Coinbase Review: Fees and Features — Safetrading
First of all, what is Coinbase? Coinbase is one of the most popular and largest cryptocurrency exchanges in the United States.
“Is Coinbase legit?” This is not in debate! The bulk of investors perceive it as a quality and reliability standard for trading and storing crypto assets. If you need to find a few more trustworthy exchanges,
check them on our top list here.
The exchange currently offers a wide range of services and products, including:
- A professional platform
- Safe storage of assets
- Legal compliance
- Low trading fees
- Instant purchase with bank transfer or debit card payments
Today’s Coinbase review will cover the following viral points:
- Reasons of Coinbase popularity
- Tips on how to sign-up in a quick way
- Details on how the exchange actually works
- Brief Coinbase review on hits and misses
- Key features of the exchange
- Is it really so good for Beginners?
Why is Coinbase So Popular?
Coinbase is now the top-level entry point into the world of digital currency. Being the easiest way to buy and sell digital currency, Coinbase unites over 6.9 million customers in 32 countries.
From a reputable company of previously $25 million in venture funding, with a team of over 60 dedicated employees, Coinbase's goal is to continue following bitcoin mainstream by helping consumers and merchants alike to transact with cryptocurrency easily.
An equally important reason why this platform has received tremendous support among virtual users is that the exchange is controlled by a government regulator in the United States.
Moreover, if you are a US resident, you do not need to file a Foreign Bank and Financial Account Report. However, keep in mind that this applies to accounts with a deposit of up to $10,000.
Coinbase key stats:
- Currently, the number of subscribers on the crypto exchange has exceeded 43 million people
- More than 2.8 million people trade on the platform's website daily
- The total amount of exchange revenues in 2020 exceeded $1 billion - 136% more than in 2019
- The amount of managed capital in 2020 increased from $35 to $90 billion
Coinbase review: How to Open an Account?
This Coinbase review can’t be considered as a fully-featured one without tips on how to pass a sign-up procedure. Registering with coinbase.com looks like a plain and simple process:
- Visit coinbase.com
- Click on the "Get started" button
- Enter your personal information and fill in all required fields
- Select "Individual" account type
- Enter your phone number and activate two-factor authentication (optional)
- Pass Coinbase verification with scanned copies of your driver's license or photo ID
- Specify the preferred deposit method
- Top up your account
How Does Coinbase Work?
If you're a US resident and want to buy cryptocurrency, Coinbase is the way to go. They provide safe and simple solutions for all your crypto needs.
What's more, it is a regulated company which has been around since 2012. The company offers crypto exchange services to all states' residents in the US, except for the Hawaiian Islands.
Some Coinbase reviews mention that from the first days of its operation, the crypto exchange offered its clients the opportunity to buy and sell BTC only. However, as altcoins' popularity grew, the platform began adding the most popular coins that met its decentralization criteria.
No doubt, this Coinbase review should contain such vital data as types of coins one may trade. The platform currently allows users to trade with 32 crypto coins, including:
- Bitcoin
- Etherium
- Etherium 2
- Binance Coin
- XRP
- Tether
- Cardano
- Polkadot
- Uniswap and more.
Actually the exchange also provides its users with services on storing coins.
Still, don’t be 100% sure that online storing of coins is an entirely safe option.
Coinbase review: Pros and Cons
While writing this Coinbase review,
experts from Safetrading studied the trading exchange inside and out and were able to find several vital pros and cons to look out for.
Hits:
- Intuitive user interface
- High liquidity
- Fast processing speed
- Great selection of altcoins
Misses:
- Relatively high trading fees
- The owner of crypto assets does not control wallet keys
Сoinbase review: Top Features
Most of Coinbase reviews state that the exchange is a blazing fast, highly secure trading platform designed to simplify and enhance beginners' buying and selling process.
All the functionality and the most critical sections of the platform are arranged so that newcomers can easily set up recurring purchases, track each trade's results, and withdraw funds at any convenient time.
Let's take a closer look at the most critical features of Coinbase exchange so we can see if the platform is right for you.
Trading Platform
One of the main features of the exchange is that traders can use several versions of trading platforms at once:
Coinbase. This is the starting platform and is more suitable for novice users. It is a great tool that allows users to store, buy or sell crypto coins.
Coinbase Pro. This trading platform was previously known as GDAX. It is perfect for seasoned traders who prefer to trade actively and pay significantly lower fees. It also has advanced functionality, including advanced charting and various orders (market, limit or stop orders).
“What is better: Coinbase vs. Coinbase pro?” It depends on your trading skills and the volume of trading operations you are going to provide. Furthermore, seasoned traders use the “pro” version to have better Coinbase prices, including trading commissions.
Fees
The Cooinbase fees system looks incredibly confusing. Besides, if you are not using Coinbase Pro, then the percentage of fees charged by the exchange can be relatively high.
Please note that Coinbase Pro fees may vary depending on your country of residence. For example, the trading fees for US residents are as follows:
- When buying crypto-assets up to $10,000, the exchange charges 0.5% of the spread (the difference between the purchase and sale price)
- When buying coins for $10,000 to $50,000, commissions are reduced to 0.35% of the spread
- Trading with crypto assets over $50,000 implies a commission of 0.04%
- If the total transaction volume is less than or equal to $10, then a user must pay $0.99
- If you make transactions for $10 to $25, then the amount of commission will be $1.49
- Trades in the $25 to $50 range are subject to a Coinbase fee of $1.99
- If the volume of a trading operation is from $50 to $200, then the amount of commission is $2.99
NOTE that if you are going to exchange crypto on fiat (traditional money), you will witness a 1.5% Coinbase withdrawal fee. If it involves Coinbase debit card withdrawal, then the commission will be 3.99% (depends on your country of residence).
Security
It seems that the company's management has taken all the necessary measures to protect their clients from hacker attacks. According to most of Coinbase reviews, the exchange stores no more than 2% of clients' funds on the network.
Meanwhile, for maximum security, the remaining 98% is stored in offline cold storage. Also, 2% of the assets held on the network are officially insured. Therefore, the company can easily compensate its users for all possible losses.
Coinbase review: Is It the Right One for Beginners?
As one of the most reputable cryptocurrency exchange platforms, Coinbase provides its clients with all the necessary tools to ensure a stress-free crypto experience.
“Is Coinbase safe?” Make no doubt it is! Still, there’s no 100% guarantee that it won’t be hacked. So, be careful with keeping your crypto assets on the platform. Safetrading experts recommend using cold wallets (those that are not connected to the network) for maximum safety.
From an intuitive interface and straightforward navigation to support offered by competent experts — they have covered everything. It means if you're new to crypto trading, then, yes, Coinbase is an excellent place to kick off your trading journey!
FAQ to Ease Your Brain
Is Coinbase com legit?
Yes, Coinbase is a 100% legit exchange regulated by the U.S. Security and Exchange Commission!
Can you get scammed on Coinbase?
No, if you are dealing with the official exchange website. Scammers can use sites that look almost the same and have similar URLs. So, be sure to check the URL before entering a login or password.
How do I get my money out of Coinbase?
To withdraw money from Coinbase, you need to sign in and then visit the depositing section, click on the “Withdraw” button and choose one of the withdrawing methods. Note, every payment method has a particular commission!
Is Coinbase a good place to buy Bitcoin?
Yes, it is a great exchange for buying and selling Bitcoin, especially if you are looking for a user-friendly interface, intuitive trading operations, and low trading commissions.