Cryptocurrency Exchange

Coinbase Exchange Review 2020

Overview

Legal NameCoinbase, Inc.
HeadquartersSan Francisco, CA United States
CEOBrian Armstrong
Year Founded2012
Exchange TypeCentralized
Trading Fees Maker: 0.15% / Taker: 0.25%
Deposit MethodsWire transfer , Cryptocurrency
Supported CryptosBitcoin Cash ABC, Bitcoin, Cosmos Coin, Ethereum, Litecoin and 12 other.
FiatUS Dollars (USD-$) Euro (EUR-€) Pounds (GBP-£)
Customer ServiceEmail, Phone
Trading OptionsSpot Trading, Margin Trading

What is Coinbase? 

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Coinbase is a San Francisco based bitcoin exchange that counts among the top 5 list as of 2020. It has 25 million users across 32 countries. It allows buying crypto using fiat currency with very low trading fees of 0.04%. Coinbase records a huge of around 14 million users and trades from across 190 countries. 

Coinbase is well known for its high volatility and Integrity in serving customers. 

Coinbase is a bilateral exchange system, One is the Standard Coinbase exchange platform, and the other is Coinbase Pro for Pro traders. 

 Fred Ehrsam and started the company in the year 2012 when digital currency came into the limelight. Since then the company has got huge media coverage on various newspapers such as The Wall Street Journal, Bloomberg, The New York Times, TIME, etc.

It has more than 20 cryptocurrencies to trade. Other than trading it provides various services like storage wallet, earns coin, etc. Recently it became the first exchange to partner with VISA to enable users to buy crypto using their VISA cards.

Coinbase Recent News

Coinbase Pro s and Cons

Pros

  • Supports a wide range of cryptocurrencies 
  • User-friendly Desktop and mobile experience.
  • Centralized exchange with complete legal setup. 
  • Buy crypto using fiat. 
  • A beginner-friendly platform

Cons

  • Higher fees comparatively
  • Payments limited to credit and debit cards
  • Accounts are monitored

Coinbase Fees 

Coinbase charges 1.49% for each cryptocurrency purchase and sale. This fee can go up to 3.99% when a credit card is used for the purchase which is very high comparatively.

However, the fees depend on the region and the type of transfers.

  • For the U.S customers, deposits and withdrawals via wire transfer take 1-3 business days, and bank account deposit or withdrawal takes  4-5 business days.
  • For European customers, Deposits, and withdrawals vis SEPA transfer takes 1-3 business days.
  • For the United Kingdom customers, deposits and withdrawal via GBP bank transfers usually complete within a business day whereas withdrawals via SEPA transfers take 1-3 business days.

Coinbase Supported Currencies

Coinbase currently supports 30+ Cryptocurrencies in trading. 

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTH)
  • Bitcoin Cash(BCH)
  • EOS (EOS)
  • Stellar Lumens (XLM)
  • Ethereum Classic (ETC)
  • Zcash (ZEC)
  • Augur (REP)
  • Dai (DAI)
  • USD Coin (USDC)
  • Ox (ZRX) 
  • Basic Attention Token (BAT)
  • Algorand (Algo)
  • Cosmos (Atom)
  • Civic (CVC)
  • Dash (DASH)
  • District0x (DNT)
  • Golem (GNT)
  • Kyber Network(KNC)
  • Chainlink (LINK)
  • Loom Network (LOOM)
  • Decentraland (MANA) 
  • Maker(MKR)
  • Orchid (OXT)
  • Tezos (XTZ)

Coinbase Services

Coinbase Trading Service – 

The main service of Coinbase is to allow buying and selling cryptocurrencies on its platform. Coinbase is available to users in over 55 countries as of 2020. 

CoinBase Pro – 

Formerly known as GDAX, Coinbase Pro is a cryptocurrency trading platform that allows experienced users to trade efficiently on the platform.

CoinBase Wallet – 

In 2018, the platform ventured into a wallet service which is now renowned globally. Coinbase introduced the wallet for iOS and Android users. 

CoinBase Earn –

Coinbase Earn lets you earn cryptocurrencies while learning about them in a simple and engaging way. The platform introduced this feature for users to understand an asset and its underlying technology. The first token added to this feature is ZRX and it is invite-only. The platform added Orchid, Tezos, Stellar Lumens, etc. Other tokens would be added in the future.

How Coinbase Works?

Coinbase has a Simple- user-friendly Interface that allows freshers as well as traders to have a plane to access all the features. 

Get started with Creating and Verifying your account and Deposit funds in Coinbase Using a Credit card or Debit Card or using Bank transfer. 

You can then use funds to buy bitcoin or other cryptocurrencies or go further trading activities. 

“ A US Customer Can Also Make Auto Purchase Of $1000 Worth Btc /Week If A Visa Or Mastercard Credit Is Added To The Account” 

How much money can I hold in my Coinbase account? 

Coinbase has a very high limit. A 100% verified US customer can buy up to $50,000 worth of BTC / day and a European customer can hold a max of €30,000 in an account. Although, the limit depends on the account verification status. Higher the status, the higher the limit. 

How to create an account on Coinbase?

Step 1:- Go to the official Coinbase webpage and click on ‘Sign up’ at the top right-hand corner of the page. Enter your email id and password.

Step 2:- Enter your personal details. Read the user agreement policy and check the box  and click ‘Create Account’

Step 3:- Once your email id is registered, a verification mail is sent to your email id. Navigate to your email id and click on the verification link. Now your account is successfully set up with Coinbase.

Step 4:- Set up your account. Select the type of your account, Individual or Business

Step 5:- Enter your valid phone number as it will be required for logins and transactions.

Step 6:- Select your payment methods like bank transfer or credit/debit card. Coinbase will also ask you to verify your identity by providing details of

  • Passport
  • Driver’s License
  • Photo ID

Enter the preferred identity proof by uploading the images of the document. 

Step 7:- Once your identity is verified, You’re done with the registration process and will be redirected to the trade page of Coinbase

How to reset my password?

  • Visit the password reset page
  • Enter your email id and click ‘reset password’
  • A mail will be sent to your email address
  • Follow instructions provided in the mail and set up a new password
  • You can use your new password to log in.

Coinbase Trading 

How to Buy Bitcoin on Coinbase?

Step 1:- Sign in to your Coinbase account. Enter the code sent to your mobile number. 

Step 2:- Click ‘Buy/Sell’ located at the top left-hand corner of the dashboard. 

Step 3:- Select bitcoin or the desired cryptocurrency. In this example, we will consider the purchase of Ethereum. 

Select Ethereum and enter the desired amount to purchase at the bottom left of the page. The right column shows the quantity of ETH you can get for the amount you have specified. After verifying all the details, click the ‘Buy Ethereum’ button and then confirm the purchase by clicking ‘Confirm Buy’

Step 4:- Once the transaction is completed, you will be redirected to the dashboard with the updated crypto balance on your profile. 

How to Sell Bitcoin on Coinbase?

Step 1:- Select the trade button

Step 2:- Select Sell

Step 3:- Select bitcoin or any crypto you want to sell 

Step 4:- Select your USD wallet and select ‘Withdraw’

Coinbase Deposit and Withdrawals 

Deposits with Bank Transfer and Debit Card

Step 1:-The user needs to set the payment methods by navigating to Settings and select the Payment Method tab. 

Step 2:- For the desktop version select ‘Link a New Account’ and for the mobile’ Select ‘Add a Payment Method’.

Step 3:- Select the type of account you want to link and follow further instructions.

  • For Bank account:- Enter the bank you wish to link followed by the credentials.
  • For Debit Card:- Provide your debit card information. Two, a very small amount of temporary debit will be applied to your debit card. Find those amounts and enter to complete the verification process.

Deposits with Bank Wire Transfer

Step 1:- Select the Accounts Tab.

Step 2:- Select your USD Wallet 

Step 3:- Select the Deposit Button

Step 4:- Make sure to select Wire Transfer tab from the Deposit USD menu

Step 5:- Use the information displayed to initiate a Wire Transfer denominated in USD from your bank account.

Note: – Wire Deposit is only available for deposits more than $5000 and the account should have completed the required verification.

Withdrawal with WIRE Transfer

The most frequent question is ‘How do I get my money out of Coinbae’. So here is the answer, follow the steps

Step 1:- Select your USD wallet on the left side menu of the Portfile page.

Step 2:- Select Withdraw button

Step 3:- Make sure to select bank wire for the To field 

Step 4;- Confirm the amount and select Withdraw

Note:- Wire withdrawals are available only for the amounts of $25000 or more. The required verification steps to activate the USD wallet and verification of the withdrawal information should be completed.

Coinbase App – Buy/Sell Bitcoin on Coinbase Wallet

Coinbase App is a wallet that allows to securely buy, sell and store cryptocurrencies like Bitcoin. Bitcoin Cash, Ethereum, Ethereum Classic, and many more. They provide with an easy, user-friendly mobile app compatible on both Android and IOS mobile phones.

You need to download the App from Google Playstore or Apple Store and sign up. Once you sign you, you will be able to send, receive digital assets.

The App is loaded with features like

  • Easy Buy

Owning a digital asset through the Coinbase app is very easy and instant as you all need a bank account or debit card.

  • Smart Tools

Coinbase app is loaded with features like automatic buy’s, price alert which enables the user to be informed with the latest updates.

  • Safety First

The app is enabled with multi-stage verification and bank-level security. You can also lock the app with a passcode, or remotely disable your phone’s access to the app if it gets lost or stolen.

  • User-Friendly

Coinbase is for everyone no matter whether you are a beginner or seasoned expert, Coinbase provides everything to build your portfolio. The dashboard is also very informative and the customer’s queries are also considered.

 Summarizing Considering all Points

If you are new to Bitcoin or Bitcoin trading and want to have a good start, Coinbase is a good option for you. It provides all the possible options varying from the beginner level to the expertise and for the advanced traders, Coinbase Pro would be a better option. The security measures adopted like SSL encryption and offline mode for multi-sig wallets are the features that can be a key plus point with Coinbase.  

Is Coinbase Exchange Safe and Regulated?

Coinbase is a responsible exchange when it comes to security. The website servers have SSL encryption. Most of the currency is saved in offline mode to provide an additional layer of security to these wallets. The platform also has a multisig vault that manages all the private keys during the transactions.

Together wallets and keys are covered under AES-256 encryption. The currency is distributed geographically in wallets and vaults to make it more protective and less accessible. Users can enable two-step verification to add additional security.

Coinbase News

Coinbase recently announced its inclusion of OmiseGo (OMG) on Coinbase.com and on Coinbase Apps.

28-05-2020

Coinbase announced three improvements to help customers send crypto more easily, confidently, and efficiently.

  • Easily top-up your balance as your send
  • Confidently track when your crypto will arrive
  • Efficiently send crypto on-chain

Coinbase Pro Ratings

Sara K

Easy to use
Liquidity
Fees and Limits
Registration

Summary

4.1
  1. What fiat currencies and deposit methods Coinbase supports?

    The fiat currencies supported by Coinbase are, USD, EUR and GBP. Supported deposit methods are Bank transfer(ACH), Credit & Debit Card and bank transfer (SEPA).

  2. Is Coinbase FDIC Insured?

    According to the support page of Coinbase, all-digital currency Coinbase holds are insured. Coinbase holds less than 2% of the customer funds online, rest all held in Cold storage.

  3. Can I keep my Bitcoins on Coinbase?

    Yes, you can keep Bitcoins on Coinbase. However, it is always recommended to keep your Bitcoins in a non-custodial wallet where you hold the private keys. 

  4. How is customer support in Coinbase?

    Coinbase customer support has mixed response due to the huge customer base of 7 million. Hopefully, customer support would also offer great service as Coinbase does.

Summary
Coinbase Exchange | Coinbase Review | What is Coinbase?
Article Name
Coinbase Exchange | Coinbase Review | What is Coinbase?
Description
Get access to detail Coinbase review and guide the coinbase fees. How to trade on coinbase. Also read recent updates on Coinbase exchange
Author
Qadir A K
Publisher Name
Coinpedia.org
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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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