Coinbase Exchange Review

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About

In this Coinbase Review we will explain why users across the world are heading to immediately to Coinbase when entering the market. And why they are using Coinbase when cashing out.

Coinbase is perhaps the most well known cryptocurrency exchange out there. It’s often the initial platform that many new users start with after getting interested in crypto. And that’s because they have done it so extremely well in making it easy for new users to understand and get started. Their website and UX is well built and they provide users with bank, credit and debit card deposits. They also provide users with the withdrawals to your connected bank account.

In this Coinbase review we will explore the main cryptocurrency exchange or instant-buy platform named only Coinbase. You might have heard about another exchange called Coinbase Pro. They are two separate things, and if you want to find out more about the difference read this guide on the topic.

Coinbase have been around since 2012, and sure they receive some criticism from time to time, like most companies of that size. But overall they have done so much for crypto, and still do today. They have easily onboarded perhaps most newcomers to the crypto world with their easy to use platform.

They have a CEO Brian Armstrong who’s been a great ambassador for all cryptocurrencies, and a helpful promoter of blockchain technology. It’s easy to understand the comparisons when people say that Coinbase wants to position themselves as the Google of the crypto world.

For what it has to offer (few cryptocurrencies) they do it very well (easy UX – higher fees).

Coinbase vs Coinbase Pro screenshot

There are two Coinbases!

If you didn’t already know there are actually two separate Coinbases exchanges/platforms. With Coinbase that we will review here, but there is also Coinbase Pro. Where the formers is more tailored to the masses and the beginners. And the latter being a crypto exchange available for the more experienced traders.

To learn more about the difference check out our guide here

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How to get started

Coinbase have a lot of excellent features but what they pride themselves with is their user-friendliness and easy to use website and app, so getting started using Coinbase should be straightforward, but we have made it even easier with a step by step guide.

So if Coinbase seems interesting and you wonder how to get started using the exchange, we’ve put together an easy to follow guide here in our Coinbase review.

  1. Go to Coinbase’s website using this link HERE
  2. Click on get started
  3. Select if you are opening an account as an individual or business (for business se guide further below) select individual
  4. Add in your personal details
  5. You now get an email with a link that you need to click to verify your account
  6. When you’ve verified the email you’ll have to add some more details like phone number for 2F-Authentication
  7. To get started buying cryptos at Coinbase you need to deposit some cash or send crypto
  8. Personal identification is required before any payment method can be selected. Coinbase will redirect you to this page, where three modes of identity verification are allowed:
    • Passport
    • Driver’s License
    • Photo ID
  9. After that you can connect a bank account or credit / debit card
  10. Now you’re good to go! 🙂
Coinbase create account picture

Fees

For fees at cryptocurrency exchange there are usually a couple of standard fees that are common at cryptocurrency exchanges. And in this section we will provide greater details about them. It is important for you as a customer of the cryptocurency exchanges to be aware of this before using the exchanges.

Therefore we at Go CryptoWise aim to clarify these fees for all crypto exchanges so it becomes super easy for you to buy and sell cryptocurrencies on your terms.

Usually there are these fees at cryptocurrency exchanges:

Trading fees such as maker and taker fees (for taking or removing liquidity on the market. As in taking or adding trades on the order book. Transactions fees associated with withdrawing or depositing cryptocurrency or Fiat (USD, GBP, EUR) funds from and to an exchange.

  1. Maker fees are when you add liquidity to the order book by placing a limit order that is either above the current highest selling price and lower than current highest bidding price
  2. Taker fees are when you remove liquidity from to the order book by placing a limit order that is immediately executed against the order book
  3. Withdrawal fees are when you withdraw cryptocurrencies or Fiat money (USD, GBP, EUR) from an exchange
  4. Deposit fees are when deposit cryptocurrencies or Fiat money (USD, GBP, EUR) from an exchange

So in this Coinbase review these are the current fees that we have seen for the Coinbase exchange (not Coinbase Pro – learn more about the difference between the two different exchanges here). They might change over time so please always check the latest fees at their website

At Coinbase the fees are slightly different than the traditional crypto exchanges, because they provide a unique instant buy service at all times they have for example a spread fee in place, of about 0.50%. This spread fee might differ depending on current market fluctuations but it should be around that price.

Coinbase also have a trading fee in place, which varies depending on your region. Additionally they have fees for features like cryptocurrency conversion (convert one cryptocurrency instantly against another), fees for bank transfer and payments made with credit or debit cards.

For all current fees please check it out on their website.

 

Trading Fees

Coinbase uses a maker-taker fee model like most exchanges. The maker fee is when you create an order for a specific price and creates liquidity on the market. And the taker fee is when you remove that liquidity by buying at a price set by a maker.

 

Coinbase trading fees

 

Coinbase deposit & withdrawal fees

Account Fees

No fees for setting up an account or storing crypto in the wallet (but you shouldn’t store your cryptocurrencies long-term in the Coinbase wallet. Store them always on a hardware wallet – check our reviews here

Supported coins

Coinbase supports a range of coins and cryptos. It differs a bit from country to country, but also in the U.S from state to state what the customers are allowed. Use this site to find all the details about listing for both Coinbase and Coinbase Pro

  • BAT
  • BTC
  • BSV
  • DAI
  • DASH
  • EOS
  • ETH
  • ETC
  • LINK
  • LTC
  • OXT
  • REP
  • USDC
  • XLM
  • XRP
  • XTZ
  • ZEC
  • ZRX
crypto trading

Withdrawals & deposits

In this section of our Coinbase review we will walk you through the steps you need to take to withdraw and deposit cryptocurrency funds to and from the Coinbase exchange / website to make it super clear.

 

How to deposit (crypto)

  1. Go to Coinbase’s website www.coinbase.com
  2. Click on accounts
  3. For crypto you select the wanted cryptocurrency and click on Receive
  4. A pop-up shows up warning you to only send Bitcoin to Bitcoin address, etc
  5. Click on show address
  6. An address and QR code will show up on the screen – copy the address
  7. Go to the wallet where you’re sending crypto from and paste in the address

 

How to deposit (fiat)

Example guide for European citizens

Depositing with SEPA transfers
  1. Go to Coinbase’s website www.coinbase.com
  2. On EUR wallet click on deposit
  3. If you haven’t connected a bank account you will need to do this first
    1. Give the name of the bank
    2. Name on the account
    3. The transfer amount and currency you’re depositing in (EUR, USD or GBP) – press continue
  4. Now you’ll see a screen with some depositing information that you need to use, as in Coinbase’s bank details and a Reference number that you need to use for your SEPA transfer this is very important
  5. Your funds will appear in your account 1-3 business days after you send them.

How to withdraw

Example guide for European citizens

Before you can withdraw euros to your bank account, you will first need to complete a successful SEPA deposit to your Coinbase Pro account.

  1. Go to Coinbase’s website www.coinbase.com
  2. On the left-hand column under Assets, select the Withdraw option.
  3. From the Currency Type drop down menu, select EUR.
  4. Select the Bank Account tab. If you have verified your SEPA bank account, it should be listed here under Destination.
  5. From the drop-down menu, select the verified bank account you would like to withdraw to.
  6. Specify the EUR amount for the transfer. You are able to withdraw all of your EUR by selecting the MAX option.
  7. Select the Withdraw EUR to Bank option to confirm your withdrawal. Withdrawals typically take 1-2 business days to complete.

Coinbase has recently added instant PayPal withdrawals now available for all U.S. customers

Coinbase has recently a smart feature for their users to withdraw their balances directly to PayPal for their U.S customers. If you are comfortable and like PayPal this gives users a new range of options, and furthers Coinbase’s effort on adapting to current user needs and making their services as easy as possible to use.

Read more here.

Crypto security laptop

Security

Coinbase works hard to create a secure platform for all their customers. And we hold them in high regards today. But still we want to remind our readers of the risk of leaving their funds on any exchange. Including Coinbase. But with that said Coinbase works hard to create a secure crypto platform.

But for general advice please read our security tips to help you secure your cryptocurrency funds.

 

Go CryptoWise’s security tips for everyone to read and know!

  • Use 2F-Authentication – for example Google 2F-A
  • Do not share your login details with anyone
  • Do never share your private keys with anyone
  • Create and store your backup passphrase for your 2F-A
  • Check the URL twice, hacks and phishing scams happens often
  • You need to be in control of your own crypto
    You can’t completely trust that an exchange will always protect your cryptocurrencies. This is an extremely important crypto tips to be aware of. Remember it’s you that are in control of your own crypto, not the exchange, not a bank, or a government. Therefore you need to make sure that you also are storing your crypto somewhere safe. A hardware wallet is the way to to go, find a good wallet for you in our wallet comparisons.

Check out our guide on best crypto tips here.

 
Two factor
 

Payment Industry Best Practices

Coinbase’s  website runs entirely over encrypted SSL.

Icon best

Wallets (and private keys) are stored using AES-256 encryption.

Read more about Coinbase’s security methods at their website www.coinbase.com

We recommend that you keep your Bitcoins, or other cryptocurrencies on a hardware wallet. You can find a good option at our comparisons here.

We have put together this guide to help you keep yourself safe and avoid some of the common risks in the crypto space – find the guide on the 6 best tips to protect you crypto

Restrictions

Coinbase is available in 42 countries, find out if your country is on that on their website.

8.3 Total Score
Coinbase Exchange Review

Coinbase is perhaps the most well known cryptocurrency exchange out there. It's often the initial platform that many new users start with after getting interested in crypto. And that's because they have done it so extremely well in making it easy for new users to understand and get started. Their website and UX is well built and they provide users with bank, credit and debit card deposits.

Usability
9.2
Cryptos available
7.2
Security
9.1
Support
7.8
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