Coinbase review

Coinbase Exchange

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Verdict: Founded in 2012, one of the first mainstream cryptocurrency exchanges. Coinbase offers an easy experience for new or first time traders. They excel at providing a highly accessible platform & are one of the best exchanges for easy fiat onboarding. Local currency wallet allows users to trade in their native Fiat currency. 98% of funds are fully insured & kept in cold storage for greater security.

However, this platform falls short at the fees, offering more than most of their competitors; charging 0.50% spread on top of buy/sell transactions. Spread margin charge of up to 2% on crypto-to-crypto conversions. Additional flat/variable percentage "Coinbase Fee" (explained below). Due to being such a huge exchange (largest in US by trading volume), their support is inconsistent, with a very slow response at times.

Overall, we believe this exchange is great for first time or casual investors alike; offering a highly accessible platform with a good selection of currencies and easy buy/sell process. Whether the convenience is worth the extra fees is up to you to decide, learn more below.

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6.5/10 (Expert Score)
Product is rated as #5 in category Exchange

Founded in 2012, Coinbase was one of the first highly accessible on the market, prioritising ease of use & setting a lot of standards in the process. Although a great choice for first time traders, this exchange charges more fees than most other exchanges; with fees on most parts of the process. Users should expect a spread of 0.50% on all cryptocurrency buy/sell orders. On top of this, an additional "Coinbase Fee"; a flat fee/variable percentage fee determined by region, payment type and product feature.

For example, a $100 purchase of cryptocurrency incurs a flat fee of $2.99, due being greater than the 1.49% variable percentage fee. This is increased to a 3.99% variable percentage fee if purchased via debit card. Total transactions less/equal to $200 are charged 2.99 of your respective currency. Also charges a spread margin of up to 2% on any crypto-to-crypto conversions (e.g: BTC to ETH). Although offering fiat-to-crypto, crypto-to fiat & crypto-to-crypto options, having fees on all of these can quickly add up.

However, this platform is also very secure, with 98% of funds in cold storage and fully insured. It offers a good range of options, with approx. 48 cryptocurrencies to buy, sell and hold; with staking options for ETH2, XTZ, ATOM and more. The local currency wallet allows users to easily make purchases in their native currency, helping to combat any confusion sometimes brought with unfamiliar currency conversions.

Their support is known to be slow & unresponsive at times, with some accounts also hacked in the past; however these could be due to user error, as there have never been any significant security breaches. Whilst their security has come a long way since conception, support remains fairly disappointing. Although if its a straightforward & easy-to-use exchange you're after, Coinbase could be the one; provided you don't mind paying a few extra fees. Learn more about this platform with our pros & cons below.

Fees
1
Supported Currencies
9.5
Reputation
8.5
Security
9
Customer Support
3
PROS:
  • Great for new traders
  • Staking options available
  • 98% of funds in cold storage
  • Supports approx. 48 currencies
  • Accessible via both PC or mobile
  • Straightforward, user friendly interface
  • One of the best for easy fiat onboarding
  • Standard & Pro account options available
  • Offers a great user interface & experience
  • App available on both iOS & Android phones
  • Local currency wallet allows users to trade using their local fiat currency
  • Founded in 2012 & one of the first easily accessible cryptocurrency exchanges
CONS:
  • More fees than most exchanges
  • Somewhat limited in payment methods
  • Below average support & response times
  • Some accounts have been hacked in the past
  • Application can become unresponsive under pressure/high volume
  • Flat/variable percentage "Coinbase Fee" on top of 0.50% spread on buy/sell orders

Specification: Coinbase Exchange

Company & Availability
Headquarters San Francisco
Year of origin 2012
Number of users 43,000,000
Insurance Coverage Pooled
Previously hacked Yes
Eligible regions , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Excluded regions Algeria, Angola, China, Iran, North Korea
KYC
Credit Check No
Savings Information
Withdrawal fees 1%, Standard Network Fees
Features
Anonymity No
Copy Trading Yes
Exchange: Supported cryptocurrencies AAVE, ALGO, ATOM, BAL, BAND, BAT, BCH, BNT, BSV, BTC, CGLD, COMP, CVC, DASH, DNT, EOS, ETC, ETH, FIL, GNT, GRT, KNC, LINK, LOOM, LRC, LTC, MANA, MATIC, MKR, NMR, NU, OMG, OXT, REN, REP, SKL, SNX, SUSHI, UMA, UNI, USDC, WBTC, XLM, XRP, XTZ, YFI, ZEC, ZRX
Social Trading Yes
Supported Apps Android, iOS
Exchange: Supported Fiat Currencies All local currencies (Local Currency Wallet), EUR, GBP, USD
Trading Options Margin Trading
Exchange Fees & Pricing
Spread 0.50%
Funding Fees No fee
Purchase options Credit card, Cryptocurrency, Debit card, Wire Transfer
Trading Fees 1.49% of order value over $200
Asset protection & Insurance
Audited Deloitte
Cold Storage Yes
Company Backing Binance
FDIC insurance FDIC on balances of up to $250,000 per individual wallet
Insured by BitGo

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