Coinbase Review 2022

Coinbase Review Summary

Coinbase is an online cryptocurrency exchange platform operated by Coinbase Global, Inc. One of the benefits of using Coinbase is its convenience. The site is very easy to navigate and offers all the features of a desktop website. Its app is incredibly user-friendly and includes many of the same functions as the desktop version. Another benefit of using Coinbase is its high liquidity. With the emergence of cryptocurrency as a major industry, Coinbase provides a platform where investors can buy and sell crypto. It also offers services for merchants who need to accept payment from customers. Its interface is simple, and it lets you buy and sell with a debit or bank transfer.

Coinbase review
What Do Coinbase Offer?

πŸ‘‘ Cryptocurrencies ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC
πŸ“ˆ Securities tradable 73 cryptocurrencies
πŸ’΅ Cost per trade Fees vary
💬 Customer service Email : Yes, Phone support : Yes, live chat : Yes.
πŸ’° Desposit Fees Credit/debit card: 3.99%
πŸ’° Withdrawal Fees Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45
πŸ’° Payment Methods Bank transfer (ACH)
πŸ”‹ Mobile app IOS App : Yes, Google Play Android App : Yes

Initially, Coinbase only offered trading via Bitcoin, but gradually started adding more digital currencies that suited its decentralized standards. It has now expanded its list to include more digital currencies like Litecoin, Ethereum, XRP, as well as many others that offer promise and suit its criteria.

Coinbase is a cryptocurrency platform that was founded in 2012 the current Co-Founder is Brian Armstrong. Coinbase has headquarters in Wilmington, DE and offers the buying and selling of over 73 cryptocurrencies to customers all over the world. Buying and selling cryptocurrency can be done online. If you are looking to trade crypto using your mobile phone, Coinbase offers native mobile apps to buy and sell cryptocurrencies, directly from your phone.

You can use exchanges to trade one cryptocurrency for another like Bitcoin to Dogecoin. With Coinbase you can also exchange your cryptocurrency with fiat currency, such as the UK Pound or US Dollar.

Coinbase Review

Coinbase Review

Risk warning : Trading cryptocurrencies is high risk. When trading CFDs losses may exceed deposits.

Coinbase review
Coinbase Best For

Coinbase works best particularly for active retail traders seeking to trade as well as store multiple digital currencies, as it offers an element of convenience. The platform also happens to be a viable option for institutions and businesses looking to utilize digital currencies, and it allows traders to convert one digital currency to another.

Coinbase review
Coinbase Advantages

Following are the advantages of using Coinbase:

  • Coinbase has been in business longer than 2 years
  • Coinbase has a good rating.
  • Coinbase offers over 20 cryptocurrencies.
  • Coinbase offers a wide range of fiat currencies.
  • Coinbase offers Livechat support.
  • Coinbase offers phone support.
  • Coinbase offers email support.
  • Coinbase offers an Android Google Play Store mobile app.

Easy UI

Coinbase is considered one of the simplest platforms for cryptocurrency investing. You can easily register and deal in digital currencies within minutes. Coinbase also offers a learning platform that rewards users with cryptocurrencies to learn about how they work.

Wide Crypto Selection

Coinbase has an impressively extensive range (over a hundred and growing) of digital currencies that you can trade, not to mention the most popular ones like Bitcoin, Cardano, Solana, and many more. This is in stark contrast to other financial applications or brokers that offer the promise of cryptocurrency trading but provide only a few of the most popular coins.

High Liquidity

High liquidity guards investors from price slippages in a market that is already volatile. Coinbase currently ranks among the highly liquid exchanges.

Opportunities For Earning

Coinbase offers an entire course of tutorials and exams as a means of educating users about digital currency trading as well as some of the digital currencies being offered. Taking classes also earns you certain digital currencies.

Cryptocurrency Custody

Contrary to brokers focused on trading, Coinbase enables traders to take custody of their cryptocurrency assets for themselves. Coinbase provides its cryptocurrency wallet, but traders can bring their wallets. This way, traders can pick the solution that suits them the most.

Staking Rewards

Coinbase also enables traders holding digital currencies with them to take part in staking rewards. Staking is similar to earning interest with a bank account. This, however, comes with different risks. Staking generates revenue from traders’ holdings as they are utilized for validating transactions in a digital currency. Coinbase shares that type of reward with its traders. Coinbase takes care of the technical side, and the extra coins are sent to the trader’s account on an established schedule.

Coinbase review
Coinbase Disadvantages

Following are the disadvantages of Coinbase:

  • Coinbase does not offer PayPal as a payment method
  • Coinbase does not offer Neteller as a payment method
  • Coinbase does not offer Skrill as a payment method
  • Coinbase charges withdrawal fees

Insufficient Variety Of Altcoins

Although Coinbase has a vast variety of altcoin choices for beginner investors to interest themselves in. Those seriously wanting to trade in altcoins may not find a good selection there.

Higher Fees And Their Lack Of Transparency

Coinbase has higher fees compared to other exchanges. Its fee structure can also be confusing. If you are using Coinbase β€˜s basic platform, you will not be able to find a schedule before you proceed to place a trade.

Coinbase review
Coinbase Cryptocurrency Choice

Coinbase allows you to trade around 73 digital currencies including ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC and many more.

Coinbase review
What Cryptocurrencies Are On Coinbase

Coinbase has 73 cryptocurrencies available to registered users. These cryptocurrencies include ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC.

Coinbase review
Coinbase Stablecoins

Coinbase offers its own stablecoin called Coinbase. Stablecoins are meant to mitigate volatility in relation to digital currencies like Bitcoin. Stablecoins are usually pegged to stable reserve assets like the US dollar or gold. Traders can buy stablecoins on Coinbase.

Coinbase review
Coinbase Altcoins

Coinbase has a decent variety of altcoins for traders to choose from with over 73crypto assets including alt coins listed on Coinbase.Coinbase has a decent variety of altcoins for traders to choose from with over .

Coinbase review
Trading Cryptocurrency With Coinbase

Different cryptocurrencies at Coinbase come with different limitations and set withdrawal amounts. You may only be able to trade some with fiat currencies like the US dollar. Some may also be restricted in some countries. Users can buy cryptocurrencies via debit card. They can also purchase crypto with funds in their Coinbase wallet.

Coinbase Crytocurrency To Crytocurrency Trading

Coinbase has upwards of 73 cryptos available in multiple regions of the world.

Coinbase Crytocurrency To Fiat Currency Trading

Coinbase review
Coinbase Cryptocurrency Custody And Ownership

Coinbase allows users to take custody of their cryptocurrency assets themselves. Users can either use Coinbase’s crypto wallet, or their own. Coinbase also has over 23 fiat currencies available including USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN all accessible to registered users.

Coinbase review
Coinbase Staking Rewards

Coinbase enables customers holding crypto to take part in staking rewards. It is similar to interests in a bank account; however, it comes with its risks. This generates revenue from a user’s holdings because they are used to authorize crypto transactions. That revenue is shared with customers.

Coinbase review
Coinbase Fees

Coinbase Users will have to pay a Fees vary trading fee as well as deposit fees of Credit/debit card: 3.99% when buying and selling cryptocurrency with Coinbase.

Coinbase review
Coinbase Network Fee

Outgoing Coinbase transactions to outside crypto addresses normally require a network fee, also known as a mining fee. This ensures the processing of transactions on crypto networks. This fee is then forwarded to crypto miners, the systems processing the transactions.

Coinbase review
Coinbase Trading Commissions

Trading commissions at Coinbase work similarly to traditional share dealing fees. That means users have to pay a variable commission. The standard trading commission at Coinbase is 1.49 percent, so users will have to pay this percentage when they buy or sell a digital currency.

Coinbase review
Withdrawal Fees

With Coinbase standard cryptocurrency to fiat withdraw fees varies by cryptocurrency, instant cash-out of your Coinbase account. A withdrawal fee of (Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45) may also be required for certain 3rd party payment methods instead of using cleared bank funds.

Coinbase Currency Conversion Fees

Coinbase charges a percent flat fee on all currency conversions which you will have to factor into your crypto trading.

Coinbase Payment Methods

The payment methods offered at Coinbase are Bank transfer (ACH). Coinbase also offer wallet, wire transfer, crypto conversion, ACH transfer, and credit transactions.

Coinbase review
Coinbase Withdrawal Methods

If you have cryptocurrency or traditional fiat currency in your Coinbase account and want to withdraw it, you must use the same payment method that you used to deposit it. This is because of anti-money laundering legislation.

Coinbase review
Withdraw Fiat Currency From Coinbase

Users can withdraw their digital currency from Coinbase to fiat at any time through an ACH transfer. Such transfers usually take 1-2 working days to complete. Coinbase also allows instant cash-outs that run twenty-four-seven, to cards or bank accounts in exchange for extra fees (1 percent).

Coinbase review
Coinbase Security

Contrary to holding cash in a traditional bank, cryptocurrency is not secured under federal laws. Coinbase stores 98 percent of its users’ cryptocurrency offline in what is known as cold storage. The remaining 2 percent is meant for facilitating trading volume. The platform also has an insurance policy that protects users’ cryptocurrency holdings.

Coinbase holds its customers crypto in its free wallet service. Users can even choose to hold their cryptocurrencies in separate wallets. Coinbase requires its users to finish a 2-factor authentication process to log in to their accounts. Other than that, Coinbase also has biometric login (fingerprints and Face ID) security as well as AES-256 encryption when it comes to private keys. Aside from all this, it helps to use strong passwords, i.e., ones that should not be used elsewhere.

Coinbase holds your cash in one of three locations: custodial accounts found at US banks, US money market funds, US Treasuries and for European Coinbase clients FCA regulated European banks may be used.

Coinbase review
Coinbase Two Factor Authentication - 2FA

Coinbase does offer two-factor authentication for added security.

Coinbase Specific Device Whitelisting

Specific device whitelisting is a feature that enables cryptocurrency withdrawals to only be sent to devices that are allowed. The two-factor authentication feature is required to enable or disable the feature. This allows Coinbase customers to withdraw to authorized devices.

Coinbase review
Coinbase Wallet

Coinbase review
Coinbase Online Cryptocurrency Wallets

Coinbase review
Coinbase Hardware Cryptocurrency Wallets

Coinbase review
Coinbase Liquidity

Coinbase has a large amount of liquidity. In that case, wide spreads should not be a big concern. Liquidity also allows for significant transactions without any problems.

Coinbase review
How To Open A Coinbase Account

To open an account at Coinbase, the first step to get started is to provide your name, email address, password, and the state you live in. Choose β€œcreate an account” and move on to verify your email. Once you log in, you will be asked to provide your number and verify it. The next step is to fill in your personal information and answer any questions about the account creation. After that, you verify your identity (a two-factor authentication setup is recommended). The last step is to link a payment method.

Coinbase review
Coinbase User Interface

Coinbase has a simple, user-friendly interface.

Coinbase review
Coinbase Features And Cryptocurrency Trading Tools

Coinbase offers features like crypto investing, custodial accounts, an advanced platform for trading, and its own designated US dollar stablecoin.

Coinbase review
Coinbase Ease Of Use

Coinbase is fairly easy to use. The sign-up process takes only a few minutes. The overall interface is brilliant and easily navigable, with a search bar that lets you explore the crypto offerings available at Coinbase.

Coinbase review
Coinbase Mobile Apps

The availability of mobile applications for such platforms is highly crucial for investors that are always on the go. This way, they can effortlessly place market offers, and keep tabs on live market data, i.e., shares, currencies, stock indices, commodities, etc. Coinbase has highly rated applications for both iOS and Android.

Coinbase review
Coinbase Apple App

The Coinbase app can be found on Apple’s App Store on all Apple devices, offering the same features as the desktop website.

Coinbase review
Coinbase Android App

The Coinbase app can be found on the Play Store on all Android devices, offering the same features as the desktop website.

Coinbase review
Coinbase Education Resources

Coinbase enables entitled customers to learn about digital currencies through their educational resources offered. Users can even unlock lessons educational content and earn cryptocurrency in the process.

Coinbase review
Coinbase Customer Support

Coinbase registered users can request support through email, phone, live chat when available. Support options are available through the Coinbase website and apps. If you have an issue that needs to be resolved you also speak to a representative by filling out a form on the Coinbase website. Coinbase also has a help page for solving common problems with your Coinbase crypto account.

Coinbase review
Coinbase Phone Support

Coinbase phone support can be accessed by called them on 1 (888) 908-7930.

Coinbase review
Coinbase Email Support

Coinbase email suport can be reached at [email protected] Although Coinbase usually respond within 2 days it may take up to 7-14 days for a response to some queries during peak times.

Coinbase review
Coinbase Live Chat

Customers can reach out to Coinbase via live chat at any time if they have issues or difficulties with their Coinbase account that they can't solve. Obtaining assistance via live chat is by far the most common means of customer service compared to other types of support.

Coinbase review
What Countries Is Coinbase Available In?

Coinbase is available in over 100 countries. Coinbase does not operate in the following countries : Afghanistan,Haiti,Iran,Iraq,Jordan,Kazakhstan,Kosovo,Lebanon,Libya,Macau,North Korea,Palestinian Territories,Panama,Sierra Leone,Syria,Yemen.

Coinbase review
Coinbase Account Limits

Coinbase offers remarkably high limits and they depend on the user’s account level. A user’s account level is determined by the amount of information they have verified. Fully verified users can buy up to 50K USD worth crypto every day.

Coinbase review
Coinbase Awards

Coinbase review
Can Coinbase Be Trusted?

Coinbase is a regulated company that is backed by major investors and holds licences for all the districts it operates in.

Coinbase review
Is My Money Safe With Coinbase?

Yes, Coinbase is among the safest web wallets available. It keeps 98 percent of its assets in offline cold storage. Assets cannot be hacked while in cold storage. Coinbase also ensures other ways to safeguard funds, i.e., two-factor authentication and AES-256 encryption. Your wallet is also covered up to 250K, courtesy of FDIC Insurance.

Coinbase review
Is Coinbase Regulated By A Financial Regulator?

Yes, Coinbase is compliant with all applicable regulations in every jurisdiction it operates in.

How Do I Contact Coinbase If There Is A Problem?

Coinbase β€˜s customer support can be contacted via email, live chat, and via Twitter. Users can also schedule a call from a representative by filling a form on Coinbaseβ€˜s website. Coinbase also has a β€œHelp” section for less complicated issues.

Coinbase Review Verdict

Coinbase makes a solid choice for traders looking to trade crypto as it has a sleek, easy-to-use interface, signing up is straightforward, and most of its processes are simple. It offers a vast collection of cryptocurrencies to trade, and users can also earn staking rewards, among other things.

Coinbase Compared To Other Cryptocurrency Platforms

  1. Visit Coinbase alternative Coinbase

    🀴 Used By: 73,000,000
    ⚑ Crypto Available: ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC and 73 more cryptocurrency.
    πŸ“ˆ Traded Volume: 7,622,846,254
    πŸ’΅ Deposit Methods: Bank transfer (ACH)

    πŸ’° Trading Fees: Fees vary
    πŸ’° Withdrawal Fees: Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45
    πŸ’° Deposit Fees: Credit/debit card: 3.99%
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  2. Visit Coinbase alternative eToro Cryptocurrency

    🀴 Used By: 23,200,000
    ⚑ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
    πŸ“ˆ Traded Volume: 41,693,321
    πŸ’΅ Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,

    πŸ’° Trading Fees: Fees vary. Overnight and weekend fees apply
    πŸ’° Withdrawal Fees: US$5 (minimum withdrawal of US$50)
    πŸ’° Deposit Fees: Fees vary (conversion fees for non-USD deposits)
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  3. Visit Coinbase alternative eToroX

    🀴 Used By: 13,000,000
    ⚑ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
    πŸ“ˆ Traded Volume: 42,043,394
    πŸ’΅ Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,

    πŸ’° Trading Fees: Fees vary
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  4. Visit Coinbase alternative Crypto.com

    🀴 Used By: 10,000,000
    ⚑ Crypto Available: BTC, ETH, USDT, XRP, ATOM, XTZ, XLM, LINK, CRO, BCH and 153 more cryptocurrency.
    πŸ“ˆ Traded Volume: 2,630,000,000
    πŸ’΅ Deposit Methods: Credit card

    πŸ’° Trading Fees: Maker: 0.04-0.20%
    πŸ’° Withdrawal Fees: Cryptocurrency: Fees vary
    πŸ’° Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  5. Visit Coinbase alternative Coinmama

    🀴 Used By: 2,300,000
    ⚑ Crypto Available: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS and 10 more cryptocurrency.
    πŸ“ˆ Traded Volume: 86,072,667,390
    πŸ’΅ Deposit Methods: Bank transfer (ACH)

    πŸ’° Trading Fees: 2.9-3.9% (depending on loyalty level)
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: Credit card: 5%
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  6. Visit Coinbase alternative CoinJar

    🀴 Used By: 450,000
    ⚑ Crypto Available: BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR and 42 more cryptocurrency.
    πŸ“ˆ Traded Volume: 64,141,140
    πŸ’΅ Deposit Methods: Bank transfer

    πŸ’° Trading Fees: Maker: 0.05-0.15%
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: No Fees
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  7. Visit Coinbase alternative Paybis

    🀴 Used By: 700,000
    ⚑ Crypto Available: BTC,ETH,LTC,XRP,BCH,XLM,BNB,TRX,DOGE,USDT and 32 more cryptocurrency.
    πŸ“ˆ Traded Volume: 62,336,251
    πŸ’΅ Deposit Methods: Bank transfer

    πŸ’° Trading Fees: Fees vary
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  8. Visit Coinbase alternative Gate.io

    🀴 Used By: 4,000,000
    ⚑ Crypto Available: BTC, ETH, ETC, XTZ, CLV, EOS, OMG, BNB, LTC, UNI and 820 more cryptocurrency.
    πŸ“ˆ Traded Volume: 5,945,756,067
    πŸ’΅ Deposit Methods: Cryptocurrency

    πŸ’° Trading Fees: Maker: 0.20%
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  9. Visit Coinbase alternative Coinbase Pro

    🀴 Used By: 73,000,000
    ⚑ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, XLM, DASH, ETC, ZEC and 80 more cryptocurrency.
    πŸ“ˆ Traded Volume: 7,622,846,254
    πŸ’΅ Deposit Methods: Bank transfer

    πŸ’° Trading Fees: Maker: 0-0.50%
    πŸ’° Withdrawal Fees: Cryptocurrency: None
    πŸ’° Deposit Fees: Cryptocurrency: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  10. Visit Coinbase alternative Huobi

    🀴 Used By: 10,000,000
    ⚑ Crypto Available: BTC, BCH, ETH, XRP, LTC, BTG, DASH, ETC, EOS, QTUM and 320 more cryptocurrency.
    πŸ“ˆ Traded Volume: 924,266
    πŸ’΅ Deposit Methods: Cryptocurrency

    πŸ’° Trading Fees: Maker: 0.2%
    πŸ’° Withdrawal Fees: None
    πŸ’° Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

Coinbase Frequently Asked Questions

Following are the most commonly asked questions (and their answers) about Coinbase:

Is Coinbase Safe?

Yes, Coinbase is backed by high profile investors and regulated by reputed financial authorities.

How Do I Withdraw From Coinbase?

Users can withdraw their crypto to fiat any time they want through an ACH transfer. Such transfers normally take 1-2 working days. Coinbase also allows instant cash-outs to cards or bank accounts in exchange for extra fees.

Is Coinbase Okay For Beginners?

Yes, because of how easy-to-use its web and application interfaces are, Coinbase is seen as one of the best options for beginner traders.

Do I Have To Pay TAX With Coinbase?

You will need to pay taxes on any cryptocurrency profit you accrue. How cryptocurrency is taxed differs on where your country of residence is and where you are in the world. In the USA federal income tax purposes, cryptocurrency is considered "property," which means the IRS classifies it as a capital asset. This means that the crypto taxes you pay are the same as the taxes you'd pay if you had a profit or loss on a capital asset sale or exchange.

Any earnings made on crypto assets held as a personal investment in the United Kingdom will be taxed. It is stated that you must pay capital gains tax only on gains that exceed the annual exempt level.

Individuals must pay taxes on cryptocurrency received as a result of mining, airdrops, confirmation incentives, and cryptocurrency acquired as a paycheck from an employer. Unless the donation exceeds the acquisition cost, crypto assets donated to charity are not subject to capital gains tax.

Check with a local accountant to check if any tax is due on your cryptocurrency trading.