Are you looking for a review about Coinbase to find out whether it’s a legit cryptocurrency exchange or not? If your answer is yes then you are in the right place. This review guide is about Coinbase and here you will get detailed information about this platform. Make sure to read the full review before starting using this crypto exchange.
What is Coinbase?
Coinbase is the world’s leading and very popular cryptocurrency exchange established on June 20, 2012, by Brian Armstrong, Fred Ehrsam. This is an America-based crypto exchange and crypto traders from around the world can use this platform. This is a distributed company where all employees operate via remote work. Therefore, Coinbase doesn’t have a physical headquarters. You can use this crypto exchange to buy and sell or exchange over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. Coinbase has a large user base with over 73 million users and $255 billion in assets on the platform. This platform has a user-friendly interface so beginner crypto traders will find this platform very easy to use. Coinbase has a robust cryptocurrency ecosystem that supports 9,000 financial institutions.
Overview of Coinbase
|Trading and transaction fees||0.5% to 4.5% depending on the payment method, cryptocurrency type, transaction size, and platform. Other fees may apply.|
|Number of cryptocurrencies||96|
|Crypto-to-crypto trading pairs||81 pairs with Coinbase Pro.|
|Mobile app||Two highly-rated apps for iOS and Android.|
How Does Coinbase Work?
The working procedure of Coinbase is very simple. You can use Coinbase from your computer or from your smartphone. You have to download the Coinbase account on your smartphone to use this crypto exchange. Then you have to open an account on Coinbase to start trading. From Coinbase you will be able to buy and sell various cryptocurrencies as well as exchange them according to your requirement. Below are some requirements that you have to fulfill to use this platform –
- Be at least 18 years old
- A government-issued photo ID, such as a driver’s license or state ID
- A computer or smartphone with internet access
- A phone number for SMS verification
- The latest version of your internet browser
Coinbase Trading and Transaction Fees
Coinbase has a complicated “fee” structure with two main elements. Coinbase usually, charges a fee of about 0.5% for cryptocurrency sales and purchases. The percentage can go high depending on market fluctuations. Coinbase also charges a flat fee depending on the amount purchased and the payment type.
Coinbase Fee Based on Total Trade Amount
|Total Trade Amount||Fee|
|$10 or less||$0.99|
|More than $10 and up to $25||$1.49|
|More than $25 and up to $50||$1.99|
|More than $50 and up to $200||$2.99|
Fees Depending on Payment Type in the U.S.
|U.S. bank account or Coinbase wallet||1.49%|
|Instant card withdrawal||Up to 1.5% (minimum fee of $0.55)|
|Wire transfer||$10 ($25 outgoing)|
Maker / Taker Fees
|Pricing Tier||Taker Fee||Maker Fee|
|Up to $10K||0.50%||0.50%|
|$10K – $50K||0.35%||0.35%|
|$50K – $100K||0.25%||0.15%|
|$100K – $1M||0.20%||0.10%|
|$1M – $10M||0.18%||0.08%|
|$10M – $20M||0.18%||0.08%|
|$20M – $50M||0.15%||0.05%|
|$50M – $100M||0.15%||0.05%|
|$100M – $300M||0.1%||0.02%|
|$300M – $500M||0.08%||0.00%|
|$500M – $750M||0.06%||0.00%|
|$750M – $1B||0.05%||0.00%|
|$1B – $2B||0.04%||0.00%|
Security Details of Coinbase
Coinbase has strong security to protect the user’s assets. It stores 98% of customers’ crypto offline, in cold storage and the rest 2% is used to facilitate trading volume. Coinbase also has an insurance policy to protect crypto holdings. This platform also uses various latest security measures, including multi-factor authentication (MFA) and whitelisting and keeping customer accounts safe. However, as a user, you also have to protect your own personal security by using strong passwords as well as monitor the account regularly for any unauthorized activity.
Cryptocurrency Supported by Coinbase
Coinbase supports more than 100 cryptocurrencies and regularly adds new coins to the list. Below are some of the most popular cryptocurrencies of Coinbase –
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Algorand (ALGO)
- Stellar Lumens (XLM)
- Polygon (MATIC)
- DAI (DAI)
- SushiSwap (SUSHI)
In Coinbase different coins have different trading restrictions and minimum and maximum withdrawal limits. Some cryptocurrencies can only be traded for certain fiat currencies like the U.S. dollar or converted to or from other cryptocurrencies. Moreover, based on the country where you live there might be some restrictions on what cryptocurrencies you would be able to trade.
Who Is Coinbase Best For?
Coinbase has an easy-to-use interface, educational tools, and strong security measures that make Coinbase a great choice for people who are looking to begin investing in cryptocurrency. On the other hand, if you are a crypto trader and want to put some extra cash into Bitcoin as a long-term investment then Coinbase will be the best option for you because it will simplify the process for you! You can simply buy your coins, leave them on Coinbase, and track their value over time. Moreover, Coinbase offers numerous different currency offerings and the Coinbase Wallet option. So, if you want to invest beyond Bitcoin or want to hold the cryptocurrency then Coinbase will be the best option for you.
Is Coinbase Legit?
Coinbase is a completely safe and 100% legit crypto exchange to use in 2022. This platform uses various latest security measures, including multi-factor authentication (MFA) and whitelisting and keeping customer accounts safe. Moreover, the security of Coinbase also includes password, biometric, email, phone, and authenticator verification. Coinbase also has insurance coverage for its uses. So, if there is an accident then the users will get their investment back. So, there is nothing to worry about the legitimacy of this crypto exchange.
Customer Reviews of Coinbase
Positive Reviews of Coinbase
Crypto Girl said –
“Why do people give bad reviews? Work with me without any problems and the customer service is good. Only the fees are quite high. This is a legitimate company and people give one star, I don’t understand those people”
Chris Thompson said –
“Not sure why people are leaving bad reviews here. The platform works great. The fees are high compared to other exchanges, but the transactions are fast. Use pro.coinbase.com if you’d like more advanced trading features”
Annette S Lorien said –
“I used them for a year now, no problems so far, I accidentally clicked a fake Coinbase mail once and contacted support, they locked my account got me to verify who I was, and change my password. I am happy with their service.”
Dave said –
“I’ve made over 10k on Coinbase and from reading most of these reviews it’s either people with technical issues or they just don’t understand when to buy and risk small amounts and expect to just make money from pressing a few buttons. Do your research save some money and invest properly.”
Saber said –
“I have used it for a while and have had zero problems. Very easy to use and if you use coin base pro it has very minimal fees. Also have decently fast withdrawals. A win in my book especially because I am in the USA.”
Negative Reviews of Coinbase
Jeremiah C said –
“Absolute accomplice scammers. When an account has a security breach this “company” is of no help. Horrible customer service, and ultimately they do not satisfy the missing assets you lose.”
Michael Viney said –
“There is absolutely no customer support. Opened cases and they are just closed with no explanation or response. I have been stuck waiting for a manual review for months.”
B. North said –
“The fees, and failed attempts to make a transaction and not have it go through coin base has cost me over 200 in fees for failed transactions so basically I didn’t get anything but screwed by these guys.”
Michael Demino said –
“From start to finish my experience with Coinbase was awful just terrible they have no regard whatsoever for customer care, and are emissive to the point of downright misleading and deceptive.”
Dustin Heisler said –
“I traded ETH for another coin. The network miner fees are outrageous but I did the trade anyway. I look in block explorer afterward and the transaction “failed” however the miner kept my 200 USD. I contacted Coinbase customer service and I was told. That sucks nothing we can do. Do not use Coinbase for your wallet or to purchase any crypto. Stay away or is a scam!!! No support number was even created so I imagine this is a common issue that they know they cannot help with.”
Finally, Coinbase is a very renowned, popular, and one of the oldest cryptocurrency exchanges currently available in the crypto world. Coinbase has a relatively longstanding reputation and it’s a legitimate exchange to use. So, you can choose Coinbase as your crypto exchange without any hesitation.
Last Updated on August 6, 2022 by Ana S. Sutterfield
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.