Many cryptocurrency companies have risen to prominence over the years, but few have the name recognition like Coinbase. Since it was founded in 2012, Coinbase now serves over 30 million customers and is available to users in over 100 countries. The customer funds are FDIC-insured, as well, which means that customers are entitled to $250,000 in the case of a loss of some kind. The company has traded over $150 billion in digital assets to date.
Coinbase is based in San Francisco, and it’s the world’s largest Bitcoin broker. It’s also backed by well-known and established investors, including Union Square Ventures, Andreessen Horowtiz, and more. In this Coinbase review, we determine whether Coinbase is a platform you might want to utilize for your own investing/trading needs.
What Can You Trade?
#1 Coinbase Crypto Review
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What did our traders think after reviewing the key criteria?
Coinbase offers a spread of .5% in addition to the market price of the asset. Let’s say that the quoted price of 1 Bitcoin on the Coinbase platform is $8,000. This would mean that the exchange rate would be shown as $8,040. It should be noted that the quoted spread might differ from the actual spread as a result of market volatility. This Coinbase review finds that this is a reasonable fee given the other positives that the platform provides.
There is also an additional Coinbase fee. This fee is different depending on where you are located, and what kind of payment method you are using. A wire transfer often requires no fee, while debit cards and credit cards might result in a fee of up to 3.99%.
This Coinbase review finds that the platform is great for investing and trading Bitcoin and other cryptocurrencies, but Coinbase focuses solely on cryptocurrencies. As a result, users cannot trade stocks, ETFs, options, or anything else other than cryptocurrencies. It would be the wrong choice for an investor looking to diversify.
Coinbase’s website is extremely designed. The text is large, and easy to see, and the website has a blue/white theme that offers a tremendous amount of white space. This kind of uncluttered presentation makes it extremely easy and convenient for traders, and doesn’t “confuse” the user in any way.
All of the sections are well-organized, whether you are searching for a particular product, cryptocurrency, or part of the website. Each section offers an FAQ page to clear up any confusion, and there is a wealth of articles that clearly explain and define how to use any aspect of the platform. The support section is also elegantly organized based on topic and sub-topic, as well. Overall, the website is well-designed and easy to navigate, no matter who you are, or where you are.
Coinbase has mobile apps for both Android and IoS. One of the reasons the company has emerged as one of the leaders in cryptocurrency trading is because the app is extremely easy to understand and use. This Coinbase review has found that in terms of trading crypto on a mobile platform, Coinbase arguably has the best app in the world.
The Coinbase website and app are extremely easy to use and navigate, which is one of the reasons that it has become so popular.
One of the main drawbacks of Coinbase is the fact that you might be waiting a while to hear from support regarding an issue. This can be extremely frustrating to traders who have an urgent need to speak with support, and the issue might rise directly from the fact that Coinbase is so popular throughout the world. Trustpilot is one of the most established consumer review websites in the world, with over 1 million reviews posted per month. Coinbase has a poor score on the website, with a rating of 1.852 out of 5, as of press time.
E-mail response, in particular, is quite slow…and it can take more than a week to get a response. There is no “live chat” option, but there is a support bot, which does little more than direct you to support articles. For international users, you may have to deal with international fees if you hope to call Coinbase support, given the fact that there are only U.S. and U.K. numbers available.
You might be reading this Coinbase review and interested in investing and trading immediately. If you are in the United States, you will have the most available options when it comes to funding your account. These users are not only able to fund their account using a debit card or credit card – they can also use a wire transfer. It should be noted that Coinbase no longer accepts NEW CREDIT CARDS, and that Paypal can only be used to withdraw funds. Coinbase accepts fiat – specifically, USD, EUR, and GBP.
European customers must use a SEPA (Single Euro Payments Area) transfer in order to fund their account, and UK customers can us this kind of wire transfer, OR a direct wire transfer. Coinbase also boasts an “Instant Pay” option, which speaks to how easy it is to use the platform.
In fact, you can even set up recurring purchases through Coinbase easily through its “Recurring Transactions” page. You can also use the feature to sell cryptocurrencies automatically, as well. This Coinbase review finds that the platform is quite favorable for those who might be too busy to consistently watch the cryptocurrency markets, or hope to automate their trading/investing strategy.
Coinbase was previously criticized for the fact that it doesn’t offer much in terms of providing a general education regarding cryptocurrencies. This has since changed, as the company now boasts “Crypto Earn”, a way for those new to cryptocurrencies to learn about crypto AND earn crypto at the same time. You can see the following Google ad here, suggesting that users can earn up to $130 in crypto.
Coinbase suggest that Coinbase Earn will not always be available. Currently, however, users can watch videos to find out about cryptocurrency and actually earn cryptocurrency by watching videos and answering quizzes. The promotional banner for Coinbase Earn can be found below. This is quite valuable to those who might not be too familiar with cryptocurrency in general, or wish to find out about specific cryptocurrencies that they may be interested in.
There is also a significant amount of information offered about the markets on both the website and app. This is valuable to traders/investors that research more than a novice trader, but it can certainly help with overall research. Coinbase also offers information about top gainers and top losers, which makes it easy to quickly find new crypto trading opportunities.
You can also earn money through a Coinbase referral link. This is advantageous for those who might wish to sign up family and friends on Coinbase, and you can actually earn money if those individuals initiate a buy or sell of at least $100 worth of cryptocurrency within the first 180 days (6 months). In fact, both you and the user you referred can earn $10 as a result of you bringing in a new Coinbase customer. You also receive $10 as a new user, opening your account for the first time.
Regulation and Deposit Protection
Coinbase is based in the United States, which means that it abides by KYC/AML laws. This is extremely refreshing for many traders that have previously traded on other cryptocurrency exchanges that might not be as regulated or secure. The company holds over 40 licenses to operate in the United States alone. In addition, Coinbase employees must pass a background check.
Cash held in Coinbase wallets are protected up to $250,000, and federally insured, just like major financial institutions. Specifically, Coinbase is based in San Francisco, and is backed by some of the most trusted names in Silicon Valley, including Andreessen Horowitz and Union Square Capital. The New York Stock Exchange has even invested, as well.
Coinbase, unlike many other cryptocurrency exchanges, keeps 98% of customer funds stored offline. This is significant when one considers that there are many crypto exchanges that have suffered massive losses as a result of data breaches and hacks. When funds are in cold storage, they can’t be hacked! This obviously gives users a peace of mind that other exchanges cannot provide.
Specifically, 2018 was a record year for cryptocurrency hackers, with $2.7 million USD stolen from exchanges EVERY DAY. Data is also not even stored on their servers, for added protection. Coinbase even boasts a bug bounty program to ensure that the platform runs as seamlessly as possible.
Users benefit from 2-factor authentication, which adds an extra layer of security for your funds and assets. Coinbase also offers online insurance, but it is limited in terms of what it covers (it doesn’t cover losses that might result from your account being compromised, but would cover any damages resulting from a Coinbase employee stealing funds from you). All website traffic is SSL-protected, and Coinbase also uses advanced encryption for wallets and keys.
This Coinbase review finds a lot of positive aspects about the platform, including its usability and how much Coinbase values regulation and protection. The company is one of the most well-known names in the cryptocurrency world, but we are not aware of any awards the company has won.
This Coinbase review finds that Coinbase is an incredible platform due to the fact that it offers a tremendous amount of protection that cannot be found on other crypto exchanges. In addition, Coinbase is concerned with regulation to the point where traders/investors don’t have to worry about any potential obstacles. The company has the resources to make sure that they are legally compliant in all of the countries that they operate. There is also enough tools for education/research, even if the customer support is lacking in almost every area. The platform is intuitive and convenient, and will likely remain a leader for some time.