Are you ready to invest your hard-earned money in cryptocurrency? You may have heard about the popular digital currency exchange platform Coinbase and are interested in trying it out for yourself.
Coinbase is not only one of the biggest and most secure cryptocurrency exchanges in the world, it also has an incredibly easy-to-use interface that makes buying and selling digital assets a breeze. It supports hundreds of different crypto coins and tokens, so no matter what type of asset you’re interested in investing in, Coinbase has options for you.
But is Coinbase really as great as everyone says? In this review by Crypto Charity, we’ll take a closer look at all aspects of the platform – including fees, security features, customer support, and more – so you can decide whether or not Coinbase is right for your needs. Let’s get started!
The Definitive Coinbase Review: Pros and Cons
Arguably, Coinbase is one of the top cryptocurrency exchanges in the world, offering a wide selection of cryptocurrencies and user-friendly design. It has advanced trading tools for experienced crypto investors, as well as helpful educational content and top-notch security.
What’s Coinbase?
Coinbase is a digital currency exchange and crypto-oriented software solution suite that provides users with the ability to buy, sell, and exchange over 200 tradable cryptocurrencies. Crypto beginners will likely prefer the original Coinbase platform for simple buy and sell orders while more advanced traders can use the Advanced Trade platform. Coinbase also offers hosted checkout pages, payment buttons, invoicing, and multiple e-commerce integrations. It provides a turnkey solution for brokerages, exchanges, and fintechs to offer services.
Company Overview
Coinbase is one of the world’s leading cryptocurrency exchanges, offering users a secure and easy way to buy, sell, and store digital assets. Founded in 2012, Coinbase has grown to support dozens of unique cryptocurrencies and operates with customers in more than 100 countries. Customers trade approximately $159 billion per quarter on the platform.
In addition to its core exchange service, Coinbase offers two other services for businesses and institutional investors. Coinbase Commerce allows businesses to accept payments in cryptocurrency at their stores. Coinbase Custody provides secure cold storage accounts for institutional clients to hold Bitcoin (BTC) and other cryptocurrencies or altcoins. Finally, Coinbase Prime is a trading platform designed specifically for institutional investors. With these three services combined, Coinbase provides a comprehensive suite of products for both retail and institutional customers looking to get involved with cryptocurrency markets.
How Coinbase works
To begin with, Coinbase is a digital currency exchange that allows users to buy, sell, and trade cryptocurrency. It offers an intuitive platform with easy buy-sell orders, higher fees than other platforms, and several payment methods. ACH transfers from a bank account are the most cost-effective option for depositing money into Coinbase. Coinbase also provides a mobile wallet, prepaid credit card, and an affiliate program for advertising partners.
Moreover, Coinbase has several features to make trading easier and more secure. GDAX offers a wide selection of cryptocurrencies for trading and allows users to trade between cryptocurrencies. Coinbase also offers simple and advanced trading options, a debit card to spend crypto and earn rewards, a Coinbase Earn program to earn free crypto, and a crypto staking program. To ensure security of its assets, Coinbase keeps 99% of its assets in offline cold storage and 1% are insured against hackers.
Cons
Coinbase is one of the most popular cryptocurrency exchanges, but it does have some drawbacks. One of the main cons of Coinbase is its fees. For new traders, Coinbase can be quite expensive as it charges a flat fee for each transaction. However, Coinbase Pro and Coinbase Advanced Trade offer cheaper alternatives for more experienced traders. Another downside to using Coinbase is that users do not have full control over their wallet keys. This means that users must withdraw their currency to a personal wallet in order to maintain full control over their funds. Lastly, there is a limited selection of altcoins available on Coinbase compared to other exchanges. This means that if you are looking for a specific altcoin, you may not be able to find it on Coinbase.
Top perks
Coinbase is one of the leading cryptocurrency exchanges available to U.S. investors, offering a wide selection of over 150 types of digital tokens, including major coins such as Bitcoin (BTC). Coinbase also offers customers the opportunity to participate in staking rewards, which generate income from cryptocurrency holdings used to validate transactions. Staking rewards are currently offered on Ethereum and Tezos, with Coinbase taking a commission on any income received.
The perks of using Coinbase for trading cryptocurrencies are numerous. Not only does it offer an extensive selection of digital tokens, but it also allows customers to benefit from staking rewards. This is an excellent way for investors to generate passive income from their cryptocurrency holdings without having to actively trade them. Additionally, Coinbase takes a commission on any income received from staking rewards, making it a secure and reliable platform for investing in cryptocurrencies.
Simple and advanced trading
Coinbase offers two trading tools – simple and advanced. Simple trade has a straightforward design for ease of use, while Advanced Trade is Coinbase’s advanced trading platform, replacing Coinbase Pro in late 2022. Advanced Trade offers enhanced tools like interactive charts powered by TradingView and advanced order types, as well as access to other key features such as staking, Borrow, Card, and dApp Wallet.
Beginners will be interested to know that the simple trade is ideal for those who are just starting out with cryptocurrency trading or want an easy-to-use platform. It allows users to quickly buy and sell cryptocurrencies with a few clicks of the mouse. Advanced Trade is more suitable for experienced traders who need more sophisticated tools to analyze market trends and make informed decisions. It provides access to real-time data from the order book, charting capabilities powered by TradingView, and various order types including limit orders.
Earn free crypto
Coinbase Earn is a great way to get started with cryptocurrency without having to invest any money. Through Coinbase Earn, users can complete educational modules and earn free crypto in return. The modules are designed to be quick and easy to understand, making them a fun way to learn more about different cryptocurrencies. Even though the rewards are small, it’s still a great way to get your feet wet in the world of crypto.
In addition to earning free crypto through educational modules, Coinbase also pays interest on certain stablecoins like USD Coin (USDC). Furthermore, Coinbase allows users to stake certain cryptocurrencies such as Ethereum (ETH) and Solana (SOL) in order to earn rewards. However, eligibility for staking varies depending on your region and the cryptocurrency you want to stake. All in all, Coinbase Earn is an excellent way for anyone interested in getting into crypto without having to spend any money.
Educational content
Coinbase is one of the leading platforms for buying, selling, and storing cryptocurrency. As part of their commitment to helping users understand the world of digital currency, Coinbase offers a wide range of educational resources. From basic introductions to Bitcoin and other cryptocurrencies to detailed tutorials on how to buy and sell coins, Coinbase provides users with the knowledge they need to make informed decisions about their investments.
In addition to providing comprehensive guides on topics such as taxes and security, Coinbase also offers market updates and tips for investors. With these resources, users can stay up-to-date on the latest developments in the cryptocurrency space and make sure that their investments are secure. Coinbase’s library of educational content covers everything from beginner basics to advanced strategies, making it an invaluable resource for anyone interested in learning more about digital currencies.
Mobile app
The Coinbase mobile app is a great way to buy, sell, and manage cryptocurrency on the go! It has high ratings on both the Apple App Store and the Google Play Store, making it an ideal choice for those who plan to do any mobile crypto trading. The app is designed with user-friendliness in mind, so even beginners can use simple tools to buy and sell digital assets. For more experienced traders, Coinbase offers advanced mobile tools to compare, track and trade digital assets.
Overall, Coinbase is a great option for anyone looking to get into cryptocurrency trading. It has a range of features that cater to users of all levels of experience – from beginner traders who just want to buy and sell quickly, to more seasoned investors who need more sophisticated tools. With its high ratings on both iOS and Android platforms, Coinbase is one of the most popular crypto apps for managing digital assets on the go in our opinion.
Crypto rewards
Coinbase offers users a variety of ways to earn crypto rewards. One way is through interest payments on certain stablecoins, such as USD Coin (USDC). Coinbase also allows users to stake certain cryptocurrencies, including Ethereum (ETH) and Solana (SOL), which can yield rewards depending on the region and the cryptocurrency.
The Coinbase Card is another great way for members to earn crypto rewards. This card allows users to spend any asset held in their Coinbase portfolios at physical or online stores. With this card, users can earn up to 4% back in crypto rewards on card transactions, with the highest rate available for Stellar Lumens (XLM). The Coinbase Card can be used at any retailers that accept Visa debit cards and has no annual fee, making it an attractive option for those looking to get rewarded in cryptocurrency.
Coinbase debit card
The Coinbase Card is a great way to get the most out of your cryptocurrency. It’s a prepaid Visa debit card that links directly to your Coinbase account balance, allowing you to spend your crypto anywhere Visa is accepted. Plus, you can earn up to 4% back in crypto rewards on certain purchases. You can choose which crypto you earn from a rotating list of options. There are no spending fees or annual fees associated with the Coinbase Card, making it an attractive option for those looking to make the most of their cryptocurrency holdings.
The Coinbase Card is easy to use and provides users with an extra layer of security when making purchases online or in-store. With its simple setup process and no additional fees, it’s a great way for anyone looking to get more out of their cryptocurrency investments. Plus, with its rotating list of rewards options, users can always find something new and exciting to earn back on their purchases.
Alternatives to consider
Robinhood and Gemini are two of the most popular alternatives for those looking to invest without paying hefty commissions. Robinhood offers commission-free trading on stocks and crypto, while Gemini’s Gemini Earn program offers competitive interest rates on dozens of cryptocurrencies. Our ratings are based on a 5 star scale, with 5 stars being the best. We want your money to work harder for you, so our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
When it comes to investing, it’s important to consider all options available in order to maximize returns and minimize costs. With Robinhood and Gemini, investors can take advantage of commission-free trading or competitive interest rates on cryptocurrencies respectively. Our ratings system is designed to help investors make informed decisions by providing unbiased reviews of each option. Ratings range from 1 star (Poor) to 5 stars (Best), with higher ratings indicating better value for money. By considering all available alternatives, investors can make sure their money works harder for them.
Fees Overview
Coinbase offers two trading tools: Simple Trade and Advanced Trade, each with different fee amounts. For Simple Trade, a variable percentage fee of just under 1.5% is charged on trades of $205 or more, while a flat fee is charged on smaller trades. Coinbase also charges a fee of $0.99 for transactions of $10 or less and $2.99 for transactions over $50. Additional fees may apply for certain payment methods such as debit cards and PayPal.
Advanced Trade uses a tiered fee table based on trading volume, with a maker-taker model. Fees include a spread-based fee of 0.50%, 1.49% for bank accounts and USD wallets, 3.99% for debit/credit cards, free ACH transfers, $10 incoming and $25 outgoing wire transfers, and 2% crypto conversion fees. Additionally, Coinbase charges a fixed fee for trades up to $200 and a percentage-based fee for trades above $200;
How Coinbase fees work
Firstly, bear in mind the Coinbase cryptocurrency exchange offers investors access to over 150 different digital currencies! Coinbase is constantly adding new coins to its platform, so investors can stay up-to-date with the latest trends in the crypto market. When it comes to fees, Coinbase charges a 1.49% fee for buying crypto from a USD wallet. ACH transfers to Coinbase are free, while wire transfers cost $10 ($25 outgoing). PayPal deposits incur a 2.5% fee.
Overall, when we talk about fees Coinbase provides an easy and convenient way for investors to buy and sell cryptocurrencies. Moreover, quickly and securely! The fees are relatively low compared to other exchanges, making it an attractive option for those looking to get into the crypto market without breaking the bank. With its wide selection of coins and competitive fees, Coinbase is one of the best places for investors to start their journey into the world of digital currencies.
Customer Service
Coinbase is a self-service platform, meaning that customers are largely responsible for managing their own accounts. However, Coinbase does offer customer service options to help users with any issues they may have. These include the Coinbase help page, emailed support tickets, an automated phone system, and a chatbot. Unfortunately, many users have difficulty reaching a human for assistance when needed.
Fortunately, Coinbase offers excellent customer service through live chat, Twitter, email and phone. Customers can fill out a contact form to raise a support ticket and get in touch with Coinbase Support if they need immediate assistance or if their account is suspected of being compromised. Additionally, the automated phone system is available 24/7 to provide customers with quick answers to common questions about their accounts. All in all, Crypto Charity found that Coinbase provides helpful customer service options for its users.
Customer Satisfaction
Coinbase is one of the most popular cryptocurrency exchanges, but it has been receiving a lot of negative feedback from customers. Many customers have reported poor customer service experiences with Coinbase, including lost funds and frozen accounts. Thousands of complaints have been filed with the Commodity Futures Trading Commission and Consumer Financial Protection Bureau. The company’s Trustpilot rating is only 1.6 stars, with most complaints focusing on customer service issues.
Coinbase is primarily a self-service platform, so there are limited customer service options available to users. These include the Coinbase help page, emailed support tickets, an automated phone system, and a chatbot. Unfortunately, it can be difficult to reach a human for assistance on Coinbase due to its lack of dedicated customer service personnel. This has led to many frustrated customers who feel that their concerns are not being addressed in a timely manner or at all.
Account Management
Coinbase allows users to view and manage their accounts at any time. With the Coinbase website and mobile app, users can easily view their portfolio balance or enter a trade. The mobile app provides access to manage crypto on the go, making it easy for users to stay up-to-date with their investments.
Coinbase offers two account types: Standard and Pro. Standard accounts are easy to use and offer few trading tools, while Pro accounts provide access to advanced charting, technical analysis, various order types, and other tools. For those looking for even more features, Coinbase Advanced Trade offers the same features as Pro with no additional fees plus rewards for staking crypto and the ability to use a Coinbase Card. With these options available, Coinbase makes it easy for users of all levels to find an account that fits their needs.
Coinbase is right for you if:
Coinbase is a great choice for those looking to get involved in the world of cryptocurrency. The platform offers a top-notch trading experience, with an easy-to-use mobile app and access to over 170 different virtual assets. New users can take advantage of Coinbase’s educational resources, which provide helpful information on how to buy and sell crypto. Additionally, Coinbase offers opportunities to earn free crypto through its Earn program.
For businesses and institutions, Coinbase provides a range of investment options such as crypto storage and commerce services. However, it should be noted that the platform does not offer margin trading or a wide selection of staking options. Nevertheless, Coinbase remains one of the most popular exchanges for buying and selling cryptocurrencies due to its user-friendly interface and comprehensive security measures.
Crypto Charity’s Verdict on Coinbase
Overall, Coinbase is a reliable and secure cryptocurrency exchange that offers users a wide range of features. The opinion of Crypto Charity is it has an easy-to-use platform with two account types to choose from, making it suitable for both beginner and advanced traders. Coinbase also offers competitive fees and a variety of coins to trade, making it one of the most popular exchanges in the world. However, its customer service options are limited, which can be frustrating for some users. When compared to other cryptocurrency companies, Coinbase is still one of the best options available due to its security measures and user-friendly interface in our honest opinion.
