Coinbase Review 2024: Why Is It a Great Place to Trade Crypto?

With over 56M verified active users worldwide, Coinbase is regarded as one of the best crypto exchanges globally. 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 Review - Overview of the Platform

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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 detailed 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

Official Website https://www.coinbase.com/
Headquarters San Francisco, CA
Found in 2012
Native Token NA
Listed Cryptocurrency 5000+
Trading Pairs 150+
Supported Fiat Currencies USD, EUR, GBP
Supported Countries 100+
Minimum Deposit $2
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 & Live Chat

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Top Coinbase Features

Let’s discuss some of the platform’s unique features in our Coinbase exchange review and learn how Coinbase runs its operations:

Developer Platform

Coinbase’s developer platform allows developers to build APIs that record historical price information and real-time data of Coinbase-supported crypto.

API Documentation

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.

Send and receive crypto

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Easy to Use

Various Coinbase reviews mention that this exchange provides an intuitive platform that is easy to use. Comparing prices, checking balances, and executing buy-sell orders are just a few clicks away in Coinbase exchange platform.

Coinbase Mobile Wallet

This feature allows cryptocurrency traders to hold their crypto assets safely in Coinbase. It offers a seed phrase that permits the user to extract the keys of the different cryptocurrencies in the wallet.

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Coinbase Advanced

Coinbase Advanced was introduced as a replacement to Coinbase Pro. It allows users to delve deeper into the cryptocurrency markets and execute trades with more precision and control. 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. Some of the major features of Coinbase Advanced are as below:

  • The Coinbase Advanced Trade Fees 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 Earn

  • 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. 
  • The Coinbase Earn program is available for a limited period and a limited set of customers.

Coinbase Educational Content - Earn free crypto while learning about crypto

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Coinbase Card

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. 

Coinbase Review – Features

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Affiliate Program

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.

Cold Storage

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.

Coinbase NFT

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.

Coinbase Exchange Review – Coinbase NFT Drops and Collection

Coinbase Security

Coinbase takes security seriously, employing robust measures to safeguard users’ funds and data. With features like two-factor authentication (2FA), biometric login, and cold storage for most funds, Coinbase prioritizes protecting assets from unauthorized access and cyber threats.

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.

Customer Support

Coinbase’s customer service is excellent and highly dedicated. You can contact Coinbase Support staff through live chat, Twitter, email, and phone. You can also fill out a contact form on Coinbase and raise a support ticket.

Pros and Cons of Coinbase

Let’s understand the pros and cons of the exchange in our review of Coinbase. By examining both the strengths and weaknesses, we can paint a clearer picture of what Coinbase exchange has to offer.

Pros 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.

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Coinbase Fees

Coinbase’s fees vary across countries. Rates can change due to other factors, such as market fluctuations and monthly trading volume, and Coinbase also charges spread fees of around 0.50% on crypto purchases and trades. In addition, Coinbase charges a flat 1% fee on all cryptocurrency transactions, irrespective of the transaction size. The costs are calculated when an order is 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.

Although we compare other fees together, we’ll focus on the Coinbase fees per trading volume within the United States:

Transaction Amount Range Transaction Fee
Less than or equal to $10 $0.99
Total transaction amount of $10 but less than or equal to $25 $1.49
Total transaction amount of $25 but less than or equal to $50 $1.99
Total transaction amount of $50 but less than or equal to $200 $2.99

Maker and Taker Fees

Regarding regulating fees on Coinbase, the platform undertakes the maker-taker fee structure for the traders. 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 matched after a maker fee between 0.00% and 0.40% will be charged.

Disclaimer: Pricing tiers usually take some time to update. It’s always recommended to check the updated fee structures before you start trading.

Tier Taker Fee Maker Fee
$0K-$10K 0.60% 0.40%
$10K-$50K 0.40% 0.25%
$50K-$100K 0.25% 0.15%
$100K-$1M 0.20% 0.10%
$1M-$15M 0.18% 0.08%
$15M-$75M 0.16% 0.06%
$75M-$250M 0.12% 0.03%
$250M-$400M 0.08% 0.00%
$400M+ 0.05% 0.00%

Payment Methods

Payment methods accepted by Coinbase currently are as follows:

Payment Method Best For Buy Sell Add Cash Cash Out Speed
Bank Account (ACH) Large and Small Investments 3-5 Business Days
Instant Cashouts to Bank Accounts Small Cashouts Instant
Debit Card Small Investments and Cashouts Instant
Wire Transfer Large Investments 1-3 Business Days
PayPal Small Investments and Cashouts Instant
Apple Pay Small Investments Instant
Google Pay Small Investments Instant

Coinbase Products

As part of our comprehensive review of Coinbase, let’s understand the various products provided by the Coinbase trading platform to its users.

Coinbase Wallet as a Service (WaaS)

The Coinbase Web3 business solutions expansion enables companies to create fully customizable on-chain wallets, addressing the challenge of complex Web3 wallet functionalities. They streamline transactions, store digital assets, and serve as users’ digital identities, unlocking Web3’s potential for revenue generation and user engagement. Traditionally, the complexity of Web3 wallets has hindered user access and utilization of its benefits. However, with Coinbase, companies can now offer user-friendly Web3 instances, making wallets accessible to everyone regardless of technical expertise.

Coinbase's Mobile Application

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Coinbase addresses this complexity with Coinbase Wallet as a Service (WaaS), providing scalable, secure wallet infrastructure APIs. Through WaaS, businesses can develop and distribute fully customizable on-chain wallets for users, integrating them directly into their apps with simple login credentials, such as a username and password. This approach democratizes access to Web3 wallets, empowering users to leverage the full potential of blockchain technology seamlessly.

For Businesses

If you are a business looking for a way to invest your capital in cryptocurrency, Coinbase offers the below major services.

The Verdict

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  • Commerce: 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 Commerce

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  • Coinbase Ventures: 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: Coinbase Prime is a platform for professionals; it is specifically built for institutional investors and is operated and owned by Coinbase.
  • Coinbase Custody: An advanced trading platform allowing traders to manage crypto assets easily. Coinbase Custody will enable traders to manage the secure storage of their crypto assets.

Account Opening Process

Opening an account on the Coinbase exchange is straightforward, as praised by numerous users in multiple Coinbase reviews. Let’s explore the process below to gain a better understanding.

  • 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.

Coinbase - Get Started

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Coinbase Review: The Verdict

Based on our review 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.

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 Coinbase Exchange review, 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.

FAQs

Here are some Coinbase FAQs to help Coinbase customers understand the platform better.

Is Coinbase Legit?

Yes, Coinbase is widely considered one of the most reliable and legit cryptocurrency exchange platforms to buy and sell crypto globally.
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?

Yes. Coinbase is among the world’s safest and most trusted cryptocurrency exchanges. It is one of the four known crypto exchanges to have a license under the BitLicense program. It also has two-factor authentication, biometric fingerprint login, crime insurance, and stores 98% of the customer funds in cold/off-network storage.

Is Coinbase Good For Beginners?

Absolutely! An excellent option for beginners. Coinbase is an intuitive platform that is easy to use. Traders trading for the first time can start trading cryptocurrencies confidently using Coinbase and get investment advice from an investment or financial advisor.
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.

What Is the Minimum Deposit Required by Coinbase?

Coinbase requires a minimum account deposit of $1.99. Traders may refer to the fee schedule updated by Coinbase periodically for helpful information related to customer deposits via credit cards, debit cards, and bank account transfers.

What Is the Minimum Withdrawal on Coinbase?

The withdrawal amount can vary depending on exchange rates and other significant factors. For Bitcoin, the minimum withdrawal is 0.001 BTC, and for Ethereum, it is 0.01 ETH.

Does Coinbase Charge a Monthly Fee?

The Coinbase charges an amount of $29.99 per month from the users doing transaction on their platform.

How Much Is Coinbase's Daily Limit?

The account holders in Coinbase have a daily withdrawal limit of $100,000. This applies to all the currencies on Coinbase.

Disclaimer: This page does not solicit or recommend investments, nor does it provide trading or financial advice. Before investing in cryptocurrencies or engaging in securities trading, you should conduct thorough due diligence, including consultation with a certified financial advisor. We accept no liability for any financial losses incurred.

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