Coinbase Comprehensive Review 2022: pros, cons & Key Features
Coinbase has become a name that needs no possible introduction! The American publicly-traded company, where its employees operate via remote workstations, is the largest cryptocurrency exchange in the United States by trading volume. In addition, it has over 98 million registered users and about $ 256 billion in assets on its platform. It offers a very smooth user-friendly experience, where beginners are most likely to prefer Coinbase for simple trades. Therefore, if you are thinking of starting to trade, then you consider using Coinbase as it is an excellent option for new traders as well as veteran traders. But if you still have some doubts we have noted down every aspect of the platform carefully for an in-depth guide and answers. Continue reading as we give you and guide you through the platform in the sections below.
Pros And Cons of Coinbase
- It allows the users to trade with as minimum as $2 to trade.
- Coinbase has over 100+ cryptocurrencies available to trade, with new currencies added constantly.
- It is a user-friendly crypto trading platform (also offers many other languages)
- It can be used on any device, iOS, windows, android, and macOS
- It also provides 24×7 customer service, making it more reliable and trustworthy
- Offers more than 450 crypto trading pairs and is transparent about its trades, investment, supported assets, and everything
- Coinbase does not have enough information about the fees it charges, making it difficult for its users to understand its structure
- Crypto trading is vulnerable to higher risks and has more scope for customer support to improve
- Although Coinbase offers 100+ currencies and adds a new currency every day it is still not sufficient for its traders
- Coinbase having a large number of active users could make use of it, to make its brand stand out even more
Coinbase At A Glance
|Founded In||June 2012 inSan Francisco, California, US|
|Native Token||USDCoin (USDC.)|
|A Number of Listed Cryptocurrencies||100+|
|Deposit Fee||Varied ( according to the process )|
|Withdrawal Fees||Varied ( according to the process )|
|Customer Support||Live Chat, Email, Social Channel Support, FAQ Support & Telephonic Support|
|Supported Fiat Currencies||USD, BRITISH POUND STERLING ( GBP ) & EURO ( EUR )|
Coinbase Exchange: Company Overview
Coinbase being one of the most trusted cryptocurrency exchange platforms in the world, which was founded in the year 2012 by Brian Armstrong and Fred Ehrsam and had a token of its own, known as USDCoin (USDC). Ever since its inception, the platform has grown to be huge, with about 98 million registered users worldwide. Today, it is operated in more than 100 countries to date and has a very high trading volume of about $ 309 billion per quarter. It also manages one of the most potent cryptocurrency ecosystems by supporting about 13,000 financial institutions. In addition, Coinbase has about 450 + trading pairs and about 100+ currencies, which keeps growing regularly. Coinbase platform also runs two separate trading platforms, one known as Coinbase and the other as Coinbase Pro, where both platform functionalities differ.
Cryptocurrencies Supported In Coinbase
With over a million active traders, Coinbase is home to some of the most prominent crypto projects. Starting right from Bitcoin to the newer projects like Polkadot, the platform is home to 100+ currencies, including its own Coinbase Token USD Coin (USDC). To give you an idea, here’s a tabular representation of all the major crypto exchanges listed over the platform:
|SushiSwap (SUSHI)||USD Coin (USDC)||Polygon (MATIC)|
|Litecoin (LTC)||DAI (DAI)||Polkadot (DOT)|
|Solana (SOL)||Uniswap (UNI)||Cardano (ADA)|
|Bitcoin (BTC)||Algorand (ALGO)||Dogecoin (DOGE)|
|Shiba Inu (SHIB)||Ethereum (ETH)||Stellar Lumens (XLM)|
Besides, the platform is also open to accepting and listing new tokens with better potential. Therefore, if you’re an avid investor in new projects, you might want to sign up for this exchange.
Key Features of the Platform
Being one of the largest global trading platforms, Coinbase comes with several core features that make it stand out from the rest. Starting from its compatibility: Compatibility Coinbase has a straightforward and easy-to-use interface, making it a very user-friendly platform, where even beginners can make out the whole trading process. The whole platform is easily accessible and functional to almost everyone; with that being said, it is also very much compatible with almost all devices, be it Android, iOS, Windows, macOS, or SaaS. The sign-up process also does not take much time, and you can be a member of Coinbase very smoothly. It also offers the veteran trades a whole range of functionality and other advanced features in its Coinbase pro mode.
Coinbase has a very smooth and practical learning portal via which any users can win rewards in the form of cryptocurrencies as soon as they complete their lessons available in the Coinbase Education Platform. In addition, the platform also has interactive, Instagram Story-like lessons which take less than 10 minutes each, and the rewards given to the users after the course completion ranges typically from about $1 (£0.77) to $5 (£3.85) worth of whatever coin users are learning about.
The ‘Coinbase Earn’ is another primary highlight for users signing up on the platform. This allows long-term investors to make the most of their funds. Based on a ‘earn while you learn’ model, it is focused on allowing students to head out of their general learning curve to get some exciting rewards in the process. Coinbase allows its users to go through numerous video classes to educate themselves about the basics of crypto trading. In addition, they can also learn about the different tokens on offer over the platform and earn in the process.
Digital Wallet Options
Users signing up for the Coinbase platform can store their crypto funds in their private wallets. This provides them with complete custody of their tokens, making the platform one of the few to do so. Or, if you’re one of those users who are okay with keeping your investments with your registered exchange, Coinbase provides you with the functionality too. The platform allows users to set up their own digital Coinbase wallet and easily participate in everyday transactions without hassle.
Coinbase Debit Card
The Coinbase debit card is another outstanding feature of the platform, making it one of the unique exchanges in the process. Users signing up for the platform can apply for a Coinbase card. Like any traditional debit card, the Coinbase debit card is also attached to your account and gives you a direct way to spend your crypto tokens. In addition, users signing up for the debit card are also entitled to earning crypto rewards of 4% cash-back.
Additional Features of the platform:
Listed above were some of the platform's core features. However, that’s not all! Coinbase also offers additional features that add to the perks of signing up with the platform. We’ve discussed some of them in the section below; let’s figure out:
- Coinbase Terminal: The Coinbase Terminal is a console designed for the advanced users signing up for the platform. It provides such seasoned users with all the necessary tools that they might need to perfect their trading strategy and make the most of their trends. It helps its users to enhance their market research, develop algorithmic trading strategies and view historical price action.
- Access To Multiple Trading Modules: Not every user signs up with exchanges to trade; some register to earn from their investments. Considering the same, Coinbase has introduced its users to two different levels of the trading console. Beginners can get started with the basic console and move to the professional tools and features as they advance in crypto trading.
- Simple & Clean Mobile App: Similar to its web platform, the platform offers a simple mobile application. This user-friendly mobile application allows you to access all the features like the web portal like trading and managing cryptos. Available over both Apple App Store and Google Play Store, it is a great option for users who are into everyday trading and love to keep an update on the market in real-time.
- Crypto rewards: Apart from the regular trading, users signing up for the Coinbase platform have the option to earn amazing rewards via their Coinbase account. The platform offers great returns on several stablecoins like USD Coin (USDC). In addition, you can also stake trending tokens like Solana (SOL) and Ethereum (ETH), providing you with a certain percentage of returns, depending on your region and the cryptocurrency.
Basic Trading With Coinbase
As mentioned earlier, Coinbase provides its user with two different proficiency levels to get started. For beginners, you can get started with the basic Coinbase account, where the console is very beginner-friendly and has an easy-to-trade experience. In addition, the users are also provided with multiple learning modules to make the most of their experience over time.
Advanced Trading With Coinbase Pro
Next, we have the advanced trading model; Coinbase Pro is an exclusive platform keeping the veteran traders in mind but can still be accessed by anyone having a Coinbase account and offers more trade types and remarkable limits. Users signing up for the professional console can access a wide range of tools and resources to make the most of their trades and plans.
Coinbase is transparent with its fees per trade. The platform tries to present most of its charges in a tabular presentation like the one mentioned below.
|Wire transfer||$10 maker, $25 taker|
Even though the Coinbase platform charges are low, all the trades depend on the trade volume of the currencies, that is if you are trading for as low as $10 the platform charges $0.99 and for more than $50 it is $2.99. In addition, the platform had also recently removed a section from its platform concerning the fee structure. Therefore, if you’re looking for a platform with a transparent fee structure, you might want to look for your options. Gate.IO Comprehensive Review 2022: How Secure is it?>>>
Is Coinbase Safe?
Coinbase has the best security practices, which are very industry-leading, and help keep its customer funds and assets safe. To ensure the security of its users, the platform introduces some of the following measures:
- Cold Wallet: A cold wallet is an offline wallet that is not linked to the internet and has a much lower risk of being compromised. Coinbase cold storage stores about 98% of its user funds and requires the approval of the transactions l, where the funds are stored in a network of safe deposit boxes around the world, which is actively supported via digital and paper backups and uses bank-standard encryption and security for its website.
- Hot Wallet: A hot wallet is a virtual currency wallet that is accessible through the internet and facilitates cryptocurrency transactions. According to the sources, Coinbase stores about 2% or less of its traders' funds online, where they have secured themselves from the insurance policy in case of any security breach and loss of funds.
- Individual user account security measures: Even though Coinbase offers a very secure platform, it is still necessary to safeguard your account using some other means from the trader's end as well. By following these simple measures, you can also increase the security of your account and reduce the number of threats a user can face daily, be it from hackers or any kind of scheme.
Besides, the platform also has some other measures like 2FA and continues to add new and better updates with time.
Opening A Coinbase Account
Coinbase has a very user-friendly interface that beginners or any professional trader can easily access; it also has a very similar process to any other exchange platform for opening an account. The whole process of setting up an account is reasonably quick and easy. Step 1: Search for the Coinbase website, open the portal, or you can even download the app on your device. Step 2: Once you download it or come to their main landing page, you’ll have access to get started automatically as the first step to access the platform. Step 3: Add your email address, where you need to add your details and your valid-id proof to prove your identity. Step 4: After you submit your details, verify your account by clicking on the link on your email.
Once your verification is done, you can add in funds as low as $2 and start trading, selling, and buying cryptocurrencies per your Coinbase account limit.
Coinbase has over 1000+ reviews, with about 90% being about how great the platform is and how it helped people gain extra knowledge and profit. In contrast, the remaining 10% are about its users experiencing the drawbacks of the platform. The majority of its positive review was around the stringent security offered by the platform, making it one of the safest places to trade and store your funds at. However, some negative remarks about the fee structure surfaced among all those positive reviews.
Coinbase Vs. Competition
Coinbase, a global platform with a very active user base, is one of the most liked crypto trading platforms with about 90+ million users. Although it has a huge fan base, some people would still like to go through it or look for other options. We shall be going through to help choose the perfect platform for you to trade.
Coinbase vs. Binance:
Coinbase and Binance are two giants of the cryptocurrency platforms, with similar functions but different approaches. Both platforms operate over a similar interface and aim to provide their users with a seamless trading experience. However, besides their similarities, the platform has its uniqueness too. In the following section, we’ve presented you with a similar insight into the differences between the two platforms. Let’s have a look:
- Supported Cryptocurrencies: Coinbase supports about 100+ cryptocurrencies; however, Binance supports more currencies than Coinbase and takes a loan in terms of supplied currencies.
- User-friendly Approach To Trading: If you are a beginner and want to know more about trading from the basics, then Coinbase provides that for you with its easy-to-use interface, whereas the trading units and functions of Binance can be overwhelming even for the experienced users.
- Security: Coinbase offers a very straightforward and secure trading platform, where even if your funds are compromised, it's back by insurance for hot storage and has biometric fingerprint logins, FDIC-insured USD Balance, COLD STORAGE and AES-256 encryption for its digital wallets, whereas for Binance it may have a secure method which is similar to that of Coinbase, but still fall back somewhere in case of security.
Looking at this short but insightful review, it’s evident that Binance may take the lead over Coinbase in terms of cryptos. However, the latter is the clear winner regarding security and straightforward UI. Read the full Binance review.
Should You Consider Using Coinbase?
Coinbase is considered one of the top cryptocurrency exchange platforms in the US and globally. It is backed by robust security and its timeless interface, making it easy for its users to sell, buy, or make many trades. Although it has many good functionalities of its own, it still has some parts to be rectified. We have listed why you should consider trading on Coinbase and its shortcomings as a guideline.
- Coinbase Pro Functionalities: A beginner or an advanced trader would like to trade on Coinbase because of its low trading fee when you access the Coinbase pro version.
- Access To Advanced Trading Tools: Coinbase Pro offers very advanced trading tools, making the whole trading process very simple and smooth, especially for veteran traders.
- Security: Coinbase has a very secure, smooth and user-friendly platform and has maintained an industry standard to safeguard its trader's funds, with several levels of the security system and a well-established security team that is ever-growing and developing continuously.
- Coinbase Debit Card: Unlike other users who don’t have access to make the most of their profits from their investments, Coinbase has a way for its members. The Coinbase debit card allows users to make the most of their crypto investments via an attached debit card.
Shortcomings Of Coinbase?
Even though Coinbase has a considerable fan base and many unique features offered to users, that does not mean the platform won't have any shortcomings. Some of these notable shortcomings of Coinbase are stated below:
- High Trading Fees: The biggest drawback of Coinbase could be the fee structure. Coinbase has a very hard-to-understand fee structure, as it does not disclose its structure on its platform, making it difficult for its users.
- Customer Service: Another major downside of Coinbase is its customer service. However, it has many portals from which a customer can reach out to its executives, but the response is not so prompt and helpful.
This marks the end of our comprehensive review on Coinbase! Upon a detailed inspection of the platform, it’s evident that Coinbase is a reliable exchange for both new and advanced crypto traders. Besides, with the other features like a crypto debit card and staking options, the platform stands out from the others in its category. But like its pros, Coinbase also has some negatives circling it. Therefore, if you’re a user who wants to sign up for a transparent trading platform, Coinbase isn’t the ideal option for you. We suggest you start looking for some other crypto trading platform, keeping our blog as a reference in mind. All the best!
Can I trust Coinbase?
Yes! Coinbase has more than 90 million users worldwide and is functional and available to users across 100+ countries. Besides that, the platform uses bank-level security to safeguard all of its users' funds, where 98% of the funds are stored in cold wallets, making it safer than many others in the market.
Is Coinbase regulated?
Coinbase complies with all the applicable laws and regulations in each jurisdiction it operates, making it a fully regulated cryptocurrency platform. In addition, the platform has a license to cover US Dollar Wallets and transfers. It has also registered itself as a Money Services Business with FinCEN.
What’s the difference between Coinbase Pro and Coinbase?
The significant difference between Coinbase and Coinbase Pro can be considered the endless amount of advanced features available exclusively for its pro account holders. One also considers switching to pro if they have a regular Coinbase account.
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