2018 Coinbase Review: What Nobody Seems to be Telling You About Coinbase

coinbase Most Coinbase.com reviews have rated this platform as one of the world’s largest Bitcoin exchange.

The platform, based out of San Francisco was first launched in 2012, and by 2013, it was the highest traded Bitcoin startup and had become the world’s most preferred exchange platform.

Coinbase operates in 32 countries around the world, and to date, has drawn in about $40 billion in exchange transactions from its 20 million customers. The exchange allows users to buy and sell some of the most popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

The platform also provides merchant and wallet services, which gives users a one-stop shop for all their cryptocurrency-related needs.

What Coins are Available on Coinbase?

Coinbase contains:

  • Bitcoin
  • Litecoin
  • Ethereum
  • Bitcoin Cash
  • Ethereum Classic

Is Coinbase Safe?

Being one of the most widely used exchanges, this is a common question amongst cryptocurrency users, and fortunately, the answer is, yes, it is.

Coinbase is safe to use, and is backed up by several trusted investors.

Furthermore, the exchange has a clear policy about separating business funds from their customer’s funds. All digital assets belonging to customers are maintained in custodian bank accounts and, in addition to this, 98% of customers’ assets through the funds are held securely in safe offline storage facilities.

How Can I Start Using Coinbase?

Signup: First, you will need to create an account on Coinbase by providing your name, email address, and a password. After submitting this, you will then be required to confirm your email address and personal ID.

Coinbase pays very close attention to their ID verification process; therefore, it is important that you make sure to abide by their rules.

In case you are having trouble with verifying your ID, the process of this is well-explained in the following video.

Once that is done and your account has been verified, you will be directed to the start-up page to confirm the type of account you wish to create: either a business or an individual account.

The next step will be to verify your phone number, which will allow you to set up a two-factor authentication key for even more account security.

Payment Mode: Here, you will have the option to choose from the two available payment options: either credit card payment or a direct bank transfer. To verify that the bank transfer payment mode is successful, Coinbase may initially trigger one or two small transactions to and from your account.

For payments made by credit card, a photo of the card will need to be submitted for approval before any transactions can be made.

Start Trading: Once you have added funds to your Coinbase wallet, you will then be able to start making transactions on the platform. However, before executing any transactions, Coinbase will provide you with the details about their service fees, as well as the number of coins that are to be received or sent.

Once the details are confirmed, any coins purchased will be sent directly to your Coinbase wallet.

How To Execute Transactions On Coinbase?

Sending and receiving coins on Coinbase is easy. For you to send coins, simply navigate your way to the “Send” icon in your account, then select the wallet you wish to send coins from. Lastly, enter the amount you wish to send, as well as the recipients’ public wallet key, and click send.

On the other hand, receiving funds is equally simple. First, you will need to go to the ‘Accounts’ tab and select the wallet that you want your funds deposited into. Then, click on the receive icon, and you will be given the address to your selected wallet, which senders can use to send you funds.

What Are The Fees For Using Coinbase?

Coinbase does not charge any fees for using their wallet. However, transfers to anywhere outside the wallet are subject to network fees. For example, US customers are charged a base rate of 4% per transaction.

Here is a breakdown of Coinbase’s service fees:

Payment Method Rate of Conversion Fee
Coinbase USD Wallet 1.49%
US Bank Account 1.49% with $0.15 as the minimum
Debit Card 3.99%

 

USD Deposit Method Fee
Wire transfer $10 ($25 outgoing)
ACH Free

Does Coinbase Have Transfer Limits?

Coinbase has weekly limits for buying and selling coins on its platform. However, this limit varies depending on the type of account and the information provided.

The number of purchases, as well as the verified personal information, are both key factors that Coinbase looks at when setting their buying, and selling limits.

However, your weekly limits can be increased when you:

  • Verify your phone number
  • Provide all required personal information
  • Provide photo identification

Finally, you will need to start establishing your buying history by making transactions on the platform.

Is Coinbase Supported in My Country?

Coinbase currently provides its services across 32 countries worldwide:

United Kingdom, United States, Singapore, Canada, Switzerland, Sweden, Spain, Slovenia, Slovakia, San Marino, Romania, Portugal, Poland, Netherlands, Malta, Norway, Monaco, Liechtenstein, Latvia, Italy, Ireland, Hungary, Greece, Austria, France, Finland, Czech Republic, Cyprus, Croatia, Bulgaria, and Belgium.

How Soon Will My Funds Be Available After Transacting?

Essentially, Coinbase will display funds as soon as the payment is received. However, time variations may occur due to the transaction time needed by certain payment providers.

All purchases made using credit cards and US wallets are instant. However, bank transfer transactions may take between three to five days to complete. Once cleared, your funds should appear in your account before the end of the estimated time period.

Coinbase Customer Support

Coinbase offers active customer support as well as detailed online support materials containing a range of FAQs and guides.

Waiting times for customer support vary depending on the amount of traffic at certain times. However, responses typically take between one and three days.

Because of this, the platform has received mixed customer support ratings reflecting the growth of its user base. Regardless, slower response times are almost to be expected from a platform that serves more than 20 million users around the world.

Coinbase vs. Coinbase Pro (formerly GDAX)

In 2018, Coinbase rebranded its exchange element to GDAX, which came to be known as Coinbase Pro. The rebranding was expected to help distinguish between the exchange platform and other consumer platforms.

If you use GDAX as your buying platform, you may have noticed that you end up avoiding Coinbase’s service fees when sending a bank transfer to Coinbase and also when you’re using Coinbase Pro to buy coins.

When you become a Coinbase user, you automatically get a Coinbase Pro account, which can be accessed with the same login credentials.

More advanced traders might be inclined to use Coinbase Pro more often, since it provides more than just market fluctuations.

The platform also offers real-time order books, charting tools, as well as trading histories.

In addition, Coinbase Pro provides a more intuitive interface, which allows users to start trading on the platform as soon as they are logged in.

Coinbase Custody

Coinbase offers a custody program for crypto-assets belonging to institutions and charges an initial setup fee of $100,000, with a minimum holding of $10 million. The program is aimed at hedge funds, banks, and other financial institutions that need require this type of service.

Despite still being a new, the program has already netted its first client. The service is the first of its kind, and offers security and insurance for large financial firms and their cryptocurrency assets.

Coinbase and Paradex

Coinbase recently acquired Paradex, a decentralized exchange platform that deals in Ethereum ERC20 tokens. The plan is to eventually integrate some of these coins into their platform to provide users with a wider range cryptocurrencies to trade.

The move to acquire Paradex was well received in the community, and more so by those whose coins will eventually be listed on the popular exchange platform.

Features

  • The exchange takes security very seriously and has built a reputation for being one of the most trusted exchanges in the cryptocurrency market today.
  • Coinbase stores most of the digital assets held on its platform in secure offline storage (cold storage).
  • The exchange usesa vault protection feature for added security by incorporating time-delayed withdrawals.
  • Coinbase offers easy-to-use mobile applications for Android and iOS users.
  • Users of this exchange can schedule recurring buys daily, weekly, or yearly to help them invest slowly over time.

Our Rating of Coinbase Exchange Review

Ease of use – 5.0/5.0 stars

Fees – 4.5/5.0 stars

Reputation – 4.5/5.0 stars

Payment methods – 4.5/5.0 stars

Customer support – 4.0/5.0 stars

Overall rating – 4.5/5.0 stars

Reason for the Rating

Coinbase has a very easy to use platform andis great for beginners, as well as more advanced cryptocurrency users.

Compared to some of the other popular exchanges, the fees on Coinbase can be considered relatively modest.

When it comes to its reputation, most Coinbase reviews describe the platform as one of the most reputable exchanges in the world. Their insurance coverage and their high-level security features have contributed significantly toward building its good reputation.

With the platform offering two of the most widely used forms of payment (bank transfers and credit card payments),  they certainly cater to a large majority of cryptocurrency users in the world.

As we’ve mentioned, Coinbase’s customer support is not the best in the industry; however, the only major issue relates to their response time.

Pros

  • Very reliable
  • FDIC insured
  • Very secure
  • Accepts credit cards
  • Easy to use
  • Enjoys numerous positive Coinbase app reviews

Cons

  • During busy times, the customer support response could be slow
  • Only offers a limited number of reputable cryptocurrencies

Conclusion

Coinbase is not perfect; however, it does offer a practical and easy-to-use exchange platform for the buying and selling of digital assets. As with any exchange, any digital currency purchased on Coinbase eventually needs to be transferred to your personal wallet. And fortunately, Coinbase encourages just that!

Furthermore, the platform maintains 98% of its digital assets in offline or cold storage facilities to prevent any threats to their user’s cyber security.

Overall, this is a great exchange and allows users to dip their toes into the crypto space and get familiar with the way things work.

Of course, this Coinbase review would not be complete without your thoughts about Coinbase. Share your thoughts and feel free to leave a comment below.

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