Coinbase is currently the go-to crypto exchange for users who do not have much experience in the world of Bitcoin, altcoins and tokens. But, is Coinbase the best option for trading, buying and selling cryptocurrency?
In this Coinbase review, we will be revealing our thoughts and experiences when using Coinbase. Not all exchanges are the same and the small things tend to matter the most. We will be revealing fees, payment methods, usability and much more.
Coinbase was launched in 2012 as one of the first, it’s a US company based out of San Fransisco. With their crypto exchange/broker service making huge grounds in recent years. But, like all online companies the bigger they get the less personal they become, and there have been many bad experiences and reviews for this crypto exchange.
Setting Up Your Coinbase Account
Before anyone can buy cryptocurrencies they need to confirm their identity. This reduces money laundering and fraud activities to a point. They use the KYC method (know your customer) and you will not be able to make any purchases or sales until you do.
- Visit the Coinsbase Homepage
- Signup for an account (GET STARTED)
- Enter your full name
- Fill out all your details
- Select business or individual
- Add your mobile number
- Set your preferred payment method
- Confirm your identity with KYC
Your mobile number is important for withdrawing and making purchases, they will send a code that is needed to successful withdraw crypto or deposit funds. A driving license or passport are the best forms of ID, so be sure it’s up to date and still resembles yourself.
What Crypto Does Coinbase Support
There is a wide variety to choose from Bitcoin, Altcoins and tokens which is increased from month to month. They support a variety of tokens, but the majority of these token types are basically junk and will never amount to anything apart from their owner’s pockets.
But they do list the most successful and seem to have an in-house team to check the authenticity of the many tokens wanting to get their Coinbase listing to go to the moon!
- Bitcoin
- Altcoins
- Tokens
The Cost When Trading On Coinbase
There is no getting away from it, Coinbase is an expensive platform and this matters to small and first-time traders. When swapping or trading cryptocurrencies the fees can change from one option to another. Here is a detailed breakdown of the Coinbase fees:
- 1.49% when buying crypto from deposited funds
- 4% on orders under $200
- 1.49% for $1000 crypto orders
- 5% on all debit card purchases
Coinbase Fees: These fees will change depending on your location and the type of crypto you are purchasing. Coinbase will not reveal the % of fees being paid. So be sure to
double-check what you will be receiving when you initiate the buy, trade or sell.
Is Coinbase A Safe Exchange?
Yes, Coinbase is one of the more secure crypto exchanges. When choosing a crypto exchange security should be your first concern because hackers will take advantage of any vulnerabilities. But, just because Coinbase is one of the more secure
- Coinbase is a very secure exchange
- They use an external cold wallet
- Use their Coinbase wallet for shorter holding
- Only US citizens are covered by insurance if anything happens
- Always move large quantities of crypto to cold/external wallets
Coinbase Account security
When you start using C
- Excellent account security
- 2-factor authentication
The Coinbase Wallet
Their Coinbase wallet is one of the best, it’s free to download and there is no subscription. You simply download it from the app store and is suitable for both Android and IOS devices. Remember before using the Coinbase wallet copy the passphrase and never share it with anyone. This passphrase will reclaim your wallet in the case of fire, theft or loss.
- Send cryptocurrencies for free between Coinbase wallets
- Always note down your passphrase and never share it with anyone
- Easily move your purchased/swapped crypto straight to your Coinbase wallet
- Their wallet is separate from their exchange app or website
What Are The Alternatives To Coinbase?
There are only a few other exchanges that would suffice as an alternative to Coinbase. Binance is the next option and supports many more cryptocurrencies, with eToro offering the lowest rate of fees.
- eToro
- Binance
- Kraken
Negative and Positive Points – Coinbase
All crypto exchanges have good and bad points and Coinbase is no exception:
Negatives
- Trading especially debit card purchases fees are high @4.99%
- Not all popular coins/tokens are listed
- ONLY US customers entitled to insurance guarantees
- Staking is only available in the US
Positives
- Great customer service
- Easy to use interface
- Secure 2-FA for account actions
- Separate Coinbase wallet
- Earn free (promotional) cryptocurrencies
- Compatible with all devices
Conclucion – Coinbase Review
Over the years Coinbase has become a juggernaut in the crypto world, with over 30 million customers worldwide. It’s the best for beginners because of their security levels and ease of use. Yes, their fees are on the high side, but their customer support is great.
If you happen to get stuck or have any issues with sending or even receiving cryptocurrencies then their team will help.
Coinbase is for beginners or novices looking to start building up their crypto library. For more experienced crypto enthusiasts then eToro or Binance would be the better option, due to lower fees and more altcoins/tokens listed for trade.
Have you used Coinbase? We want to know your thoughts good or bad, submit through our secure form or simply use the comments section below to voice your opinions.
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