Coinbase Review 2020 [UPDATED] Read All You Have to Know

Coinbase is one of the most popular exchanges out there today. The platform was founded in 2012 and has grown in popularity over the years. If you are looking for a reliable digital currency wallet that can help keep your cryptocurrency safe, then read this Coinbase review and discover the best bitcoin exchange.

See Our Best Pick for 2020

Since its inception to date, the platform has maintained its top quality service and is known for its top-notch security. None of the end-users have ever complained about security issues.

If you want to keep your Bitcoin or any other cryptocurrency safe, then you can confidently register an account with Coinbase and experience the top quality service this platform has to offer.

Coinbase supports virtually all kinds of cryptocurrencies. Aside from being a reliable wallet, it also acts as a crypto trading platform where you can buy and sell different types of cryptocurrencies, even if they are limited.

What is Coinbase?

As hinted earlier, Coinbase was created in 2012 and had been available for public use since then to date. It functions as a digital currency platform and wallet. As a result, you can both keep your cryptocurrencies in it and also use it for trading various cryptocurrencies, like Bitcoin, Litecoin, Ethereum, and so on.

The company also has its headquarters in San Francisco, California, United States. As of today, this platform boasts more than 30 million end-users. Additionally, over $150 billion had been traded on the platform since inception to date.

The company had successfully raised $217 million from leading investors across the globe and it is sure to rise even higher than this in the future.

Coinbase is reliable for trading cryptocurrencies quite alright, but the trading function is not accessible in all countries. This means only a few countries can use the platform to trade cryptocurrencies.

However, its function as a wallet is accessible globally. Coinbase prides itself to be the most trusted among all other exchanges globally and it is striving hard to improve its trust level.

The company is focused on making the use of cryptocurrencies very easy for everyone, and the platform is equally very easy to use for all and friendly.

Top Rated Bitcoin Exchange 2020

EXCHANGE
RATING
FEATURES
VISIT

Excellent Reputation

Regulated PlatformVariety of CoinsAvailable via App

66% of retail investors lose money
when trading CFDs with this provider

Who Created Coinbase?

Coinbase was founded by Brian Armstrong and Fred Ehrsam. Brian Armstrong is the current Chief Executive Officer of the company. Some of the products it offers are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and so on.

The platform equally functions as an Exchange for digital assets and has built a good reputation for itself since inception to date. As of 2019, the total number of employees in the company is 1,123, and its total number of users more than 30 million.

There is a strong indication that the number will increase in the future considering the uniqueness of this entity and the rate at which it is gaining popularity. The company’s total revenue is above $1 billion and it currently operates in 32 countries across the globe.

Coinbase was created in 2012 and became accessible to the general public in June of that year. The company functions as a cryptocurrency exchange in 32 countries, but its Bitcoin storage and transaction services are available in more than 190 countries.

Coinbase is undoubtedly an outstanding global digital asset exchange, and its trading platform looks professional. The interface is also user-friendly and you can trade virtually all the most important cryptocurrencies with the exchange. If you are a developer, you can access an API on this platform to accept payments and build applications.

Is Coinbase Safe?

Coinbase had been around for a very long time and there had rarely been any negative reports about the exchange and storage services provided by the outlet since then to date. The platform has its own share of challenges, but it has always proved itself to be reliable.

The platform is transparent in its dealings and always reveals its financial activities to all its registered members without holding anything back. This is a clear indication of reliability and it indicates safety.

is coinbase safe

The company equally complies with a series of regulations and laws in different jurisdictions as demanded in each of the countries where it operates. The company is regulated in the United States and licensed in the country to carry out money transmission in many of the jurisdictions in the country.

The company is registered with FinCEN as a Money Services Business. It complies with various laws like The Bank Secrecy Act, the USA Patriot Act, and so on and these are all indications that the platform is reliable.

Additionally, the company is fully committed to obtaining licenses required for legal activities in all the countries where it operates. There is no reason why you should doubt the reliability of this platform.

No registered member had ever reported an unlawful loss of his money on this platform, which is an indication that you too will never have cause to complain.

Coinbase Sign-Up Guide

User Guide

Step 1: Sign up process

The sign-up process will only take a few minutes of your time and you will only be required to provide a few details about yourself before you can start accessing the various services provided on this platform.

coinbase sign up

When on the home page, you can click on the Sign-up link to start registering an account. The Sign-up link can be found at the top right-hand corner of the page. Just provide your email address and password.

Step 2: Account verification

An account verification link will be forwarded to the email address you provided during the registration process. You will need to click on the link in the email address to verify your account.

coinbase account verification

If you cannot find the email address in your inbox, you can check your junk folders for it. You can then proceed to set up your account by picking the account type. You can further increase the security of your account by providing your local phone number for 2-step verification.

You will also have to verify your account by submitting some documents. This is required before you can make a deposit.

Step 3: Account deposit

You can deposit via bank transfer and via electronic methods. You can also use either your debit or credit card to make deposits. The smallest purchase amount you can have would be equal to $25.

coinbase deposit account

When you link a payment method, you’ll have to verify it depending on the required procedure before you can start buying and selling cryptocurrencies.

Step 4: Buying cryptocurrencies

Before you can buy cryptocurrency on Coinbase, you will first need to pick one of the payment methods supported on the platform. You can deposit via various methods like a credit card, a debit card, and a bank account.

coinbase buying cryptocurrencies

You can deposit in your local currency and even trade with the local currency provided Coinbase is available in your country. When you locate the cryptocurrency you want to buy, simply click on Buy. You can purchase fractions of a coin, too.

Step 5: Selling Cryptocurrencies

This process is also very easy. Click on the trade button and select Sell. Next click on the particular cryptocurrency you want to sell and click on the wallet, followed by “Withdraw”.

Coinbase Fees

You will be charged a fee when you buy cryptocurrency on this platform. You will be charged $2.99 when you deposit up to $100. You will pay a fee from selling cryptocurrency. The selling fee is 1.49% of the amount that you are selling.

Also, it is possible to pay bank fees when you transfer money from your bank account to Coinbase. Some banks can charge as high as 3% of the total amount you are transferring. Despite charging the fees above, Coinbase is still more preferable to many other exchanges, who charge a pretty higher amount as fees.

There is no direct fee on Coinbase, but the trader carrying out the withdrawal will be required to pay a network fee. This depends also on how busy the network is. Using Coinbase Pro can cut down the fees.

Coinbase Deposit & Withdrawal Methods

The end-user can make deposits and withdrawal on Coinbase via various methods like Bank transfer, debit card, and wire transfer:

  1. Bank account: You can use your bank amount to also make a payment on this platform. However, it may take between 4 and 5 business days before the bank transaction is processed. It is also recommended for those who want to transfer a large amount of money. The maximum transaction you can make via this method is $7,500 per week. However, the transaction fee is 1.5%. You will need to in your bank accent to your Coinbase account before you can use this method to make a deposit. The entire process is also easy and straightforward.
  2. Debit card: If you want to deposit a smaller amount of money, this deposit method can work perfectly. You can use either MasterCard or Visa card to do this. The processing is done instantly. The maximum transaction possible via this method is $300 per week. You will be required to pay a fee of 4% on each transaction anyway.
  3. Wire Transfer: This is a preferred method recommended for those who want to transfer a large amount of money. It enables you to transfer the fund directly into your Coinbase account and the transaction process never takes time.
  4. Bitcoin deposit: It is equally possible to deposit money to your Coinbase account by transferring Bitcoin or any other supported cryptocurrency from another Bitcoin wallet to Coinbase. The processing will never take more than just a few hours or even minutes before it is confirmed.

All the methods described above can also be used for making withdrawals. In fact, Coinbase insists that you should only make a withdrawal via the same method with which you made your deposit. This is for your own security.

Features of Coinbase

Account types

Coinbase provides both the individual and business account types. You can choose any of the two types when registering an account on this platform.

Bear in mind, however, that the individual account type may have some limitations, while the business account types have a couple of features that are inaccessible to someone holding the individual account.

Trading platform

You can access both the web trader and mobile trading platforms. The trading platform can also be accessed via your desktop computer.

Trading instruments

Some of the instruments you can trade on Coinbase are highlighted below:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Exchange of digital assets

Virtually all categories of cryptocurrencies are supported on this platform.

Social trading

Coinbase supports social trading and the investor can easily copy its top cryptocurrency traders via its new tool. The tool makes it possible to see the activities of top traders and also copy these activities.

Education center & tools

Coinbase provides the latest news in the cryptocurrency world to its registered members. The trader can easily find information about the latest and historical prove of Bitcoin or any other cryptocurrency you want to deal with. The investor can equally learn about the various operations on the platform.

In addition, you can also earn different cryptocurrencies while you learn by going through the various courses available on the Coinbase platform.

Customer service

The customer care service is top-notch and available 24/7, thereby enabling the end-user to resolve any issue quickly and effectively.

Secure storage

The Bitcoin you store in your wallet on this platform is secure and they even secure it offline to prevent anything from going wrong.

Advantages of Coinbase joining Coinbase

  • Mobile apps: You can download the mobile app to trade and store cryptocurrencies. The mobile app is a lot easier to use than the web platform. It is available for both iOS and Android devices.
  • Secure storage: The cryptocurrencies stored on this platform are also secured offline to ensure that nothing will ever go wrong with them.
  • Insurance protection: The cryptocurrencies you store in your wallet with Coinbase are covered by insurance, and this confers special protection of your interest.

How Does Coinbase Compare to Other Exchanges?

  1. High liquidity: The liquidity on Coinbase is very high, just as the buying limits. This is not the case on many other exchanges.
  2. Best for newcomers: The wallet is very easy to use for a newbie. The trading platform is also easy to navigate, and a newcomer in Bitcoin trading is better off starting on this platform than anywhere else. Many other Bitcoin trading platforms are complicated.
  3. Quick deposit: You can use the “Instant Buy” option to make payments via your debit card, and this makes the process go on very fast. This option is not accessible on many other exchanges.
  4. Global services: The services provided here are available in more than 192 countries, which is not the same at many other exchanges.
  5. Easy verification: The verification process on this platform is also easy and straightforward. The entire process can be completed in just a few minutes provided you submit all the required documents.

Pros & Cons of Coinbase

Pros

✅The platform makes it possible for its registered members to deposit and withdraw via various methods, including Bitcoin, credit card, debit card, and bank transfer.
✅All your Bitcoin deposits with Coinbase are secured and insured via the company’s insurance policy.
✅You can access the wallet services on your desktop computer and mobile device. You can also download the mobile app on your iOS and Android devices.
✅The security of your account can be further strengthened via the multi-signature and 2FA security options. This helps to prevent any unauthorized manipulation.
✅You can also transfer Bitcoin between two Coinbase users instantly.
✅The user interface is both intuitive and friendly.

Cons

❌There is no anonymity on Coinbase since the client’s account is monitored.
❌Some deposits or withdrawals can be delayed for up to 3 days.
❌The number of cryptocurrencies supported by this platform is limited.

 

FAQs

Is Coinbase a Regulated Exchange?

Yes, Coinbase is regulated. The outlet works in agreement with every applicable regulation and law in each country where it operates. The outlet currently has a presence in up to 192 countries.

Does Coinbase Support Social Trading?

Yes, it is possible to copy experienced traders on this platform and make a profit while they make a profit. The reverse is also true. The platform is also very easy to navigate.

What are the Various Products I can Access on Coinbase?

You can buy or sell digital currency on Coinbase. You can also access API for building bots and software for trading cryptocurrencies.

How Long Does the Account Verification Process Take?

The account verification process will never take more than a few minutes of your time. In fact, the entire process can be completed quickly. Some customers even claimed that their accounts were verified within minutes.

How Secure is my Money on Coinbase?

The funds deposited by the end-user on Coinbase are secure. In fact, the capital is backed by the company’s insurance policy to ensure that nothing will ever go wrong with your funds.

 

Conclusion

Coinbase is one of the most popular digital currency exchanges and wallets in the world today. The platform was established in 2012 and has grown in leaps and bounds since then to date.

The number of end-users has even gone above 30 million and counting. This platform is among the best and you would have seen so many of the features that make it stand out above.

While Coinbase may be one of the best to consider when looking for a secure Bitcoin wallet or trading platform, you need to understand that trading has its fair share of risks. You need to bear this in mind and only risk an amount you can afford to lose.

 

Top Rated Bitcoin Exchange 2020

EXCHANGE
RATING
FEATURES
VISIT

Excellent Reputation

Regulated PlatformVariety of CoinsAvailable via App

66% of retail investors lose money
when trading CFDs with this provider
Robert Prime

Author

Robert Prime

Rob Prime is interested in everything related to crypto currencies and finance. With a passion for all-things finance, he currently writes for a number of publications in the online space.