For this reason, many exchange platforms have been developed to handle this specific cryptocurrency. The largest one to date is Coinbase, a service that has now expanded to over 30 different countries around the world.
The platform is frequently recommended for first-time users and novices who are looking to start trading cryptocurrency. In this Coinbase Wallet review, you will see why this is, as well as why it is so widely used and renowned.
What Is Coinbase?
Coinbase is a cryptocurrency exchange platform that was developed back in 2012. Within a year, it had grown to become one of the biggest services of its kind in the entire world.
Based out of San Francisco, CA, the company has also developed other cryptocurrency exchange platforms, including the advanced trading platform Coinbase Pro or GDAX.
Currently, Coinbase makes transactions for Bitcoin, Litecoin, and Ethereum users. Because of its international reach, the platform is now considered one of the cornerstones in Blockchain marketing.
Account and User Interface
Creating a user account requires nothing more than your name, e-mail address, and a password. Then, once that is done, you will be able to choose between a personal account or a business account.
The interface itself is rather easy to navigate. And, once you have logged in, you will have access to your dashboard, which tracks the current price of three different currencies: Bitcoin, Ethereum, and Litecoin. The data is presented in the form of a graph, which can be updated and customized through different settings.
Another benefit of using Coinbase is that it does not solely operate on desktop computers. It is also available as a mobile app, which lets you track your account and make transactions from a smartphone or tablet.
The mobile version is very similar to the web application, with the only major changes being touchscreen navigation. To learn more about the mobile version, check out the following video:
Buying and Selling
When you click on the buy/sell option, you will be taken to a page separate from your account’s home screen. There, you will have the option to choose the type of currency, as well as the method of transaction that you wish to make.
Coinbase has also set up a weekly limit alert, which helps you keep track of when you are overstepping your budget. This is particularly useful for new users, since it can sometimes be easy to get excited and overspend by accident.
After selecting your transaction, you will be able to check on the deposit account, as well as the estimated waiting time it will take for the transaction to go through. Also, you will be able to see the total amount of your transaction, which will include a fixed fee and your deposit.
For the Coinbase Bitcoin wallet, there is a fixed service fee that varies depending on your selected transaction method. Unfortunately, it is practically impossible to deposit or withdraw funds from Coinbase without paying these fees.
The fee for making deposits vary based on ones country of locus, however, they can typically range from 1.49% to 3.99%. You can either use your debit or credit card to make transactions.
Fiat currencies listed on Coinbase range from more than 30 different countries, including Australia, Europe, Canada, and the US. However, you can also use your debit or credit card accounts, however, this may require a photo ID.
A common Coinbase Bitcoin review question is whether the platform is safe to use since Bitcoin and cryptocurrencies in general have witnessed many high-profile controversies in the past. For example, the Mt Gox trading platform crashed in 2014 and caused prices to plummet by 40% as reported by The Independent.
Thankfully, this Coinbase Wallet review has learned that the platform has set up several strong security measures to keep its clients safe. This can be seen by the amount of supporters that Coinbase has which includes the United Services Automobile Association (USAA) Bank and the New York Stock Exchange, according to Coin Telegraph.
To gain access to the platform, Coinbase will require you to submit your phone number, and once you do, you will be able to create a two-factor authentication key.
For security reasons, 98% of all customer funds are kept in cold storage – cold storage(s) are offline wallets that are held securely behind guarded vaults. The company also keeps its own operational funds separate from their customers’ to avoid any complications.
Hacking is also a serious concern when it comes to trading cryptocurrencies, which is why Coinbase insures your account. Therefore, if a cyber attack were to ever happen, you would be entitled to coverage of up to $250 000.
For any issues, users can contact the support team through their official email account or through their social media pages, such as Twitter or Facebook. On their website, they also offer an in-depth Knowledge Base and FAQ, where users can find answers and information on related topics.
Issues With Coinbase
The typical response time for support can take up to three days, which can be a considerable amount of time if a customer is in need of immediate assistance. Furthermore, they also have no direct contact other than email, making getting in contact with them rather difficult.
Another issue is the way Coinbase monitors user accounts. Coinbase tracks the locations and addresses of the deposits made by its users, which can be seen as a privacy issue that some users might not approve of.
3.7 out of 5 stars.
Coinbase has a simplified interface, where you can easily create an account and start investing in Bitcoin or other cryptocurrencies. Furthermore, their security measures help protect your funds from any loss, and their insurance makes sure that you’re covered even if something were to happen.
Unfortunately, Coinbase’s customer support can take a while to respond, which can be frustrating for some users. It also only offers a limited number of cryptocurrencies, with fixed rates for all their services.
- Easy-to-use interface.
- Individual and business accounts.
- Quick operation buttons, such as deposit and withdraw money.
- Graphical tracker of current prices in cryptocurrency.
- Cold storage wallets.
- Over 30 countries available for support, and their currencies.
- Detailed security and password system, including two-factor authentication.
- Email-account and FAQ-based guide for technical issues.
- Delayed customer support service.
- Limited number of cryptocurrencies.
- Fixed fees for all transactions.
- Location tracking capabilities, which prevents some transfers.
As an introductory platform for cryptocurrency users, Coinbase is a safe and easy-to-use platform. It has a detailed security system and quick transfer actions that can be used to help users trade in Bitcoin effectively.
Coinbase has a wide range of support available for multiple countries, including the US and Europe. And, its interface also comes with a handy price tracker that displays the current prices of its cryptocurrencies.
Still, the platform suffers from slow customer support, and limits in-trading between other currencies. Coinbase also has a fixed fee, which can sometimes make investing an expensive endeavor.
However, the system’s interface and transaction methods are easy and fast. Therefore, if you are looking for a launchpad for your Bitcoin wallet, Coinbase is highly recommended.