Coinbase Review 2024

Coinbase Review Summary

Coinbase has a wide selection of cryptocurrencies, a user-friendly design, and helpful educational content. For more experienced crypto investors, it also offers its more advanced Coinbase Pro platform. Thanks to those benefits and its topnotch security, Coinbase is one of the largest cryptocurrency brokers in the world. As mentioned, Coinbase offers two separate trading platforms. The standard Coinbase platform is easier to use, so it’s great for beginners. But comes with slightly higher fees. And then there’s Coinbase Pro, which is the more advanced option where customers can view real-time order books, use charting tools, and instead save on fees. When you have a Coinbase account, you can access both platforms using the same login information. We recommend placing trades on Coinbase Pro, because it charges much lower fees. Even if you prefer to do your research on the standard platform, you’ll save quite a bit if you buy and sell on Coinbase Pro.

Coinbase History Overview

Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam as a way for crypto enthusiasts to safely purchase Bitcoin. It has grown to one of the largest exchanges in the world and is the leading crypto exchange in the U.S. Coinbase is currently headquartered in Wilmington, Delaware, and is available in 49 states (not available in Hawaii).

Coinbase operates in over 100 countries around the world and has over 73 million verified users. Coinbase also hosts over $255 billion in assets on its platform. They also frequently add new cryptocurrencies.

Coinbase offers two trading platforms; Coinbase and Coinbase Pro. The standard Coinbase platform is perfect for beginners who are just dipping their toes into cryptocurrency investing. It offers educational videos, and a simple-to-use mobile app to help users buy, sell, and trade crypto. Coinbase Pro is better-suited for advanced traders, with advanced charting, more order types, and lower trading fees.

Coinbase Cryptocurrency selection

Coinbase is a cryptocurrency broker that allows users to buy, sell, and trade supported cryptocurrency. Coinbase also offers “staking” of certain crypto, which rewards users for depositing and keeping their crypto on the Coinbase platform. Over 150 cryptocurrencies are currently offered on Coinbase, with more being added frequently.

Coinbase Supported Countries

Coinbase accepts users and traders from various countries around the world. They currently support traders from over 100+ countries. You can view the full list here.

Coinbase Payment Methods

Coinbase offers multiple deposit options for users. These include:

• Crypto deposit: For users who already own cryptocurrencies supported by Coinbase, you may transfer these to the Coinbase compatible wallets.
• Bank Deposit: Coinbase supports bank deposits for the world’s fiat currencies.
• Credit/Debit Card: Visa and Mastercard.
• 3rd Party Payment: PayPal, Apple Pay

Key Features of Coinbase

• Coinbase Trading: Coinbase supports more than 150 different cryptocurrencies. You’ll find most of the common cryptos listed on Coinbase.
  
• Coinbase Earn: Coinbase Earn allows customers to learn about different cryptocurrencies through engaging in educational content. Users who are eligible can unlock lessons on top of the content, earning cryptocurrencies by doing so. In other words, you can just watch a few videos about cryptocurrencies, after which you will be given a quiz to complete in order to test your knowledge. You will then be rewarded with the specific cryptocurrency token you were learning about.
• Staking: Given the low interest environment we currently have; staking is an appealing proposition whereby you earn rewards for staking your assets for a period of time. This is similar to a term deposit, but yields are typically higher.
• Coinbase Wallet: Coinbase Wallet is a self-custody crypto wallet, putting you in control of your crypto, keys, and data. Now you can safely store your crypto and rare NFTs in one place.
• Coinbase Vault: A vault can receive cryptocurrency like a normal wallet, but can also prevent stored crypto from being immediately withdrawn by adding optional security steps.
• Coinbase Insurance: Insurance policy against loss from theft, and stores a majority of its digital assets offline.
• Coinbase Visa Card: Coinbase Visa debit card lets you spend any asset in your Coinbase portfolio (including US dollars) and earn rewards for each purchase.
• NFT Marketplace: NFTs are becoming increasingly popular, and Coinbase has taken the opportunity to be part of the action. Coinbase has a new NFT marketplace where you can mint, buy and sell NFTs which is set to release later in 2022.

Coinbase Trading Fee Overview

Unfortunately, Coinbase is not forthcoming with its pricing and fees and has recently removed its full fee schedule from the Coinbase online help section. However, costs are shown on the trade screen when entering a trade, so you know what you’re paying before you enter a trade.

These are the fees you can expect on the main Coinbase platform:

There are also flat fees for transactions on Coinbase under $200.
Trades above $200 have a percentage-based fee rather than a flat fee.

Here’s a quick breakdown of smaller transaction fees:

• $10 or less = $0.99 fee
• $11 to $25 = $1.49 fee
• $26 to $50 = $1.99 fee
• $51 to $200 = $2.99 fee

Coinbase Pro Trading Fees

Coinbase Pro’s fees are much lower and simpler and adhere to a standard maker/taker model. The taker fee applies when you make a trade and it is filled immediately, reducing the overall liquidity available on the exchange. The maker fee is charged for order that aren’t filled immediately, creating liquidity—snagging you what may be a lower fee.

It’s possible to have part of your order counted as a taker and the remainder considered a maker, depending on how much of your order Coinbase is able to move at one time. These fees are good to keep in mind, but you also won’t have a choice how your order is filled. You also may receive a discount based on how much you traded over the previous 30-day period.
In any case, the 0.50% fee on traders of less than $10,000 is much less than the 1.49% (plus the spread) you’d pay on Coinbase proper. Additional information on how this works can be found here.

Coinbase Deposit Fees 

If you are depositing cryptocurrency into Coinbase, there are zero fees.

If you are depositing fiat currency into Coinbase, the fee will vary depending on the method of deposit and the currency. You’ll find an overview of the available options here:

Coinbase Withdrawal Fees

If you are withdrawing cryptocurrency from Coinbase, there are zero fees beyond standard network fees, which vary depending on the network used.

However, there is a 1% fee to convert and withdraw your crypto to cash in addition to standard network fees. A network fee is necessary in order to have your transaction processed by the decentralized cryptocurrency network. The sender is responsible for paying network fees associated with the transaction; each blockchain has its own cryptocurrency that is used for network fees. For example, Bitcoin (BTC) and Ethereum (ETH) refer to the cryptocurrency and network that the crypto is built on. These fees go to cryptocurrency miners, not Coinbase, as an incentive to secure the network and include your transaction on the blockchain.

Coinbase Security Features

Coinbase boasts a host of security features, making it one of the most secure cryptocurrency brokers on the market. From FDIC insured to encrypted servers to cold storage of your cryptocurrency, Coinbase offers a secure way to purchase, trade, and store cryptocurrency.

Here are a few of the security features offered by Coinbase:

• Two-Factor Authentication. Coinbase offers two-factor authentication via SMS or the Google Authenticator App.
• Cold storage and crypto vaults. Coinbase keeps 98% of all crypto balances in “cold storage”, which means that the crypto is stored on servers that are not connected to the internet. Coinbase also stores the coin in geographically distributed vaults for added security.
• Digital wallet. Coinbase offers a digital wallet for storing cryptocurrency that offers biometric access controls for extra security. The wallet also comes with a 12-word recovery phrase used to access the wallet if you lose your password.
• FDIC Insurance (up to $250k). Coinbase offers up to $250,000 in FDIC insurance in the U.S. Dollar deposits. This is similar coverage to bank account deposits at U.S. banks.

Coinbase uses industry-leading security practices to keep customer deposits and assets safe. Notably, 98% of customer assets are stored offline using cold storage in a network of safe deposit boxes around the world, supported by digital and paper backups. It uses bank-standard encryption and security for its website.

Coinbase Customer Service

Coinbase offers three basic options for customer support: live phone support, asking basic questions via chat, and email.

• Live phone support: Coinbase offers live phone support to all of their Coinbase.com customers so you can get quick answers to your questions. To speak to one of their dedicated support team members, you’ll find the phone number here.
  
• Live messaging: Available 24/7 to help you resolve issues you may be experiencing. You’ll chat with their virtual assistant first, but you can get in contact with a live support agent if you need more assistance. To get started, select Message Us in the bottom right-hand corner of any support page. Note that you can only access live messaging from a web browser at this time.
  
• Email: Complete a request for email support.

Coinbase vs. Other Popular Exchanges