Coinbase is the world’s most trusted cryptocurrency exchange to securely buy, sell, trade, store, and stake crypto. This Coinbase review is an up-to-date, detailed analysis of the Coinbase exchange, containing everything you need to know about Coinbase and whether it’s the right exchange for you.
Let’s Dive in!
Coinbase was established in 2012 as a platform for sending and receiving Bitcoin. The company has expanded to support dozens of unique cryptocurrencies and now employs over 4,700 people worldwide. There is no central headquarters for the decentralized company.
Customers trade approximately $159 billion per quarter on Coinbase, which has users in over 100 countries. Coinbase oversees a thriving cryptocurrency ecosystem that serves 13,000 financial institutions.
Coinbase operates two separate trading platforms, as well as a cryptocurrency wallet service. You’re likely to find everything you need to start and manage a cryptocurrency portfolio or trading plan among the Coinbase products.
coinbase review: What is Coinbase?
Coinbase Exchange is a cryptocurrency trading and investment platform based in the United States that allows users to easily buy, sell, exchange, and store cryptocurrencies. The platform is simple and easy to use, and it supports basic transactions, digital wallets, and PayPal withdrawals. Coinbase is the only publicly traded cryptocurrency exchange in the United States, with over 108 million users from over 100 countries.
Coinbase Pro provides more professional trade execution and lower fees for more advanced traders. However, the company announced in June 2022 that Coinbase Pro would be phased out and that all users would have access to the “Advanced Trade” feature on the main app.
Pros and Cons of Coinbase
- A wide array of Cryptocurrencies: There aren’t many cryptocurrency exchanges that can compete with Coinbase’s selection, especially for US investors. It allows you to trade over 200 different types of cryptocurrency, ranging from Bitcoin (BTC) and other major coins to smaller and newer digital tokens.
- Simple and advanced trading features: Coinbase offers both basic and advanced trading tools that you can access through your account. The simple trade option has a simple design that is simple to use. Advanced trading includes additional features such as charts, a live order book, and limit orders.
- Educational resources: Coinbase has an extensive library of educational resources, including cryptocurrency basics, tips and tutorials, and market updates. If you want an easy-to-understand but comprehensive introduction to Bitcoin and blockchain technology, Coinbase has you covered on these and many other topics.
- Coinbase Card: You can apply for a Coinbase Card using your Coinbase account. This prepaid Visa debit card is linked to your Coinbase account balance and can be used to purchase cryptocurrency. The Coinbase Card also provides crypto rewards and allows you to select which cryptocurrency you earn from a rotating list. This method can earn you up to 4% back.
- High liquidity: Crypto exchanges are part of a highly volatile market. Volatility increases the likelihood of slippages. However, investors can be protected with liquidity, and Coinbase is one of the most highly liquid exchanges after the crypto exchange, Binance.
- High transaction fees: On the primary Coinbase platform, transaction fees are frequently exorbitant.
- Customer service issues: Coinbase’s customer service is rated poorly, even when serious account security issues arise.
Coinbase review: Why Coinbase?
Coinbase offers a diverse range of cryptocurrencies, a user-friendly interface, and useful educational content. It also provides advanced trading tools for more experienced cryptocurrency investors. Coinbase is one of the world’s largest cryptocurrency exchanges due to these benefits and its superior security.
Coinbase is right for you if:
- You want a top-notch trading platform, a user-friendly mobile app, and access to a wide variety of cryptocurrencies to buy and sell.
- You’re new to cryptocurrencies and looking for a platform with plenty of educational resources. You’re interested in opportunities to earn free crypto, including staking and interest programs.
Coinbase review: How Coinbase Works
This Coinbase review displays how Coinbase works. Users can use Coinbase to buy, sell, and trade cryptocurrencies. It accepts ACH transfers from bank accounts, debit cards, money wires, and PayPal as payment methods. Because you can deposit money from a bank account without incurring any additional fees, ACH transfers are the most cost-effective option.
This crypto exchange offers quite a few features, including:
- Simple and advanced trading options
- A debit card that allows you to spend cryptocurrency and earn cryptocurrency rewards.
- A Coinbase Earn program that allows you to earn free cryptocurrency by completing educational modules.
- A cryptocurrency staking program
- It also provides Coinbase Wallet, a digital cryptocurrency wallet. The benefit of storing your cryptocurrency in a wallet rather than an exchange like Coinbase is that you will have complete control over it. It should be noted that you do not need to be a client to use Coinbase Wallet. It is completely free to use and can store both cryptocurrencies and non-fungible tokens (NFTs).
Coinbase review: Coinbase Sign up
This Coinbase review displays how to get signed up on Coinbase in just a few steps.
Go to Coinbase, on the landing page, click on “Get Started,” and correctly fill in the following information, according to the image below.
After filling in your information, make sure you store your password somewhere safe.
Check the box and click “Create free account” (for desktop computers), while for mobile devices, click on “SIGN UP.”
Coinbase will send you a verification message. Now move to your email address, open the mail, and click on “Verify email address” as seen in the screenshot below.
Clicking the link in the email will redirect you back to Coinbase.com. To finish the email verification process, you’ll need to input your Coinbase login using the email and password you just used.
You’ll need a smartphone and a mobile number that will be associated with your Coinbase account in order to successfully complete the 2-step verification.
Then Sign into Coinbase. You’ll be prompted to add your country and phone number, then click on “Send code” if you’re signing up on a computer or “Continue” if you’re using a mobile device.
A seven-digit code will be sent to you. Enter the code Coinbase texted to your phone number.
Click “Submit” for desktop or tap “Continue” for mobile. If you did not receive the code, click on “Resend text message.”
Now you’ll need to add your personal information by entering the details of your valid, government-issued picture ID; You’ll later need to upload a photo of this ID, including your:
- First Name
- Last name
- Date of Birth
Note: Accepted identity documents include:
for the United States: a driver’s license or an identification card.
While in other countries: use a government-issued photo ID, National Identity Card, or passport. Also, you’ll need to answer some questions and then select “Continue” to finish the process.
This Coinbase review displays how to Verify your identity in just a few steps.
To efficiently buy, sell, and receive crypto through Coinbase, you’ll need to verify your identity and add a bank account.
Sign in to your Coinbase account and follow the on-screen instructions to successfully complete the ID verification.
Select or Link a Payment Method
Choose your country below to learn which payment methods are available in your country.
After that, you’ll connect your bank account, debit card, or credit card to purchase and sell digital currency with fiat currency.
Cryptocurrencies Available on Coinbase
Coinbase supports the trading of over 200 cryptocurrencies and adds new coins on a regular basis. There are too many to list here, so here’s a glance at some of the most popular currencies on Coinbase:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Stellar Lumens (XLM)
- Polygon (MATIC)
coinbase review: Coinbase Fees
Coinbase’s trading fees are calculated using a maker-taker fee model. Orders that provide liquidity (maker orders) are charged a different fee than orders that take liquidity (taker orders). Fees are calculated based on the current pricing tier you are in when you place the order, not the tier you will be in after the trade is completed.
When you place an order at the market price and it is filled immediately, you are considered a taker and will be charged a fee ranging from 0.05% to 0.60%. When you place an order that is not immediately matched by another order, it is added to the order book. If another customer places an order that is identical to yours, you are considered the maker and must pay a fee ranging from 0.00% to 0.40%.
When you place an order that is immediately partially matched, you must pay a taker fee for that portion. The remainder of the order is placed on the order book and, if matched, is considered a maker order. This remaining portion of the total order is subject to a maker fee.
|Pricing Tier||Taker Fee||Maker Fee|
|$0 - $10K||0.60%||0.40%|
|$10K - $50K||0.40%||0.25%|
|$50K - $100K||0.25%||0.15%|
|$100K - $1M||0.20%||0.10%|
|$1M - $15M||0.18%||0.08%|
|$15M - $75M||0.16%||0.06%|
|$75M - $250M||0.12%||0.03%|
|$250M - $400M||0.08%||0.00%|
Stable pairs, or price quotations between two cryptocurrencies in which the price is designed to be pegged to an external reference such as USD (in the case of USDC) or BTC (in the case of WBTC), play an important role in the crypto ecosystem by providing users with multiple funding options and instant settlement.
|Stable Pairs||Taker Fee||Maker Fee|
Coinbase Fiat Deposits and Withdrawal Fees
|Deposit Fee||Withdrawal Fee|
|Wire (USD)||$10 USD||$25 USD|
|SEPA (EUR)||€0.15 EUR||€0.15 EUR|
|Swift (GBP||Free||£1 GBP|
Coinbase Wallet opens up the world of cryptocurrency by making blockchain life simple and secure. With support for hundreds of thousands of tokens and dapps, you can explore the decentralized web on your phone or browser while protecting your digital assets with industry-leading security.
Coinbase review: Why Coinbase Wallet
The Coinbase wallet unlocks a pool of features, all of which include:
- Supports every ERC-20 coin: The Coinbase Pro Wallet is compatible with thousands of coins and a wide range of decentralized applications. The wallet can help you diversify your investment options as an investor.
- The easiest way to get from cash to NFT: Because cryptocurrency can be purchased with credit or debit cards in more than 90 countries, you can fund your Coinbase Pro Wallet and start your NFT collection with just a few taps or clicks.
- Explore DeFi with confidence: Coinbase Pro Wallet is your decentralized web passport. Use DeFi’s power to boost yield, NFT collection, and many other things.
- Non-custodial Wallet: Coinbase Pro Wallet is a self-custodial cryptocurrency wallet. It is a non-custodial cryptocurrency wallet that gives you control over your coins, keys, and funds. Your rare NFTs and cryptocurrency can now be safely stored in the same place.
Coinbase’s fully functional mobile app can be downloaded free of charge on Android and iOS devices. This mobile app allows the trader to perform the same functions as the desktop site. The Coinbase mobile app can be used for simple order placements, and the trader can either place a buy order or sell order on this app.
Coinbase’s mobile application provides advanced security and enables two-factor authentication, security notifications, and fingerprint scanning with just a touch of a button. With over 10 million downloads, the Coinbase app has accumulated an array of mixed user reviews with a 3.7 ⭐ rating in playstore. Below are reviews from users on playstore.
Coinbase staking allows you to earn rewards simply by maintaining a minimum balance. The amount of cryptocurrency you have in that balance is used to calculate your rewards. That is, the more cryptocurrency you own, the more Coinbase can stake on your behalf, and the more potential rewards you will receive.
The frequency of blocks produced by a cryptocurrency’s network also has an impact on rewards. Coinbase connects eligible customers to those platforms in order for them to earn rewards from those protocols.
You may be required to accept specific terms or opt-in to staking, depending on the asset. The table shows which cryptocurrencies are eligible for staking on Coinbase.
|Cryptocurrency||Minimum Balance Needed||Rewards Payout Rate|
|Algorand (ALGO)||0.01 ALGO||Quarterly|
|Cosmos (ATOM)||0.0001 ATOM||After 7-14 days (initially), then every 7 days|
|Ethereum (ETH)||No minimum balance||3-5 days|
|Tezos (XTZ)||0.0001 XTZ||After 35-40 days (initially), then every 3 days|
|Cardano (ADA)||$1 worth of ADA||After 20-25 days (initially), then every 5 days|
|Solana (SOL)||$1 worth of SOL||After 5-7 days (initially), then every 3-4 days|
Coinbase review: Coinbase Pro
While Coinbase is intended for beginners, more experienced traders may be interested in Coinbase Pro. You can use the same login information for Coinbase and Coinbase Pro.
Coinbase Pro provides a comprehensive crypto trading experience, including advanced charting capabilities and a wider range of order types, including market, stop, and limit orders. Most importantly, it has significantly lower trading fees and allows free transfers between Coinbase and Coinbase Pro wallets.
LEARN MORE: Coinbase Pro review
The Coinbase Card is a Visa debit card that allows customers to spend cryptocurrency (including USDC) or US dollars wherever Visa cards are accepted. Coinbase bills itself as “the easiest, quickest way to spend your crypto globally.” You can use your card to spend cash or any of your cryptocurrencies.
If you live in the United States, you’ll be able to earn rewards when you use your Coinbase Card. The more you use your Coinbase Card, the more rewards you will earn, which will add up over time.
Note: To be eligible for a Coinbase card, you must:
- Live in the US, excluding Hawaii.
- Complete identity verification with Coinbase and their bank partner during the credit card application process.
coinbase review: How Coinbase Card Works
The Metabank Coinbase Card is a debit card that operates on the Coinbase platform. It gives you the ability to spend any cryptocurrencies or US dollars you own anywhere Visa cards are accepted. Coinbase will automatically convert all of your cryptocurrency to US dollars when you make a purchase with it.
The card advertises fee-free cryptocurrency transactions, no annual fee, and a straightforward rewards structure. The card’s spending limits differ from one user to the next. Logging into the Coinbase App and viewing your account will allow you to see your monthly spending allocation.
Because the Coinbase Card* is a debit card, it can be used at ATMs all over the world, including to cash out your cryptocurrencies. Coinbase will convert your cryptocurrency to US dollars for ATM withdrawals in the same way that it does for everyday purchases. The daily limit for ATM withdrawals is $1,000.
With the card, users can easily:
- Earn rewards with every purchase of select cryptocurrencies
- Conveniently spend crypto or U.S. dollars anywhere Visa cards are accepted
- Cardholders can earn new assets and diversify their holdings with a rotating rewards structure
- Easy funding through the Coinbase platform
- Store your crypto rewards in your wallet, trade for other cryptocurrencies, and more.🔥
Coinbase Customer Service
One of the most serious complaints users have about Coinbase is the lack of customer service. Because it’s nearly impossible to reach a human for assistance, consider Coinbase to be primarily self-service.
The Coinbase help page, emailed support tickets, an automated phone system, and a chatbot are all officially supported customer service options. Below is a user review of Coinbase customer service.
Coinbase, for example, has a Trustpilot rating of 1.6 stars based on approximately 8,000 reviews. The majority of complaints concern customer service, lost funds, and frozen accounts. Customers on other review sites expressed similar concerns.
Is Coinbase Safe?
This Coinbase review displays Coinbase as one of the most secure exchanges, so your cryptocurrency is safe with them. It keeps over 98% of client funds in “cold storage,” which means they’re kept on devices that aren’t connected to the internet. This increases security against hackers, making it the preferred method for secure cryptocurrency storage.
LEARN MORE: Crypto Cold Storage Explained
Coinbase has crime insurance that covers online assets. Cash balances in Coinbase accounts are insured by the FDIC up to a maximum of $250,000 per customer, just like assets held in a bank’s savings or checking account.
For added security, all Coinbase accounts require two-factor authentication (2FA). You can also whitelist withdrawal addresses, limiting cryptocurrency withdrawals to addresses on your whitelist. For those who want even more security, Coinbase offers vaults, which require withdrawals to be held for 48 hours and approved by one or more designated parties.
Coinbase has an outstanding track record, but it did experience a security breach in 2021. Hackers used a flaw in its SMS account recovery tool to steal funds from over 6,000 customers. Coinbase resolved the issue and fully reimbursed those customers.
coinbase review: Bottom line
According to this Coinbase review the platform provides an excellent platform for anyone to buy, sell, store, and exchange cryptocurrencies. It’s especially useful for first-time cryptocurrency buyers and sellers who don’t want to deal with the complexities of external wallets and decentralized exchanges.
Coinbase’s main drawbacks are its pricing structure and customer service. If you can manage your account on your own and agree to the fees, Coinbase is an excellent choice for anyone interested in getting started with cryptocurrency.