Coinbase Review 2022: Pros, Cons and How It Compares – NerdWallet

Where Coinbase shines

excerpt : Coinbase has greatly expanded its crypto offer, now with entree to closely 100 cryptocurrencies. insurance : Cryptocurrency is insured in the event the web site is hacked, which is a rare offer in the crypto earth.

trading platforms : Coinbase users can trade on two platforms : the original Coinbase platform, which allows users to use U.S. dollars to purchase cryptocurrency, and Coinbase Pro. once known as GDAX, Coinbase Pro has advanced charting functions and allows users to make crypto-to-crypto transactions, equally well as seat market, limit and stop orders. Coinbase Earn : A novel way to “ earn while you learn, ” Coinbase provides a series of video classes and exams as a means to educate users about cryptocurrency trade and some of the cryptocurrencies on offer. And, by taking the classes, users can earn certain cryptocurrencies.

Where Coinbase falls short

Fees : Coinbase has higher fees ( and at times a more confuse fee structure ) than other cryptocurrency exchanges.

Coinbase is best for:

  • Cryptocurrency traders looking for convenience .
  • Traders who want to well convert one cryptocurrency to another .

Coinbase at a glance

Minimum trade

$ 2 .
trade and transaction fees

0.5 % to 4.5 % depending on payment method acting, cryptocurrency type, transaction size and platform. early fees may apply .
Number of cryptocurrencies

96 .
Crypto-to-crypto trade pairs

81 pairs with Coinbase Pro .
Website transparency

crucial information, including investment minimums, supported assets and how to close the explanation, can be well found on the web site .
Can use your own digital wallet ? Yes .
Mobile app

Two highly rated apps for io and Android .
Customer service

equitable e-mail hold. Emergency telephone number provided to disable your account, plus an choice to request to speak to a bouncy agent .

More details about Coinbase’s ratings

Minimum trade

The minimum total needed to buy cryptocurrency on Coinbase is $ 2.

Trading and transaction fees

Coinbase ‘s fee social organization is a confuse combination of elements that depend on two factors :

  • Coinbase charges a spread of about 0.5 % for cryptocurrency sales and purchases ; rates may be higher or lower depending on grocery store fluctuations .
  • Coinbase besides charges a fee, the greater of either a flat fee or a varying one depending on the total purchased and the payment type .

Coinbase gives these tip guidelines for entire measure of trade :

sum trade come fee
$ 10 or less $ 0.99
More than $ 10 and up to $ 25

$ 1.49
More than $ 25 and up to $ 50 $ 1.99
More than $ 50 and up to $ 200 $ 2.99

And these tip guidelines for payment type in the U.S. :

requital method tip
U.S. bank bill or Coinbase wallet 1.49 %
Debit tease 3.99 %
Instant calling card withdrawal up to 1.5 % ( minimum fee of $ 0.55 )
ACH transfer barren
wire transfer $ 10 ( $ 25 outgoing )

therefore if you purchase $ 100 of bitcoin through your U.S. bank account, the bland tip would be calculated as $ 2.99 ( rather than 1.49 %, or $ 1.49, as the $ 2.99 is the higher of the two ), along with the gap, which is the dispute between the wish and necessitate price of the currency. By comparison, Coinbase Pro ’ randomness price model is more straightforward, although fees have risen slenderly over the last year. It ‘s based on your monthly trade book and fluidity of the asset at the time of purchase ; if immediately available, you ‘re charged a “ taker ” fee, and if your order needs to wait for a buyer, you are charged a “ manufacturer ” tip. With Coinbase Pro, deposits and withdrawals must be made through a savings bank account ; no card purchases are allowed. Wire transfer fees inactive apply. ( Dive into the differences : Coinbase vs. Coinbase Pro. )

Pricing tier Taker fee Maker tip
Up to $ 10K 0.50 % 0.50 %
$ 10K – $ 50K 0.35 % 0.35 %
$ 50K – $ 100K 0.25 % 0.15 %
$ 100K – $ 1M 0.20 % 0.10 %
$ 1M – $ 10M 0.18 % 0.08 %
$ 10M – $ 20M 0.18 % 0.08 %
$ 20M – $ 50M 0.15 % 0.05 %
$ 50M – $ 100M 0.15 % 0.05 %
$ 100M – $ 300M 0.1 % 0.02 %
$ 300M – $ 500M 0.08 % 0.00 %
$ 500M – $ 750M 0.06 % 0.00 %
$ 750M – $ 1B 0.05 % 0.00 %
$ 1B – $ 2B 0.04 % 0.00 %
$ 2B+ 0.04 % 0.00 %

For the basic service on the unconstipated Coinbase platform, the transaction minimum is $ 2, up to a total of $ 25,000 per day. With Coinbase Pro, trade wind and libra levels are unlimited, and while withdrawals are initially limited to $ 25,000 a day, users can request an increase in that sum.

Number of cryptocurrencies

Coinbase offers 96 cryptocurrencies for U.S. customers to trade, a larger number than many other platforms.

Crypto-to-crypto trading pairs

Coinbase offers around 80 crypto-to-crypto trade pairs, with dozens that can trade for bitcoin and ether, and more than 10 currencies that can trade with stablecoins like USDC — a coin whose price is always equivalent to US $ 1.

Digital wallet options and security

While cryptocurrency exchanges are not protected by the FDIC or the SIPC, Coinbase says that all of the digital currency it holds on-line is insured. The ship’s company says it holds less than 2 % of customer funds online, with the rest stored in offline cold storehouse — away from possible on-line breaches — and says that if it were to suffer a breach of its on-line memory, “ the indemnity policy would pay out to cover any customer funds lost as a resultant role. ” The company notes the insurance covers only losses related to Coinbase cybersecurity or employee larceny ; breaches to individual Coinbase accounts ( say, if your password were compromised ) are not covered. Cash balances are held in U.S. custodial accounts, money marketplace funds or U.S. Treasurys. If your funds are held in U.S. banks, they are insured up to $ 250,000 per individual by the FDIC.

Mobile app

The Coinbase apps for io and Android are highly rated by users and include many of the lapp functions and features as the background locate.

Customer support options

Coinbase struggles in the customer confirm class. Customers have the choice to request support via e-mail and Twitter, and they can besides request to speak to person by earphone through a phase on the web site. however, it ’ south clear Coinbase attempts to help you solve any problems through a help page before taking calls or emails. If you think your explanation has been hacked in some manner, or there ’ s been any leery bodily process, there is an automatize phone system you can call to lock your account. We should note that Coinbase does have a hard library of educational subject, and besides offers a creative way to incentivize users to understand what they ’ re doing : Coinbase Earn. This lets you “ earn while you learn ” through a series of video classes and exams that discourse cryptocurrencies and how to trade them. By taking the classes, it ’ s potential to earn a set sum of the cryptocurrency you ’ re learning about.

Is Coinbase right for you?

Coinbase is considered one of the top cryptocurrency exchanges in the U.S. The interface for Coinbase basic service is quick and user-friendly, but costs can be unmanageable to track unless you use the more advanced Coinbase Pro. But understand that investing in cryptocurrencies like Bitcoin is highly notional and known for its volatility. A common road map : never invest any more than you can afford to lose.

How do we review cryptocurrency platforms?

NerdWallet ’ s comprehensive examination review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our purpose is to provide an mugwump assessment of providers to help arm you with information to make sound, inform judgments on which ones will best meet your needs. We adhere to strict guidelines for column integrity. We collect data directly from providers through detail questionnaires, and conduct first-hand testing and notice through supplier demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists ’ hands-on research, fuel our proprietary assessment process that scores each supplier ’ mho performance across more than 20 factors. The final output signal produces star ratings from inadequate ( one star ) to excellent ( five stars ). Ratings are rounded to the nearest half-star. For more details about the categories considered when rate brokers and our process, read our wide methodology .

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