Coinbase Exchange Review 2024: Platform Overview, Account Setup, Trading Options, Fees, Security, Support & More

With so many cryptocurrency exchanges in the world, it is difficult to figure out which crypto exchange is the best.  Let’s pay attention to one of the oldest & safest crypto exchanges in the world, Coinbase. In this Coinbase exchange review 2023, you will get to know everything related to Coinbase fees, security, App, and other features and then, you will be able to determine, whether this exchange is good enough for you. Let us dive into Coinbase.

Overview

Table of Contents

• Introduction
• Account setup and verification
• User interface and experience
• Assets and trading options
• Fees and costs
• Security and safety
• Customer support and resources
• Regulatory compliance and legitimacy
• Community sentiment and reputation
• Pros and Cons summary
• Conclusion and recommendation

Introduction

Coinbase, founded in May 2012 with a mission to increase economic freedom in the world, is a leading cryptocurrency platform with 108 million verified users worldwide. It offers trading, buying, and storing services for 10,000+ assets, including popular cryptocurrencies like Bitcoin and Ethereum, as well as lesser-known ones like SUI and MAGIC.

What attracted me to Coinbase? Well, its user-friendly interface makes it self-explanatory and comprehensive for both beginners and advanced traders. Coinbase facilitates easy crypto-cash conversion, making transactions seamless and efficient. The platform keeps evolving, recently transitioning from Coinbase Pro to Coinbase Advanced Trade to enhance its suite of advanced investment services, catering to the needs and interests of large-volume traders.

Account Setup and Verification

Step 1: Visit the Coinbase homepage and select “Get Started”

Step 2: Enter your legal name, email address, the password on the registration page

Step 3: Prove your location

Step 4: Check your email for verification message

Step 5: Click on the verification link

Step 6: Verify phone number for two-factor authentication

Step 7: Answer a few questions related to your employment and your fund sources

Step 8: Upload your government-issued ID 

Step 9: Link a payment method to your Coinbase account

Step 10: You’re all set! Begin trading cryptocurrencies.

User Interface and Experience

Buying, storing, trading, and selling cryptocurrency, like Bitcoin, can be difficult for many users as it was for me initially. There’s a lot to learn, new words to understand, and scary stories about hackers stealing cryptocurrency. It can make the whole experience uncomfortable.

But Coinbase wants to change that. They aim to make buying cryptocurrency feel safer and easier. They hope this will encourage more people to invest, even if they’re worried about managing their digital wallet.

Coinbase’s website is like a fancy art gallery. It’s simple, easy to use, and looks great. With its clean design, easy-to-find buttons, and useful features like real-time price updates and charts, Coinbase makes it easy for both beginners and experienced traders to buy, sell, and keep track of their digital money.

Assets and Trading Options

Coinbase offers 200+ cryptocurrencies as well as stablecoins for trading. Following are some popular ones among them:

• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• Solana (SOL)
• Uniswap (UNI)
• Litecoin (LTC)
• Dogecoin (DOGE)
• Polkadot (POLKA)
• Polygon (MATIC)
• Stellar Lumens (XLM)

The full list of coins available on Coinbase is available here.

Fees and Costs

The fee structure of Coinbase can seem complex for beginners since they do not pay maker/taker fees or flat fee, but rather a spread fee. This spread fee is revealed only at the time of transaction, which is around 0.5%. In case of advanced traders, Coinbase charges a more simple maker/taker fee with every transaction; a common fee structure on most of the crypto exchange platforms. 

Makers provide liquidity, and takers reduce it. However, users are often unable to determine their roles till the transaction is done. Additionally, Advanced Trade has an imposition of 0.001% taker fee on specific stablecoin pairs such as USDC or EUR and USDT or USD. 

Security and Safety

• Coinbase employs multiple security protocols, such as: monitoring the dark web for customer passwords, as well as recommending third-party security keys.
• USD deposits are held in bank accounts that’re FDIC-insured, but the cryptocurrencies remain uncovered.
• Criminal insurance addresses any kind of security breaches (this excludes login credentials).
• Between March 2021 and May 2021, Coinbased was hacked several times which lead to 6,000 compromised customer accounts.

Customer Support and Resources

Coinbase is widely praised for its user-friendly interface. However, it needs some improvement with security and customer satisfaction, specifically regarding issues concerning hacks and locked accounts. It has poor reviews on Trustpilot and has a rating of 1.5 out of 5 (with 9,500+ reviews). This indicates significant prevailing challenges for users. 

Additionally, it has experienced regulatory scrutiny, including several complaints filed with the Consumer Financial Protection Bureau and the fines exceeding $6 million that was imposed by the Commodity Futures Trading Commission.

Regulatory Compliance and Legitimacy

Coinbase is widely seen as a trustworthy and reliable company in the crypto community. They’re among the biggest and most well-known cryptocurrency exchanges, with a strong reputation for keeping things secure and following the rules.

However, some users have reported certain problems with this crypto exchange. They have said that customer support can be slow, accounts might get frozen, or there could be occasional technical glitches.

But remember, no platform is perfect, and Coinbase is working to fix their issues and make things better for their users.

When it comes to your funds, it’s smart to be careful and do your own research. While Coinbase is generally seen as a good place to trade cryptocurrency, it’s always a good idea to stay safe online. That means things like using two-factor authentication and strong passwords to keep your money and personal info safe.

Community Sentiment and Reputation

Since the beginning, Coinbase has focused on giving users a safe and reliable way to use cryptocurrency. Recent surveys from YouGov and Qualtrics in late 2022 and early 2023 show that people worldwide see Coinbase and its top-notch services as the most trusted platform for crypto.

Pros and Cons Summary

Advantages

• Offers simple & comprehensive interface for beginners
• Wide array of cryptocurrency options
• Passive earning scopes in 100+ assets
• Option of coinbase debit card is available

Disadvantages

• Little high transaction fees
• Customer service is not upto the mark
• Fee structure is difficult for beginners to understand

Conclusion and Recommendation

To conclude, Coinbase is a major competitor in the world of cryptocurrency exchanges. I recommend it because it facilitates a vast user base and offers you a wide range of cryptocurrencies to choose from, which is ideal for both beginners and experienced traders. Its easy-to-use interface and variety of cryptocurrencies make it a great choice for people who want to start investing in digital currency.

However, using Coinbase for trading has its downsides, like high fees and not-so-great customer support. While Coinbase is working to improve its services, especially with the introduction of Coinbase Advanced Trade, it’s important for them to fix these issues to keep their reputation strong in the changing world of cryptocurrency trading.

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