If you are looking for an easy on-ramp to crypto investing that allows low deposits, Coinbase is the place you want to be. The platform has been around since 2012 but rose to fame in 2021 after becoming the first crypto exchange to list publicly on NASDAQ. You’ll love the simple interface, selection of a wide variety of tokens, and excellent security measures. However, be prepared to deal with high fees, extremely complicated fee structures, and a 90s style customer service (which we really hope changes for the better). Find out everything you need to know in this extensive review.
Coinbase charges fees when you buy, sell, or convert cryptocurrencies, and the fee varies based on pricing tiers, payment methods, and regions. For this review, we will consider the payment structure in the US.
Payment Method | Fee (Coinbase) |
Bank Transfer | 1.49% |
Coinbase USD Wallet | 1.49% |
Debit/Credit Card | 3.99% |
ACH Transfer | 0% |
Wire Transfer | $10 to $25 |
Crypto Conversion | 2.00% |
Other than this, Coinbase Pro follows a maker-taker model when assessing trading fees. Maker orders like limit orders that provide liquidity are charged differently than market orders that take liquidity (taker orders).
Besides more than 100 cryptocurrencies listed for trading (some additional on Coinbase Pro), the platform also offers institutional services like Asset Hub, storage options, venture services, and a commerce platform. One of the best things about Coinbase is that it provides a diverse suite of products, tailored for individuals, businesses, and developers, such as:
Trying to figure out Coinbase fees requires nothing less than a Ph.D. Coinbase clients have multiple options for depositing and withdrawing funds, including credit and debit cards, ACH transfers, SEPA transfers, PayPal, Apple Pay, and Google Pay, but not all funding options are available in all jurisdictions. Users will need to pay fees for depositing and withdrawing cash:
Deposit Fees
Withdrawal Fees
There’s no clear description about withdrawal fees on Coinbase. However, the Help Center suggests that you’ll need to pay the standard network fees for each transaction. Also, these fees aren’t decided by Coinbase but the crypto networks themselves.
Fees | Coinbase | Coinbase Pro |
Bank account | 1.49% | 0 |
Wallet | 1.49% | 0 |
Debit/credit cards | 2% | 0 |
ACH transfer | Free | Free |
Wire transfer | $10 deposit, $25 withdrawal | $10 deposit, $25 withdrawal |
Crypto conversion | 0.50% to 2% | 0.50% to 2% |
Purchases | 0% to 0.50% | 0% to 0.50% |
Trades | $0.50 | $0 to $0.50 |
Coinbase fee | $0.99 to $2.99 based on the amount | 0.04% to 0.50% taker fee, 0% to 0.50% maker fee |
Tbh, Coinbase ranks as one of the most secure exchanges. Per Coinbase management, almost 98% of customers’ assets are stored offline in cold storage. For the remaining 2% assets used to facilitate trading volume on the platform, Coinbase claims to have a “crime insurance policy” that protects against losses from theft, including cybersecurity breaches. The insurance process is complicated AF, but it does the job (you can read about it here).
Other security and privacy measures include two-factor authentication, new device sign-in authentication, biometric login, AES-256 encryption, FIPS-140 USB drives, and paper backups. Coinbase also has a “Coinbase Bug Bounty Program”, which helps keep the platform safe by working with a team of security researchers.
Coinbase is an American cryptocurrency exchange that lists some of the most popular coins.
Coinbase offers a basic and a Pro version, with different benefits. It also has a web interface and mobile apps for buying, selling, and trading cryptocurrencies.
Coinbase went public on April 14, 2021, with a total valuation of nearly $100 billion.
To withdraw money, you’ll first need to sell your crypto assets. Once done, go to “Assets,” click on “Cash Out.” Next, enter the destination and click on “Cash Out Now” to complete the withdrawal. Both web and mobile apps can handle this process.
Open your Coinbase account, select DOGE, and buy it. You can pay for the purchase using debit cards, credit cards, and bank transfers.
Coinbase trades on the NASDAQ under the ticker “COIN.” You can buy its shares the same way you would ordinarily buy any other stocks.
Coinbase Pro is the advanced trading platform offered by Coinbase. It’s entirely an opt-in feature that gives users additional features and access to lower trading fees and discounts.
You can send cryptocurrencies to any external wallet. Follow the standard process of adding the recipient’s address, network, and token type, and then transfer it. Alternatively, you can sell your digital assets and withdraw cash.
Select the “Close Account” option from the bottom of your Profile/Account Activity page. Note that your wallet must have zero balance before you can close the account.
© Bottom Line Crypto LTD. 2023
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