Coinbase Review & Rating 2022 - Is Coinbase Safe or Not?
If you have decided to buy Bitcoin or some other cryptocurrency and are evaluating the various cryptocurrency exchanges, you will surely have heard of Coinbase. And surely you are asking yourself many questions. Is Coinbase legit? Is Coinbase safe? What are the commissions?
As you will see in this Coinbase review, this platform is the largest platform in the world for exchanging and storing cryptocurrencies.Of course you will find conflicting Coinbase opinions on the web, for some it is the best service, while for others it could be the opposite.
In this Coinbase review, we will find out together what Coinbase is, regulation, cost and many more. We will try our best to be neutral which reviewing. AtoZ Markets is not responsible for any opinions expressed by the writer.
Coinbase Review: Company
What is Coinbase? Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase Inc. is an American company, headquartered in San Francisco. It is often called the best crypto exchange in the United States.
Today Coinbase is active in more than 100 countries and has been chosen by millions of users around the world. It is a company that reaches the value of $1 billion.
The site is coinbase.com, where you can find many services to buy, exchange and store cryptocurrencies, trade cryptocurrencies, accept payments in digital currency, and much more.
Coinbase is a crypto exchange and wallet. This means that it has a double function.
As an exchange it allows you to exchange money in cryptocurrencies and vice versa and as a wallet it allows you to deposit fiat currency such as the euro and the dollar and digital currency such as Bitcoin and Ethereum .
So with Coinbase, users can invest in cryptocurrencies by choosing between the most quoted and emerging ones.
In the wallet, you can have multiple digital currencies at the same time in order to balance your wallet. In addition to this, to reduce the risk linked to volatility, it is possible to set a periodic purchase threshold, i.e. buying little by little.
Coinbase Advantages and Disadvantages
- Exchange # 1 in the USA
- Very simple user interface
- Very high liquidity
- Support for multiple fiat currencies
- There is a selection of alternative coins
- Excellent security
- High commissions
- Fewer altcoin trading options than some other exchanges
- The wallet keys belong to the exchange
- Poor customer support
Is Coinbase Trusted?
Coinbase is considered one of the safest cryptocurrency exchanges today. User funds on Coinbase are very well protected. The exchange states that customer funds are held in custodian bank accounts. When it comes to cryptocurrencies, Coinbase says that up to 98% of cryptocurrencies are stored in secure offline wallets. The remaining 2% of funds held online are also insured. For security purposes, key backups have been made on paper. They are distributed in individual safe deposit boxes and safes around the world. The data is encrypted according to the AES-256 standard.
Furthermore, every time you log in to Coinbase, you will be subjected to two-factor authentication: in addition to entering your email and password, you will also have to enter the "disposable" code that will be sent to you via your mobile phone.
Not only that; when you log into your Coinbase account for the first time from a new device, you will also need to make an additional step in terms of security by clicking on the link you will receive via email.
Of course, you can manage the various security settings as you like, but in any case, Coinbase will maintain an essential, basic, particularly advanced level of security. We advise you to lower the safety levels too much, while keeping them as precautionary as possible!
And if you need to know more, we remind you that on the Coinbase website there is a rich section dedicated to security (you can find it by clicking on "Do you need help?" At the bottom of each page).
Coinbase Review: Trading Platform
A simple platform suitable for beginners and advanced for cryptocurrency traders.
Coinbase mainly offers two types of platforms, the simple platform and the advanced platform, Coinbase Pro.
Main - Beginner Platform
Coinbase is pretty simple, but very ergonomic and well designed. It is designed for beginners in the world of cryptocurrencies. The platform allows you to easily buy your cryptocurrencies with just a few clicks. In the main part of the platform it is possible to follow the prices of the main listed cryptocurrencies in real time, as well as a basic chart of the cryptocurrency.
To buy a cryptocurrency, click on the Buy/Sell tab located in the main menu of your dashboard. Then click on the cryptocurrency you want to buy. Give the amount in cryptocurrency or fiat. Then click Buy Now . The platform displays a final confirmation page that you validate.
Coinbase will then automatically create an address where your coins will be stored.
Coinbase has another platform with more advanced features: Coinbase pro. This platform is geared towards trading, unlike the main platform which is more aimed at those who want to keep their cryptocurrencies for a long time. The costs for trading on Coinbase Pro are more advantageous. You can use your funds on Coinbase to trade on Coinbase Pro. If you are a trader, it would be a good idea to make a bank transfer on Coinbase and carry out your transactions on Coinbase Pro.
Coinbase Pro is a fairly intuitive platform, made up of multiple windows in which you have a good number of technical or quantitative analysis tools. In its main part, you can follow the real-time fluctuation of the cryptocurrency currency pair that interests you. Transaction volumes and order book are also available. For your technical analysis, you can add technical indicators to the chart to better detect market dynamics. You can also swipe left to view the graphical history of cryptocurrency prices.
Accounts of Coinbase
This Coinbase review would be incomplete without talking about how to open a Coinbase account. The following are the essential steps to open a "deposit account" within the platform and start making transactions in crypto-currency (Bitcoin, Litecoin and Ethereum).
- The first "step" is to connect to the main Coinbase page and click on "Register" at the top right;
- A registration form will appear in which we will have to enter Name, Surname, Email and a Password;
- Once all the "fields" of the form have been filled in, we will receive an email with a link to click and with which our registration will be authenticated;
Deposit and Withdrawal
Coinbase makes it easy to acquire cryptocurrencies with bank transfers and card deposits.
Bank transfers take 1 to 3 days if your bank is in the SEPA zone. While transfers from the US can take up to 5 days. However, all credit card transactions are instant.
Once your Coinbase account is credited, everything will be ready for your first cryptocurrency purchase. For this you will have to go to the purchase page to view the trading terminal. Select the cryptocurrency of your choice and the desired amount, then confirm the transaction. The purchased cryptocurrencies will be assigned to the dedicated wallet.
As for withdrawals, Coinbase accepts the PayPal wallet (in addition to the methods already mentioned). Depending on your country of residence, you can withdraw your funds only on PayPal or even sell your cryptocurrencies through this channel. You have in the table below the summary of PayPal authorizations by geographical area.
Note that although withdrawals can be made via PayPal, Coinbase does not accept purchases or deposits via this channel. If you don't see the PayPal withdrawal option on your dashboard, it is because this feature is not yet available in your country.
Coinbase has now implemented a near-instant payment system for bank transfers from the UK. If you live there or have a UK bank account, you can use this payment method, which will allow you to quickly convert your currencies into cryptocurrencies. Plus, withdrawals are just as fast.
Coinbase is constantly expanding the number of cryptocurrencies available on its platform. You can find the main crypto but still missing important names such as DASH, XMR, NEO, TRX and BNB appearing in the top 20 of CoinMarketCap.
Let's see now what are the cryptocurrencies offered by Coinbase:
- Bitcoin Cash;
- Ethereum Classic;
- Stellar Lumens;
The token that you can buy directly from Coinbase are Basic Attention Token (BAT), Augur (REP), Chainlink (LINK), 0x Protocol (ZRX) and stablecoin DAI and USDC.
Now let's see which cryptocurrencies are supported by Coinbase Wallet, the mobile wallet:
- Bitcoin Cash;
- Ethereum and all tokens based on the Ethereum blockchain;
- Ethereum Classic;
Fees and Commissions
It is important to talk about the commissions because there have been some customers who have expressed several negative opinions.
We know that it is one of the best cryptocurrency exchanges and wallets in the world that allows you to keep money and virtual currency in the wallet for free.
What are the costs of the purchase and sale transactions that take place on the exchange platform?
First of all, it should be noted that Coinbase is composed of various platforms, which each have different commissions for the purchase, sale and transfer of funds.
In general we can say that currently the commission is 0.50% to 4.5% depending on various factors and there are commissions that change depending on the country.
Then there are the fixed ones that vary according to the value of the transaction:
- if the total amount of the transaction is less than or equal to $10, the commission is $0.99;
- if the total amount of the transaction is between $10 and $25, the commission is $1.49;
- if the total amount of the transaction is between $25 and $50, the commission is $1.99;
- if the total amount of the transaction is between $50 and $78, the commission is $2.99.
A fee of 2% is applied to convert a fiat currency into cryptocurrency .
Finally, for withdrawals of money from the Coinbase wallet, the commission is worth $0.15, with outgoing bank transfer.
Another area we want to address in this Coinbase review is the ability to access Coinbase customer service, which is useful for resolving any doubts or concerns you may have about the functioning of the exchange.
First of all, we recommend that you consult all the information available on the site: you can find guides, articles on the blog and a lot of other informative material to be able to solve most of your questions.
We also suggest that you follow Coinbase on its social pages: Coinbase is present on Twitter and Facebook, where it shares tips, ideas and news that you shouldn't miss.
And if all this was not enough to solve your doubts, all you have to do is resort to Coinbase's customer service with its assistance which you can access by clicking on the relevant button at the bottom of the page.
Here you will find hundreds of answers to the most frequently asked questions that Coinbase users have already asked, and which could also be for you.
What if that didn't help you either? All you have to do is activate the Coinbase BOT, a live chat session with an automatic robot (which can however pass you a real support if necessary), with which you can talk to get to your full satisfaction!
Is Coinbase a Safe platform?
Yes.Coinbase is one of the few cryptocurrency exchange platforms to benefit from serious regulatory oversight from reputable organizations. Being based in the United States, they comply with the regulations set by the US financial market regulators. From this point of view, Coinbase stands out from many of its competitors, which are based in countries where market regulation is weak or non-existent.
Coinbase has in fact registered with the Financial Crimes Enforcement Network (FinCEN), an office of the United States Department of the Treasury. This requires them to comply with client protection systems and the regulated conduct of financial services. Coinbase is also licensed by the Financial Conduct Authority (FCA) in the UK, which further strengthens its status and the trust of cryptocurrency enthusiasts in this cryptocurrency exchange.
This strategy that Coinbase has of getting closer to regulators isn't always to the taste of purist cryptocurrency enthusiasts. This is because the basic idea of cryptocurrencies was to create a decentralized financial environment that was devoid of any governmental control.
Before closing this chapter, we point out that Coinbase has also partnered with many financial institutions, the most notable being its merger with the Bank of Tokyo , which financed its activities.
To conclude this Coinbase review, we must state that this platform is an excellent exchange that allows you to exchange and store cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others.
We are dealing with a very secure platform and it is no coincidence that it has been chosen by millions of customers and conquers new ones every day.
One of the main features is that it allows you to buy digital currencies with a very simple procedure .
In addition, with Coinbase Earn you can earn new cryptocurrencies for free. Not to mention Coinbase Pro, a system designed for trading but which in particular is aimed at true professionals and has those who have a large capital.
Although the fees, as revealed in this Coinbase review, are very high in comparison to the competition, Coinbase is still an excellent alternative both for buying crypto and for trading online.
Coinbase is one of the most user-friendly exchanges out there and is great for newbies! For this reason, the exchange is becoming a popular choice for newbies who buy Bitcoin for the first time. They also have a very useful app for Android and iOS.
The interface offers very simple graphics that can be used by both beginners and more advanced users.