Coinbase

What is Coinbase?

Coinbase is a website where you can buy, sell, transfer, and store digital currency. Their mission is to create an open financial system for the world and to be the leading global brand for helping people convert digital currency into and out of their local currency.

  • They make it easy to buy and sell digital currency.
  • It’s free to send or receive digital currency between online wallets, friends, or merchants
  • They take care of security and backups for you so you don’t have to worry.
  • They offer a one-stop shop for everything. You can use it to store your money, exchange different currencies, and even use the merchant tools to start accepting payments.
  • Many applications are being developed on the Coinbase platform using our API.

Coinbase Review

Coinbase is one of the biggest platforms for investing in cryptocurrencies. As of 2022, it had over 89 million verified users, 11,000 institutions, and 185,000 ecosystem partners in over 100 countries.

Pros

  • Easy to use for cryptocurrency beginners: The primary Coinbase website and mobile app are simple to use, allowing you to purchase, trade, and exchange cryptocurrencies quickly.
  • Support for a large number of cryptocurrencies: Coinbase currently supports over 100 currencies for trading, and the number is always growing.
  • Opportunities to earn cryptocurrency: You’ll earn interest on eligible balances, or you can get a little of a new currency by converting your funds to Coinbase Earn.
  • Lower pricing available with Coinbase Pro: If you want more features and lower fees, you can switch to Coinbase Pro. It is a trading platform that is always active.

Cons Explained

  • High transaction fees: Transaction costs on the primary Coinbase platform are often expensive.
  • Customer service issues: Coinbase has been criticized for providing poor customer service, including when it comes to serious account security issues.
  • No access to trade many altcoins: Coinbase currently supports a wide range of currencies. However, there are still some currencies that are not supported.

Introduction

Coinbase is a cryptocurrency trading and investing platform that enables consumers to purchase, sell, and exchange a variety of tradable cryptocurrencies including Bitcoin, Ethereum, and Dogecoin. With over 73 million users and $255 billion in assets on its platform, Coinbase is a big business.

People who are just starting out might prefer the original Coinbase platform because it is simple and easy to use. More experienced users might want to use Coinbase Pro, which has more features and options.

Cryptocurrencies are a new asset class that can be risky and volatile. Not everyone should invest in them. If you’re interested in cryptocurrencies, Coinbase is a good option for both beginners and experienced investors.

Company Overview

Coinbase was founded in 2012 as a way to send and receive Bitcoin. The company has grown to support many different cryptocurrencies and employs over 2,700 people all over the world. Coinbase is a decentralized company with no main headquarters.

Coinbase is used in more than 100 countries and customers trade $327 billion each quarter. Coinbase supports 9,000 financial institutions.

Coinbase offers a variety of products that can help you start and manage a cryptocurrency portfolio or trading plan. These include two separate trading platforms and a standalone cryptocurrency wallet service.

Cryptocurrencies Available on Coinbase

Coinbase supports over 100 cryptocurrencies. It regularly adds new coins to the list. You can find a list of some of the most popular currencies on Coinbase here:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap (SUSHI)

Trading Experience

The company has two platforms, Coinbase and Coinbase Pro. They are both different, but they let you do the same things with cryptocurrencies.

Coinbase

Coinbase is a beginner-friendly site that is easy to use for anyone who knows how to use a computer. You can use Coinbase on the web or through Android and iOS mobile devices. If you have ever traded stocks online, you will find Coinbase similar.

On the main dashboard, you can see your Coinbase portfolio. You are never more than a couple of clicks away from buying and selling currency.

The basic screen to purchase cryptocurrency using Coinbase

Cryptocurrency markets are always open, so you can trade at any time. You can use money from your account or a connected bank account or card to buy cryptocurrencies. There may be extra fees depending on how you pay. Your purchase will be credited to your account right away, but you might have to wait for your deposit to clear before withdrawing it.

Coinbase Pro

Coinbase Pro is a platform that is meant for professional traders. But anyone with a Coinbase account can use the pro version of the platform. The pro version has more types of trades, like limit and stop orders, which are not available on the main Coinbase platform.

Fees

Coinbase is not very clear about its pricing and fees. Recently, it removed its full fee schedule from the Coinbase online help section. However, you can see the costs on the trade screen when you enter a trade so you know what you are paying before you enter the trade.

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Security

Coinbase uses security measures that are the best in the industry to protect customer deposits and assets. However, there are always some risks when using cryptocurrency, so it’s important to follow online security practices to keep your account information safe.

98% of customer assets are stored offline in cold storage using a network of safe deposit boxes around the world. This supports the digital and paper backups. The website uses bank-standard encryption and security measures. In addition, all accounts must use two-factor authentication, which is a measure to help prevent others from logging into your account unless they have physical access to your phone.

Despite these strong security methods, thousands of users have fallen victim to hackers and schemes that have drained their accounts.2 It is essential to use unique, random passwords on financial websites such as Coinbase to prevent this type of loss. If someone has access to your email or phone, they may be able to access your account, so always keep those private.

Opening a Coinbase Account

Signing up for Coinbase is not hard. You will need to give your personal information, like your Social Security number, and then you will be a full member.

Coinbase Opening Account

If you want to create a new account on Coinbase, you will need to submit a picture of your government ID. This is because Coinbase needs to make sure that you are who you say you are. You may have heard that cryptocurrency is anonymous, but this is not always the case. Coinbase may track your transactions for tax reporting and other regulatory reasons.

Once your account is set up and verified, you can buy and sell cryptocurrency up to the limit set for your account.

Customer Service

Coinbase has had a lot of problems with customer service. It is very difficult to get help from anyone, so you will have to solve most problems yourself.

There are several ways to get support from Coinbase. You can go to the help page, email them, use the automated phone system, or use the chatbot.

Customer Satisfaction

If everything goes as planned, you might be a happy customer. But sometimes, things don’t go as planned. Customers have written reviews about bad customer service experiences and not getting help with scams, hacked accounts, or locked accounts.

For example, at Trustpilot, Coinbase has a rating of 1.6 stars with over 6,000 reviews. Most complaints focus on customer service, lost funds, and frozen accounts. Customers at other rating sites left similar complaints.

Coinbase has a problem that is affecting many other companies in the industry. Over 11,000 complaints have been filed with the Federal Trade Commission. Many past users have claimed that they have not received support after losing funds due to hacked accounts.

Account Management

You can use the Coinbase website and mobile app to view and manage your account at any time. You will be able to see your portfolio balance and enter a trade no matter where you are.

Account Management in Coinbase

If you want to manage your crypto on the go, the mobile app has everything you need. You can see your account balance, recent transactions, and upcoming transactions. Plus, you can easily send and receive crypto.

Coinbase Mobile homepage
Portfolio view on Coinbase Mobile
The rewards section where you can earn free cryptocurrency for taking short lessons

How Coinbase Compares to Other Cryptocurrency Companies

The cryptocurrency marketplace is rapidly changing, with new competitors appearing all the time. You also have the option to manage your cryptocurrency without using a centralized exchange like Coinbase. Some of Coinbase’s major competitors include Gemini, Binance, KuCoin, FTX, Kraken, and many others.

People who are interested in cryptocurrencies often use multiple exchanges and wallets to have access to a variety of currencies and keep their crypto safe. This also helps them keep fees as low as possible.

Coinbase vs. Gemini

Gemini is a direct competitor to Coinbase. Here’s a comparison of the two:

  • Coinbase has different prices for different people. Gemini charges the same amount for everyone.
  • Both companies are based in the United States and cooperate with United States regulators. FinCEN is a financial crimes enforcement network.
  • Coinbase and Coinbase Pro are similar to Gemini’s Gemini and ActiveTrader platforms.

The biggest differences between Coinbase and Gemini are the available currencies and the opportunities to earn interest on your account. Coinbase offers a limited number of currencies, while Gemini pays interest on nearly all supported currencies.

If you are interested in getting an account at Gemini, either instead of or in addition to a Coinbase account, check out the full Gemini review.

Coinbase is a great platform for buying, selling, storing, and exchanging cryptocurrency. It is especially good for beginners because it is easy to use and has a simple buying and selling experience. However, Coinbase has some downsides. Its pricing structure and customer service are not the best. If you can handle your account on your own and agree with the fees, Coinbase is still a great choice for anyone looking to get involved with cryptocurrency.

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