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If you are searching for an exceptional platform where you can buy, sell, store, or transfer crypto, look no further than Coinbase. This infamous exchange operates in 100+ countries, including the US, Canada, South Korea, and the UK. It offers 260+ digital assets and over 300 trading pairs. By 2023, this platform had over 56 million verified users.
But why should you choose Coinbase? Well, for starters, this exchange is licensed and regulated by multiple authorities, including the Canadian Securities Administration (CSA), the Tennessee Department of Financial Institutions, and the Financial Conduct Authority (FCA).
We opened an account with this exchange and used it to evaluate different aspects, including the availed assets and supported payment methods. We’ve discussed what we discovered in this Coinbase review.
In This Guide
Why Coinbase
We consider Coinbase one of the best crypto exchanges today because it’s licensed by tier-1 bodies like the FCA. Moreover, it has a rich selection of digital assets and prioritizes investor protection and security. However, Coinbase also has its fair share of shortcomings, just like every other exchange.
Here’s a list of the Coinbase pros and cons we discovered during our evaluation.
Coinbase
✔Available in 100+ countries
✔Zero staking and unstaking fees
Pros & Cons
Pros
- Available in 100+ countries
- Regulated by tier-1 authorized in most countries, including the FCA in the UK and the CSA in Canada
- A broad range of supported payment methods, including debit cards, ACH, wire transfers, and digital wallets like Google Pay and Apple Pay
- Simple, user-friendly interface
- Reasonable exchange fees starting from 0.05%
- Zero staking and unstaking fees
Cons
- No supported assets besides cryptos and NFTs
- High staking yield commissions
- Credit cards are no longer available for payments
Cryptocurrencies Available
Coinbase makes it easy for traders and investors to buy, sell, store, and transfer crypto. The entire platform supports hundreds of crypto assets. Coinbase Prime alone offers over 260 digital assets and 300+ trading pairs to its users. On the other hand, Coinbase Custody boasts over 425 cryptos. Some of the popular digital currencies on Coinbase include:
- Bitcoin
- Ethereum
- Dogecoin
- Cardano
- XRP
- Tether
- USDC
- Solana
- Polkadot
- Avalanche
Security
Coinbase is one of the most secure exchanges today. This company adheres to stringent conditions mandated by different licensing and regulatory bodies, including the Nevada Department of Business and Industry, the North Dakota Department of Financial Institutions, and the Tennessee Department of Financial Institutions. Also, the FCA recently issued an e-money license to Coinbase. That means Coinbase is authorized to operate in the UK as an e-money payment service provider.
Several additional aspects make the Coinbase platform secure. For starters, the site uses SSL encryption to secure all traffic between the company’s web servers and customer devices. Moreover, the company uses continuous monitoring to identify cybersecurity issues before they aggravate and protect its customers from bad actors.
When it comes to securing customer assets, Coinbase uses highly secure cold storage facilities. Additionally, this exchange platform protects its systems and your assets with world-class security practices. We can’t forget that Coinbase offers its clients a wide array of tools to optimize their account security and safety, including password protection, biometric authentication, and 2FA.
Last but not least, Coinbase allows you to enhance the security of your assets using Coinbase Vault. This free storage option secures your investments with extra safety measures like time locks and mandatory two-factor authentication.
Fees
Opening and maintaining a Coinbase account is free. You can fund your account and withdraw money using a variety of payment methods, including wire transfers, debit/credit cards, and digital wallets like Apple Pay.
While using FIAT, you may have to pay deposit and withdrawal fees depending on your chosen payment method. ACH transactions are free. But alternatives like wire transfers attract $10 and $25 deposit and withdrawal fees, respectively. That said, you can buy as little as $2 of crypto using a card or funds in your account.
Expect to pay specific fees when you purchase, convert, or sell crypto on Coinbase. Your charges will depend on numerous factors, including the order size, your preferred payment method, and market conditions. For instance, if you place an order at a stipulated market price and it is fulfilled immediately, this exchange will charge you anywhere from 0.05% to 0.60%.
If you place standard buy and sell orders on Coinbase, the platform will include a spread in the specified price. You will also encounter a spread when converting one crypto asset to another. To avoid spreads, join Coinbase Advanced, which is an advanced platform for seasoned traders.
Depending on your jurisdiction, you may stake crypto on Coinbase at no additional costs. However, the exchange will deduct a commission based on your accrued rewards and the involved asset. The standard commission for ADA, SOL, DOT, ATOM, XTZ, and MATIC is 35%. Eligible Coinbase One members can enjoy a commission of 26.3% for the same assets. On the other hand, ETH attracts a 25% commission.
Lastly, Coinbase charges asset recovery fees. If you send an unsupported asset to your Coinbase account, you may try to recover it. If it’s eligible for recovery, the exchange will charge a network fee. If the recovery is over $100, expect to pay a 5% fee. But if it’s less than $100, you won’t have to pay a dime.
Payment Methods
l transactions are made by you. With a bank transfer payment method, you will pay $10 for incoming transactions and $25 for outgoing transactions.
Depending on your country of origin, you can use different payment methods to deposit/withdraw funds or buy assets on Coinbase. For instance, if you’re from the US, you can use ACH bank transfer, a debit card, a gift card, wire transfer, Apple Pay, or Google Pay. On the other hand, people from the UK have options like 3D Secure Card, easy bank transfer, instant VISA card cashouts, PayPal, and Apple Pay. Check your region’s supported payment methods with Coinbase.
Let’s explore popular payment methods on Coinbase and what they offer:
- Debit cards
You can add your debit to your Coinbase account and use it to purchase crypto or NFTs. And if you have a Mastercard send of Visa Fast-Funds enabled debit card, you can use it to make instant cashouts. Note that Instant Card Cashout is only available in the UK and the EU. Also, it attracts a transaction fee of up to 2% every time you use it.
We strongly recommend using a debit card on Coinbase since it eliminates the need to fund your account before purchasing an asset.
- Bank account
You can link your bank account to your Coinbase account and do several things. First, after linking the two, you top up your Coinbase balance using your bank account. Or, you can use the linked bank account to purchase assets directly. Additionally, after connecting a bank account to your Coinbase account, you can use it to cash out.
If you want to enjoy higher transaction limits, consider linking your bank and Coinbase accounts. For instance, using your bank account for ACH transfers will allow you to withdraw up to $100,000 a day. However, note that wire transfers attract a $10 and $25 deposit and withdrawal fee, respectively.
- Digital wallets
Coinbase supports various digital wallets, including PayPal, Apple Pay, and Google Pay. You can link any of these payment methods through your Coinbase account’s settings. But note that you have to add a debit or credit card to use Apple Pay or Google Pay for Coinbase transactions. Moreover, these wallets are best suited for small investments.
- Gift cards
If you have an existing Coinbase gift card, you can use it to buy crypto on Coinbase. But this option is exclusively for US card holders. Moreover, you can’t buy Coinbase gift cards at the moment since this exchange doesn’t support it. Fortunately, the company promises to honor all existing gift card balances. Lasty, you can’t do a partial redemption on any gift card. And if your card has insufficient funds to make a direct purchase, you may have to add another payment method.
Customer Service
Coinbase has dedicated several customer support channels. You can call or email Coinbase whenever you have a question, complaint, or concern. This company’s support team attends to customers 24/7, so you can contact them at any hour of the day or night. Depending on the number of inquiries, Coinbase’s attendants may respond instantly or within a short while.
If you have a non-urgent issue or would like to get answers without contacting support, visit the Coinbase FAQs page. Various informative articles have been published here. They cover important topics like how to verify your identity, troubleshoot problematic crypto purchases, and top up your account balance. Try finding answers to your questions on this page.
How to Open a Coinbase Account
Coinbase adheres to stringent KYC laws. Therefore, expect the exchange to request your personal information and supporting documents while you’re signing up. Ensure you submit accurate and verifiable details to avoid getting kicked off the platform. And remember that the info you provide also plays an indispensable role in protecting you from fraudulent activities perpetuated by cybercriminals.
Considering the above, you can open a Coinbase account by doing the following:
Step 1: Visit the Coinbase official site
Step 2: Open a new account
Step 3: Share the required verification documents
Step 4: Link a payment method
Step 5: Trade
Go to the official Coinbase webpage to sign up. But before you start the registration process, examine the platform. Does it have what you need, from your favorite assets to friendly fees? If yes, proceed to the next step or download the app.
Click “Sign Up” and choose your account type from the available options: individual and business. If you want to open an account you can use to trade, receive, or send crypto, select “Individual. “Enter your full name as it appears on your ID. Then, submit a valid email address and create a strong password that no one can guess easily. Read the company’s User Agreement and Privacy Policy documents. If you have no qualms, check the box to agree and click “Create a free account.”
You will receive a verification email with a link. Click it. You will be redirected to the Coinbase website. Once you’re there, use the email and password you submitted to log into your account and finalize the verification process. Then, choose your preferred identification method and submit the required information. That includes your legal name, date of birth, address, ID number, gender, source of funds, and employment status.
Wait for Coinbase to review your application. The company’s team will email you further instructions. Essentially, you’ll need to verify your identity with a valid government-issued ID and proof of address documents like utility bills to access services. The verification process should take between 10 minutes to a couple of hours; be patient.
Link a supported payment method like a valid bank account or debit card. Or, visit your account, select “My assets,” and click on the button for adding cash. Finally, pick your preferred payment method, specify the amount, and initiate the transaction. The funds should reflect on your account balance almost instantly.
With your account verified and funded, you can dive into live trading and investing. Just choose the right crypto and get going. Consider market capitalization, liquidity, and trading volume when selecting an asset. Don’t forget to diversify your portfolio and manage risk exposure with tools like stop-loss.
Final Thoughts
Coinbase has been up and running for over 22 years and is now a favorite for millions of crypto enthusiasts. Our Coinbase exchange review has discussed this platform’s ins and outs, so you now have a rough image of what to expect from it.
But before signing up with Coinbase, ensure you have a good grasp of this exchange, especially its strengths and weaknesses. We highly recommend getting insights from past user reviews and testimonials. That is the key to discovering more about Coinbase and making informed decisions.
Invezty Rating:
✔Available in 100+ countries
✔Zero staking and unstaking fees
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