Review

Coinbase Cryptocurrency Exchange Review

Coinbase
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Overview

Coinbase is a broker exchange cryptocurrency platform. In 2017 Coinbase reported a $1B revenue and has been steadily growing and signing up new customers. Coinbase is often thought of for their service Coinbase Consumer, however they offer other services which includes Coinbase Wallet, Earn.com, Commerce, Coinbase Pro, Asset Management, Paradex, and Prime/Custody for institutional investors. Currently 33 countries are able to sign up to Coinbase, and they are constantly working on adding more as the regulation passes.

Opening an account

Coinbase follows KYC (Know Your Customer) and AML (Anti Money Laundering) laws and requires your identification in addition to other basic user information. This is a common process amongst most of the reputable crypto exchanges.

Is Coinbase safe?

Coinbase is among the safest options when it comes to buying cryptocurrency especially in the United States. Coinbase follows all of the current financial laws surrounding the sale of cryptocurrency and all regulatory checks. Coinbase requires identification in order to proceed in making a purchase since it follows KYC/AML laws. Since Coinbase follows the law it makes them more credible than unregulated sites. They offer backed FDA insurance, and have regular security protocol checks. Coinbase allows its customers to use authentication security measures to better protect their accounts, and even allow locks on sending cryptocurrency off of the platform in order to decrease the probability of a malicious attack. For more detailed information on how Coinbase insures customers, you can check it from their official page.

Available currencies for exchange

Coinbase users can purchase cryptocurrency using fiat, and deposit coins that are available in their respected area. Check the available currencies below to see what your country/region offers. From there users can send the cryptocurrency off of Coinbase, or post to sell it for fiat.

  • BAT: Basic Attention Token can be purchased via USD and EUR. (New York is excluded)
  • BTC: Bitcoin can be purchased via USD, EUR and GBP.
  • BCH: Bitcoin Cash can be purchased via USD, EUR and GBP.
  • ETH: Ethereum can be purchased via USD, EUR and GBP.
  • ETC: Ethereum Classic can be purchased via USD, EUR and GBP.
  • LTC: Litecoin can be purchased via USD, EUR and GBP.
  • USDC: USD Coin can be purchased via USD. (New York, UK, Europe is excluded)
  • ZEC: Zcash can be purchased via USD and EUR. (New York is excluded. UK can send and receive.
  • ZRX: 0x can be purchased via USD and EUR. (New York and UK is excluded)

Note that in some regions different cryptocurrency and other services may be unavailable.

Coinbase does not offer a way to directly exchange a cryptocurrency for another. For example: A user can not offer 1 BTC for 1 LTC. The user can sell the BTC for market value, and then purchase LTC with the fiat. This would result in 2 different transaction fees. So it is not recommend to exchange crypto to crypto. Newer users will typically purchase a liquid coin like Bitcoin, and then transfer the coin off to an exchange like Binance.

Trading fees

  • Less than or equal to $10 – $0.99 fee
  • Less than or equal to $25 – $1.49 fee
  • Less than or equal to $50 – $1.99 fee
  • Less than or equal to $200 – $2.99 fee

Variable Costs

USA:

  • 1.49% for Bank Transfers
  • 1.49% for Coinbase wallet funds
  • 3.99% Credit/Debit cards

Europe:

  • 1.49% Buy and Sell
  • 3.99% Debit/Credit card
  • Free / €0.15 Bank transfer

Singapore:

  • 1.49% Buy and Sell
  • 3.99% Credit/Debit card

Canada:

  • 3.99% Credit/Debit cards

Australia:

  • 3.99% Credit/Debit cards

For traditional Buy and Sell transactions. A variable cost based on location and method canalso apply.

Buying and selling Limits

Your buying and selling limits are determined by the amount of successful transactions and level of verification. If you have a fully verified account it can be fairly easy to recieve a $25,000 buying/selling limit through Bank transactions. Coinbase does allow users to apply for higher limits. Debit Card purchases can be increased up to $7,500. Note that certain banks will not allow the purchase of cryptocurrencies, so checking in with your local/national bank will be needed. These buying/selling amounts are expressed per week.

Payment methods

United States Customers:

  • Bank Account (Buy/Sell/Deposit/Withdraw)
  • Debit Card (Buy)
  • Wire (Deposit/Withdraw)

European Customers:

  • SEPA Transfer (Deposit/Withdraw)
  • 3D Secure Card (Buy)

UK Customers:

  • GBP Bank Transfers
  • EUR Bank Transfers via SEPA
  • 3D secure credit and debit

Australian Customers:

  • Debit Card(Buy)

Singapore Customers:

  • Credit/Debit Cards (Buy) *Coinbase has stopped allowing new sign ups.

Canadian Customers:

  • Debit Card (Buy)

Coinbase Supported countries

Besides United States and United Kingdom, Coinbase is also supported in Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden and Switzerland.

How to withdraw money from Coinbase?

In the payment method section you will find the different payment methods that are accepted for withdraw based on your country/region. Coinbase does not charge a fee for a withdraw when it comes from the Coinbase wallet fund. However fees will incur from buying and selling cryptocurrencies.

Coinbase mobile app

Coinbase has a very nice application that can be found on Android and IOS. The application will allow you to make similar trades that you would make on a desktop. For more information on Coinbase and its Mobile application abilities you can visit the their official website.

Coinbase rating

Customer support

Rating: B+

Coinbase has a customer support line via email and typically responds in 24-72 hours, however during high frequency times it might take a very long time to get help. So it’s better to have an account verified and ready to trade before another big “crypto gold rush”.

Overall

Rating: A-

Coinbase Consumer is a good option for new investors who would like to purchase or sell some cryptocurrency. The fees are fairly high on Coinbase, however they have the best interface in the market and allow users to quickly enter the market.