- Coinbase Exchange Review
- What Is Coinbase?
- Features of Coinbase
- Pros and Cons
- Coinbase Fees
- Is Coinbase Safe?
- Is Coinbase Legit?
- Who Can Use Coinbase?
- Coinbase Services
- Coinbase Advanced Trade
- Coinbase Pro
- Coinbase NFT
- Coinbase Products
- Coinbase Wallet as a Service
- Mobile App
- Account Opening Process
- Payment Methods
- Coinbase Wallet App
- Customer Support
- The Verdict
Keeping our readers well-informed with unbiased reviews of the best cryptocurrency exchanges is a top priority. Many cryptocurrency exchanges are considered for review only if they pass our safety, security, and liquidity standards and are either regulated by an appropriate agency or entirely decentralized. This helps aspiring cryptocurrency investors make informed and safe financial decisions.
If you want to buy specific cryptocurrencies or coins with your fiat money (USD, EUR, etc.), Coinbase may be the exchange for you. In this Coinbase review, we’ll cover the basics of Coinbase in depth, including what it is, how it works, its pros and cons, and whether it’s suitable for you. So, let’s get started!
Coinbase Exchange Summary
|Headquarters||San Francisco, CA|
|Supported Fiat Currencies||USD, EUR, GBP|
|Deposit Fees||ACH Transfer – Free / Fedwire – $10 / Silvergate Exchange Network – Free / SWIFT – $25|
|Maximum Daily Buying Limit||$25K/Day|
|Transaction Fees||$0.99 to $2.99|
|Withdrawal Fees||0.55% to 3.99%|
|Application||iOS & Android|
|Customer Support||Email & Phone|
Coinbase Exchange Review: All About The Crypto Exchange
Coinbase is the best crypto exchange in UAE and the best in the crypto world, with over 56M verified active users. Coinbase enables you to buy, sell, and trade cryptocurrency. The crypto exchange platform is a globally recognized exchange that facilitates all crypto with fiat currencies in more than 32 countries and is also recognized as one of the most valuable public companies in the US.
Coinbase holds over $20 billion in customer assets and over $50 billion in crypto that has been traded using its web platform.
Coinbase is a widely recognized cryptocurrency exchange platform that simplifies the buying, selling, and exchanging of cryptocurrencies. The crypto exchange company offers an easy experience to buying Bitcoin, similar to purchasing a stock through an online brokerage. Still, it’s essential to be mindful of its low fees and lower-quality customer service.
Coinbase is among the most trusted cryptocurrency exchanges available in the cryptocurrency industry. For security, Coinbase allocates funds to be kept safe in FDIC-insured accounts, which allows you to link and trade cryptocurrency through your bank account securely, and bans suspicious accounts to keep users safe.
What Is Coinbase?
Coinbase is a fully regulated and licensed cryptocurrency exchange in 40 U.S. states & territories. The web platform initially only allowed for Bitcoin trading but quickly began adding other cryptocurrencies that fit its decentralized criteria. Coinbase has two core products; a broker exchange and a professional cryptocurrency trading platform named GDAX. However, the two can be used independently from one another.
Today, the Coinbase exchange offers everything from cryptocurrency investing and advanced trading platforms to custodial Coinbase accounts for institutions, a wallet for retail investors, NFT Marketplace, and its stablecoin – USD Coin (USDC). Coinbase’s best crypto wallet is available in 190+ countries. Also, it has several thousands of employees around the world.
The Coinbase reviews recognize it as one of the best-secured cryptocurrency platforms for buying, selling, storing, and transferring coins and cryptos. Its mission is to offer its members an open financial system and help convert digital currency into local currency. Active traders can easily take advantage of Coinbase’s abilities to perform any trade in today’s crypto economy.
Features of Coinbase
Let’s discuss some of the platform’s many unique features in our Coinbase exchange review and learn how Coinbase runs its operations:
- Coinbase’s developer platform allows developers to build APIs that record historical price information and real-time data of Coinbase-supported crypto.
- The company has a commerce platform for businesses to use cryptocurrency for their products and services. By offering API documentation, these businesses can review and use Coinbase products to set up an easy and safe system to accept cryptocurrency as a payment method. This enables every Coinbase user to buy coins using crypto.
- A lot of company reviews mention that Coinbase provides an intuitive platform that is easy to use. Comparing prices, checking balances, and executing buy-sell orders are just a few clicks away.
- The Coinbase platform has been a starting point for traders to enter the cryptocurrency trading market. Traders can buy cryptos like Bitcoin, Cash, Ether, Litecoin, etc.
- As mentioned in many other platform reviews, Coinbase may have higher fees than other platforms, but these trading fees are worth paying for the services offered. These include transaction fees Coinbase charges for buying, exchanging, and network fees for withdrawals, among other fees that may apply.
- Coinbase mobile wallet allows cryptocurrency traders to hold their crypto assets safely. It offers a seed phrase that permits the user to extract the keys of the different cryptocurrencies in the wallet—all you need for your crypto storage needs.
- The Coinbase USD Wallet feature stores the US Dollar. Instantly, traders can purchase Bitcoin with the available funds in the USD Wallet. No charges are added to transfer funds to and from the USD Wallet via ACH Transfer in selected US States.
- The prepaid Coinbase debit card is known as the Coinbase card, which has an app available on the Google Play Store and Apple App Store. This helps the user to buy multiple cryptocurrencies more efficiently. Traders can also request a visa card to spend crypto on the crypto exchange. Selling cryptocurrencies just got easy!
- Coinbase provides a Coinbase affiliate program to those who want to work as affiliates or advertising partners. You will receive trading fees for the first three months a user trades on Coinbase.com through your referral link.
- One of the reasons why Coinbase is one of the best crypto exchanges is that people can buy Bitcoin and several other coins by using fiat currencies through a credit card, debit card, and bank transfer. The platform also offers a prepaid Coinbase debit card called the Coinbase Card.
- If you want an instant exchange and to send and receive money by Bitcoin, you must transact with fiat currencies using the Coinbase feature called “instant exchange.” Rather than using fiat currency to buy Bitcoin and send it to the receiver, you can use an instant exchange feature to transfer seamlessly.
- You can upgrade to GDAX for free to buy and sell crypto coins and trade with them. You can transfer quickly to GDAX or Coinbase Pro platform. GDAX offers a wide selection of different cryptocurrencies for trading, and you can also trade digital currencies.
- One of the most important features is that Coinbase keeps 99% of its assets in offline cold storage, ensuring safety from hackers. 1% of the asset classes that are available online are already insured. This way, traders are compensated in case of an unfortunate event.
- The Coinbase customer service team is highly dedicated and can be contacted anytime.
- A futures trading market made readily available for customers is the Coinbase Derivatives Exchange. Retail investors can look no further, as this platform’s derivatives are tailor-made to their requirements.
Coinbase Account Types
Let’s review the types of Coinbase accounts:
- Beginner traders can use the Coinbase Standard account. Even though it offers few trading tools to its crypto users, many reviews praise its ease of use.
- More advanced users and traders can use Coinbase Pro trading accounts, with access to advanced charting tools, technical analysis, various order types, and other interactive tools.
- The Coinbase Advanced Trade platform takes on the features Coinbase Pro offers, allowing advanced users to trade with the same market trading tools at the same price as Pro. Through Coinbase Advanced Trade, you can purchase cryptocurrency using advanced trading tools, earn staking rewards and crypto rewards for staking crypto, and use your Coinbase Card all in one platform. The advanced trading tool gets you some of the best deals on Coinbase with no additional fees.
Pros and Cons of Coinbase
Let us review a few Coinbase pros and cons –
|The platform has an easy and simple-to-use user interface.||Coinbase is not available in a few countries.|
|Coinbase accepts major cryptocurrencies and fiat currencies.||Seeing how Coinbase compares to its competitors, the trading and exchange fees are a bit high. Charges high fees for more features.|
|The website offers an exclusive platform for advanced traders called Coinbase Advanced Trade.||The user does not control wallet keys.|
|The Coinbase mobile app has all the features of the desktop’s main platform.||Those interested in altcoin trading won’t find as many as some other exchanges.|
|Very high liquidity.|
|It has a solid variety of altcoin choices.|
Super easy for new cryptocurrency traders: Coinbase makes it easy to use with its intuitive, user-friendly design for traders of all levels to navigate the user interface and use tools to make effective and profitable trades. Signing up and buying crypto in a matter of minutes. New crypto users can complete their first trade with ease.
High liquidity: Crypto exchanges belong to very volatile market conditions. More volatility means more slippages. However, investors can be protected with liquidity, and Coinbase is one of the most highly liquid exchanges.
Altcoin choices: There are over 25 cryptocurrencies for cryptocurrency investment options, trading, and staking. More currencies to choose from than other platforms one may think of.
Earn rewards: Coinbase offers a handful of rewards programs for its users. Through learning about the crypto industry via Coinbase Earn, staking crypto holdings, or even converting dollars into stablecoins, Coinbase allows the ability to earn crypto rewards.
A chance to earn free cryptocurrency or even earn extra income is possible at Coinbase learning rewards. Traders can even use Coinbase’s referral program, where the trader and the referral can earn crypto rewards.
Educational resources: The plethora of educational content Coinbase offers is educational material covering the crypto basics, tips and tricks, and market updates using learning methods such as video classes and interactive sessions to demonstrate how trading cryptocurrencies is efficiently carried out.
High Coinbase fees: New traders may find the standard Coinbase platform pricey compared to other cryptocurrency exchanges. Using Coinbase Pro or Coinbase Advanced Trade is a cheaper alternative. You can switch to it for free, but it has features that could be overwhelming. Despite having more features than the competition, it charges higher fees for the services incurred.
Coinbase users do not have full control of their wallet keys. Users don’t have complete autonomous control over their crypto holdings, which, in essence, is against the ethos of decentralized currency or finance. This can be avoided if the investor withdraws their currency to their own personal wallet, preferably a hard wallet.
Limited altcoin options: Serious traders mention in their reviews that there isn’t a wide enough variety of altcoins.
Coinbase’s fees vary across countries. Rates can change due to other factors, such as market fluctuations and monthly trading volume, and Coinbase charges variable spreads of around 0.50% on crypto purchases and trades. In addition, Coinbase charges a 1% flat fee on all cryptocurrency transactions, irrespective of the transaction size. The fees are calculated when an order’s placed and are affected by a combination of factors.
If an amount is borrowed from Coinbase or an affiliate of the Coinbase platform, in addition to selling stored BTC as collateral, the user is charged a flat fee of 2% of the transaction.
The platform also includes a Spread Fee when traders use simple trade to buy and sell cryptocurrency or convert cryptocurrency for fiat money. The platform also charges a network fee for smaller transactions in the decentralized cryptocurrency network processes. The easiest way to understand Coinbase’s fee structure is with a few firsthand examples.
For 30 days, the taker and maker fee is tabulated per tier pricing structure as per Coinbase’s updated fee schedule. To keep up with the changes in global crypto trading volumes and asset prices, Coinbase updates its fee structure and fee schedule periodically. Each update is shared before its implementation. Therefore, it is highly recommended to check every update or each time; higher fees may seem to be levied.
Although we compare other fees together, we’ll focus on the fees Coinbase charges per trading volume within the United States:
- $0.99 for a total transaction amount of less than or equal to $10
- $1.49 for a total transaction amount of $10 but less than or equal to $25
- $1.99 for a total transaction amount of $25 but less than or equal to $50
- $2.99 for a total transaction amount of $50 but less than or equal to $200
The following paragraph explains more about Maker fees and Taker fees.
Maker and Taker Fees
Regarding regulating fees on Coinbase, the platform undertakes the maker-taker fee structure for the traders. The fee structure calculates how much of a maker fee or a taker fee a trader would be charged based on the orders placed or the monthly trading volume recorded.
When an order is placed at market price and filled immediately, the trader is considered a taker and will be charged a taker fee between 0.05% and 0.60%. However, if another order is placed and is not matched immediately, a maker fee between 0.00% and 0.40% will be charged.
Is Coinbase Safe?
Having a license under the BitLicense program, Coinbase is one of the safest and most legitimate crypto exchanges available. When it comes to investing and trading with crypto exchanges, Coinbase offers top-of-the-line security to protect users’ digital assets.
- Coinbase is one of the four crypto exchanges to have a license in New York under the pilot BitLicense program, and it strictly adheres to KYC (know your customer) rules and complies with the regulations.
- Coinbase has several licenses to operate in the United States and other countries. Its crypto assets are insured, so you won’t lose any hard-earned Coinbase money by theft or hacking.
- Coinbase uses a variety of safety measures for account holders. It is essential to understand that any crypto on any exchange account is only as secure as the account holder makes it. It is imperative to use strong passwords and to utilize the available security features like two-step verification which involves a verification email.
- Coinbase has strong login credentials such as two-step verification, biometric fingerprint logins, and crime insurance if Coinbase itself is breached (this insurance policy does not apply if your Coinbase account is breached due to your lack of security measures), and stores 98% of users’ funds in offline storage.
- Coinbase shows you a QR code representing the secret key, which you’ll need to scan using an Authenticator app on your phone.
- Therefore, digital currencies are not considered legal tender or backed by SIPC or FDIC. Coinbase provides insurance by pooling Coinbase balances and holding them in USD custodial accounts, USD-denominated money market funds, or liquid U.S. treasuries.
- At Coinbase, you must register with your accurate personal information, which must be verified. Coinbase wants to know who they do business with, and this can only be done by verifying your email address, telephone number, proof of identity, and bank account/credit card details. They have set up this process so that you, as a buyer, can handle this easily.
- For the email address, you will receive a confirmation email and a verification SMS for your mobile number. You can check your proof of identity by uploading a photo taken via the webcam or smartphone camera. If you are on your desktop, you will receive a unique link by SMS where you can upload your passport. The platform will automatically check your Identification after upload, which takes about 2 minutes.
- Coinbase provides a solid amount of security compared to other leading crypto exchanges. This is one of the reasons why Coinbase is a good place for those looking to begin investing in cryptocurrency safely.
- That said, the premise of cryptocurrency is to remove intermediaries where possible and to be in total control of all your funds. While Coinbase provides an easy entry to cryptocurrency investing, learning about proper cryptocurrency security and storage is essential. Savvy crypto investors may use Coinbase Pro for reduced fees and then withdraw their holdings to secure cold/off-network storage. Also, Coinbase Pro is now listed on Dogecoin.
Is Coinbase Legit?
Various reviews of Coinbase suggest that Coinbase is a legitimate cryptocurrency exchange, and it operates in 30 states in the U.S. It has different licenses to cater to all types of traders worldwide. These licenses ensure that all company practices are legal and that the traders’ money is safe and handled with integrity.
The Coinbase platform is used in several countries to process secure transactions where traders can receive, store, or send crypto.
The question still stands, is Coinbase a reliable platform? Absolutely. Coinbase is a widely recognized advanced trading platform for cryptocurrency, and it provides robust security measures to safeguard its users.
Coinbase’s buy and sell features are available only in a few countries. The company also fights against the illegal market that trades with Bitcoin. Coinbase monitors and reviews what payments are being made and sees whether these have anything to do with the black market, gambling, or other illegal activities. If this is the case, they either freeze the account or close it completely.
Who Can Use Coinbase?
Let’s talk about who Coinbase is ideally for in this review:
- Coinbase provides a great user experience since the simple interface is easy to learn and helps new traders learn about blockchain technology and the benefits of using an online cryptocurrency exchange. At the same time, they earn free crypto assets for the same. Traders can transfer funds to the GDAX platform. It is one of the easiest ways to transact several supported currencies on this platform.
- If you are looking for a great option to buy crypto using fiat currencies, then Coinbase is the best choice.
- If you are a small business investor looking to invest your money into cryptocurrency, then Coinbase is ideal. But if you are a prominent investor or a big business investing large amounts of money in crypto or bitcoin, you might feel Coinbase fees are a bit high.
- In addition to the above point, there are limits issued by Coinbase to regulate large transactions. Each account will have its limits displayed.
Services Provided by Coinbase
Let’s review the services offered by Coinbase from the following options:
Coinbase offers cryptocurrency advisory or brokerage services for traders to purchase crypto through their platform.
Coinbase Advanced Trade
The Advanced Trade platform has TradingView power its charts along with EMA, MA, MACD, RSI, Bollinger Bands, and drawing tools that bring out the best in advanced traders:
- The Advanced Trade fees Coinbase has is the same as that of Coinbase Pro, which is low and trading volume-based.
- Earn up to 7% off crypto coins like USD Coin (USDC), ETH, and more when you stake your coins.
- Different order types, such as Market, Limit, Stop Limit, and Auction Mode, have an easy-to-use platform.
- Coinbase Pro’s supported Market Pairs with the same liquidity.
- Coinbase has a “Coinbase Earn” program to urge users to watch educational resources to learn about various crypto and earn free crypto rewards.
- Users must complete a quiz on what they learned from the video.
- Coinbase users get crypto for every quiz completed. What better way to earn free crypto rewards?
- The Coinbase Earn program is available for a limited period and a limited set of customers.
Experienced traders can use a proprietary crypto trading platform called Coinbase Pro for some advanced trading options. It offers a significantly fancier charting and trade experience than the standard platform. A user has the option of margin trading and can place market, limit orders, and stop orders with lower fees in commission.
Many reviews mention that Coinbase Pro is, by far, a better platform for those who wish to trade crypto or invest with lower fees and more active features. Let’s take a look at its fee structure in detail.
Coinbase Pro Fees
Coinbase Pro fees are markedly lower and less complicated. Digital assets and ACH transfers are free to deposit money and withdraw them. Wire transfers are $10 to deposit and $25 to withdraw. Coinbase’s Advanced Trade is priced at the same amount as Coinbase’s Pro.
Here is more insight into the crypto trading fees the Pro edition that Coinbase charges. It follows a maker fee and taker fee structure to regulate trading fees. The pricing tier determines the prices the trader is in when the order is placed. It would not apply to the trader’s level after completing a trade. This means you’ll get better rates for trading higher volumes of cryptocurrency.
The Coinbase NFT Beta version has created a space for NFT activities other than simply buying or selling crypto. Coinbase NFT is an ideal location that supports engagement for collectors and creators by building a growing community for NFT drops, which include photography, sports, collectibles, music, art, fashion, and trading cards.
On Coinbase NFT Beta, users can browse their choice of collections for sale on the Discover feed. To save money and valuable time, Coinbase NFT provides customized recommendations for those looking to explore the platform for NFTs. Additionally, buying and selling trending NFTs on Coinbase NFT Beta is easy. People can use NFTs on their feeds, profile pages, and collection segments as inspiration.
Coinbase NFT Drops and Collection
Coinbase NFT Drops is a feature that enables creators to announce the date and time of the launch of their latest NFT project. Collectors and fans can set reminders about upcoming Drops to get notifications from Coinbase as soon as the NFT is available for minting or buying.
Coinbase NFT Drops allow creators to communicate their forthcoming releases so that collectors can be on their toes to grab them. More than 24 Drops were successfully launched on the Coinbase NFT Beta platform, and eight active launches are about to take place soon.
Coinbase NFT Marketplace
Coinbase NFT marketplace makes purchasing, showcasing, discovering, and minting NFT items more convenient than ever.
It empowers the creator’s imagination with the most intuitive design, developed on top of the decentralized NFT marketplace that puts the art and the artist’s experiences on the front line.
Coinbase NFT Fees
Any user looking forward to purchasing NFTs on Coinbase must pay the NFT price and gas fees. This non-auction fixed price has the gas fees displayed to the buyers at the time of purchase as soon as they press Buy Now.
Coinbase users need ETH tokens to cover the gas fees on the ETH blockchain. The computational effort required to deliver smart contracts and transactions on Ethereum is calculated in gas. A more robust and larger engine requires more gas to operate and complex coding. Smart contracts also require higher gas levels.
Coinbase NFT Security
Coinbase confirms an NFT collection by scanning the smart contracts on the digital blockchain network.
Although the security of Coinbase NFTs is encrypted at every level, the beta also offers various other security measures that guarantee NFT security in the marketplace, including –
- Account verification, ensuring that users are buying NFTs from trusted vendors or developers.
- Use of Etherscan to verify smart contracts.
- Offering the ability to report scams and frauds.
Coinbase creates opportunities for traders to impact the crypto market with their products designed and developed to suit every transaction.
Coinbase Wallet as a Service (WaaS)
The Coinbase Web3 business solutions expansion allows companies to create fully customizable on-chain wallets for customers.
Many companies need help to capitalize on opportunities that Web3 has to offer, such as how Web3 can generate new revenue streams, increase user engagement, and encourage reward redemption. The complexity of Web3 wallets, which store digital assets, streamline transactions, and function as users’ digital identities, is a significant challenge.
Traditionally, wallets have been tricky for users to access and benefit from Web3’s immense potential due to their complex, counterintuitive user interfaces. With Coinbase, companies can now build Web3 instances available to everyone, regardless of technical knowledge, in a world where wallets are straightforward.
Coinbase solves this problem with Coinbase Wallet as a Service (WaaS). WaaS is a scalable and secure set of wallet infrastructure APIs that allows businesses to create and distribute fully customizable on-chain wallets for users. Users can make avail of wallets directly in their apps by logging in with a username and password.
Multi-Party Computation (MPC) cryptographic technology powers Waas; users can explore Web3 without remembering a complicated 24-word recovery phrase. A randomized yet unique key can be shared between the end user and Coinbase using MPC.
Coinbase Wallet as a Service was created from scratch to allow businesses to provide users with safe, secure, and simple access to Web3 wallets.
Features of Coinbase WaaS:
WaaS User experience: Allows users to access Web3 wallets while maintaining the simplicity of web2. Users can create, access, and restore their wallets using only a username and password for authentication.
WaaS Security: WaaS wallets have advanced multi-party computation (MPC) to protect user assets by securely dividing, encrypting, and distributing keys among multiple parties.
WaaS Key Ownership: Users have complete control over their assets, including anytime exporting keys off the platform.
WaaS Native Integration: Companies can integrate native wallets into their applications using APIs, ensuring a consistent user experience without redirecting users to a different website or application.
Built For Scale: Coinbase has a proven track record of providing secure, scalable, and user-friendly Web3 gateways that can reliably service hundreds of millions of users.
If you are a business looking for a way to invest your capital in cryptocurrency, Coinbase offers the below services.
Coinbase offers a commerce service that allows businesses to use crypto for payment without any transfer fees. Entrepreneurs can now embed self-hosted checkout pages to their websites to enable transaction fees to be paid using cryptocurrency.
Coinbase Ventures invests in founders who innovate economic liberty to markets across the globe by working towards building a robust Web3 ecosystem. With Ventures, Coinbase partners with teams as early as possible across the crypto space. Coinbase aims to provide experience, strategic planning, and execution concerning collaborative investing.
Coinbase Prime is a platform for professionals; it is specifically built for institutional investors and is operated and owned by Coinbase.
Prime provides secure crypto storage with Coinbase Custody, an advanced trading platform, and platform services allowing traders to manage crypto assets easily. Coinbase Custody will enable traders to manage the secure storage of their crypto assets.
Independent capitalist businesses can use custody as a cryptocurrency asset in the exchange. Traders can breathe easy with Coinbase’s safe and secure asset storage. In addition to the Coinbase Cold Storage, traders are allowed to access the Coinbase Vault Storage. Along with being insured for millions of Dollars, Coinbase is regularly audited by Coinbase Custody Trust Company, with SOC 1 and SOC 2.
Cold Storage by Coinbase
If you leave your crypto assets in online crypto wallets or third-party trading platforms, there are chances that they might get hacked or might be stolen. Coinbase has strict security controls around its platform and offers commitment for cold storage.
99% of the client’s coins and cryptocurrency funds are stored in this offline wallet storage, which means these coins remain in offline wallet storage at all times. This way, the trader’s cryptos are safe and do not get hacked or stolen.
Coinbase Mobile App
- Coinbase’s fully functional mobile app can be downloaded free of charge on Android and IOS devices. This mobile app allows the trader to perform the same functions as the desktop site. It has many positive reviews among many crypto trading apps by comparing their past performance to date.
- This company’s mobile app can be used for simple order placements, and the trader can either place a buy order or sell order on this app. The trader should click the convert button, select the cryptocurrency, and place an order in under 1 minute.
- Coinbase has an enhanced newsfeed, which is comprehensive and updated frequently. It offers review articles from sources like Coindesk and Bloomberg directly on the app.
- Coinbase’s mobile application provides advanced trade security and enables two-factor authentication, security notifications, and fingerprint scanning with just a touch of a button.
Account Opening Process
Many users appreciate the convenience of opening a Coinbase account in their reviews. Opening a new account with Coinbase is very easy. Coinbase complies with mandatory KYC requirements. The trader must submit a copy of their ID card and residence proof for the account verification procedure.
- Visit the Coinbase website: Go to the Coinbase website (https://www.coinbase.com) and click on the “Sign up” button in the top right corner of the page.
- Enter your personal information: Fill in your personal information, including your first and last name, email address, and password.
- Verify your email: Check your email and click on the verification link sent by Coinbase.
- Complete your profile: Enter additional information, such as your country of residence and phone number, to complete your profile.
- Verify your identity: Provide a valid government-issued ID and proof of address to verify your identity.
- Add payment method: Choose a payment method, such as a bank account or debit/credit card, and add it to your Individual Coinbase account.
- Buy cryptocurrency: Once your account is set up, you can buy and sell various cryptocurrencies on the platform.
- Secure your account: Enable two-factor authentication and take other security measures to protect your account and assets.
Payment methods accepted by Coinbase currently are –
- Wire transfer: Traders can directly connect their bank account to the Coinbase account to buy the cryptocurrency at the lowest fees. Using a bank account for transfers might take 1 to 5 working days. ACH transfers are used in the U.S., while SEPA transfers are used in Europe and the U.K.
- A Visa, debit card, or Mastercard: You can buy any amount of cryptos, which otherwise might be restricted with a bank transfer. You can buy cryptocurrency instantly with a transaction fee of 3.99%. Because of banking regulations, this platform has suspended support for credit card purchases as a payment method. You must make a SEPA transfer if the card is not 3D secure.
- You can also use PayPal as a payment method to withdraw your funds.
- Google Pay and Apple Pay: With the arrival of convenient payment methods, any Coinbase user in the United States can now purchase crypto on Coinbase via Apple Pay and Google Pay linked to their bank account.
Coinbase Wallet App
In many Coinbase reviews from beginners, Coinbase’s dedicated mobile application is user-friendly. New users prefer the original Coinbase platform to trade crypto than dabble with complex online crypto wallets. Users can explore several other cryptocurrencies in a safer, more regulated environment.
You don’t need a Coinbase account to operate the wallet. However, Coinbase customers can link their user accounts to the Coinbase Wallet app. Talk about features in crypto wallets!
The Coinbase Wallet App is safe as the wallet stores the private keys on the device for the owner, and only they have access to the funds. However, be careful with private keys as they unlock the virtual vault that stores crypto over the blockchain tech that powers it.
The Coinbase Wallet is easy to use, secure, and regulated to utilize US Dollars or other fiat currencies. Traders can store crypto safely without the hassle of managing private keys. The Coinbase crypto wallet is available across 100 countries.
The crypto wallet computer software is available on iOS and Android devices.
Coinbase’s customer service is excellent and highly dedicated. Customer service can be reached through live chat, Twitter, email, and phone. You can also fill out a contact form on Coinbase and raise a support ticket.
You can contact Coinbase Support staff to immediately deactivate your account if you suspect your account has been compromised. The Customer Support phone number can be found on the email request form for live phone support.
Based on reviews of Coinbase, it is evident that Coinbase consistently ranks among the top cryptocurrency exchanges in the world for new investors looking to invest in Bitcoin but needing to gain investment experience.
Even though its comparatively high fees are charged higher than its counterparts, some features, like the learn program and recurring crypto purchases feature, provide inexperienced traders with helpful investing information about the crypto market conditions. Coinbase is exceptionally good for new users, and many reviews can confirm that.
New traders can start trading crypto using Coinbase and get investment advice from an investment advisor. Although Coinbase is designed with the beginner in mind, its features and functionalities allow novice and veteran traders to trade cryptocurrencies confidently.
In conclusion, Coinbase provides an excellent platform to purchase, sell, store, and trade cryptocurrency well-suited for beginners. It offers a straightforward, uncomplicated buying and selling process without external wallets and decentralized, secure exchanges.
Now that you’ve finished reading this review of Coinbase, you’ll have a good understanding of the platform and what Coinbase offers. More importantly, you can decide whether Coinbase is the right cryptocurrency exchange! Coinbase will guarantee favorable reviews as it is safe to use, suitable for new traders, earns interest as a passive income, and has a great customer support team.
Here are some Coinbase FAQs to help Coinbase customers understand the platform better.
Is Coinbase Legit?
Coinbase declares that the customer’s digital assets are protected 1:1, implying that their funds are always available while secured. Coinbase protects the customers’ funds legally as well as physically.
Is Coinbase Safe?
Is Coinbase Good For Beginners?
With safety being a top priority, Coinbase is safe for beginners to operate and trade cryptocurrency. Features such as offline wallets cater to allow traders to access their funds at any given point in time.