Coinbase Review (2021)

With the interest and investment in Cryptocurrency growing over the past few years, the need for safe and secure brokers to facilitate the transfer of cryptocurrencies has increased.

Coinbase is one of the oldest and most popular cryptocurrency brokers currently available. Launched in San Francisco in 2012 by Brian Amstrong and Fred Ehrsam, Coinbase has grown to be one of the biggest cryptocurrency companies around the world.

If you want to learn more about this crypto company and get more familiar with the exchange, keep on reading this Coinbase review.  

Coinbase review summary: Coinbase is the biggest crypto broker and exchange that supports almost every country, including the US. They offer over 30 cryptos which can be traded with easy payment methods like credit card or bank transfer. The Coinbase fees you pay for every transaction are relatively high (1.49%), if you compare this with the competition.

First impression of Coinbase

Coinbase started only as a Bitcoin brokerage service (selling Bitcoins directly to customers). Additional services were later added on the way. By 2013, the company was the highest-funded Bitcoin project as well as the largest cryptocurrency exchange in the world.

Currently, Coinbase is a fully regulated and licensed exchange and broker in-one, supported in more than 100 countries with more than 30 million users across the globe. The company has also shown remarkable financial growth, being able to raise over $540 million from leading investors such as Rabbit Capital, Andreessen Horowitz, and NYSE.

Coinbase even filed for an IPO in 2021, which will offer legitimacy for the Bitcoin industry.

Coinbase has an easy-to-use platform that makes it a great tool for those just beginning in the crypto industry. It has a clean interface that is easy to navigate. The tools that you may need for trade are also available at your fingertips.

Additionally, it has a proper guide on how to use the platform, especially for beginners.

Coinbase Broker Platform

Key features of Coinbase

  • Coinbase has wide range of different cryptocurrencies, like Bitcoin, Ripple and Ethereum
  • The broker platform has an easy-to-use interface
  • Accepts US customers
  • Accepts a variety of fiat and different payment methods
  • Free upgrade to Coinbase Pro (GDAX)
  • Higher transaction limits and low minimum trade ($2)
  • High level of security and wallet insurance
  • Higher liquidity that protect the users against serious price variation in an already volatile market.

Summary

Offer32 cryptos.
Fees1.49% fixed fee + payment costs (compare Bitcoin prices).
Payment methodsSEPA Bank transfer, Credit Card and more.
StakingYes, earn interest up to 5% APY.
Built-in walletsYes, for all cryptos.
InsuranceYes.
Bonuses10 USD free BTC.
RegistrationYes, mandatory.
APIYes, automatic trading is possible.
Support24/7.
Email addresssupport@coinbase.com.

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Coinbase Pros and Cons

ProsCons
 High brand awareness Very high fees (compare BTC prices)
 High liquidity and a lot of users Additional costs for payment methods
  Potential public company in 2021 Not a lot of listed currencies
  Wallet insurance 

Coinbase offer

Coinbase is the leading mainstream cryptocurrency exchange in the United States, trading more than 30 cryptocurrencies and 36 on Coinbase Pro. The cryptocurrencies range from popular ones such as Bitcoin and Ethereum to the less popular ones such as Chainlink and Litecoin.

Besides cryptocurrency brokerage, Coinbase offers a variety of other products such as cryptocurrency investing, a wallet for retail investors and custodial services for cryptocurrency storage institutions, a stable cryptocurrency linked to the U.S. dollar stablecoin, a digital currency payment platform, and its own cryptocurrency.

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Guide how to trade on Coinbase

To start trading with Coinbase, you first need to have an account with the exchange. We will guide you step-by-step how to trade on Coinbase, from registering to funding to trading crypto.

How to register an account?

  1. Go to the official Coinbase.com.
  2. Click Get started.
  3. Enter your name, email, and password (ensures you use an unique and safe password).
  4. Click Create an account, which confirms that you have agreed with the user agreement and privacy policy.
  5. Click the verification link sent to your email address.
  6. After verifying your email, you will need to provide a phone number.
  7. Specify whether you are creating an individual account or institutional account.
  8. You have the option to link your bank account to fund your bank account with GBP, USD, or EUR.
  9. This is an optional step, you can skip it and fund your account with BTC and ETH.

How to fund Coinbase with your bank account?

  1. Link your bank account to your Coinbase account.
  2. Select your bank account as a payment method when buying cryptocurrency, the transfer will be initiated based on the value of your purchase.
  3. The cryptocurrency you have purchased will be immediately available for trading on Coinbas. However, notice that this cryptocurrency may not be immediately available for withdrawal from Coinbase to your external wallet.
  4. Once the transaction is confirmed, your cryptocurrency will immediately be available in your Coinbase Digital Wallet. You can buy, sell, or trade the digital coin on Coinbase immediately after your purchase.

Coinbase Trade Widget

How to place a buy order?

You have deposited your funds and you are now ready to make your first order. Here is the procedure:

  1. Login to your Coinbase account.
  2. On your dashboard, navigate to the top right and click Trade.
  3. A window with Buy, Sell, and Trade will appear. Select Buy.
  4. Enter the amount of funds you want to buy, say Bitcoin, and click buy.
  5. The system will tell you the amount of the cryptocurrency you are going to get depending on the exchange rate between the funds you are using for purchase and the cryptocurrency you are buying.
  6. Click Buy to proceed with the process.
  7. Enter the verification code – for security reasons.

The cryptocurrency will appear on your account.

How to place a sell order?

When you want to sell your cryptocurrencies, you can follow these steps:

  1. Select the Trade button.
  2. Select Sell.
  3. Select the crypto you want to sell – say Bitcoin – and have it sell to your fiat wallet.
  4. Select your Fiat wallet.
  5. Select Withdraw.

Easy as that!

Verifications and Limits

Previously, Coinbase did not require identity verification to sign up. However, currently in 2021, they require all customers to provide their information. Both their customers who are signing in and the ones who registered before. This policy requires everyone to verify their identity to continue using Coinbase.

Coinbase uses Identity verification in compliance with KYC (Know Your Customer) regulations. This is a way of identifying and confirming that a customer is who they say they are. KYC is a process that helps in preventing the creation and use of fraudulent accounts.

The accounts of any user who has not verified their identity will be restricted. However, the exchange is willing and always ready to help their users to ensure they successfully can use their accounts.

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Coinbase fees and other costs

Coinbase fees vary across different countries and regions. However, for this review of Coinbase, we will focus on the global fees.

The fees also vary based on the method of payment.

Payment MethodCoinbase Fee
Bank Account1.49%
Debit/Credit Card3.99%
Coinbase USD Wallet1.49%
Wire Transfer$10 ($25 outgoing)
ACH TransferFree
Crypto Conversion2.00%

Coinbase also charges additional variable spreads on purchases and trades.

According to the exchange, they charge 0.50% when one buys and sells cryptocurrency. Market fluctuation can influence this rate – making it higher or lower.

In addition to the cost of depositing money and the spread, there is also a Coinbase Fee which is dependent on the value of the purchase, payment type (Debit/Credit), and the region you are purchasing from.

The following are the examples of Coinbase Fees that you might experience on your platform:

  • $0.99 fee for transaction amounts less than or equal to $10.
  • $1.49 fee for transaction amounts more than $10 but less than or equal to $25.
  • $1.99 fee for transaction amounts more than $25 but less than or equal to $50.
  • $2.99 fee for transaction amounts more than $50 but less than or equal to $200.

Coinbase Pro

Coinbase Pro (formerly known as GDAX) is the cryptocurrency exchange version of Coinbase. Unlike the traditional Coinbase brokerage platform that simplifies buying and selling cryptocurrencies hence suitable for beginners, Coinbase Pro is suitable for experienced traders.

With Coinbase Pro, users can trade several cryptocurrencies including BTC, BCH, ETH, ZRX, and LTC. Coinbase Pro fees are always lower compared to the brokerage service. It also has more advanced trading options.

Coinbase Pro advanced trading

Using Coinbase Pro is a good way to avoid the high Coinbase fees.

Is Coinbase safe?

Coinbase company statisticsCoinbase is the biggest and oldest crypto company that has been founded in 2012 (San Francisco). Many starting crypto investors start out with Coinbase and the company has a very big brand awareness. Everybody in the crypto world knows Coinbase.

So, Coinbase is a safe crypto broker and exchange.

They are fully regulated in the US and other parts of the world. To compare this, Binance is not allowed in the US and has a different platform for this region. The platform is backed by the biggest venture capitalists in the world and they raised millions of dollars.

Coinbase is currently planning an IPO in 2021, which will make Coinbase the first crypto exchange to go public.

The Coinbase wallets are insured for theft for cryptocurrencies or fiat, up to 250,000 USD per person.

Please keep in mind that you are responsible for the security of your account. Always use strong and unique passwords. Also activate 2FA to be sure.

Coinbase’s high profile investors and highly regulated location are good reasons to trust the exchange as a legitimate cryptocurrency exchange and a broker.  

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Coinbase FAQ

What are the Coinbase fees?

When you buy crypto from Coinbase (the broker platform), they will charge you a fixed fee of 1.49%. On top of that they will charge you for the used payment method. This will be a flat transaction fee for transaction amounts below $200 or a percentage of the transaction (the greater of the two).

Which payment methods are supported by Coinbase?

The following are the payment methods supported by Coinbase: Bank Account, Debit/Credit Card, Coinbase USD Wallet, Wire Transfer, and ACH Transfer.

How can I contact Coinbase?

You can contact the support via Twitter, and support email and phone number found on the email request form.

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