coinbase review

Launched back in San Francisco in 2012, Coinbase has secured more than 20 million customers globally and actuated transactions worth more than $150 billion since inception. Unlike other exchanges where transactions must be actuated on a market, live, Coinbase allows Stop Orders enabling users to complete transactions at a fixed rate and therefore enables transactions to be made swiftly without much lag time. Consequently, Coinbase’s strategic advantage lies in its process innovation and its portal, therefore creating a completely reliable and non-cumbersome platform. 

It is one the world’s largest cryptocurrency exchange. It does so at the behest of a fee, which varies based on various payment options. It has scored a home run where it matters. It has established trust and therefore plays a very important intermediary in the cryptocurrency world. 

Cryptocurrencies Traded

The following table lists all supported Digital Currencies on Coinbase, Coinbase Pro and Coinbase Prime, by region:

Coinbase Coinbase Pro & Prime
Asset US EU UK AU/CA/SG US EU UK AU/CA/SG
BAT ✔2 ✖️ ✔1 ✔1✔2 ✔3 ✔1
BTC ✔1 ✔1
BCH ✔1 ✔1
CVC ✖️ ✖️ ✖️ ✖️ ✔1✔2 ✔1 ✔1 ✔1
DNT ✖️ ✖️ ✖️ ✖️ ✔1✔2 ✔1 ✔1 ✔1
ETH ✔1 ✔1
ETC ✔1 ✔1
LOOM ✖️ ✖️ ✖️ ✖️ ✔1✔2 ✔1 ✔1 ✔1
LTC ✔1 ✔1
MANA ✖️ ✖️ ✖️ ✖️ ✔1✔2 ✔1 ✔1 ✔1
USDC ✔2 ✖️ ✖️ ✖️ ✔2 ✔1 ✔1 ✔1
ZEC ✔2 ✔4 ✔1 ✔1✔2 ✔1 ✔1 ✔1
ZRX ✔2 ✖️ ✔1 ✔2 ✔3 ✔1
1. Buy, send, receive only.
2. Excludes New York
3. EUR and crypto order books only
4. Send and receive only
1. Crypto order books only
2. Excludes New York
3. EUR and crypto order books only

*Available order books vary by country.

Countries Available

It operates out of 32 countries. Though headquartered in the U.S, Coinbase operates in various countries like 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, Switzerland and the United Kingdom.

Fees

Transaction Fee

  1. Payout Method for Purchase Effective Rate of Conversion Fee (after waiver):
  2. U.S. Bank Account 1.49%, with a $0.15 minimum
  3. E.U. Bank Account 1.49%, with a €0.15 minimum
  4. U.K. Bank Account 1.49%, with a €0.15 minimum
  5. Coinbase USD Wallet 1.49%
  6. Credit/ Debit Card 3.99%

Deposit Fee

Deposits are available through ACH transfer which is free, wire transfer and credit card will have the applicable charges. 

Withdrawal Fee

Withdrawal is done through a wire transfer and has any applicable bank charges.

  1. Payout Method for Sale Effective Rate of Conversion Fee (after waiver):
  2. U.S. Bank Account 1.49%, with a $0.15 minimum
  3. E.U. Bank Account 1.49%, with a €0.15 minimum
  4. U.K. Bank Account 1.49%, with a €0.15 minimum
  5. Coinbase USD Wallet 1.49%
  6. PayPal 3.99%

Accepted Payment Methods

Cryptocurrencies, Credit Card, Bank transfers are accepted payment methods.

Coinbase is probably the only and the first exchange which allows for payments via credit cards other than normal bank transfers. 

In February of 2018, Coinbase also started supporting the SegWit enabled Bitcoin wallets which enabled it to charge even less as withdrawal fees from the site. Adding to this, Coinbase also enables professional traders to use the site owing to its adoption of the GDAX (Global Digital Asset Exchange) exchange.

Privacy

Customers must use a two-factor authentication model, where SMS, Google Authenticator or both can be used to authenticate.

In 2016, the company had faced allegations of tracking the Bitcoin transactions. Reddit users had become wary of transacting through Coinbase accounts for gambling and other services violating their privacy. 

Perhaps the only criticism of Coinbase is its tenacity to track where payments are being made and that it sometimes denies payments especially meant for the dark web. In fact, under a ‘John Doe’ summons, Coinbase is fighting a lawsuit with the IRS to disclose personal transaction information of financial nature.

Security

Since Coinbase is a US firm, it must comply to all rules and regulations enacted by the US state and federal laws. Therefore, the stringency on any illegal or fraudulent behaviour shall lend the whole company in the street. Compared to its competitors it is the safest exchange available in the world. Coinbase has 98% of data and funds stored offline and for the remaining 2% which is online has been insured in the event of a hacking.

Customer Support

The customer support factor is also another point of importance this is because the website offers customer support via mail, knowledge base and finally FAQs. Customer support is very diligent and that means that the issues are resolved within the 24-72-hour window. And therefore, in case of cryptocurrencies, customer support must be swift and sweet. 

Languages Supported

Coinbase supports English as its functional language.

Device Coverage

The exchange is available on desktop (Windows and Mac) and mobile application as well. The Coinbase mobile app is available on iOS and Android.

Other Features

  1. Coinbase Shift – The Coinbase Shift Card is a Visa debit card which allows the customer to pay in Bitcoins within the geographical boundaries of United States and its territories. It only cost is its $10 initial cost for bearing the card and no transaction fee to worry about. 
  2. Coinbase Pro – formerly, the GDAX system, and now renamed as Coinbase Pro, was a portal for professional traders. It was created to separate traders from the casual customers. Advance visuals and insights are provided in Coinbase pro. 
  3. Coinbase Bundle – Coinbase bundle allows a customer to buy/ sell a market-weighted selection of 5 cryptocurrencies and actuates a transaction in this fashion – 75.2% in Bitcoin, 15.58% in Ethereum, 6.1% in Bitcoin Cash, 2.33% in Litecoin and finally 0.78% in Ethereum Classic.

There are other products suites as well available on the website.

Comparison with Competitors

Coinbase is one of the few exchanges to have institutional backing. It reportedly raised $100 million from investors like Bank of Tokyo-Mitsubushi UFJ(BMTU) and Spanish giant bank BBVA lending to its credibility in cryptocurrency circles. Though everyday new successful exchanges are cropping up, Coinbase is still regarded as one of the easiest exchange to begin trading with.

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