Coinbase Exchange // Condensed Review β Pros and Cons
Coinbase is one of the worldβs 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
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 customersβ 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 customersβ accounts from unauthorised access. In case you lose access to your account, Coinbase offers support to recover the account after verifying your identity.
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!
Coinbase Exchange
Coinbase is an excellent exchange that offers you the chance to trade thousands of the worldβs 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 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 canβt go wrong. The security is top-notch, and most of the desktop functions will be available in this app version.
KYC Verification Requirements
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 βPreviewβ 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
Letβs 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 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