Coinbase Review

Coinbase was founded in 2012 and is based in San Francisco, California. They support clients from over 100 countries and have a total market cap of over $100 billion. Whilst Coinbase allows users to buy and sell cryptocurrencies in a simplified and user-friendly manner, Coinbase Pro, appeals to more advanced traders who want to trade digital assets.

Overview

NationalitiesUS clients allowed
Account Funding$2
Is a corporate Account Possible?          YES
Sign Up processFAST
Funding optionsWire transfer, Debit and Credit card, Crypto exchange
ICO Available NO
Amount of coins29

Regulation and Trust

Coinbase emphasizes the amount of security they implement in order to ensure the safety of client’s funds. Firstly funds held with Coinbase are insured. Us clients also benefit from FDIC coverage of up to $250 thousand on their USD Wallet. Additional security includes the encryption of client’s data, the use of cold storage for 98% of clients funds and a two-step identification process. Clients also have the option to store funds in a “vault” wallet which has extra security measures in place. Above this, Coinbase complies with all relevant laws and regulations in the jurisdictions in which they operate.  

Commissions & Fees

The Coinbase pricing structure consists of a 0.5% spread fee depending on market fluctuations as well as a Coinbase transaction fee based on the total transaction amount. This fee ranges between $0.99 for orders under $10 and $2.99 for orders between $50 and $200. In terms of payment method fees, a credit card/debit card purchase will incur a 3.99% fee and a bank transfer is charged a 1.49% fee.

If users decide to rather make use of Coinbase Pro, they can save on fees. Coinbase Pro makes use of a Maker and Taker fee structure. You can expect a fee between 0.04% and 0.5% if you place an order at the market price and it gets filled immediately i.e you are a Taker. If you place an order which is not immediately matched, it gets added to the order book. When someone else places an order that matches yours, then you are considered a Maker and will pay a fee between 0% and 0.5%

Community

Coinbase has over 30 million users worldwide and has traded over $150 billion. They have a large social media following on Twitter and Facebook and also have a blog showcasing trading news, Coinbase product news and other articles for more advanced traders. They have generated a large following on social media with 1.1 million followers on Twitter and over 218 thousand followers on Facebook.  

User Experience

Coinbase offers a great user experience across the board. Their website is informative and modern. This extends to their buying process which is user-friendly and fast. In terms of the interface, since Coinbase’s majority of clients are less experienced traders, it is basic and straightforward. They also have extensive educational resources available to help traders further develop their skills. Their application is also user-friendly and users can buy and sell either directly or through your account’s wallet.

Functionality and Tools

The Coinbase platform comes with all the tools a trader could need whilst still being easy to navigate. It offers advanced charting capabilities and a simple ordering process.  Trade history is collected and the platform allows for backtesting. The accompanying mobile application also comes with handy charting tools and offers fast execution speeds. Of course, if you want more tools and charts then the Coinbase Pro platform is more suitable for you. It boasts real-time order books and their trading API allows users to develop trading bots.

A sandbox account is available and can be accessed once a Coinbase account has been created. This account can be used to test deposits, withdrawals and other functions.

Trading Platforms

Majority of Coinbase users make use of the web-based trading platform that allows users to buy and sell cryptocurrency. Coinbase also has an excellent application that can be downloaded on both iOS and Android devices. The iOS version has a 4.7 star rating on the Apple App store and is ranked number 31 in finance. The android version has a 3.9 star rating on the GooglePlay store. They also offer the Coinbase Wallet app to both Coinbase clients and non-clients. The Coinbase Wallet app has a 4.7 star rating on the Apple App store and a 4.1 star rating on the GooglePlay store. Coinbase Pro also has a mobile application for both android and iOS devices. The android version has been downloaded over 100 thousand times and the iOS version has a 4.7 star rating on the Apple App Store.

Customer Service

Your first point of call if you need help is making use of the Coinbase extensive list of FAQs. If you can’t find what you’re looking for there, then you can fill in the online contact form. Only if your account has been compromised, can you make use of one of the phone numbers based on your area. Another options users have in terms of customer support is making use of the Coinbase Support bot. When testing the bot, it could only answer very basic questions or help set you in the right direction based on the category in which you need help.

Summary

Coinbase provides users with a simple and easy trading experience. The account opening process is straightforward and they have security measures in place to ensure your account is safe. Whilst their fees are considered high in comparison to other cryptocurrency trading platforms, Coinbase Pro which is available to all Coinbase clients, allows traders to benefit from lower fees.