Quick Summary: Coinbase is a popular cryptocurrency exchange that makes it simple to buy, trade, and swap cryptocurrencies. The platform is easy to use, and the signup process is easy. However, their fees and customer support are subpar.
Coinbase Pros:
- Easy-to-use platform for beginners
- Professional traders can use “Coinbase pro” for more trading features
- Users can stake and earn interest on their cryptos
- Offers a variety of more than 100 cryptocurrencies
Coinbase Cons:
- Support seems to be an issue with Coinbase
- The fee structure is confusing and higher than other crypto exchanges
- New altcoins that get added already pass their hyped moments
What is Coinbase?
Coinbase is an American publicly listed company. It is a platform that offers cryptocurrency exchange and other crypto services.
- Established: 20 June 2012
- CEO and founder: Brian Armstrong
- Gross revenue: $3.62 billion US (2021)
How many platforms does Coinbase have?
There are two platforms on Coinbase:
- Coinbase
- Coinbase pro
The regular Coinbase platform is targeted for making quick transactions and for crypto beginners who are not familiar with professional trading and charting. This platform is perfect for swapping cryptocurrencies and making quick transactions, disregarding technical analysis.
Coinbase pro takes trading cryptocurrencies to the next level. It features a trading station where users can see the technical chart of the crypto pair, the order book, trade history, and recent fills. It also allows users to place limit orders.
How many cryptos are supported on Coinbase?
Coinbase currently lists more than 150 cryptocurrencies on its platforms. The crypto pairs however are around 450.
What are the fees on Coinbase?
Other crypto exchanges don’t charge as much as Coinbase, and its fee structure can occasionally be more perplexing. Here’s a breakdown:
- On sales and purchases of cryptocurrencies, Coinbase levies a spread. Although prices might change according to changes in the market, the corporation has previously said that the cost is roughly 0.5%.
- Additionally, Coinbase claims that its costs vary depending on “market circumstances like as volatility and liquidity,” the amount of the transaction, and the payment method that was used.
- Coinbase levies fees to cover the price of processing transactions on the outside blockchain networks that underpin the cryptocurrencies it deals in.
Overall, these elements might make it challenging to anticipate Coinbase costs on its primary platform. The firm asserts that before completing a transaction, it explicitly discloses costs to clients.
What Services are Offered on Coinbase?
Coinbase offers a wide variety of services on its platform to individuals. Merchants who are looking to accept crypto payments can also benefit from Coinbase services. Here’s an extensive list that encompasses all the services offered on the platform for individuals:
- Buying & selling crypto
- Staking crypto (from a limited list)
- Crypto storage and withdrawal through self-hosted wallets
- NFTs (create, collect and sell)
- Cards
- Crypto Derivative
- Crypto Learning
- Crypto Borrowing
- Crypto Portfolios (for Family offices and UHNWIs)
Here’s a list of services for merchants:
- Prime brokerage platform
- Accepting crypto payments
- Direct crypto exchange
- Access to crypto data
- Listing private assets on Coinbase
- Compliance
- Venture (raising money for crypto startups)
Is Coinbase Secure?
One of the most reliable cryptocurrency exchanges available today is Coinbase. Cash is protected in FDIC-secured accounts, your bank account may be securely connected to and used to trade cryptocurrencies, and suspicious accounts are blocked to protect user privacy.
Although Coinbase takes many precautions to keep your account and your investments as secure as possible, security is ultimately everyone’s responsibility.
The FCA has authorized and regulated Coinbase Payments as an authorized electronic money institution under register number 900635.
Is Coinbase Support Good?
Another area where Coinbase falls short other than fees is customer support. On TrustPilot, the company has a rating of 1.6 out of 5 stars based on more than 7,000 reviews. Most comments were based on bad and slow customer support.
How to Open an Account on Coinbase – GUIDE
Ready up your documents
- A government-issued photo ID
- A computer or smartphone connected to the internet
- A phone number connected to your smartphone
- The latest version of your browser (Chrome preferably), or the latest Coinbase App version. If you’re using the Coinbase app, make sure your phone’s operating system is up-to-date.
Create an Account
- Go to the Coinbase website
- You’ll be asked for the following information. Important: Enter accurate, up-to-date information to avoid any issues.
- Legal full name as written on your passport
- Email address (use one that you have access to)
- Password (memorize your password)
- Your State (we’ll ask for proof)
- Check the box and click Create account (computer) or tap SIGN UP (mobile) if you agree.
- Coinbase will send you a verification email to your registered email address.
Verify your email
- In the email from Coinbase.com, click Verify Email Address. The sender of this message will be no-reply@coinbase.com.
- Clicking the link in the email will take you back to Coinbase.com.
- For the purpose of completing the email verification process, you must sign in once again using the email address and password you just used.
Pass the KYC by verifying your Identity
- Sign in to your Coinbase account.
- Complete ID verification
- Recommended: Set up a 2-step verification process (TOTP) to protect your account further
Link a Payment Method
Based on the country you added during registration, you’ll have different payment methods to fund your account. Select the ones available. After this step, you’ll have a funded account and you’ll be ready to start trading cryptos.
Check out this official page from Coinbase about supported countries.
How to Buy Crypto on Coinbase
Now that you have a funded account on Coinbase, you can start buying cryptos. In the following guide, we’ll attempt to purchase from the web browser.
- Login to Coinbase
- Go to the Trade tab
- Search for the cryptocurrency you wish to buy
- Click on the buy button
- Chose how much you’d like to buy
- Confirm your purchase
Conclusion
Coinbase is a safe cryptocurrency exchange. It offers a wide variety of cryptocurrencies and services. It is user-friendly and caters to both beginners and professionals. However, their fees are higher than average, and their support might be slow and inefficient.
Trade Responsibly.