Crypto Exchange Reviews

Today: July 14, 2024 3:10 am

Our top priority is to provide our readers with unbiased reviews of the best cryptocurrency exchanges. To ensure safety, security, and liquidity, we consider only those exchanges that meet our standards and are regulated by proper agencies or entirely decentralized. This helps aspiring cryptocurrency investors make informed and secure financial decisions. If you want to purchase digital currencies or coins using fiat money (USD, EUR, etc.), Coinbase may be the exchange for you.

In this comprehensive Coinbase review, we will delve into its basics, including what it is, how it works, its advantages and disadvantages, and whether it suits your needs. So, let’s begin!

Coinbase Exchange Summary

Table HeaderTable Header
Official Websitehttps://www.coinbase.com/
HeadquartersSan Francisco, CA
Found in2012
Native TokenNA
Listed Cryptocurrency3000+
Trading Pairs150+
Supported Fiat CurrenciesUSD, EUR, GBP
Supported Countries100+
Minimum Deposit$2
Deposit FeesACH – Free / Fedwire – $10 / Silvergate Exchange Network – Free / SWIFT – $25
Maximum Daily Buying Limit$25K/Day
Transaction Fees$0.99 to $2.99
Withdrawal Fees0.55% to 3.99%
ApplicationiOS & Android
Customer SupportEmail & Phone

Coinbase Review

Coinbase is the leading crypto exchange in the UAE, as well as in the global crypto world, with over 56 million verified active users. It allows users to buy, sell, and trade cryptocurrencies and is a globally recognized platform that supports fiat currencies in over 32 countries. It is also one of the most valuable public companies in the US. Coinbase holds over $20 billion in customer assets and has facilitated over $50 billion in crypto trades using its web platform.

Coinbase is a well-known cryptocurrency exchange platform that makes buying, selling, and trading cryptocurrencies easy. It offers a user-friendly experience similar to buying stocks through an online brokerage. However, users should be aware of its low fees and less-than-stellar customer service. Despite these drawbacks, Coinbase is considered one of the most trusted exchanges in the industry. It places a strong emphasis on security, keeping funds in FDIC-insured accounts and linking bank accounts securely for trading. It also proactively bans suspicious accounts to ensure user safety.

What Is Coinbase?

Coinbase is a licensed and regulated crypto exchange available in 40 US states and territories. Initially only supporting Bitcoin trading, it has expanded to include other decentralized cryptocurrencies. The exchange has two core products – a broker exchange and professional trading platform, GDAX, which can be used independently of each other. Coinbase now offers a variety of services including cryptocurrency investing, advanced trading platforms, custodial accounts for institutions, a retail investor wallet, an NFT marketplace, and its own stablecoin – USD Coin (USDC). Coinbase’s wallet is available in 190+ countries, and the company has thousands of employees worldwide.

Coinbase is a highly secure platform for buying, selling, storing, and transferring cryptocurrencies, as recognized by numerous reviews. Its aim is to provide an open financial system and facilitate the conversion of digital currency into local currency. With Coinbase, traders can easily participate in the current crypto economy and conduct any trade they desire.

Features of Coinbase

In this Coinbase exchange review, we will explore some of its distinctive features and how it operates. Coinbase provides a developer platform that enables developers to create APIs for recording historical price data and real-time information of supported cryptocurrencies. Additionally, the company offers a commerce platform for businesses to accept cryptocurrency as a payment method for their products and services. Through the API documentation, businesses can utilize Coinbase products to establish a secure and convenient system for accepting crypto payments, allowing every Coinbase user to buy coins using their cryptocurrency.

According to numerous reviews, Coinbase is known for its user-friendly and intuitive platform, which makes it easy for traders to compare prices, check balances, and execute buy-sell orders with just a few clicks. This has made it a popular starting point for those entering the cryptocurrency trading market, as traders can easily buy multiple cryptocurrencies like Bitcoin, Cash, Ether, Litecoin, and more.

Although Coinbase has higher fees compared to other platforms, many users feel that the fees are worth paying for the services provided, which include fees for buying, exchanging, and network withdrawals. Additionally, Coinbase’s mobile wallet provides a safe way for traders to store their crypto assets and includes a seed phrase to extract keys for various cryptocurrencies in the wallet.

Coinbase also offers a prepaid debit card, called the Coinbase card, which can be accessed through an app available on the Google Play Store and Apple App Store. This allows traders to buy multiple cryptocurrencies more efficiently and even spend their crypto on the exchange through a Visa card. With Coinbase, selling cryptocurrencies has never been easier!

Coinbase offers a referral program for affiliates and advertising partners to earn trading fees for the first three months of a user’s trading on Coinbase.com through their referral link. Coinbase is one of the best crypto exchanges for buying Bitcoin and other coins using fiat currencies via credit card, debit card, or bank transfer. It also offers the Coinbase Card, a prepaid debit card. For instant exchanges and seamless transfers, Coinbase offers an instant exchange feature that allows users to transact with fiat currencies. Users can upgrade to GDAX, now known as Coinbase Pro, for free to buy, sell, and trade a wide selection of cryptocurrencies.

Coinbase’s commitment to security is reflected in the fact that 99% of its assets are stored in cold storage, which is not accessible to hackers. The remaining 1% of assets available online are insured, providing protection for traders in the event of an unforeseen incident. Additionally, Coinbase offers dedicated and available customer support to assist its users.

Cold Storage by Coinbase

Leaving your cryptocurrency assets in online wallets or third-party platforms increases the risk of hacking or theft. To prevent this, Coinbase has implemented strict security measures and committed to cold storage. 99% of clients’ coins and funds are stored in offline wallet storage, ensuring that they remain secure at all times and are not susceptible to hacking or theft. This provides traders with peace of mind knowing that their cryptocurrencies are protected from potential security breaches.

Coinbase Account Types

In this Coinbase account review, we will examine the different account options available:

The Coinbase Standard account is recommended for beginners as it is user-friendly, even though it has limited trading tools.
Coinbase Pro account is suitable for more experienced traders, offering advanced charting, technical analysis, various order types, and other interactive tools.
For advanced users, Coinbase Advanced Trade platform provides the same trading tools as Coinbase Pro, allowing for the purchase of cryptocurrency with advanced trading tools, earning staking rewards and crypto rewards, and using Coinbase Card all on one platform. Coinbase Advanced Trade offers some of the best deals on Coinbase without any additional fees.

Pros

Coinbase is designed for traders of all levels, offering an intuitive user interface and easy-to-use tools for effective and profitable trades. Signing up and buying crypto takes just a few minutes, making it easy for new crypto users to complete their first trade with ease. With high liquidity, investors are protected from slippages, making Coinbase one of the most highly liquid exchanges in the market.

Coinbase offers over 25 altcoins for investment, trading, and staking, providing more currency options than other platforms. The platform offers a variety of rewards programs, such as Coinbase Earn, staking crypto holdings, and converting dollars into stablecoins, allowing users to earn free cryptocurrency or extra income. Traders can also take advantage of Coinbase’s referral program, where both the trader and the referral can earn a bonus.

In addition to its trading features, Coinbase offers educational resources covering crypto basics, tips and tricks, and market updates. These resources include video classes and interactive sessions that demonstrate how to efficiently trade cryptocurrencies.

Cons

Coinbase fees are relatively high, especially for new traders using the standard platform, compared to other exchanges. Coinbase Pro and Coinbase Advanced Trade offer cheaper alternatives but may have features that can be overwhelming. However, despite charging higher fees for its services, Coinbase offers more features than its competitors.

Coinbase users do not have complete control over their wallet keys, which goes against the decentralized nature of cryptocurrencies. To avoid this, investors can withdraw their currency to a personal hard wallet.

According to serious traders in their reviews, Coinbase offers limited options for altcoins compared to other exchanges.

Coinbase Fees

Coinbase charges variable spreads of approximately 0.50% on crypto trades and purchases, with additional fees for cryptocurrency transactions. The platform’s fees are subject to change depending on market fluctuations and monthly trading volumes. When borrowing from Coinbase or its affiliates, a flat fee of 2% is charged, and a spread-based fee applies for simple trades and cryptocurrency conversions. Network fees are also charged for smaller transactions. To stay up to date on changes, it’s essential to check Coinbase’s fee schedule periodically. The fees charged by Coinbase vary depending on the trading volume and location. For example, in the United States, fees range from $0.99 for a transaction less than or equal to $10 to $2.99 for a transaction less than or equal to $200. Maker and Taker fees are explained in more detail in the following paragraph.

Maker and Taker Fees

Coinbase uses a maker-taker fee structure to regulate fees, which determines the maker fee or taker fee a trader pays based on their orders or monthly trading volume. If a market order is filled instantly, the trader is a taker and will be charged a fee ranging from 0.05% to 0.60%. If an order is placed but not matched immediately, a maker fee of 0.00% to 0.40% will be charged.

Is Coinbase Safe?

Coinbase is considered one of the safest and most legitimate crypto exchanges due to its license under the BitLicense program and strict adherence to KYC rules and regulations. Its crypto assets are insured, and it has several licenses to operate in the United States and other countries. Coinbase uses a variety of safety measures such as two-step verification, biometric fingerprint logins, and storing 98% of users’ funds in offline storage. However, it is important for users to also take measures to secure their accounts, such as using strong passwords and utilizing available security features. Coinbase also provides a QR code for users to scan with an Authenticator app to access their secret key.

Coinbase provides insurance coverage for Coinbase balances by holding them in USD custodial accounts, money market funds, or U.S. treasuries. However, since digital currency is not considered legal tender and not backed by SIPC or FDIC, it’s important to note that insurance does not cover all risks.

To register with Coinbase, users must provide their real personal information and have it verified, including email address, telephone number, proof of identity, and bank account or credit card details. This verification process ensures that Coinbase knows who they are doing business with and provides a level of security for buyers.

While Coinbase provides a solid amount of security, it is important for users to understand proper cryptocurrency security and storage. Savvy investors may use Coinbase Pro for reduced fees and then withdraw their holdings to their own secure cold/off-network storage.

Is Coinbase Legit?

Coinbase is a well-regarded cryptocurrency exchange operating in 30 U.S. states with licenses to cater to traders worldwide. Its licenses ensure legal compliance and safeguard users’ money with integrity. Coinbase is a reliable platform with robust security measures to protect its users. However, its buy and sell features are available only in a few countries. The company actively fights against illegal markets and monitors payments for black market, gambling, or other illegal activities. If such activities are detected, the account is frozen or closed.

Who Can Use Coinbase?

In this review, let’s discuss who Coinbase is ideal for:

Coinbase is a great option for beginners due to its user-friendly interface and educational resources that teach new traders about blockchain technology and the benefits of using an online cryptocurrency exchange. Traders can also earn free crypto rewards while learning. Additionally, they can easily transfer funds to the GDAX platform to transact in several supported currencies.

If you’re looking for a reliable platform to buy cryptocurrencies using fiat currencies, then Coinbase is an excellent choice.

For small business investors, Coinbase is an ideal platform for investing in cryptocurrency. However, for large investors or businesses investing significant amounts of money in crypto or Bitcoin, the fees charged by Coinbase may seem high. Additionally, Coinbase imposes limits on large transactions, with each account having its own displayed limits.