Coinbase Review - Everything You Need to Know About The Coinbase Exchange
This is an in-depth examination of Coinbase, a cryptocurrency exchange platform for traders interested in trading bitcoin. It will be a comprehensive Coinbase platform and Coinbase wallet review that will include deposits, withdrawals, trading choices, enlisted crypto, security, and other features.
It will also address concerns such as whether Coinbase is safe, trading costs, how simple or difficult it is to use the site, and other issues. So, whether you’re a trader wanting to switch platforms or a novice hoping to join the crypto market, this is the guide for you.
Overall, this review will provide traders and crypto fans with information on the platform. Furthermore, we will discuss the platform’s advantages and drawbacks so that you can make an educated choice before using Coinbase.
Coinbase, founded in 2012, is one of the first and most prominent crypto exchange platforms in the United States. It began as a Bitcoin trading platform but has expanded to include other kinds of digital currencies. Aside from being a cryptocurrency trading platform, it also allows you to transfer fiat money into digital currencies and vice versa.
Coinbase is a team of over 1700 individuals that all work together to make digital trading assets a fun and lucrative experience for everyone. It has more than 56 million verified users and 134000 partners in more than 100 countries.
Its goal is to create an open financial system that provides economic freedom to individuals and companies.
Coinbase became the first cryptocurrency exchange platform to go public last month when it debuted on the Nasdaq Stock Exchange. This was a major step by the business that gave credibility to the cryptocurrency industry.
Furthermore, it increased the platform’s reputation by instilling confidence in its current clients as well as prospective consumers looking to join the market. To top it all off, Coinbase is licenced and controlled by the US government and follows all applicable regulations.
In This Review
Signing Up With Coinbase
Coinbase’s registration procedure is simple yet thorough. It conforms with government rules to guarantee the platform’s security.
All you have to do is visit the platform and click the “Get Started” button. You may now create an account using your email address. The platform will give you a verification email or a code to your phone number.
After you’ve confirmed your identity, you must give your personal information, including your name, date of birth, and the last four digits of your social security number. To establish an account on the site, you must be at least 18 years old.
Following that, they will ask you to provide your home address and the purpose for why you want to use Coinbase. The choices are as follows:
Online Payments for Investing
Purchases made online
Investing in different exchanges
The last step will be to link your bank account. You enter your login and password into your bank account and connect the account.
That’s all there is to it. You have successfully created your own account. Despite the fact that it is a multi-step procedure, it aids in keeping the platform secure from fraudulent users and activities. Being fairly straightforward, it also doesn’t take long when compared to a few other sites.
Coinbase is registered on the Nasdaq Stock Exchange; it is expected to be more secure than industry norms. 98 percent of its money is kept offline in cold storage vaults. The remaining 2% are covered by insurance. It will reimburse traders for lost money in the case of a catastrophe (if any).
When a user signs in to the app or website, the platform enforces a two-factor authentication policy, providing an additional protection layer. It encrypts its digital wallets and private keys using AES 256.
Aside from that, the FDIC (Federal Deposit Insurance Corporation) ensures any USD funds on the platform up to $250000 per trader. Additionally, Coinbase Pro enables customers to have their own personal cold storage for their money.
Coinbase, on the other hand, had previously been hacked in 2014. Approximately 850000 items were taken, with a colossal monetary worth today. Since then, the exchange has gone a long way, and there have been no damaging assaults or hacks.
Overall, security is fundamental, and since it must adhere to government security laws, your money is guaranteed to be safer than other platforms.
Different Trading Options
Coinbase mainly provides three kinds of order choices, namely:
- Limit orders are orders that are placed in response to a market order.
- Orders to halt
- Orders in the Market
Coinbase allows you to purchase and sell cryptocurrencies immediately for market orders. However, it is encouraging to note that Coinbase Pro provides traders with 10% market protection.
This implies that if the latest price of a certain currency were $4000 when you filed your request, orders would only be filled up to $4400. If it goes above that, it will stop filling in and will only return incomplete orders.
This protection strategy benefits traders by limiting slippage to just 10%, significant for large-volume orders.
Limit orders allow you to trade cryptocurrency at your own price. When placing a limit order, you may choose between the two alternatives.
The Post Just option guarantees that if only a portion of the order is matched, the order will not be executed. If and when it is filled, you will be charged a taker cost for the filled portion and a maker fee for the remaining part.
Allow Taker guarantees that your order is executed regardless of whether it crosses the spreads. If a portion of your order crosses the limit, they will charge you a taker fee on that portion.
These also have some sophisticated options available to you. They are as follows:
Good Until Cancelled Fill or Kill Right Away Or Cancel
These typically specify how quickly or slowly you want your orders completed.
Orders to halt
Stop orders are a simple way to trade an asset when it reaches a specified value known as the stop price. This trading option has no sophisticated or extra features, making it very simple.
Trading on Margin
Coinbase used to offer Margin Trading until November when they stopped this trading g facility owing to a new set of regulatory restrictions. Since a result, Coinbase has suffered another setback, as some of its rivals continue to provide this option.
Customer service at Coinbase has been a source of contention since the company’s inception. They do provide an email address, a phone number, and a comprehensive FAQ area.
If you submit a question, you will get a response within 2 to 3 business days. There have been concerns that the phone line is not very useful.
Not only that, but many have expressed dissatisfaction with the way customer service handles their inquiries. There have been instances when consumers’ questions were not addressed, or the response was general and not tailored to what they desired.
Aside from that, the site has a Trustpilot rating of 1.6/5, which is a consumer review platform for cryptocurrency exchanges. This is very low, in fact, one of the lowest when compared to the scores of rivals such as Binance.
All of these experiences and circumstances speak to Coinbase’s disdain for customer service. This is something you should be aware of before using the platform.
Having said that, one good feature of the site is its FAQ area. It is an informative, comprehensive, and simple guide to exploring the site.
However, it doesn’t help those who wish to grasp the idea of cryptocurrency.
Coinbase and Coinbase Pro support over 60 cryptocurrencies and altcoins in total. Bitcoin, Litecoin, Ethererum, Uniswap, and a slew of others are among them. It also accepts fiat money such as USD, GBP, and EUR.
Coinbase Pro offers around 100 trading pairs, with about 40 pairs trading in USD. It also has approximately 40 crypto-to-crypto trading pairings spread over 42 different locations.
This is a large amount, however it is much smaller when compared to rivals such as Binance. Although Binance US only accepts 52 coins, the company’s global platform supports over 500. This is about eight times the size of Coinbase. Binance may provide between 59 and 591 trading pairs depending on your location.
As a result, Coinbase’s performance in nations other than the United States may suffer as a result. However, it would not have to be concerned in the United States since Binance is not supported there.
Withdrawal And Deposit
Advantages and Disadvantages
The platform has an equal amount of advantages and disadvantages. The most important ones are mentioned here so that you may make an educated choice.
Fewer cryptocurrencies when compared to competitors.