Are you interested in knowing about Coinbase Review and ways to buy and sell different cryptocurrencies? Hang on.
Coinbase is one of the most popular cryptocurrency exchanges in Canada and most parts of the world, and it has a high valuation by investors. This Coinbase Review will address several questions related to Coinbase in relation to Bitcoin, Ethereum, Litecoin, Ripple and other cryptocurrencies.
As they are perceived as the leaders in trade exchanges, it is important that you know how they work and if they are right for you. You might also wonder if it is legit or safe to use. Well, in this Coinbase review, I will give an honest answer to all your questions regarding this platform.
Coinbase was founded back in 2012 in the United States and since launched as a digital asset exchange, a marketplace for cryptocurrencies like Bitcoin, Ethereum, Litecoin and others. It has investment products like Coinbase Bundle or an index fund called ‘Coinbase Index Fund’ which started in March 2018. Coinbase has made huge steps in becoming the most popular exchange globally. However, there are plenty of cryptocurrency exchanges out there. Coinbase offers a simple way to purchase, sell, and store cryptocurrencies like Bitcoin, Ethereum, and Litecoin. You can easily set up a wallet on any of these cryptocurrency exchanges and begin trading in just a few minutes. Also, consider the risk of trading these speculative currencies online.Note: Don’t invest more than you can afford to lose.
Coinbase Review Overview
Coinbase is an online platform that allows merchants and traders to purchase and trade cryptocurrency. It has grown to be one of the largest platforms in the world, with over 12.9 million customers on its platform. Newcomers can buy cryptocurrency with fiat money, i.e. normal national currencies such as USD, EUR or CNY. It also provides online wallets for all of its customers but these should not be used to store large amounts of money.
How Coinbase Exhcange Work
Coinbase has become the largest platform for buying, selling, and managing cryptocurrency. The easy-to-use interface combines a wallet service that allows users to send, receive, transfer and trade Bitcoin as well as other cryptocurrencies.The popularity of Coinbase is because of a bunch of reasons: it has been around for a while, it is used by novice investors and professionals, it doesn’t cost much to send money to or from the platform, etc.Should you consider using it? The answers to these questions change depending on what you want to achieve with Coinbase. Some believe that Coinbase is exactly where you should be storing your crypto, whereas others believe it is the worst possible place for that. Coinbase has been around for a long time but, many of the major issues people have experienced with them may make you want to consider all your other options before deciding.
Pros and Cons
It is no wonder that Coinbase offers one of the largest selections of altcoins available. However, customers should know the benefits and losses. I will look at the pros and cons of Coinbase to make an educated decision if it is right for you.
- It is a simple way to purchase, sell, and store cryptocurrencies
- Offers many cryptocurrencies of nearly 100
- Avenue to earn cryptocurrency
- They insured your cryptocurrency in the case of a hack
- You can fund your account at the lowest minimum
- Low pricing with their Coinbase Pro
- Higher fees associated with their trading
- The fee structure is not easy to understand
- Has a problem with customer service
- Not given access to trade many altcoins
16 Cryptocurrencies Available on Coinbase
Coinbase is currently the most popular and well-known broker, wallet and exchange platform for cryptocurrencies such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Stellar Lumens (XLM)
- Polygon (MATIC)
- DAI (DAI)
- SushiSwap (SUSHI)
- Uniswap (UNI)
- Shiba Inu (SHIB)
- Algorand (ALGO)
4 Coinbase Fees
Coinbase’s fee structure is quite complex and expensive compared to its competitors, despite its convenience.They will charge you a different fee depending on the amount you trade, the payment method you use, as well as the region where you live. Explore the table below:
|TOTAL TRADE AMOUNT||FEE|
|$10 or less||$0.99|
|From $11 up to $25||$1.49|
|$26 up to $50||$1.99|
|$51 up to $200||$2.99|
9 Coinbase Fees for Payment Methods
In the US, Coinbase fees vary depending on the method of payment used. Look at the table below:
|Payment Method||Coinbase Fee|
|US Bank account||1.49%|
|Debit or Credit Card||Up to 3.99%|
|Coinbase USD Wallet||Up to 1.49%|
|Instant card withdrawal||1.5% ($0.55 Minimum)|
|Wire Transfer||$10 or $25|
Assuming you purchase $12 of bitcoin through your U.S. bank account, the flat fee would be calculated as $1.49 (rather than 0.99% as $1.49 is pretty higher), in addition to the spread, which is the difference between the bid and asks price.
Coinbase Pro is not only for professionals, but anyone with a Coinbase account can access and use it. You can use more trade types, including limit and stop orders that are unavailable on Coinbase’s main platform. It is more straightforward and based on the volume of trade you make each month and the liquidity at the time of purchase. Immediate availability makes you pay a taker fee but if your other needs to wait for a buyer, you pay a maker fee.Coinbase Pro only allows deposits and withdrawals via bank account; card purchases are not allowed. Fees still apply for wire transfers. Go through the table below:
|Pricing levels||The taker fee||The maker fee|
|$10K – $50K||0.35%||0.35%|
|$50K – $100K||0.25%||0.15%|
|$100K – $1M||0.20%||0.10%|
|$1M – $10M||0.18%||0.08%|
|$10M – $20M||0.18%||0.08%|
|$20M – $50M||0.15%||0.05%|
|$50M – $100M||0.15%||0.05%|
|$100M – $300M||0.1%||0.02%|
|$300M – $500M||0.08%||0.00%|
|$500M – $750M||0.06%||0.00%|
|$750M – $1B||0.05%||0.00%|
|$1B – $2B||0.04%||0.00%|
While they limit withdrawals to $25,000 a day on the Coinbase Pro platform, users can request increases in that amount. Trade levels and balances on the platform are unlimited.
Opening a Coinbase Account
Signing up for Coinbase is like opening a new bank account online. The procedure is seen below:
- Login into the website or download the app
- Enter your personal contact information
- Including also your Social Security number so as to open a fully verified account.
- Submit your ID for proof
- Set up the account and allow your information to be verified
- Once your information is verified, you can buy, and sell cryptocurrency up to your coin base account limit.
Coinbase Account Management
Using the Coinbase website and mobile app, you can view and manage your account at any time. You can view your portfolio balance or enter a trade at any time with both tools.
Trading Experience on Coinbase
It operates two functions which are;
- Coinbase and
- The Pro
Both allow you to buy, sell, and trade cryptocurrencies, but each has its own peculiar characteristics.
Coinbase App Review
- Users have highly rated the Coinbase apps for iOS and Android
- It contains many of the same functions
- The minimum trade is $2
- Payout rates range from 0.5% to 4.5%, depending on the method of payment, cryptocurrency type, amount and platform. Other charges may apply.
- Renders around 81 crypto-to-crypto trading pairs
- Includes good features for the desktop site.
- Has a total of 96 cryptocurrencies
- Over 10 currencies can be traded with stable coins like USDC, whose value is always equal to US$1
- All the digital currency held online is insured
- The FDIC insures funds in U.S. banks up to $250,000 per individual.
Who is Coinbase Best for
Coinbase is good for two major categories of people:
- Traders seeking convenience with cryptocurrency.
- Cryptocurrency traders who want to convert one cryptocurrency to another.
Is Coinbase Good for Canada?
Providing a wide selection of coins, both Binance is great cryptocurrency exchanges for Canadians.
Is Coinbase Free in Canada?
Cryptocurrency wallets are available for free on Coinbase. Transferring cryptocurrencies between Coinbase wallets is free. Canadians too benefit from these features.
How do I Withdraw Money from Coinbase Canada?
You can withdraw money from Coinbase by:
- Signing in to your Coinbase Commerce account
- Identify the Withdraw button next to the relevant cryptocurrency in the Balances section.
- A window pops up and asks how much you would like to withdraw
- Input how much you want to withdraw
- After that put where you would like these funds to go.
- Select proceed.
Are Coinbase Trustworthy
Coinbase is the world’s most popular way to buy and sell cryptocurrencies. It offers a variety of payment options, including crypto credit cards, normal credit cards, and bank transfer, although fees are higher for less common payment methods.
Is Coinbase right for you?
Coinbase is a cryptocurrency platform that makes it easy to buy, sell and manage your portfolio of digital assets. Whether you are new to cryptocurrency or a veteran of the space, Coinbase has everything you need to buy, use and accept cryptocurrencies like bitcoin, Ethereum, and more.Coinbase’s basic service is user-friendly and quick, but tracking costs can be difficult unless you use the platform, which is more advanced.
2 Drawbacks of Coinbase
The biggest downside to Coinbase is:
- Its high fees and
- Customer service issues
Is Coinbase a Good Place to Buy Bitcoin?
With support for many popular cryptocurrencies and a strong security record, Coinbase is an excellent place to start if you are new to bitcoins and cryptocurrency.
Coinbase Customer Support Options
- Support via email and Twitter
- Speaking to someone by phone via a form on the website
- Using the help page before taking calls or emails
- The automated phone system you can call to lock your account when your account is hacked
Overall, Coinbase makes it easy and convenient to buy, sell or trade your Bitcoins with other people. It offers multiple levels of account verification and a good choice of security features. However, customer care has the potential to be improved upon and this should be a priority to look out for before joining.Ultimately, I would recommend Coinbase to a beginner. You can skip the lengthy sign-up process and get right to buy digital currency. For the more experienced, there are many other options available to trade Bitcoin and other digital currencies.However, Before you decide to try Coinbase, make sure you understand how they work. This article explained it all, but it will only benefit you if you fully understand how to use it and integrate it.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.