December 31

Coinbase Review (Updated 2021)

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Coinbase is the largest US based cryptocurrency exchange, it offers more than 30 different currencies and has been operating since 2012. When looking at trading volume, liquidity and traffic Coinbase also ranks as one of the largest in the world.

General company information

  • Web Address: www.coinbase.com
  • Main location: San Francisco, USA
  • Mobile app available: Yes
  • Trading Fees: Fees Vary
  • Deposit Methods: Bank transfer (ACH),Credit card,Debit card,Bank transfer (SEPA),Wire transfer 
  • Cryptocurrencies: ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & 20+ more

Coinbase Services

Coinbase Broker Services

Coinbase is primarily a brokerage service that allows users to buy and sell cryptocurrencies fast and easily. A lot of people end up buying their first Bitcoin through this exchange and a lot of it has to do with the user-friendliness of its interface, Coinbase’s reputation, and their marketing among other things.

Coinbase does have some downsides, however. One of the issues many people have with the platform is that they can’t have full control over their funds. When opening a Coinbase account, you will never have direct access to coins, and you will not be given a seed phrase or private key.

This means that Coinbase will be responsible for storing the coins for you. This is in many ways similar to depositing money at the bank, i.e., the bank owns the money, not you.

Coinbase Pro

Coinbase Pro, which was previously known as GDAX, is a crypto trading platform. It is slightly different than Coinbase, which focuses on simplifying the trading process at a premium, as Coinbase Pro is aimed at advanced traders.

This platform allows you to trade a wide variety of currencies including ETH, LTC, BTC, ETH, LTC, ZRX, and BCH. The Coinbase Pro platform also has significantly lower fees than Coinbase’s main brokerage service and all sorts of advanced trading options.

Coinbase Wallet

Coinbase launched its own wallet in 2018. The wallet is available to both Apple and Android users. This wallet allows traders to store private keys on their device with only them having access to the funds. Coinbase is going full circle as it started as a wallet before turning into an exchange that claimed to not be a wallet, back to offering wallet services again.

Merchant Solutions

Coinbase also makes it easier for merchants to accept cryptocurrency on their online stores with its dedicated plug-in. The plug-in works with most content management systems, whether you’re using Magento, WooCommerce, or Shopify.

Additional Projects

In addition to all these services, Coinbase also offers additional services such as:

Coinbase Index - This tracks the financial performance of all assets traded on Coinbase

USD Stable Coin (USDC) - A stablecoin that was created by Coinbase

Custodian Services - Safeguarding cryptocurrency assets for financial institutions

Earn.com - A spam filtering service acquired by the platform

Paradex - A platform that allows users to trade directly from their wallet

Coinbase Ventures - Investing in businesses that are involved in building the open economic system

Coinbase fees and limits explained

When buying and selling you will be charged the higher of either the flat fee or the variable fee.

Flat Fee

Transaction value

Fee

$10 or less

$0.99

$10 to $25

$1.49

$25 to $50

$1.99

$50 to $200

$2.99

Variable Fee

Variable fees will depend on several factors including your location, deposit method and whether you’ve placed a “standard” order or an “instant buy/sell.”

Below are the fees for the US.

Method

Fee

Bank transfer

1.49%

Coinbase USD wallet

1.49%

Debit card

3.99%

Coinbase deposit and withdrawal fees:

All your deposit and withdrawal fees are included in the trading fees explained above.

Is Coinbase safe to use?

  • While cryptocurrency brokerages are not insured by the Securities Investor Protection Corporation, or SIPC, Coinbase has private insurance for its site which covers any losses due to theft or hacks of the site
  • Coinbase holds a lot of licenses in different US states, including the New York BitLicense, and money transmitter licenses in different states. This is a great sign for users.
  • Coinbase does full KYC on all its users before they trade, it is a requirement if you want to use their platform.
  • Its worth noting that since its inception, Coinbase has never been hacked.
  • Coinbase pushes for 2FA to protect accounts and follows industry best practices which includes storing the majority of customer funds in cold storage.

Pros and Cons of Coinbase?

Pros
  • Includes access to over 30 cryptocurrencies.
  • The minimum required to fund an account is very low.
  • Coinbase privately insures their own platform so your funds are safe in the event their is a hack.
  • They make it super easy to buy cryptocurrency.
  • Trustworthy: Been in business for close to a decade now and never been hacked.
Cons
  • Only available in 42 US states
  • Fees can be higher than their competitors
  • Service can change based on location.

Compare Coinbase against other exchanges:

Exchange

Fiat Currency

Cryptocurrencies

Deposit Methods

Visit

USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & 20+ more

Bank transfer (ACH),Credit card,Debit card,Bank transfer (SEPA),Wire transfer 

USD, EUR, AUD, CAD, GBP, JPY

BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS

Credit card,Debit card,Bank transfer (SEPA),SWIFT,Wire transfer 

USD, EUR, GBP, JPY, CAD, CHF, AUD

BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC & 40+ more

Electronic Funds Transfer,Wire transfer,FedWire, SWIFT, SEN

USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

BTC, XMR, DAG, ETH, XRP, EOS, LTC, TRX, NEO, ONT & 200+ more

Bank transfer (ACH), PayPal, Interac e-Transfer

USD

BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 5+ more

Wire transfer,Online banking 


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