Coinbase Review

Coinbase is a well-known cryptocurrency exchange that simplifies the purchasing, selling, and trading of digital assets. Coinbase makes purchasing bitcoin just as simple as purchasing stocks through an online brokerage; however, users should be aware of Coinbase’s high fees and subpar customer service.

Pros

• Simple to use, making it ideal for those new to cryptocurrency

• Support for a diverse range of digital currencies and tokens

• Possibilities for the acquisition of cryptocurrency

• Coinbase Pro customers can take advantage of lower pricing.

Cons

• The possibility of very high transaction fees

• Concerns regarding service to customers

• Lack of access to trade many alternative cryptocurrencies

Take Ways

• Coinbase provides a risk-free environment for buying, selling, and trading cryptocurrency.

• Coinbase supports a wide variety of monetary systems, including Bitcoin and Ethereum, among others.

• The primary platform that Coinbase offers, Coinbase, has a user interface that is user-friendly for beginners.

• Through Coinbase Pro, any user of Coinbase can gain access to lower fees and additional features.

The Positives Exposed

Coinbase’s main website and mobile app are both very simple to use, and as a result, they make it possible to buy, sell, and trade cryptocurrencies in a hurry. This feature is great for people who are just starting out with cryptocurrencies.

• Support for a wide variety of digital currencies: As of this writing, Coinbase allows users to trade in over one hundred different cryptocurrencies, and that number continues to grow on a consistent basis.

• Possibilities to acquire cryptocurrency, such as gaining interest on eligible balances or acquiring a fractional portion of a new currency by means of Coinbase Earn.

• Coinbase Pro now has lower pricing: Any user can make the switch to Coinbase Pro, an active trading platform that has more features and lower fees.

Defining the Drawbacks

• Expensive transaction fees Transaction fees on the primary Coinbase platform are frequently among the most expensive in the industry.

• Problems with customer service Coinbase receives low marks for its customer service, even in the event of serious account security issues.

• Coinbase supports a sizable number of cryptocurrencies, but a significant number of alternative cryptocurrencies cannot be traded on the platform.

Introduction

Coinbase is a platform for trading cryptocurrencies and investing in digital assets that gives users the ability to buy, sell, and trade over one hundred different tradable cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. Coinbase is a massive company with over 98 million customers and over $256 billion worth of assets stored on its platform.

For straightforward buy and sell orders, the original Coinbase platform is likely to be the one that novice users gravitate toward. Through Coinbase Pro, which is accessible to all Coinbase users, more experienced users can gain access to additional features and order types.

Because of their potential for high levels of risk and volatility, cryptocurrencies do not appeal to the same types of investors as other asset classes. However, if you are interested in cryptocurrencies, Coinbase is a great option that is suitable for both cryptocurrency novices and seasoned investors alike.

An Overview of the Company

Coinbase, which allows users to send and receive Bitcoin, was established in the year 2012. The business has expanded to support dozens of different cryptocurrencies and now has more than 4,900 employees in locations all over the world. Coinbase is a decentralised company, meaning that it does not have a central office.

Coinbase serves customers in more than one hundred countries, and quarterly customer trade volume is close to three hundred and nine billion dollars. The robust cryptocurrency ecosystem that Coinbase manages and maintains is supported by 13,000 different financial institutions.

Coinbase operates not one but two distinct trading platforms in addition to a cryptocurrency wallet service that operates independently. You should be able to find everything you require to launch, manage, and maintain a cryptocurrency portfolio or trading strategy within the suite of products that Coinbase offers.

Coinbase’s Supplied List of Available Cryptocurrencies

Coinbase currently supports the trading of over 100 different cryptocurrencies and adds support for new coins on a consistent basis. Since there are too many to list here, let’s take a quick look at some of the most popular currencies that can be purchased through Coinbase:

• What is Bitcoin? (BTC)

• Ethereum (ETH)

• Cardano (ADA)

• Solana (SOL)

• Polkadot (DOT)

• US Dollar Coin (USDC)

• Dogecoin (DOGE)

• Uniswap (UNI)

• Litecoin (LTC)

• Shiba Inu (SHIB)

• Algorand (ALGO)

• Stellar Lumens (XLM)

• Polygon (MATIC)

• DAI (DAI)

• SushiSwap (SUSHI)

Exchanging One’s Knowledge

As was just mentioned, the company operates not one but two distinct platforms, which are known respectively as Coinbase and Coinbase Pro. Each one gives you the ability to buy, sell, and trade cryptocurrencies, but each one also has its own set of features.

Coinbase

Trading on Coinbase is user-friendly and simple to understand for anyone who has a fundamental understanding of computers. Coinbase can be accessed via mobile devices running Android and iOS as well as via the internet. If you have ever traded stocks using an online brokerage, you will find that the experience is somewhat comparable to what you will find here.

You are able to view your Coinbase portfolio on the main dashboard, and you are never more than a couple of clicks away from a screen that allows you to buy and sell currency.

The cryptocurrency markets are open around the clock, so if you want to make a trade at any time, you simply need to log in. You can make purchases using funds that are already in your account or directly through a bank account or card that is connected to your account. Depending on the method that you use to pay for your cryptocurrency purchase, you may be subject to additional fees. The funds from your purchases are immediately deposited into your account; however, before you can make a withdrawal, you may be required to wait until your deposit has been fully processed.

Coinbase Professional

Coinbase Pro may sound like it was designed specifically for experienced traders, but in reality, anyone who has a Coinbase account can access and use the professional version of the platform. It provides you with additional trade types, the most notable of which are limit and stop orders, neither of which are available on the primary Coinbase platform.

Fees

Coinbase is not transparent about its prices and fees, and the company just recently removed its complete fee schedule from the online help section of its website. However, the costs associated with entering a trade are displayed on the trade screen, so you are aware of what you will be paying prior to entering a trade.

Security

Coinbase employs the most advanced security practises in the business in order to safeguard the assets and deposits of its users. Having said that, there are always some risks involved when using cryptocurrency, which is why it is essential to adhere to online best practises in order to keep your account information secure.

It is important to note that 98% of customer assets are kept offline using cold storage in a network of safe deposit boxes around the world. These offline storage locations are supported by digital and paper backups. The website’s encryption and security measures are on par with those used by banks. In addition, two-factor authentication, a measure that helps prevent other people from logging into your account unless they have physical access to your phone, must be used for all accounts. This requirement applies to all accounts.

Despite the robust security measures that were implemented, thousands of users have fallen prey to hackers and scams that have resulted in the depletion of their accounts. In order to avoid losses of this nature on financial websites like Coinbase, it is imperative to make use of passwords that are both unique and random. Keep in mind that if someone has access to your email or phone, they may be able to access your account. Because of this, you should always keep your email and phone secure.

Creating an Account with Coinbase

The process of signing up for Coinbase is one that is comparable to opening a new online bank or brokerage account in terms of how simple and quick it is. For the purpose of opening a fully verified account, you will be required to enter your personal contact information, including your Social Security number.

In order to verify that you are who you claim to be, new account holders are required to upload a photo of a valid form of identification issued by the government. You should take this as evidence that Coinbase may track your transactions for tax reporting and other regulatory reasons. If you’ve heard that cryptocurrency is anonymous, you should take this as evidence that Coinbase may track your transactions.

After you have created your Coinbase account and had your information verified, you will be able to buy and sell cryptocurrency up to the limits that are associated with your Coinbase account.

Assistance to Customers

Customer service is one of the most significant issues users have with Coinbase. Because it is extremely difficult to get in touch with a real person at Coinbase for any kind of assistance, you should primarily consider it to be a self-service platform.

The Coinbase help page, emailed support tickets, an automated phone system, and a chatbot are the customer service options that are officially supported by the company.

Satisfaction of the Customer

When everything works out the way it should, you will most likely find that you are a satisfied customer. However, there are times when things do not go according to plan, and reviews from customers indicate that they had negative experiences with customer service and received little assistance in navigating scams, hacked accounts, and locked accounts.

For instance, Coinbase has a rating of only 1.7 stars out of a possible 5 on Trustpilot, despite having over 7,000 customer reviews. The majority of complaints centre on issues relating to customer service, specifically lost funds and frozen accounts. Customers on other rating sites posted complaints that were very similar.

Coinbase is not immune to the issue that appears to be affecting the majority of its competitors in the industry. In point of fact, thousands of complaints were filed with the Commodity Futures Trading Commission and the Consumer Financial Protection Bureau, and many former users claim they have been left with little to no support after losing funds due to hacked accounts. These complaints were submitted to the agencies.

Management of Client Accounts

Coinbase’s website and mobile app both provide you with the ability to access and manage your account whenever you like. You are never too far away from checking the current balance of your portfolio or making a trade:

The mobile app has everything you require in order to manage your cryptocurrency holdings while you are on the go, including the following:

How Coinbase Stacks Up Against Competitors in the Cryptocurrency Industry

New players are entering the cryptocurrency market at a rapid rate, which is constantly evolving. You also have the choice to manage your cryptocurrency holdings independently, without using a major centralised exchange such as Coinbase. Gemini, Binance, KuCoin, FTX, Kraken, and a great many other companies are among the most significant rivals of Coinbase.

Coinbase Competes Against Gemini

Gemini is one of Coinbase’s direct competitors, making it one of the most direct competitors. The following is a side-by-side comparison:

• Spread pricing is available on Coinbase, and Gemini has fixed fees.

• Both of these companies are based in the United States and work together with regulatory agencies in the United States, specifically FinCEN (Financial Crimes Enforcement Network).

• The Coinbase and Coinbase Pro platforms are analogous to Gemini’s Gemini and ActiveTrader offerings, respectively.

Aside from the user interface, the most notable differences are found in the different currencies that are supported and the opportunities to profit from your cryptocurrency account. Coinbase gives users the opportunity to earn a bonus of up to 5.75% on select cryptocurrencies. Gemini offers interest on almost all of the currencies it supports, with rates reaching up to 8.05%.

Check out the comprehensive review of Gemini if you are thinking about opening an account there instead of or in addition to a Coinbase account. Gemini is a cryptocurrency trading platform.

FINAL VERDICT

Coinbase is widely considered to be the best platform available for buying, selling, storing, and exchanging cryptocurrency. It is especially helpful for people who are new to cryptocurrency and are looking for a straightforward method of buying and selling cryptocurrency without having to deal with the complexities of using external wallets and decentralised exchanges.

The pricing structure and customer service offered by Coinbase are two of the company’s most significant drawbacks. If you are able to take care of your account on your own and are willing to pay the fees, Coinbase is an excellent option for anyone who is interested in getting involved with cryptocurrency.