Review: Coinbase Exchange

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Coinbase Exchange Review

Currently, Coinbase is one of the most recommended exchanges for first-time crypto traders. Coinbase was established in San Francisco back in 2012 and operates in over 32 countries worldwide.

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Background Information

Rating: 4.0 / 5

Pros

  • Easy to make use of
  • High liquidity
  • High buying limit
  • Multiple payment methods
  • Active customer team
  • Offers users a safe wallet to store their coins

Cons

  • The exchange could track how users trade Bitcoins
  • When compared to others, the exchange supports just a few cryptocurrencies.

Launched in 2012, Coinbase happens to be one of the oldest cryptocurrency exchanges in the world. Currently, the exchange operates in over 32 countries making it one of the largest exchanges in the world. According to the developers of this exchange, since its launch, it has exchanged over $40 billion worth of digital currencies to over 12 million users.

Coinbase Operates in 32 countries

A year after this exchange was launched, it became the highest funded Bitcoin exchange in the world and was also the largest crypto exchange in the world. One of the distinct features of this platform is that users do not have to trade on the market like every other exchange, the Coinbase exchange offers its users the opportunity to trade their digital assets at a price that is based on the market value of these assets. This distinct feature makes Coinbase users purchase cryptos faster than users of other exchanges. Also, Coinbase allows users to fund their accounts through credit cards, wire transfers, and other payment methods.

Currently, the exchange has over 7 million users and it offers its users the opportunity to exchange three of the world’s most valuable digital assets. Also, this exchange offers users a wallet, thus, making the exchange the one-stop-application for all crypto related activities. The exchange is supported by a list of innovative and purpose-driven investors, thus, affording it the opportunity to offer users certain features that others do not offer.

Transaction Fees (Payment Methods)

To make use of the exchange’s wallet, you will not be charged a fee, but when transferring coins, you will be required to pay a network fee. The transaction fee to be paid for each transaction that is carried out is set by the blockchain community. Users or customers living in the United States will be charged about 1.39% to over 3.99%.

As mentioned earlier, users can buy cryptocurrencies on this exchange with their credit cards. For all wire transfers, senders will be charged $25 while receivers will be charged a flat rate of $10. The Coinbase exchange offers users the opportunity to fund their accounts through these payment methods;

  • Wire transfers which include; SEPA in the UK, and ACH in the US.
  • Credit cards
  • Debit cards

Security

As mentioned earlier, this exchange is backed by various investors, thus, making it one of the well-financed exchanges in the world. When it comes to security, the Coinbase exchange is one of the most secure exchanges in the world. It offers users offline storage and backup management.

For further security, the private keys that are needed by users to access their cryptocurrencies are divided into separate pieces and are stored on both offline and paper storage in numerous locations with extensive backup. The exchange allows users to integrate the Two-Factor Authentication (2FA) system. To further ensure that the coins of users are stored in a safe place, the exchange has Integrated a vault system which is like a paper wallet. The exchange has not been hacked and has proven to be reliable.

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Usability

How It Works

To begin making use of this exchange, users will have to create an account. Creating an account on this exchange is quite easy and straightforward. Unlike most of the other exchanges, all that is required to create an account is your name, email address, and password.

Once your account has been verified, you will be redirected to a page where you will be required to select your account type. Like most exchanges, Coinbase has two account options; the individual and business account. After that, you will be required to verify your phone number. This is to ensure that you are able to create a 2FA system that will keep your account safe.

Selecting a payment method will be the next step to take. As mentioned earlier, users can decide to fund their account either with their credit cards or through direct bank transfers. If you opt for bank transfers, the exchange will automatically set up two or three small transactions to and from your account. These transactions will help verify your account. Those who opt to fund their account through credit cards will have to upload a screenshot to the exchange once the transaction has been completed.

After all, these have been completed, users can then begin to buy their desired cryptocurrencies. Before each transaction is confirmed, Coinbase provides users with a total list of all the transaction cost that will be incurred if the transaction is to be carried out.

Offered Coins

The Coinbase exchange supports the following digital currencies;

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • 0X (ZRX)

Offered coins and daily limits

Customer Support

The Coinbase exchange has put in place an active customer support team that will respond to all questions and complaints of customers. Recently, the exchange has been receiving mixed customer service reports, this is common as it takes time for an exchange with over 7 million users to adequately respond to each customer’s complaint.

The exchange makes use of a real-time feature that offers users the opportunity to submit a support request, call the customer team, or even send a mail. In all, the exchange, unlike others, is dedicated to responding to the complaints and requests of users. They do not have a chatroom.

Mobile Application

This exchange can be accessed through the following operating systems;

  • Android
  • IOS
  • Web
  • Telegram

The mobile application is user-friendly just as the website is. Most people have even referred to this exchange as the best for beginners.

Wrap up

The number of customers this exchange has acquired since its launch in 2012, shows that the exchange offers certain features that users are pleased with. It is quite easy to create an account on the exchange and it is now the most recommended crypto exchange for traders with no prior knowledge of cryptocurrencies. The exchange is one that I can recommend to both beginners and experts. Being user-friendly, this exchange would be ideal for would-be traders to begin with.

This article was created for the sole purpose of informing the user. In no way is there any partnership or collaboration with the organisation, product or service mentioned in this article.

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