Coinbase is one of the most liquid regulated crypto spot exchanges in the world. Get low cost of execution leveraging a dynamic fee structure for high-volume trading.
- Highly secure with no major hacking history
- Offers a unique decentralised cryptocurrency wallet to store, trade, buy, and sell your assets
- Accepts a wide range of payment methods, including bank transfers, e-wallets like PayPal, and debit/credit cards
- User-friendly platform with a straightforward account registration procedure
- Excellent collocation of digital currencies
- Highly rated trading app
- Insured by the Federal Deposit Insurance Corporation (FDIC)
- Withdrawals via bank transfers may take up to five days
- High trading fees
- Limited trading tools
- No social and copy trading like some of its peers
- You can only trade or invest in crypto assets.
Coinbase prides itself as one of the best cryptocurrency exchanges to buy, sell, trade, and hold crypto assets. It also claims to be a trustworthy crypto exchange and runs an insurance-backed platform. However, while this cryptocurrency trading company sounds too good to be true, we can’t be certain about its credibility by simply relying on the information displayed on its website.
For this reason, our expert researchers went out of their way to vet all the information about Coinbase to ensure you are well informed and can make the best trading and investment decisions. We analysed their services, security measures, and user testimonials on Google Play, the App Store, and Trustpilot. Below is our Coinbase review, and we advise you to understand everything about Coinbase before creating a trading/investing account with it.
Coinbase Overview
Launched in 2012, Coinbase has grown to become one of the best cryptocurrency exchanges for Bitcoin and popular altcoins. Currently, Coinbase has over 98 million verified users across more than 100 countries globally, making it one of the largest crypto exchanges. You can deposit and withdraw funds from Coinbase using various payment methods, including e-wallets, debit/credit cards, and bank transfers.
However, note that each payment method attracts charges from the exchange and service provider. Therefore, ensure you transact with an option you can afford and is more convenient. Also, you can trade your crypto asset for another cryptocurrency at Coinbase.
Additionally, Coinbase is a centralised exchange, meaning it monitors all of your activities, including your crypto assets. Moreover, it hosts a decentralised self-custody crypto wallet that allows you to interact directly with the blockchain network and take complete control of your private keys and cryptocurrencies.
If you are a newbie in the cryptocurrency space, note that Coinbase is user-friendly. The account sign-up procedure is pretty straightforward, and all you need is your personal details to get started. We will take you through the process of getting started with Coinbase later in this guide.
Compare Coinbase with Similar Exchanges
Cryptocurrencies Available
Coinbase work just like a cryptocurrency broker by letting you buy, sell, trade, and hold your digital assets. The only difference is that you can only trade crypto assets on the Coinbase platform. As mentioned above, Coinbase hosts hundreds of thousands of assets and below is a list of the top digital assets to access on the exchange:
- Bitcoin (BTC)
- Ethereum (ETH)
- Polkadot (DOT)
- Cardano (ADA)
- Tether (USDT)
- USD Coin (USDC)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- SushiSwap (SUSHI)
- Solana (SOL)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Algorand (ALGO)
- Dai (DAI)
- Stellar Lumens (XLM)
- Polygon (MATIC)
Fees
You can get started with Coinbase Pro with an account minimum of $2. Keep in mind that Coinbase only allows deposits using fiat currencies it supports, including USD, EUR, GBP, CAD, AUD, etc. While the exchange has a low account minimum, trading commissions and spreads are relatively higher than its peers, such as eToro. You will also incur transaction charges depending on your payment method and the networks you transact on. Here are the flat fees to expect on Coinbase.
| Transaction Amount | Fees |
|---|---|
| Below $10 | $0.99 |
| $10-$25 | $1.49 |
| $25-$50 | $1.99 |
| $50-$200 | $2.99 |
The good news is that Coinbase doesn’t have hidden charges or inactivity fees like most cryptocurrency brokers. You will also store your crypto assets for free and enjoy free transactions when transferring funds from a Coinbase’s primary balance to another user’s. For credit transactions, a 2% flat fee of the total transaction applies.
Payment Methods
Coinbase supports various payment methods, and you must link them to your trading/investing account to transact. Here are the options to transact with on the exchange.
- Debit/Credit Cards
This is considered the best payment method for small investments and cashouts. Debit/credit card transactions are instant, but you will have to undergo the KYC identity verification procedure to process your payment. You will incur a 3.99% fee when transacting using debit/credit cards on Coinbase.
- Bank Transfer
Coinbase also allows traders and investors to make payments using the bank transfer method. However, using this method might delay your transactions by up to five days, so ensure you are not an active trader or investor when transacting using bank transfers. The best element about this payment method is that it is relatively cheaper than debit cards. However, you need a copy of the bank account details provided by Coinbase to make payments. The document should include the sort code, beneficiary, and account number. A reference number will also be provided as a security measure to ensure all transactions are made by you. With a bank transfer payment method, you will pay $10 for incoming transactions and $25 for outgoing transactions.
- USD Wallet
Coinbase is one of the exchanges that allow payments via its USD wallet. Using this payment method attracts a fee of 1.49%. With the USD Wallet, transactions are instant, and you can also use it to transact on Android and iOS mobile devices. Do not fret about the safety of your funds in this wallet since it is highly encrypted and limits daily and weekly transactions. Furthermore, it features multi-signature confirmation for every transaction, holds your digital coins on cold storage, and has a 2FA, Pincode, and fingerprint support.
- Cryptocurrencies
If you own cryptocurrencies in your account, you can use them to make payments at Coinbase. The exchange allows crypto transactions on assets, including Bitcoin, Bitcoin Cash, Dai, Litecoin, Ethereum, and USD Coin. In the event that your crypto assets need to be converted, Coinbase will charge a conversion fee of 2%.
- ACH Transfer
This is an electronic payment method that transfers funds from your bank accounts to Coinbase. Fortunately, using this payment method is free, but you might incur transaction charges from the relevant service providers.
Security
Coinbase is backed up by a high level of security to ensure its customers’ data and assets are secured. Note that cryptocurrency trading is risky, and the last thing you want is to trade on a platform vulnerable to hackers’ attacks. Coinbase guarantees your safety by storing traders’ assets in cold storages supported by digital and paper backup. These online storages are monitored 24/7 and offer a comprehensive insurance policy to protect the assets stored on the hot storage platforms/online.
Another element that makes Coinbase trustworthy is that it reviews every asset addition process to ensure it meets its security and compliance requirements. On top of that, it secures all accounts with multi-factor authentication. This includes support for hardware keys and offers additional security tools, including the Address Book and Coinbase Vault, free of charge.
While Coinbase is considered a safe cryptocurrency wallet, note that safety begins with you. It is advisable that you also take measures to secure your assets and data by using complex and unique passwords that are difficult for someone to master. Also, use the 2-factor authentication and ensure it is strong enough for maximum security.
Most importantly, do not share your personal information with anyone or the amount of digital assets you possess. Be careful of individuals asking for your personal details like passwords or remote access to your trading device. And in case you suspect any malicious activity, contact the exchange’s support service for assistance.
Customer Support
Coinbase’s support service operates 24/7, and you can reach them via email, live chat, and live phone call. A small FAQ section is also provided to save you the time to reach out to its representative. You can find basic answers to the common challenges traders and investors experience with Coinbase.
Education
As mentioned earlier, Coinbase is a user-friendly platform perfect for newbies. It also hosts an excellent collection of learning resources to learn everything about cryptocurrency trading anywhere, anytime. You will have full access to beginner guides, practical cryptocurrency trading tips and tricks, blogs, guides, and market updates. The best element about the Coinbase learning platform is that you can also earn crypto assets as you discover how they work.
Coinbase Pro
Coinbase Pro is an upgraded version of the Coinbase standard trading platform specifically tailored for individual traders and investors. It offers an insurance-backed-up platform whereby all USD balances are covered by the FIDC insurance with amounts up to $250,000 per customer. Its fees are also competitive in that you will incur low fees for higher trading volume. With Coinbase Pro, you get to enjoy an intuitive interface, real-time order books, charting tools, and a simple order process. It is ideal for advanced and active cryptocurrency traders.
How to Open a Coinbase Account*
When engaging with cryptocurrencies, it’s crucial to recognise that these digital assets are characterised by their extreme volatility and speculative nature. This can result in swift and substantial price fluctuations. To safeguard your crypto holdings, it is imperative to utilise reputable wallets and exchanges, prioritising the security of your investments.
Also, exercise vigilance and due diligence to guard against crypto-related scams and fraudulent schemes that can potentially threaten your financial well-being. You can also spread your investments across multiple digital tokens and avoid making decisions based on emotions.
Now that you understand Coinbase, its fees, and how it works, we believe you are now ready to open a Coinbase account and start your trading and investment ventures. Below, we take you through the step-by-step procedure to fully prepare you.
You need to create an account with Coinbase for you to trade, invest, or hold your assets. The signup procedure is pretty straightforward, and we help you find quick access to its website through the Coinbase links we’ve shared on this page. Before getting started, understand all its terms and conditions and ensure it accepts clients from your region.
Once you find your way to Coinbase’s platform, complete the account registration procedure by sharing your personal details, including name, email, phone number, etc. Remember, Coinbase secures all traders’ accounts with two-factor authentication, and it will be best if you provide accurate details. Additionally, Coinbase will send links and SMS to your email and phone number for you to confirm before activating your account.
Coinbase adheres to the Know Your Client (KYC) policy whereby all traders’ identities must be verified to fully activate their accounts. In this regard, Coinbase will request a copy of your original government-issued identity card as proof of identity. As soon as your document is successfully reviewed, Coinbase will activate your account and send you a notification via email.
With an active account, you will be free to make a deposit and start trading and investing. Remember, Coinbase only requires an account minimum of $2 and supports various payment methods, including debit/credit cards, e-wallets, and bank transfers.
Coinbase will then send you a confirmation email once they receive your deposit funds. At this point, you can trade or invest in any cryptocurrency of your choice supported by the exchange. At Coinbase Pro, you will enjoy plenty of crypto-asset offerings and numerous trading options.
*Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.
Coinbase vs. Binance Crypto Exchange Comparison: Which to Choose? – read about it in our other guide.
Editor’s Note
We can confidently say that Coinbase is an excellent cryptocurrency exchange highly recommended for newbies and expert traders. Not only is it user-friendly, but it also supports traders with a vast collection of learning resources to develop their skills as they become familiar with the platform.
Additionally, Coinbase is safe, and we have confirmed this through multiple tests and analysing user testimonials on Google Play, the App Store, and Trustpilot. Remember, it stores your assets in cold storage and offers insurance to those kept online for maximum security. And the fact that it has never been hacked proves its credibility even further.
We also like Coinbase because of its Coinbase Pro platform, which offers advanced cryptocurrency traders the opportunity to explore advanced features on a secured platform. Moreover, it has an in-built decentralised cryptocurrency wallet that gives you control of your private keys and data. The best part is that you do not need to be a member of Coinbase to use its Coinbase wallet.
Overall, Coinbase and Coinbase Pro are legitimate cryptocurrency exchanges. So, if you are looking for a crypto platform with a user-friendly interface, operates on mobile devices, hosts many crypto assets and learning resources, and accepts multiple payment methods, Coinbase is your one-stop platform.
FAQs
Yes. Coinbase exchange and Coinbase Pro are owned by Coinbase Global Inc, a company established in 2012. Coinbase is like a brokerage platform for trading and investing cryptocurrency assets only. On the other hand, Coinbase Pro is an advanced version of Coinbase where short-term professional traders access more markets and advanced charting tools.
No. Coinbase is a legitimate crypto exchange that has existed since 2012, hosts over 98 million users, and has received excellent reviews and testimonials from users on Google Play, the App Store, and Trustpilot. Besides, the exchange has no history of getting scammed due to its cutting-edge security measures safeguarding its clients’ data and assets.
Absolutely. Coinbase is a user-friendly crypto exchange with a pretty straightforward account registration procedure. On top of that, it hosts a gazillion learning resources for skills development. However, keep in mind that its trading and transaction fees are high, and you must ensure they fit your budget before getting started.
Withdrawing funds from your Coinbase account is as simple as using a broker’s platform. You will log into your account, click withdraw and select the amount you wish to transfer and your preferred payment option to complete the process. Keep in mind that Coinbase doesn’t conduct payouts in crypto assets. Therefore, ensure you convert your cryptos to fiats when withdrawing from Coinbase.
You can add money to your Coinbase account through the various payment methods supported by the exchange, including debit cards, e-wallets, USD Wallet, and bank transfers. Simply log into your account, tap add cash, add a payment method and amount in fiat currency, review your details and follow the prompts on the screen to complete the process.
Coinbase will hold your money for a maximum period of 3-5 days when making a purchase, deposit or withdrawal. The amount will be deducted from your source of funds that you share with the exchange.
Intuitive and easy-to-use application. Without problems, it instantly displays, sells and converts currency.
Coinbase has been the most professional crypto exchange I have used so far. The fees on Coinbase are exorbitant, but still it is a responsible exchange. Very simple and clear to use.
There’s no other cryptocurrency app such good as coinbase with all its standard features, which l have confirmed and used so many times. I use it for one year and still can invest with ease.
Good app and easy to use. I can say that this is one of the best exchanges!
People often write that they have a problem with registration. But I got it right away, quickly and easily. I like the app so far.
I've been using Coinbase since June 2021. They provide valuable information about crypto and I've learned a lot. They are reliable but I recommend changing your password sometimes and resetting your mobile. There is a custodial wallet that you have on the site of Coinbase. For me, it is a good exchange. I like Coinbase more than Binance which is considered to be as good as Coinbase.
I have never had issues with them. Intuitive user interface. Very easy to swap crypto coins and lowest transaction fees. Highly recommend.
Would you recommend this provider?
Fees
Account opening
Customer service
Deposit and withdrawal