Coinbase Review 2022 – Is Coinbase a Good Exchange?

By on October 16, 2022 0

Quick summary: Coinbase is a popular cryptocurrency exchange that simplifies buying, trading, and exchanging cryptocurrencies. The platform is easy to use and the registration process is simple. However, their fees and customer support are below average.

Location United States
Year of creation: 2012
Number of Spot cryptocurrencies 150+
Number of crypto pairs 450+
Security High
KYC/AML Mandatory when registering
Deposit/Withdrawal Methods: To pay: Crypto, wire transfers via third-party providers, USD wire transfers via OTC accounts and Withdrawal are Crypto, USD wire transfers via OTC account.

Advantages of Coinbase:

  • Easy to use platform for beginners
  • Professional traders can use “Coinbase pro” for more trading features
  • Users can stake and earn interest on their cryptos
  • Offers a variety of over 100 cryptocurrencies

Coinbase The inconvenients:

  • Support seems to be an issue with Coinbase
  • The fee structure is confusing and higher than other crypto exchanges
  • New added altcoins are already having their crazy moments

What is Coinbase?

Coinbase is an American publicly traded company. It is a platform that offers cryptocurrency exchange and other crypto services.

  • Established: June 20, 2012
  • CEO and Founder: Brian Armstrong
  • Gross revenue: US$3.62 billion (2021)

How many platforms does Coinbase have?

There are two platforms on Coinbase:

The usual Coinbase platform is intended for quick trades and crypto beginners who are unfamiliar with professional trading and charting. This platform is perfect for trading cryptocurrencies and making quick trades, regardless of technical analysis.

Coinbase pro takes cryptocurrency trading to the next level. It features a trading station where users can view the crypto pair’s technical chart, order book, trade history, and recent fills. It also allows users to place limit orders.

How many coins are supported on Coinbase?

Coinbase currently lists over 150 cryptocurrencies on its platforms. The crypto pairs however are around 450.

What are the fees on Coinbase?

Other crypto exchanges don’t charge as much as Coinbase, and its pricing structure can sometimes be more confusing. Here is a breakdown:

  • On sales and purchases of cryptocurrencies, Coinbase takes a spread. Although prices may change depending on market developments, the company has previously stated that the cost is around 0.5%.
  • Additionally, Coinbase claims that its costs vary depending on “market circumstances such as volatility and liquidity,” the amount of the transaction, and the payment method used.
  • Coinbase charges a fee to cover the price of processing transactions on the outside blockchain networks that underpin the cryptocurrencies it deals in.

Taken together, these elements could make it difficult to predict the costs of Coinbase on its main platform. The company says that before entering into a transaction, it explicitly discloses costs to customers.

Pricing Tier Lessee fees Maker fees
Up to $10,000 0.60% 0.40%
$10,000 – $50,000 0.40% 0.25%
$50,000 – $100,000 0.25% 0.15%
$100,000 – $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%
$400 million or more 0.05% 0.00%
exchange comparison

What services are offered on Coinbase?

Coinbase offers a wide variety of services on its platform to individuals. Merchants looking to accept crypto payments can also benefit from Coinbase services. Here is an exhaustive list that encompasses all the services offered on the platform for people:

  • Buy and sell cryptos
  • Crypto staking (from a limited list)
  • Storing and withdrawing crypto through self-hosted wallets
  • NFT (create, collect and sell)
  • Cards
  • Cryptographic derivative
  • learning cryptography
  • Cryptographic loan
  • Crypto wallets (for Family offices and UHNWI)

Here is a list of services for merchants:

  • Prime Brokerage Platform
  • Accept Crypto Payments
  • Direct Crypto Exchange
  • Access to cryptographic data
  • List of private assets on Coinbase
  • Compliance
  • Venture (fundraising for crypto startups)

Is Coinbase secure?

One of the most trusted cryptocurrency exchanges available today is Coinbase. Money is protected in FDIC-secured accounts, your bank account can be securely connected and used to trade cryptocurrency, and suspicious accounts are blocked to protect user privacy.

Although Coinbase takes many precautions to keep your account and investments as secure as possible, security is ultimately everyone’s responsibility.

The FCA has authorized and regulated Coinbase Payments as an authorized electronic money institution under register number 900635.

Is Coinbase Support Good?

Customer support is another area where Coinbase falls short of the fee. On TrustPilot, the company has a 1.6 out of 5 star rating based on over 7,000 reviews. Most of the reviews were based on poor and slow customer support.

How to open an account on Coinbase – GUIDE

Prepare your documents

  • A government-issued photo ID
  • A computer or smartphone connected to the Internet
  • A phone number connected to your smartphone
  • The latest version of your browser (preferably Chrome) or the latest version of the Coinbase application. If you’re using the Coinbase app, make sure your phone’s operating system is up to date.

Create an account

  1. You will be asked for the following information. Important: Enter accurate and up-to-date information to avoid any issues.
    • Full legal name as it appears on your passport
    • Email address (use one you have access to)
    • Password (remember your password)
    • Your state (we will ask you for proof)
  2. Check the box and click Create an account (computer) or touch REGISTER (mobile) if you agree.
  3. Coinbase will send a verification email to your registered email address.

Check your email

  • In the email from Coinbase.com, click Verify Email Address. The sender of this message will be [email protected]
  • Clicking on the link in the email will take you to Coinbase.com.
  • In order to complete the email verification process, you must log in again using the email address and password you just used.

Pass the KYC by verifying your identity

  • Log in to your Coinbase account.
  • Full Identity Verification
  • Recommended: Set up a two-step verification process (TOTP) to better protect your account

Depending on the country you added during registration, you will have different payment methods to fund your account. Select those available. After this step, you will have a funded account and you will be ready to start trading cryptos.

Check out this official Coinbase page on supported countries.

How to Buy Crypto on Coinbase

Now that you have a funded account on Coinbase, you can start buying crypto. In the following guide, we will try to buy from the web browser.

  1. Login to Coinbase
  2. Go to the Trade tab
  3. Find the cryptocurrency you want to buy
  4. Click the buy button
  5. Choose how much you want to buy
  6. Confirm your purchase

Conclusion

Coinbase is a secure cryptocurrency exchange. It offers a wide variety of cryptocurrencies and services. It is user-friendly and suitable for both beginners and professionals. However, their fees are higher than average and their support can be slow and inefficient.

Responsible trade.

Every serious trader should use Tradingview. Sign up for Tradingview Premium here to get a starting balance of $30 directly.


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