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Coinbase Review for Cryptocurrency 2024

Coinbase
4.0

Established in 2012, Coinbase today is one of the best-known cryptocurrency exchanges and the largest US-based crypto exchange. Along with an easy-to-use interface, more than 170 different cryptocurrencies are available for trading on Coinbase. As of 2022, the exchange boasts over 108 million verified users, a presence in more than 100 countries and an employee-base of over 4,700.

Coinbase is licensed by 45 of the 50 states of the United States of America. It is not, however, registered under any jurisdiction in Canada. The exchange is also registered as a Money Services Business with FinCEN. It is also registered with the UK Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (FRN: 900635) for the issuing of electronic money.

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Pros & Cons

  • Pros
  • Wide choice of cryptocurrencies at 170+ Low minimum requirements for account funding
  • Low minimum requirements for account funding
  • Quick and easy crypto withdrawal
  • High security for crypto wallets with most digital assets being held in secure offline storage.
  • digital assets being held in secure offline storage.
  • Cons
  • Coinbase’s crypto fees are higher than most other crypto exchanges
  • Elaborate identity verification requirements, though this could be seen as a pro!

Coinbase Overview

Coinbase makes it simple for traders of all experience levels to buy, sell, and exchange cryptocurrencies with trading tools for beginners, advanced traders, and institutional traders.

With an intuitive and easy-to-use platform, comparing prices, checking balances, and executing buy-sell orders on Coinbase are all just a few clicks away.

  • Overall
    4.0
  • Fees
    4.0
  • Deposit and Withdrawal
    3.5
  • Asset Selection
    4.5
  • Ease of Account Opening
    4.0
  • Regulation and Security
    4.5
General info
Headquarters US
Website https://www.coinbase.com/
Website Languages English
Regulated check
Country of Regulation United Kingdom
Regulation Type FCA
Account Base Currencies EUR / USD / GBP
Staking and Rewards check
Minimum Deposit $2
Deposit Fee $0
Deposit Types Bank wire / Credit Card / PayPal / SEPA
Minimum Withdrawal $0.10
Withdrawal Fees 1%
Crypto-to-Crypto Trading Pairs uncheck
Cryptocurrencies as CFDs uncheck
Islamic Account uncheck
Demo Account check
Research & Education Tools check
Customer Support Email / Live chat / Phone
Customer Support Languages English
Support Days & Hours 24/7
Automated Trading uncheck
Social Trading uncheck
Copy Trading uncheck

Company Background

Coinbase was founded in 2012 by Brian Armstrong, a former Airbnb engineer, and Fred Ehrsam, a former Goldman Sachs trader, with the aim to build a crypto economy that enables a more accessible, transparent, efficient, and fair financial system. Today, the ecosystem has over 245,000 partners and 108 million verified users across more than 100 countries, investing in, using, spending, earning, and saving cryptocurrencies securely.

Coinbase operates two different trading platforms, Coinbase and Coinbase Pro, apart from its standalone cryptocurrency wallet service. A common question that beginners ask is, “Is Coinbase reliable?” The answer to this is evident from the fact that the exchange is widely regulated within the USA and witnesses crypto trading volumes of approximately $309 billion per quarter.

Unique Features

Some of the features that make Coinbase stand out are:

  • Vault protection: Many investors wonder, given their experience with some of the other crypto exchanges, “Is Coinbase crypto safe?” The vault protection feature adds a layer of security, with your funds being stored in a vault with time delayed withdrawals.
  • Maximum trading amount: Trading limits vary based on the payment method and region. ACH transfers of up to $25,000 a day are available for US customers.
  • Easy-to-use platform: Coinbase is a beginner-friendly exchange with an intuitive interface.

What is the Downside of Coinbase?

The downside of Coinbase is more than made up for by the advantages it offers. The main limitations are:

  • Fees tend to be higher than other exchanges
  • Limit orders are only available on Coinbase Pro

Coinbase Fees

FeesAmount
Deposit Fee $0 SWIFT – $6 Wire – $10 SEPA – €0 Electronic wallet (PayPal) 2.5% BTC deposit – $0 ETH deposit – $0 Credit/debit card – NA info
Credit/Debit card Deposit Fees $0
E-wallets Deposit Fees $0
Bank transfer Deposit Fees $0
Withdrawal Fee 1% SWIFT – $6 Wire transfer – $25 SEPA – €0.15 Electronic wallet (PayPal) -2.5% BTC Disclosed at the time of transaction ETH Disclosed at the time of transaction Credit/debit card – 2% (with a minimum fee of €/£0.55) info
Credit/Debit card Withdrawl Fees 1%
E-wallets Withdrawl Fees 1%
Bank transfer Withdrawl Fees 1%
Inactivity Fees uncheck
Swap Fees(Instead of Overnight Fees) uncheck
Spread / Commission Fees check
Currency conversion Fee check
Max Leverage uncheck
Minimum Spread uncheck

Conversion Fee

Wondering if Coinbase charges to convert crypto? Yes, it charges a flat 1% fee on all conversions and swaps.

Staking Fee

Coinbase charges 25% commission on rewards earned via staking your crypto on its platform.

Coinbase Card

This is a unique feature. With the card, you do not need to pay any transaction fees, although you still need to pay the spread while buying or selling cryptos.

Leverage Fee

Margin trading was introduced on Coinbase Pro in 2020. The platform charges 8% APR on leverage with a 30% Loan to Value ratio and maximum loan of up to $100,000. Coinbase charges no other overnight fees.

Payment Methods

Coinbase offers multiple payment methods for making deposits, withdrawals and buying and selling of cryptocurrencies. However, the accepted method of each of these types of transactions varies across different regions, such as Canada, the US, UK, Europe, and Singapore. The most common payment methods across regions are bank account (ACH), instant cash outs to bank accounts, debit card, wire transfer, bank transfer, electronic wallet (PayPal, Apple Pay, Google Pay), SEPA transfer, 3D secure card and Sofort.

Coinbase Deposit & Withdrawal

Funding methodSupportedMinimum DepositMinimum Withdrawal
Bank wire check $2 $0.10
Credit Card check $2 $0.10
PayPal uncheck $2 $0.10
Skrill uncheck
Neteller uncheck
FastPay uncheck
UnionPay uncheck
PayRedeem uncheck
PerfectMoney uncheck
POLi Payments uncheck
Przelewy 24 uncheck
Payoneer uncheck
Rapid Transfer uncheck
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Coinbase Crypto Wallet

This is a self-custody wallet, which means that you have complete control over your crypto holdings, keys, and data. In fact, you don’t need to store your private key with the exchange and can store it directly on your mobile device. With the Coinbase wallet, you can store hundreds of cryptos and NFTs in one place, along with a plethora of decentralised apps. The best part is that you don’t need to have a Coinbase account to use the wallet. And if you were wondering, “Can you convert crypto in the Coinbase wallet?” – the answer is yes.

Coinbase Crypto Wallet

How to Get Your Crypto Out of Coinbase

It is possible to withdraw crypto you own directly from Coinbase without having to convert it into fiat currency. You can do this by going to your Portfolio page, clicking Withdraw from the Actions column on the right, and then clicking on Withdraw to External Address. This will prompt you to enter the details of how much you want to withdraw and where to, which you will then authorize for processing.

Supported Cryptocurrency

Coin nameCoin SymbolCoin icon
BitcoinBTCBitcoin
TetherUSDTTether
EthereumETHEthereum
AvalancheAVAXAvalanche
BinanceBNBBinance
CardanoADACardano
CosmosATOMCosmos
DaiDAIDai
DogecoinDOGEDogecoin
EOSEOSEOS
LitecoinLTCLitecoin
MoneroXMRMonero
PolkadotDOTPolkadot
PolygonMATICPolygon
RippleXRPRipple
Shiba InuSHIBShiba Inu
SolanaSOLSolana
StellarXLMStellar
ToncoinTONToncoin
TRONTRXTRON
UniswapUNIUniswap
UNUS SED LEOLEOUNUS SED LEO
USD CoinUSDCUSD Coin

Coinbase also offers 115 DeFi tokens and 106 NFTs:

Popular NFTs Available on Coinbase

Coinbase Trading Platforms

PlatformSupported
Proprietary Platform check
MetaTrader 4 (MT4) uncheck
MetaTrader 5 (MT5) uncheck
cTrader uncheck
DupliTrade uncheck
ZuluTrade uncheck

Mobile App

In the Coinbase review, I found the mobile app incredibly easy to use. I also found that it is one of the most highly rated crypto exchange apps on both Google’s Play Store and Apple’s App Store. With features suitable for both beginners and experienced traders, the app offers a quick and simple way to buy, sell and exchange cryptos. Also, the app offers most of the functions and features of the desktop version, with options for trading, tracking, and comparing digital assets.

How to Open a Coinbase Account

To open an account with Coinbase, follow these steps:

Step 1: Go to the Coinbase website or download the app on your mobile device.

Step 2: Click on “Get Started.”

Step 3: A form will appear. Fill in your basic personal information, such as full name, email address and password.

Step 4: Read the User Agreement and Privacy Policy and click on “Agree” to proceed.

Step 5: Click the “Create Account” button.

Step 6: Coinbase will send a confirmation email. Open the email and click on the confirmation link.

Step 7: You will now need to verify your identity by providing the requisite photo ID. You will also be asked a few other questions. Once you fill in all the fields, click on Continue to complete the process.

Step 8: The final step is to link a payment method to your account. Your choice of payment methods will depend on the country from which you will be using Coinbase. Check your options from their Supported Countries page.

Security & Regulation

Country of the RegulatorName of the RegulatorLicence Number
United KingdomFCA – Financial Conduct Authority900635

Customer Service

I give Coinbase high marks for customer support. Customer services had long been a contentious issue for Coinbase but with the recent addition of 24/7 live phone support, I believe the exchange has improved a lot here. In addition, the platform has a huge library of educational resources, an extensive Help page, email support and a chatbot.

Customer Support
Days Monday to Friday
Hours 08:00 – 17:00
Live Chat check
Email check
Phone check
Supported Languages English
How fast was customer support when we tried? Normal

Why Should I Use Coinbase?

Our Daily Crypto review determined that despite the size of the crypto withdrawal, purchase, and trading fees, Coinbase proves to be a reliable and safe exchange for traders of all experience levels. So, if you:

  • are looking to buy and sell cryptocurrencies
  • wish to exchange one alt coin for another
  • want a simple and convenient means of crypto transactions
  • are interested in NFT tokens

Coinbase is likely to be a good fit for you.

Conclusion

Coinbase is one of the most reliable crypto exchanges in the world and I recommend it for all crypto enthusiasts, including those looking to participate in the blossoming DeFi and NFT spaces. The exchange has won several awards with its two most recent wins being the Best Prime Broker Award in Hedgeweek’s annual European Digital Assets Awards and the Best Digital Asset Custodian 2022 at the HFM Europe Services’ annual awards.

FAQ

  • Is Coinbase legal?
    Yes, Coinbase is legal, and is regulated in 45 of the 50 US states and by the UK FCA.
  • Can I trust Coinbase with my crypto?
    You can trust Coinbase with your crypto because it follows stringent security measures, including two-factor authentication, the Coinbase vault, password protection through hashing and the Lock My Account feature.
  • Is Coinbase good for beginners?
    Yes, with an easy-to-use, intuitive interface, Coinbase is a great place for novices to start their journey in the cryptosphere.
  • What is the minimum deposit at Coinbase?
    You need a minimum deposit of at least US$50 in the Exchange USD wallet to verify your account.
  • Does Coinbase provide the best crypto wallet?
    Yes, the Coinbase wallet is one of the best crypto wallets available because it is a self-custody wallet.
  • How much does it cost to buy Bitcoin on Coinbase?
    Coinbase charges a 1% transaction fee, which will be added to the current conversion rate for BTC.
  • Do you own the crypto you buy on Coinbase?
    Yes, you own the crypto you buy on Coinbase and can hold them in your Coinbase wallet for as long as you wish to.
  • How do you withdraw money from Coinbase?
    Withdrawing money from Coinbase is a simple process. You simply need to log into your account and go to Wallet Balance. Fill in the amount you wish to withdraw and the withdrawal method. Then confirm your request and complete the verification.
  • Does Coinbase have its own cryptocurrency?
    No, Coinbase does not have its own cryptocurrency, although the USD coin (USDC) is managed by a consortium called Centre, which was founded by Circle and includes members from Coinbase and Bitmain, a Bitcoin mining company.
author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.