Detailed Full Review of Coinbase: All you need to know (2024)

What is Coinbase?

Is Coinbase best cryptocurrency exchange platform UAE is the best in the world with over 56M verified active users.

Coinbase allows you to buy, sell, and trade popular cryptocurrencies like bitcoin.

Coinbase is a globally recognized exchange, which facilitates all crypto with fiat currencies in over 32 countries, and also recognized as one of the most valuable public companies in the United States. It has over $20 billion in assets and over $50 billion in crypto that has been traded using its platform.

It was founded in 2012 by Brian Armstrong and Fred Ehrsam in San Francisco, California.

This exchange was renamed in 2016 to the Global Digital Asset Exchange (GDAX). Recently, Coinbase Global Inc was listed on Nasdaq with a valuation of over 75 billion and the stock opened at $381.

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Coinbase users

In this review, we are going to talk about who Coinbase is ideal for:

• Coinbase offers a great user experience as the interface is easy to learn and helps new traders discover the benefits of using an online crypto exchange. Traders can transfer funds on the GDAX platform. It is one of the easiest ways to trade multiple currencies on this platform.
• If you're looking for a way to buy crypto using fiat currencies, then Coinbase is the best choice.

• If you are a small business investor, looking to invest your money in cryptocurrency, then Coinbase is ideal. But if you're a big investor or a big company and you're putting large amounts of money into crypto or bitcoin, then you might feel like Coinbase's fees are a bit high.

Features

Let's review the services offered by Coinbase:

Brokerage services

• Coinbase offers cryptocurrency brokerage services for all of its traders to buy crypto through their platform.

Coinbase Earn

• Coinbase has a “Coinbase Earn” program that encourages users to watch videos to learn about different types of crypto.
• Users are asked to answer a questionnaire about what they learned in the video.
• Coinbase users get cryptos for every quiz they complete.
• This program is available for a limited time and for a limited number of customers.

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Coinbase Pro

Experienced traders can use a proprietary trading platform called Coinbase Pro. Compared to the standard platform, it offers a much more sophisticated graphical and commercial experience. The user has the option of trading on margin and can place market orders, limit orders, and stop orders with reduced commission fees.

Coinbase Pro has 80 trading pairs and two overlays and indicators available - EMA (12) and EMA (26).

Many reviews mention that Coinbase Pro is, by far, a better platform for those who want to trade or invest actively, with lower fees and more features.

For businesses

If you are a business looking for a way to invest your capital in cryptocurrencies, Coinbase offers the following services −

Prime

The Coinbase Premium is a platform for professionals; it is specially designed for institutional investors, operated and owned by Coinbase.

Commerce

Coinbase offers a trading service that allows businesses to use crypto as a payment method without transfer fees.

Childcare

An independent capitalist company can use custody as a cryptocurrency asset in the exchange.

Ventures

Startups can raise funds for their projects using Coinbase ventures.

Mobile app

• Coinbase's fully functional mobile app can be downloaded for free on Android and IOS devices. This mobile application allows the trader to perform the same functions as the desktop site. It has many positive reviews.
• This company's mobile application can be used for simple order placement, and the trader can either place a buy or sell order on this application. The trader should click on the conversion button, select cryptocurrency, and place an order in just under a minute.
• Coinbase has an improved news feed that is comprehensive and updated frequently. It offers summary articles from sources like Coindesk and Bloomberg directly on the app.
• The Coinbase mobile app offers several advanced security features, and it also allows for two-factor authentication, security notifications, fingerprint scanning at the touch of a button.

Account opening process

Many users like the convenience of Coinbase's account opening process in their reviews. Opening an account with Coinbase is very easy. Coinbase complies with mandatory KYC requirements. The trader must submit a copy of their identity card as well as proof of address for the account verification procedure.

• Signing up for Coinbase is a very simple and easy process. First you need to enter your name, email address, and a strong password. You will then be asked to verify your email address. After confirming your email address, you choose the account type. Once done, you need to set up 2FA by confirming your phone number. Coinbase will later use this number to send two-step verification codes. You will enter your phone number to receive a code that you must enter. After this step, you will be asked to enter your credentials.
• As with any bank account or investment account, you need to prove your identity with an official ID. For a resident of the United States, this will require a photo ID or social security number. At this point, your Coinbase account will have been created and you can then add your bank account, credit card, or debit card information to allow deposits and withdrawals so you can start trading or investing.
• The next step is to make a minimum deposit. This step must be completed before the trader makes the purchase of cryptos. He needs to go to the home page, log into his account, and select one of the payment methods to deposit the funds. This can be done by credit card, bank transfer, or PayPal.
• When the trader has added the funds to the account, they can go to “buy Crypto” and then select the digital asset they want to buy. The next step is to enter the payment and then confirm the transaction details. Finally, he receives the cryptocurrency in his wallet.

Payment methods

The payment methods accepted by Coinbase are currently as follows: - Credit card payment.

• Bank Transfer - Traders can directly connect their bank account to the Coinbase account to buy cryptocurrency at very low fees. Using a bank account for transfers can take 1 to 5 business days. ACH transfers are used in the United States, while SEPA transfers are used in Europe and the United Kingdom.
• A debit card or a Visa or Mastercard card - You can buy any amount of cryptocurrency, which could otherwise be limited by a bank transfer. You can buy cryptocurrencies instantly with 3.99% transaction fees. Due to banking regulations, this platform has suspended the support of credit cards as a payment method. If the card is not 3D secure, you need to make a SEPA transfer.
• You can also use PayPal as a payment method to withdraw your funds.

Coinbase Wallet app

In their comments, many newbies claim that Coinbase Wallet is incredibly easy to use. Users can not only explore cryptocurrencies in a safer and more regulated environment, but also access airdrops and Initial Coin Offerings (ICOs) through the wallet. You don't need an account to use the wallet. The wallet stores the private keys on the device for the owner, and only the owner has access to the funds.

The Coinbase wallet software is available on iOS and Android devices.

Fresh

Coinbase fees vary by country and region. It also charges variable spreads of around 0.50% on purchases and trades.

For our review, we will focus on fees charged in the United States.

• $0.99 for a total transaction amount of $10 or less.
• $1.49 for a total transaction amount of $10 but less than or equal to $25.
• $1.99 for a total transaction amount of $25 but less than or equal to $50.
• $2.99 for a total transaction amount of $50 but less than or equal to $200.

Coinbase Pro fees

Coinbase Pro fees are significantly lower and less complicated. Digital assets and ACH transfers are free for deposit and withdrawal. Bank transfers cost $10 to deposit and $25 to withdraw.

specifications

Let's discuss some of the features of the platform in our Coinbase review.

• Coinbase has a development platform that gives developers the ability to create APIs that record historical price information and real-time data for cryptocurrencies supported by Coinbase.
• The company has a trading platform that allows businesses to use cryptocurrencies for their products and services. By offering API documentation, these businesses can review and use Coinbase products to set up an easy and secure system for accepting cryptocurrency as a payment method. This allows Coinbase users to buy coins using cryptocurrencies.

• Numerous reviews of the company mention that Coinbase provides a platform that is intuitive and easy to use. Comparing prices, checking balances, executing buy-sell orders are just a few clicks away.
• The platform was used as a starting point for traders to enter the cryptocurrency market. Traders can buy multiple cryptos like Bitcoin, Cash, Ether, Litecoin, and more.
• As mentioned in other reviews, Coinbase's fees are a bit higher compared to other brokers, but these fees are well worth paying for the services that are offered. These include purchase fees, exchange fees, and network fees for withdrawals.
• The Coinbase mobile wallet allows traders to keep their cryptocurrencies securely. It offers a seed phrase that allows the user to extract the keys to the cryptocurrencies present in the wallet.
• The Coinbase prepaid credit card is known as the Coinbase card, which has an app available on Google play store and Apple app store. This helps the user to buy cryptocurrencies in a more efficient manner. Traders can also apply for a visa card, which allows them to spend the cryptos that are held on the cryptocurrency exchange.

• Coinbase offers a “Coinbase Affiliate Program” for those who want to work as affiliates or advertising partners. You will receive transaction fees for the first three months that a user transacts on Coinbase com through your referral link.
• One of the reasons why Coinbase is one of best crypto trading platforms is that people can buy bitcoin and several other coins using fiat currencies through a credit card, debit card, and bank transfer.
• If you want an instant exchange and want to send and receive money using Bitcoin, but need to transact in fiat currencies, use the Coinbase feature called “instant exchange.” Instead of using fiat currencies to buy bitcoin and send it to the recipient, you can use an instant exchange feature to make a seamless instant transfer.
• You can switch to the GDAX platform absolutely free of charge if you are interested in buying, selling and trading coins. You can easily transfer to the GDAX or Coinbase Pro platform. GDAX offers a wide selection of cryptocurrencies to trade, and you can trade between cryptocurrencies as well.

• One of the most important features is that Coinbase keeps 99% of its assets in an offline cold store, which guarantees security against hackers. 1% of the assets that are available online are already insured. Thus, traders are compensated in the event of an unfortunate event.
• The customer service team at Coinbase is very dedicated and can be reached at any time.

Cryptocurrencies listed

• Bitcoin (BTC)
• Ethereum (ETH)
• XRP (XRP)
• Mesh (LINK)
• Bitcoin Cash (BCH)
• Bitcoin Satoshi's Vision (BSV) (Shipping only)
• Litecoin (LTC)
• EOS (EOS)
• Tezos (XTZ)
• Stellar Lumens (XLM)
• USD coin (USDC)
• Cosmos (ATOM)
• Dash (DASH)
• Ethereum Classic (ETC)
• Zcash (ZEC)
• Maker (MKR)
• Compound (COMP)
• Basic Attention Token (BAT)
• Algorand (ALGO)
• OMG Network (OMG)
• Dai (DAI)
• 0x (ZRX)
• Kyber Network (KNC)
• Band protocol (BAND)
• Augur (REP)
• Orchid (OXT)

Security

Our review of the security measures of the Coinbase exchange is very positive. When it comes to investing and trading with cryptocurrencies, Coinbase offers top-notch security.

• Coinbase is one of four exchanges licensed in New York under the BitLicense pilot program, and it strictly adheres to KYC (know your customer) rules, and it complies with regulations.
• Coinbase has multiple licenses to operate in the United States and other countries. Its assets are insured, so you won't lose your hard-earned money on Coinbase if stolen or hacked.
• Coinbase uses a variety of security measures for account holders. It's important to understand that any crypto on an exchange account is only secure to the extent that the account holder does. It is imperative to use strong passwords and to use available security features such as two-step verification.
• Coinbase has a two-step verification system, biometric fingerprint logins, insurance in case of a breach of Coinbase security (this assurance does not apply if your account is breached due to your own lack of security measures), and also stores 98% of user funds in an offline cold store.
• Coinbase shows you a QR code, which represents the secret key, which you'll then need to scan using an Authenticator app on your phone.

• Digital currency is not considered legal tender and, therefore, is not guaranteed by SIPC or FDIC. Coinbase provides insurance by consolidating Coinbase balances and holding them in USD deposit accounts, USD-denominated money market funds, or liquid US treasuries.
• On Coinbase, you need to register with your real personal details, which need to be verified. Coinbase wants to know who they're doing business with, and that can only be done by verifying your email address, phone number, proof of identity, and bank account/credit card details. The company has put this process in place in such a way that you, as the buyer, will not have too much difficulty doing it.
• For the email address, you will receive a confirmation email and, for your mobile phone number, a verification SMS. You can have your proof of identity verified by uploading a photo taken via the webcam or using your smartphone camera. If you are on your computer, you will receive a special link via SMS allowing you to download your passport. After you upload your ID, it will be automatically verified. It takes about 2 minutes.
• Coinbase provides a solid amount of security compared to a number of other top exchanges. This is one reason why Coinbase is a great offer for those looking to start investing in cryptocurrencies safely.
• That said, the principle of cryptocurrencies is to remove intermediaries as much as possible and to have total control of all your funds. While Coinbase provides easy access to cryptocurrency investment, it's important to learn about the proper security and storage of cryptocurrencies. Savvy cryptocurrency investors can use Coinbase Pro for its low fees and then withdraw their holdings into their own secure cold storage.

Customer Support

The customer support at Coinbase is great and very dedicated. Customer service can be reached via live chat, Twitter, email, and phone. You can also fill out a contact form available on Coinbase com. You can call the Coinbase Support Department to deactivate your account immediately if you think your account has been compromised. The customer support phone number can be found on the email request form.

FAQs

Is Coinbase legal and safe?

Yes, Coinbase is widely considered to be one of the most reliable and legitimate cryptocurrency trading platforms in the world.

How do I withdraw money from Coinbase?

To withdraw your funds, you need to log into your Coinbase account and click on the withdrawal button tab. A new window will open immediately, and you'll need to enter the amount you want to withdraw and specify where your funds should be sent.

Can you get scammed on Coinbase?

Even though it's not safe to store your money on an online exchange, Coinbase provides a safe and secure wallet that can be used by traders. As we said earlier in this article, Coinbase stores 99% of its funds in an offline cold store that is difficult to access. We should also note that it is difficult to hack if the funds are stored in cold offline storage.

What is the minimum deposit required by Coinbase?

Coinbase requires a minimum deposit of $1.99.

How do I send cryptocurrencies to another wallet?

If you are provided with a Q.R. code, you should follow these steps −

• Select the QR icon provided at the top right.
• Take a photo of the code
• You need to enter the desired amount and click “Continue.”
• Finally, review the transaction details and select the shipment.

Final Verdict

Based on Coinbase reviews, it can be concluded that Coinbase consistently ranks among the top cryptocurrency exchanges for investors who are looking to invest in bitcoin but have no investment experience.

Even though it charges high fees, some of its features like the apprenticeship program and the recurring purchases feature allow inexperienced traders to understand the cryptocurrency market.

New traders can start trading cryptocurrencies with confidence using Coinbase. Coinbase also offers Coinbase Pro for advanced traders, where they can benefit from its low fees and robust charts.

Overall, Coinbase is designed for newbies, but its features and functionality allow novice and veteran traders to trade cryptocurrencies with confidence.

Now that you've finished reading this Coinbase review, you'll have a good understanding of Coinbase and what it offers. More importantly, you'll be in a position to decide if Coinbase is the right cryptocurrency exchange for you!