customers’ funds in offline cold storage wallets to protect them against potential thefts or hacks. Additionally, it offers an insurance policy to cover the losses that may occur as a result of employee theft or other kinds of security breaches.

To guarantee user privacy, all sensitive information (such as bank account numbers, credit card info, transaction data, etc.) is encrypted using AES-256 encryption.

Coinbase offers 2FA (Two Factor Authentication) to protect customers’ accounts from unauthorised access. In case you lose access to your account, Coinbase offers support to recover the account after verifying your identity.

Is Coinbase a safe cryptocurrency exchange?

All in all, Coinbase is as safe as you can imagine any cryptocurrency exchange to be.

Supported Cryptocurrencies

Coinbase proudly supports the buying and selling of over 180 cryptocurrencies. In addition to that, you can also use those currencies to trade with thousands of other cryptocurrencies, with many popular ones being the following:

AAVE, ADA, ALGO, ANKR, APE, ATOM, BAL, BAND, BAT, BCH, BNT, BSV, BTC, CVC, DAI, DASH, DNT, EOS, ETC, ETH, FIL, GRT, GNT, KNC, LINK, LOOM, LRC, LTC, MANA, MATIC, MKR, NMR, NU, OMG, OXT, REN, REP, SUSHI, SKL, SOL, SNX, STORJ, USDC, UMA, UNI, WBTC, XLM, XRP, XTZ, YFI, ZEC, ZRX and more!

Supported Cryptocurrencies Coinbase

Coinbase Exchange

Coinbase is an excellent exchange that offers you the chance to trade thousands of the world’s cryptocurrencies. The user interface is intuitive and the data is in real time. Easily see the performance of your preferred cryptocurrency by simply clicking on Price, Change, Volume, and Market Cap.

Coinbase Exchange

Coinbase Wallet

The Coinbase Wallet is ideal for storing your favorite cryptocurrencies, with access available on both desktop and mobile. For security purposes, Coinbase will generate a new wallet address for every transaction or whenever the funds are moved between the wallet and cold storage. Whether you are using this wallet for buying/selling crypto or for NFTs, Coinbase is a good choice.

Coinbase Wallet

Coinbase Mobile App – iOS and Android

To buy or sell cryptocurrencies on the go, you can download the Coinbase App which is available for both iOS and Android. This is one of the most downloaded apps in the industry, so you can’t go wrong. The security is top-notch, and most of the desktop functions will be available in this app version.

Coinbase Mobile App - iOS and Android

KYC Verification Requirements

Since Coinbase strictly abides by KYC (Know-Your-Customer) rules and AML (Anti-Money Laundering) laws in the US and other jurisdictions, all users need to verify their identity by providing passport, driving license, or other government-issued photo ID.

After verifying your standard account, you can choose to provide additional documents in order to reach a higher account level that allows you more capabilities, including higher transaction limits, VIP support, etc.

Register a free account at Coinbase

Coinbase Trading Fees and Limits

Coinbase may charge fees when you buy, sell, or convert your cryptocurrencies. Fees are calculated at the time you place your order and may vary depending on a combination of factors including the size of the order and current market conditions such as volatility and liquidity. For transparency, fees will always be listed in the β€œPreview” screen before you submit your transaction.

Just as an example, when trading with Bitcoin, a 0.50% fee (also called a spread of 50 basis points) is quite common. For example, if the market price for Bitcoin was $50,000, then the fee will be around $250 (because $50,000 x 0.005).

However, if your trading volume increases drastically, you should consider upgrading to Coinbase Pro so that you can enjoy trading fees that can reach as low as 0.05%!

Coinbase Payment Methods and Fees

Let’s go over the depositing and withdrawal methods offered by Coinbase.

Depositing at Coinbase and Fees

If you are looking to purchase cryptocurrency for the first time on Coinbase, then there are these accepted deposit methods:

  • Wire transfer (including ACH in the US and SEPA in the EU)
  • Credit cards (Visa & Mastercard)
  • Debit cards

Please note that Coinbase itself does not charge you fees for depositing, as it is the payment provider who charges these fees. Fees vary depending on your country or region, and are usually 1.49% – 3.99%.

Shall you wish to deposit cryptocurrencies from another wallet into Coinbase, then there are no fees at all.

Withdrawing from Coinbase and Fees

Coinbase accepts the following withdrawal methods:

Wire transfer (including ACH in the US and SEPA in the EU)

  • Credit cards
  • Debit cards
  • Other cryptocurrencies (180+)
  • PayPal (service might be limited depending on your country/territory)

Coinbase Customer Service

In case you experience any issues with your account, you can contact the Coinbase customer support team via email or phone. The phone support is available 24/7, 365 days a year.

The response time via both phone and email can be quite delayed at times, as the exchange has seen a lot of new users recently. However, the Help page is very informative and organized, complete with in-depth topics and a helpful search bar.

Conclusion – Should I trade at Coinbase?

The major minus point of Coinbase is the extremely slow customer service. If you enjoy quick support that is offered at other exchanges, then Coinbase may not be for you, since they have millions of daily users and their support capacity is limited. However, we also need to remind ourselves of the positives. Let’s review the advantages of using Coinbase:

  • 1) Coinbase is 1 of top 3 global cryptocurrency exchanges!
  • 2) Very reasonable transaction fees, considering its size!
  • 3) Multi-currency and multi-function wallet!
  • 4) Convenient payment methods for traders all over the world!
  • 5) Probably the safest, most secure exchange website (and app)!

The truth is, Coinbase is one of the best exchanges currently available in the world. It is highly-trusted, well-insured, and really easy to learn and use for beginners. Please do not hesitate to register a free account at Coinbase and start exploring this exchange.

Register a free account at Coinbase

Up to 0.05% on Trading Fees

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