The Ultimate Coinbase Review on Pros, Cons, and Fees!
Jack Moreau
Mar 2023
8 min read
Fact checked
Introduction: Are you looking for a reliable and secure cryptocurrency exchange? Look no further than Coinbase. With its user-friendly interface, top-notch security measures, and a wide range of supported cryptocurrencies, Coinbase is a top choice for both novice and experienced traders. In this review, we'll dive into the platform's features, fees, and customer support to help you determine if Coinbase is the right exchange for you.
Coinbase is a well-known name in the world of cryptocurrency, and for good reason. Founded in 2012 by Brian Armstrong, the company is registered in the District of Columbia and licensed by both FinCEN and FCA. With over 100 million users and 5000+ employees, Coinbase is available in 100 countries and has over 10 million downloads.
Coinbase Website
Despite its impressive numbers, Coinbase has received mixed reviews from its users. With a 2.3 star rating and over 700,000 reviews, some users have complained about high fees and slow transaction times. However, others praise the platform for its user-friendly interface and extensive range of cryptocurrencies available for trading.
One of Coinbase's biggest strengths is its commitment to security. The company holds 98% of its customers' funds in cold storage, meaning they are not connected to the internet and are therefore less vulnerable to hacking attempts. Additionally, Coinbase offers insurance protection for up to $250,000 per customer.
While Coinbase offers a great overall user experience, unfortunately the are frequent connection issues which leads to waiting times to simply login. This creates unnecessary friction and frustration which you would expect a $15 billion market cap company would be able to solve.
Coinbase Signup & KYC
Signing up for Coinbase is a pretty simple process that takes just about a minute to complete. This is a basic signup process that includes verifying your email, phone, and personal information. However, to unlock full account privileges, you will need to complete the KYC verification process.
Coinbase signup process
The Coinbase verification process requires you to submit a government-issued ID and can take a few minutes to a few hours to process. Once you've completed the verification process, you'll be able to buy, sell and trade with ease.
Coinbase Products & Services
Coinbase offers a quite diverse range of services to its users considering that it's to a large extent restricted by strict US regulations.
One of the standout features of this platform is its user-friendly interface, which makes it easy for beginners to navigate and buy cryptocurrency. Coinbase offers users the ability to buy and sell over 200 different cryptocurrencies and has an average spot volume of $1.2B.
Coinbase product and services
In addition to buying and selling crypto, Coinbase also offers lending and borrowing services, a web 3 wallet, the ability to buy and sell NFTs, and a Coinbase card. The platform also has a Learn & Earn feature that allows users to earn cryptocurrency while learning about it.
Coinbase is a popular exchange platform that offers users the ability to trade a variety of cryptocurrencies. When it comes to trading fees, Coinbase charges a spot maker fee of 0.40% and a spot taker fee of 0.60%. It should be noted that Coinbase does not offer futures trading or margin trading which is a limitation imposed by their efforts to abide by US regulations.
Coinbase trading
Overall, Coinbase's fees are higher than most well known exchanges in the market such as Kraken, Crypto.com and Okcoin. The higher trading do however come with the benefit of using a beginner friendly platform that is always one of the most secure on the market.
Coinbase offers a range of deposit methods for fiat currencies and supports three major fiat currencies: USD, EUR, and GBP. The platform allows users to buy crypto with a credit or debit card although this comes with a transaction fee of between 1% and 5%.
Alternatively, users can also make a fiat deposit via ACH or wire transfer for (USD), SEPA (EUR), or Swift (GBP). with fees ranging from free to $10. ACH deposits are free of charge and wire deposit comes with a fee of $10. EUR deposits with SEPA come with a small 0.15 EUR fee and SWIFT deposits are free of charge.
Coinbase Withdrawal Methods
Well, Coinbase offers several options for users looking to cash out their funds. For US-based users, ACH withdrawals are free of charge, making it a convenient and cost-effective option. For those looking to withdraw larger amounts, wire transfers are available for a $25 USD fee.
European users can take advantage of SEPA withdrawals, which have a small withdrawal fee of 0.15 EUR. And for users outside of the US and Europe, Swift withdrawals are an option with a fee of 1GBP.
Overall, Coinbase offers a good range of deposit and withdrawal options for the major fiat currencies either free or at a low cost. This is one area where Coinbase has an advantage compared to many other exchanges on the market.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
