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COINBASE REVIEW

Honest, Direct, & Hyper-Distilled

Table of Contents

""Simple setup and funding, couldn’t believe how easy it was. Already staked my holdings and now soaking in all the valuable knowledge from the Earn feature"
Davit Harut
INVESTOR & TRADER

Get Started with Coinbase

OVERVIEW

50 +
CRYPTO PAIRS
1 +
COUNTRIES SERVED
7
LANGUAGES AVAILABLE
1
INNOVATIVE PRODUCTS
01

THE BIG PICTURE

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.

Publicly Listed Exchange
02

FEES

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).

  • For market orders that get filled immediately, the taker fee is between 0.04% and 0.50%.
  • For orders that aren’t immediately matched by an existing order, the maker and taker will pay a fee between 0.00% and 0.50%.
  • For orders placed on Stable Pairs, the maker and taker fee ranges between 0.00% and 0.01%.
FEES A LITTLE HIGH, BUT WORTH IT FOR MANY
03

PRODUCTS

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:

  • Individual products, including Coinbase Exchange (Mobile and Web app), Coinbase Pro (for advanced trading), Coinbase Visa debit card, Earn free crypto, and Coinbase Borrow (borrow up to $100,000 using BTC as collateral)
  • Business-friendly tools like Coinbase Prime Brokerage, Coinbase Commerce, Coinbase Asset Hub, Coinbase Custody, Analytics, Ventures
  • Developer-friendly tools like Coinbase Cloud, Coinbase Connect, Bison Trails, WalletLink, and Rosetta
DIVERSE SUITE OF PRODUCTS
04

AVAILABILITY

Coinbase is available in 100+ countries. 

WIDELY AVAILABLE
05

PROS

  • Wide selection of cryptocurrencies
  • Straightforward user interface
  • Ranks among exchanges that offer high liquidity
  • Accepts as low as $2 to fund account for trading
  • Enterprise-grade security
  • Offers free cryptocurrencies as rewards
  • Caters to retail traders and institutional investors alike
  • Allows minimum fiat deposits
SIGNIFICANT PROS
06

CONS

  • High fees compared to other platforms
  • Complicated fee structure
  • Average customer service
  • Exchange retains control over the user’s private keys
  • Doesn’t support lesser-known altcoins
  • Not available in all countries
A FEW DOWNSIDES TO NOTE
07

PAYMENT METHODS

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

  • ACH: Free
  • Wire Transfer (USD only): $10.00
  • SEPA (EUR only): €0.15
  • Swift (GBP): Free

Withdrawal Fees

  • ACH: Free
  • Wire Transfer (USD only): $25.00
  • SEPA (EUR only): €0.15
  • Swift (GBP): £1.00

 

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% 

Debit/credit cards

   2%

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

Many Ways to Deposit
08

PRIVACY & SECURITY

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.


TOP SECURITY A-Z
09

WHO'S COINBASE GOOD FOR?

  • Beginners
  • Active retail traders
  • Institutional investors
GREAT FOR PRETTY MUCH ANYONE IN THE CRYPTO SPACE

Get Started with Coinbase

THE FINE DETAILS

General Information

Founded in: 2012

Official Website:
https://www.coinbase.com/
Customer Support:
https://help.coinbase.com/en/contact-us/
Help Center:
https://help.coinbase.com/en
Start Now

Registration

Coinbase has kept its registration process straightforward and streamlined. Just enter your name, email, password, and accept that you’re over 18 and that you agree to the terms and conditions. Once done, you’ll need to go through the tiring process of verifying your email ID, phone number, setting up two-factor authentication, and identity verification.

Once your identity is verified, you’ll be able to add your preferred payment method to fund your wallet and start buying cryptocurrencies. Logging in to your account is simple. Just remember to authenticate your devices (and check the box to remember the device for 30 days) or you’ll end up copying OTPs and authenticating logins every attempt to enter.
Register

Support

Customer support is one of the weakest links of Coinbase. The platform has been slammed multiple times due to its 90s style customer service. In a world of live chats, AI-powered chatbots, and phone calls, Coinbase is somehow stuck with email support. Customers have repeatedly complained that it's hard to reach representatives and have to wait for weeks before any response comes through.
Check it out

Regulation

For starters, Coinbase is a top-rated platform with a massive customer base, which speaks volumes about how reliable it is. Moreover, Coinbase was recently listed on NASDAQ - a feat not many crypto exchanges have achieved so far. Coinbase has ensured to keep its financial details public as a platform, but the platform did run into a class-action lawsuit in June 2021 for “allegedly” violating securities laws.

Registered as United States Coinbase, Inc., Coinbase is licensed to engage in money transmission services in most US states. The platform is also registered as a Money Services Business with FinCEN and complies with many financial services and consumer protection laws like the Bank Secrecy Act, the USA Patriot Act, individual jurisdictions’ corresponding money transmission laws, and accompanying regulations.

Features

The basic version of Coinbase lists more than 50 cryptocurrencies, and an additional 50 or more are listed on the Coinbase Pro platform. It currently offers many services, each tailored for individuals, businesses, and developers. For individuals, Coinbase provides a buy & sell feature via web and mobile apps, a digital wallet, and Coinbase Visa card to spend crypto and earn crypto rewards.

Other than the aforementioned features, Coinbase also has a “earn free crypto” program. Once your account is verified, you can head over to Coinbase Earn to learn about cryptocurrencies and how they work. While you explore a particular coin or concept, Coinbase will reward you with a certain number of coins to help you get started with trading - ever thought someone would pay you for learning? Then again, Coinbase charges a very high fee that cuts down your profit margin.
Read More

Ease of Use

If you’re signing up for the basic Coinbase account, there’s nothing new to learn. The interface is straightforward, featuring a list of all available coins. Once logged in, you’ll be redirected to your personal dashboard, where you can review your portfolio and engage in buying and selling coins. But hey, Coinbase’s basic platform has gone out of its way to hide its fee schedule, making it really difficult to locate a fee schedule before you actually place a trade.

On the other hand, Coinbase Pro offers advanced features and charting capabilities for experienced users and active traders. Although Coinbase Pro has a lower fee structure than the basic version, you don’t probably need it if you’re just getting started.

FREQUENTLY ASKED QUESTIONS

Common questions we get asked about Coinbase

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.

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