Coinbase Review — Read the review before buying your Bitcoin
I’ve been a Coinbase member since 2015, and there’s a lot to say about the firm, both good and bad. In this review, I’ll try to give you the complete picture so you can decide for yourself whether Coinbase is reliable or not.
Coinbase is one of the largest cryptocurrency companies in the world, servicing over 100 countries and serving over 30 million customers worldwide.
Coinbase offers a variety of services, the most important of which is the ability to buy and trade Bitcoins using a bank account, credit card, or debit card. Coinbase’s rates are often reasonable, but the customer service is appalling.
In a nutshell, it is Coinbase. Continue reading if you want to learn everything there is to know about Coinbase.
About Coinbase
Coinbase is one of the oldest exchanges, having been founded in 2012 as part of Ycombinator by Brian Armstrong and Fred Ehrsam. Coinbase began as a Bitcoin brokerage service (direct to consumers), but other services were added along the way.
Coinbase is fully licenced and regulated. The company has received nearly $540 million in funding from renowned investors like Andreessen Horowitz, Rabbit Capital, and The NYSE.
Services offered by Coinbase
1. Service of Brokerage
Coinbase’s core offering is a brokerage service for buying and selling bitcoins. Because of the company’s reputation, marketing, and relatively friendly user interface, new cryptocurrency users frequently purchase their first Bitcoin through Coinbase.
On the negative side, one of the most common complaints consumers have about Coinbase is a lack of control over their own assets. When you open a Coinbase account, you do not have immediate access to your currency, nor do you receive a private key or a seed phrase.
Coinbase holds your coins for you — it’s the same as placing your money in a bank; you don’t own it, the bank does.
2. Platform for Trading
Coinbase Pro is a trading platform for cryptocurrencies. Coinbase pro, as opposed to the conventional Coinbase brokerage service, which streamlines the purchase of cryptocurrency for a premium, is geared at more experienced consumers.
Users of Coinbase Pro can trade a variety of cryptocurrencies, including BTC, ETH, LTC, BCH, and ZRX. Fees are significantly lower than those charged by brokerage firms, and complex trading options are available.
3. Platform for Lending
Coinbase customers will be able to earn interest by lending supported assets starting in mid-2021. Starting with USDC, eligible US users can choose to lend their coins to verified borrowers, with the ability to opt out at any moment.
4. Staking of Cryptocurrency
Coinbase also offers an easy-to-use staking tool that allows customers to earn staking rewards on chosen Proof-of-Stake cryptocurrencies. Although customers can stake these separately, Coinbase simplifies the process and eliminates the need for technical expertise or specialised gear.
5. Wallet for Cryptocurrency
Coinbase developed their own mobile wallet for iOS and Android in 2018. The private keys are stored on the user’s device, and only they have access to the funds. This completes the cycle for Coinbase, which began as a wallet, shifted to an exchange-only model (saying that they are not a wallet), and is now offering wallet services again.
Supported Cryptocurrencies
Bitcoin
Ethereum
Ripple
Litecoin
Bitcoin Cash
EOS
Stellar Lumens
Ethereum Classic
Zcash
Augur
Dai
USD Coin
0x
Basic Attention Token
Algorand
Cosmos
Civic
Dash
District0x
Golem
Kyber Network
Chainlink
Loom Network
Decentraland
Maker
Orchid
Tezos
Coinbase Fee Structure
Coinbase’s fee structure is a little complicated, so I’ll attempt to explain it as much as possible. When you buy Bitcoins from Coinbase, you will be charged the following:
Coinbase Pro’s market price has increased by 0.5 percent.
Transaction fee — Either a flat cost for transactions under $200 or a percentage of the transaction value (the greater of the two).
The majority of transaction costs are 1.49 percent for regular purchases and 3.99 percent for credit card purchases.
If you use an ACH transfer, you can deposit money for free, but it will cost you $10 otherwise.
Purchase Restrictions
Once your Coinbase account is activated, you will be able to purchase a minimal number of Bitcoins unless you increase your limit. To increase your limits, you will need to perform the following:
Please enter and confirm your phone number.
Please provide and confirm your personal information.
Please provide and verify your photo identification.
You can achieve the greatest limit, which is now $25K per day, provided you are a fully recognised US resident. Limits may also be imposed based on the payment method used to purchase the coins. On Coinbase, for example, ACH transfers have larger restrictions than credit card purchases.
Available Countries
Angola, Benin, Botswana, Cameroon, Ghana, Kenya, Mauritius, Namibia, Rwanda, South Africa, Tunisia, Uganda, Zambia, Armenia, Bahrain, Brunei Darussalam, Hong Kong, India, Indonesia, Jordan, Kazakhstan, Korea, Kuwait, Kyrgyzstan, Macao, Maldives, Mongolia, Nepal, Oman, Philippines, Singapore, Taiwan, Uzbekistan, Australia, New Zealand, Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, Aruba, Bahamas, Barbados, Bermuda, Canada, Costa Rica, Curaçao, Dominican Republic, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Trinidad and Tobago, United States, British Virgin Islands, Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay
Customer Service
Coinbase has a good and broad knowledge database as well as FAQs.
Most common requests will almost certainly find an answer there. If you submit a support issue via email, you should receive a response within 48–72 hours (from personal experience).
