- Very Secure
- Excellent Reputation
- FDIC Insured
- Digital Wallets
|Support Types||Email , Live Chat|
|Minimum 1st Deposit||No Minimum|
|Free Demo Account|
|Deposit Methods||Bank Transfer , Debit or Credit Card|
|Trading Currency||Bitcoin, , Bitcoin Cash, Ethereum , Litecoin|
|US Traders Allowed|
- Easy to Use
- Accepts Credit / Debit Cards
- Fast Transactions
- Available in 32 countries
- Sometimes Slow Customer Support
- Limited Currencies Available
- High Fees
Coinbase is one of the largest and most popular cryptocurrency exchanges that are existing today. It provides a secure environment where you can hold and trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. In this Coinbase review, we are going to cover the main features of this crypto exchange so you can make a decision if you would like to buy Ethereum and other cryptos on this venue.
Coinbase was established in 2012 and is headquartered in San Francisco, California. It operates in 32 countries and currency serves more the 32 million customers worldwide with the trading volume m of more than $50 billion in digital currencies.
Unlike many other crypto exchanges that require users to trade on the market, Coinbase allows users to buy or sell their coins at a set price based on their current market value. THat allows processing transaction much faster than other exchanges. When we trade on Coinbase and put a buy or sell order, the transaction completes almost immediately. Another advantage of Coinbase is that allows users to buy coins with their credit cards in addition to bank accounts. We, personally, prefer to use credit cards and not provide our bank details where we can. However, if you would like to trade large volumes – bank account would be required.
Setting Up Coinbase Account
The process of opening an account with Coinbase is very easy and straightforward. By following this step-by-step guide you will be able to buy Ethereum or other cryptos through Coinbase:
- Signing Up – all you need is to provide your name, email, and password.
- Account Type – once you confirm and verify your email address, you will be taken to a page where you need to confirm if it’s individual or business account.
- Verify your Phone – the is the second stage of account verification for additional security. You can also create other 2-factor identification methods.
- Verify your Identity – to verify your identity Coinbase will ask for a copy of the passport or other forms of ID. All you have to do is to put your ID in front of a web-camera so the picture can be taken and verified by the exchange.
- Set up Payment Method – to buy Ethereum or other cryptos you need to select a payment method – connect your bank account or credit card. For a bank account, Coinbase will oftener set up two small transactions to verify your bank account. Bank transfers can take up to 4-5 days to complete in the US, or if you are based in Europe SEPA transfers will take 1-3 days. If you are using debit or credit card, the transaction will be completed immediately. Also, you can connect a PayPal account but only to collect proceeds from the sale of cryptocurrencies.
- Buy Ethereum or other Cryptocurrencies – once the payment method is connected, you can start buying or selling straight away. Once you select what currency you would like to buy, it will be placed in a relevant digital wallet that Coinbase provides for each coin. There are also trading fees associated with transactions which we are going to cover int the next section.
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Copinbase charges transaction fees which can range from 1.49% to 3.99% depending on the payment method you use, but as a rule, the credit card fees are higher. However, Coinbase fees are generally lowered than of other competitors who operate in the same space.
Right now, you can only buy Bitcoin, Ethereum, and Litecoin, but Coinbase has plans to add more currencies to its platform in the near future. In one of its statements, Coinbase said that they would only offer those coins that provide enough security for the users. Given Coinbase reputation we think it is a fair thing to say.
Coinbase also operates a GDAX exchange which is dedicated to professional traders.
Is Coinbase Safe?
One of the main concerns of the newcomers to the world of cryptocurrency trading is that using exchange platforms is still too risky. That is the fair point and we have seen a number of hacks last year, but many exchanges provide a very secure trading environment.
Coinbase is considered to be one of the most secure platforms currently available. Coinbase is based in the US, therefore, obliged to comply with US State and Federal laws. Unlike some of the competitors who are based in much more obscure countries, Coinbase engaged in discussions with regulators in order to ensure they were providing an open and innovative financial system. Some people complain that Coinbase operates more as s bank but we guess this layer of additional security and regulation is required to provide a safe trading environment to its customers. In addition, Coinbase has some of the largest international investors among its backers including the New York Stock Exchange, Bank of Tokyo, BBVA, Spark Capital, Greylock Partners, Battery Ventures, Section 32, Draper Associates and others, which boosts its legitimacy.
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Coinbase also segregates customers funds from its own and keeps them separately with a custodial bank. That means that even in the case of insolvency. neither Coinbase or it’s creditors would be able to touch clients’ funds or have any rights for them. Coinbase also states that 98% of client cryptocurrency funds are stored offline, through hardware or paper wallets stored in secure locations (vaults and safety deposits) worldwide. And the remaining 2% that is stored online is insured against a hack or a loss, so even if something happens clients still will be able to get their money through an insurance policy.
In addition, Coinbase offers 2-factor identification method, which can be done through SMS or third-party apps like Dou or Google Authenticator.
However, despite this, if clients accounts are hacked or compromised, Coinbase does not accept any liability for these funds being lost. That is why we recommend that once you have purchased any cryptocurrency on the Coinbase exchange, you store this cryptocurrency offline in a wallet that you control.
Coinbase supported countries
Coinbase is available for the users who are based in the following countries:
Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and the United States.
Transaction limits vary for different countries and also depend on the payment method. In the UK, the starting purchase limit on the credit card is £500 which can be increased (you need to request it). The daily limit for bank transaction is £15,000 but that also can be changed and increased.
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Transaction in Cryptocurrencies with Coinbase
Coinbase provides you with digital wallets and it is very easy to send or receive cryptocurrency:
- To store or send crypto all you need to do is navigate to the SEND tab of your account, choose the relevant wallet you want to send coins from, enter the amount and the public key of the required address and click send.
- To receive coins, you need to navigate to the ACCOUNTS tab, click on the wallet you want funds to go and click receive. After that, you will be provided with your account wallet address which can be used by the sender to send coins to you.
Coinbase vs GDAX
in 2015 Coinbase rebranded the trading element of the company as GDAX, to separate the professional trading element of exchange from a more casual consumer-focused platform. You will be able to avoid Coinbase fees by using GDAX as your buying/trading platform by sending a bank transfer to Coinbase and then GDAX terminal for purchasing.
All Coinbase customers automatically have GDAX account so all you have to do is log in with your Coinbase credentials. In some countries, you might need to do an additional verification and provide an additional form of ID but that is
Coinbase Review – Conclusion
While Coinbase is not perfect and has certain flaws (like a limited number of coins available, sometimes slow customer support, downtime when the traffic is too high and few others occasional inconveniences) we consider it to be one of the most reliable and reputable exchanges that are available right now. It’s clean and intuitive design makes it easy to use even for newbies and if using a credit or a debit card your transaction is completed immediately.
Overall, Coinbase is a good introduction to the world of cryptocurrency trading. It allows you to get the feel of the new world of crypto trading without feeling like it’s a strange and something new.
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