Coinbase Review

Pros Explained

  • Easy to use for cryptocurrency beginners: The main Coinbase website and mobile app are very easy to use and allow you to buy, sell, and exchange cryptocurrencies quickly.
  • Support for a large number of cryptocurrencies: Coinbase currently supports over 100 currencies for trading, and the number grows regularly.
  • Opportunities to earn cryptocurrency: Earn interest on eligible balances, or get a small amount of a new currency through Coinbase Earn.
  • Lower pricing available with Coinbase Pro: Any user can switch to Coinbase Pro, an active trading platform with more features and low fees.

Cons Explained

  • High transaction fees: Transaction fees are often expensive on the primary Coinbase platform.
  • Customer service issues: Coinbase gets poor marks for customer service, including in the event of serious account security issues.
  • No access to trade many altcoins: While Coinbase supports an impressive list of currencies, many are missing.

introduction

Coinbase is a cryptocurrency trade and investing platform that offers users the ability to buy, sell, and exchange over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. Coinbase is a bombastic company with over 89 million users and $ 278 billion in assets on the platform.

Reading: Coinbase Review

Beginners will likely prefer the master Coinbase chopine for dim-witted buy and sell orders. More gain users can access extra features and order types through Coinbase Pro, available to any Coinbase user .
Cryptocurrencies are a relatively modern asset class that can be bad and volatile, which isn ’ t suitable for all investors. however, if you ’ rhenium concern in cryptocurrency, Coinbase is an excellent choice for newbies and veterans alike.
Investing in cryptocurrencies, Decentralized Finance ( DeFi ), and other Initial Coin Offerings ( ICOs ) is highly bad and bad, and the markets can be highly volatile. consult with a qualify professional before making any fiscal decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or opportuneness of the data be guaranteed.

party Overview

Coinbase was founded in 2012 as a place to send and receive Bitcoin. The company has grown to support dozens of singular cryptocurrencies and has more than 3,700 employees global. Coinbase is a decentralized company with no independent headquarters .
Coinbase operates with users in more than 100 countries, and customers trade approximately $ 547 billion per quarter. Coinbase manages a robust cryptocurrency ecosystem supporting 11,000 fiscal institutions .
Coinbase runs two separate trade platforms in addition to a standalone cryptocurrency wallet overhaul. Between the suite of Coinbase products, you ’ re likely to find anything you need to start and manage a cryptocurrency portfolio or trade plan.

Cryptocurrencies Available on Coinbase

Coinbase supports deal of over 100 cryptocurrencies and regularly puts newly coins on the list. There are excessively many to list hera, so here ’ s a glance at some of the most popular currencies on Coinbase :

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap (SUSHI)

trade experience

As mentioned above, the ship’s company runs two different platforms known as Coinbase and Coinbase Pro. Each allows you to buy, sell, and trade cryptocurrencies but offers unique features .

Coinbase

deal on Coinbase is beginner-friendly and easy to use for anyone with basic computer skills. Coinbase is available on the vane or through Android and iOS mobile devices. If you ’ ve ever traded stocks through an on-line brokerage, you ’ ll find a reasonably similar experience .
On the main splashboard, you ’ re able to view your Coinbase portfolio, and you ’ re never more than a match of clicks off from a screen to buy and sell currentness .
The basic screen to purchase cryptocurrency using Coinbase
The basic screen to purchase cryptocurrency using Coinbase .


Cryptocurrency markets operate 24/7, so you can log in and enter a craft at any time. Purchases are available using funds in your score or directly through a plug in bank explanation or card. Additional fees may apply depending on how you pay for your crypto purchase. Purchases are credited to your score instantaneously, though you may have to wait for your deposition to clear before making a coitus interruptus .

Coinbase Pro

Coinbase Pro sounds like something entirely made for professional traders, but anyone with a Coinbase account can access and use the pro version. It gives you more trade types, notably terminus ad quem and stop orders unavailable on the main Coinbase platform .

Fees

Coinbase is not forthcoming with its price and fees and recently removed its fully fee schedule from the Coinbase on-line serve department. however, costs are shown on the craft screen when entering a barter, so you know what you ’ re paying before you enter a trade .
These are the fees you can expect on the main Coinbase platform :

Trade Size Coinbase Fee 
$10 or less $0.99
$10 to $25  $1.49 
$25 to $50 $1.99 
$50 to $200  $2.99 

Trades above $ 200 have a percentage-based fee rather than a flat fee .
In addition to fixed trade fees, Coinbase transactions are national to a spread-based fee of 0.50 %. other fees may be charged for certain account fund and withdrawal methods, and early less common services :

Payment Method Coinbase Fee* 
Bank Account 1.49%
USD Wallet  1.49% 
Debit/Credit card 3.99% 
ACH Transfer  Free 
Wire Transfer  $10 incoming, $25 outgoing 
Crypto Conversion  2% 

*Fees were confirmed through a test trade

security

Coinbase uses industry-leading security practices to keep customer deposits and assets safe. That said, there are always some risks when using cryptocurrency, so it ’ south substantive to follow on-line best practices to keep your score data procure .
notably, 98 % of customer assets are stored offline using cold memory in a network of safe down payment boxes around the world, supported by digital and composition backups. It uses bank-standard encoding and security system for its web site. In addition, all accounts must use two-factor authentication, a measure to help prevent others from logging into your account unless they have physical entree to your telephone .
even with these strong security methods, thousands of users have fallen victim to hackers and schemes that have drained their accounts. It ’ s essential to use unique, random passwords on fiscal websites such as Coinbase to prevent this character of loss. If person has access to your electronic mail or phone, they may be able to entree your report, so constantly keep those secret .

Opening a Coinbase Account

Signing up for Coinbase is a reasonably immediate and easy work like to opening a new bank or brokerage score on-line. design on entering your personal contact data, including your Social Security number, to open a fully affirm account .
Coinbase Opening Account
Coinbase Opening Account.



New explanation holders have to submit a picture of a politics ID to prove you ’ re who you say you are. If you ’ ve learn that cryptocurrency is anonymous, this should be your tell that Coinbase may track your transactions for tax report and other regulative reasons .
once you ’ ve set up your explanation and your information is verified, you ’ re able to buy and sell cryptocurrency up to your Coinbase history limits .

Customer Service

Customer servicing is one of the most meaning issues users have with Coinbase. It ’ second about impossible to reach a human for any type of help, therefore consider Coinbase to be chiefly self-service .
officially supported customer avail options are the Coinbase avail page, emailed support tickets, an automated telephone system, and a chatbot .

Customer Satisfaction

When all works as expected, you ’ re likely to find yourself to be a felicitous customer. But sometimes, things don ’ thyroxine go as planned, and customer reviews indicate poor customer serve experiences and little help oneself navigating scams, hacked accounts, and locked accounts .
At Trustpilot, for example, Coinbase holds a military rank of equitable 1.6 stars with over 6,000 reviews. Most complaints focus on customer serve, lost funds, and freeze accounts. Customers at other evaluation sites left similar complaints .
Coinbase besides suffers from a problem that seems to be plaguing many diligence competitors. In fact, more than 12,000 complaints were filed with the Federal Trade Commission, and many past users claim they ’ ve been left with little to no support after losing funds ascribable to hack accounts .

Account Management

You can view and manage your account at any time using the Coinbase web site and mobile app. You ’ re never far from viewing your portfolio balance wheel or entering a trade :
Account Management in Coinbase
Account Management in Coinbase .


If you want to manage your crypto on the go, the mobile app has everything you need :
Coinbase Mobile homepage
Coinbase Mobile home page .


Portfolio view on Coinbase Mobile
Portfolio opinion on Coinbase Mobile .


The rewards section where you can earn free cryptocurrency for taking short lessons
The rewards section where you can earn free cryptocurrency for taking short lessons .

How Coinbase Compares to other Cryptocurrency Companies

The cryptocurrency market is evolving promptly with newly competitors. You besides have the option to manage your cryptocurrency without a major centralize exchange like Coinbase. major competitors to Coinbase include Gemini, Binance, KuCoin, FTX, Kraken, and many others.
many cryptocurrency enthusiasts use a combination of multiple exchanges and crypto wallets to access a wide stove of currencies, keep their crypto dependable, and keep fees american samoa moo as possible .

Coinbase vs. Gemini

Gemini is one of the closest lineal competitors to Coinbase. hera ’ s a neck and neck comparison :

  • Coinbase has spread pricing and Gemini fixed fees.
  • Both are U.S.-based firms that cooperate with United States regulators, namely FinCEN (Financial Crimes Enforcement Network).
  • Coinbase and Coinbase Pro are comparable to Gemini’s Gemini and ActiveTrader platforms.

aside from the drug user interface, the most significant differences are available currencies and opportunities to earn from your cryptocurrency explanation. Coinbase offers the option to earn up to 5 % on a circumscribed plant of coins. Gemini pays matter to on closely all subscribe currencies with rates up to 8.05 % .
If you are concern in an report at Gemini, either in addition to or alternatively of a Coinbase score, check out the entire Gemini review.
Final verdict
Coinbase features a top platform for anyone to buy, sell, store, and exchange cryptocurrency. It ’ mho particularly good for beginners to cryptocurrency who want a bare buy and sell experience without worrying about the complexities of external wallets and decentralized exchanges. The biggest downsides of Coinbase are its price social organization and customer overhaul. If you can handle your report on your own and agree with the fees, Coinbase is an overall capital choice for anyone looking to get involved with cryptocurrency.
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methodology

Investopedia is dedicated to helping those concern in cryptocurrency investing produce informed and safe decisions. We are committed to providing our readers with indifferent reviews of the top cryptocurrency exchanges for investors of all levels .

Exchanges were reviewed on points including security, fees, count of cryptocurrencies available, and more. We besides considered if the substitute is regulated by a proper means or wholly decentralized. Our full cryptocurrency change methodology, including the follow-up process and weighted data points, is available for review .

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