Coinbase Review: Can This Exchange be Trusted in 2024?

In this Coinbase review, we’ll take a look at one of the most popular crypto exchanges in the world, with over 110 million users globally. Coinbase isn’t just another crypto exchange – it’s a gateway reshaping how we interact with digital currencies and the Web3 world.

But beyond the hype, what sets it apart? It has licenses to operate, 1:1 PoR, an insurance policy, rewards for new users, and more. In this guide, We’ll break down all these ins and outs of the Coinbase exchange, exploring its user-friendliness, security measures, fees, and overall performance.

Key Takeaways

1. Coinbase is the largest US-based cryptocurrency exchange, boasting a daily trading volume of over 2 billion and supporting more than 236 digital assets for trading.
2. It offers multiple platforms for different levels of crypto users, from beginners to experienced traders such as Coinbase Advanced, Coinbase Commerce, Coinbase Vault, and Coinbase One.
3. The platform boasts high-security measures including insurance and cold storage, and it is licensed by both FinCEN and FCA.

Coinbase Overview: At a Glance

What is Coinbase?

Coinbase is a platform where people can buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, etc. Think of it as a place where you can trade these digital currencies just like you would trade stocks on a “stock exchange”. It is also one of the largest crypto exchanges in the United States by trading volume (source: CoinMarketCap).

You can easily sign up for an account on Coinbase, link your bank account or debit card, and start buying or selling digital assets. They have an easy-to-use website and mobile app that makes it accessible for beginners. Coinbase also offers extra services like educational resources about crypto and a platform for businesses to accept payments in digital currencies. 

Coinbase operates worldwide across over 100 nations, serving 110 million users and facilitating trading for over 236 coins and tokens. Additionally, the company is publicly traded under the ticker symbol “COIN” on the stock market. 

Pros of Coinbase

1. Easy to Use: Simple interface for buying, selling, and storing cryptocurrencies.
2. High-Security Measures: Offers robust security features like two-factor authentication and insurance for digital assets.
3. Variety of Cryptos: Supports a wide range of cryptocurrencies (over 236 tokens), allowing diversification of investments.
4. Mobile-Friendly: User-friendly mobile app for convenient trading on the go.
5. Regulatory Compliance: Known for high regulatory standards, which adds a layer of trust and reliability for users concerned about legal compliance.

Sign up for Coinbase and receive to $200 in crypto. Coinbase users can earn more, up to $400 on average just by taking advantage of the exchange rewards. Sign up now.

User Score

9.8

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Cons of Coinbase

1. Higher Fees: Transaction or trading fees can be relatively higher compared to some other exchanges like Binance and Bybit.
2. Lack of Advanced trading: It does not offer crypto copy trading or margin trading.

Coinbase Exchange Review: Background and History

Coinbase was founded in June 2012 by Brian Armstrong, an ex-Airbnb engineer, and Fred Ehrsam, an ex-Goldman Sachs trader. They have also raised over $500 million from various investors.

In April 2018, Coinbase made Coinbase Ventures, a fund to invest in blockchain and cryptocurrency-related companies. They put money into Compound Labs, a startup making smart contracts on Ethereum. Later, they started Coinbase Pro (now Coinbase Advanced).

It has grown fast since its launch, reaching 110 million accounts, $114 billion in assets, and $76 billion quarterly trading volume by 2024.

Coinbase Supported Cryptocurrency

Coinbase exchange supports more than 236 coins and tokens on its platform for buying and selling. This includes many altcoins and new emerging coins. It offers tokens from different categories such as metaverse, DeFi, NFTs, dApps, AI, and smart contracts. 

Here are some popular supported cryptocurrencies on Coinbase:

1. Bitcoin
2. Ethereum
3. Cardano
4. Tether
5. DOGE
6. USDC
7. Chainlink
8. Litecoin
9. Solana
10. Avalanche

Coinbase Fiat Support

Currently, the Coinbase exchange supports only three fiat currencies for depositing and withdrawing funds. These include:

• USD (United States Dollar)
• EUR (Euro)
• GBP (British Pound Sterling)

Coinbase Fees Review

1. Trading Fees (Regular Account)

One of the main charges at Coinbase is the trading fee. It’s what you pay when you buy, sell, or swap cryptocurrencies. These fees are based on the amount of the transaction and the payment method used. 

If your transaction is under $10, the set fee is $0.99. For transactions under $200, it’s $2.99 or an equivalent in another currency. If you’re doing a transaction above $200, the fixed fee becomes a percentage – usually 1.49%. 

But this can differ based on where you are and what payment options you have. For instance, in places like Australia, Canada, Singapore, and some European countries, using a credit or debit card can push the fixed fee to 3.99%.

Here is the Coinbase fee breakdown:

Apart from the trading fees, Coinbase adds a “spread fee” when you buy or sell cryptocurrencies. This spread means the difference between the market price and what Coinbase offers. 

They usually have a spread of 0.5% for each trade. But this number can go up or down, influenced by how the market moves.

Sign up for Coinbase and receive to $200 in crypto. Coinbase users can earn more, up to $400 on average just by taking advantage of the exchange rewards. Sign up now.

User Score

9.8

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2. Deposit and Withdrawal Fees

Users face deposit and withdrawal fees when moving funds to or from their Coinbase account. The fees vary based on the payment method and currency. 

Check out the table below for a breakdown of these fees across different payment methods and currencies.

Coinbase Deposit & Withdrawal Method

To deposit or withdraw money from Coinbase, users must connect their payment method to their Coinbase account. There are various options available—like linking a bank account, using a debit card, PayPal, a wire transfer, or a crypto wallet. 

Here is the full breakdown:

There are many other payment options available outside the United States, such as:

• Google Pay and Apple Pay (debit cards)
• SWIFT
• 3D Secure Card
• Faster Payments Transfer
• SEPA Transfer
• Sofort
• iDeal

You can also check our related guides on how to buy USDT with Google Pay and crypto platforms that accept PayPal.

3. Coinbase Advanced Fees

At Coinbase Advanced, fees work on tiers – the more you trade, the lower the fees. There is a maker-taker fee structure (makers add liquidity by placing limit orders, while takers grab liquidity by placing market orders). Also, Coinbase doesn’t add spread fees here because orders directly match with the order book.

You can check everything about Coinbase’s advanced fee here.

4. Staking Fees

Staking and unstaking don’t have fees. Instead, Coinbase earns a commission from the rewards you get from the staking network. The usual commission stands at 35% for ADA, ATOM, MATIC, and SOL, and 25% for ETH. These numbers may change depending on the market conditions.

Coinbase Features Review

Trading Platform

Coinbase offers two trading platforms: Coinbase Simple Trade and Coinbase Advanced Trade (formerly Coinbase Pro). Coinbase Simple is good for new users who want to buy and sell crypto easily. You can use different ways to pay for your crypto, like cash, bank, PayPal, or cards. 

The downside of Coinbase Simple is that you pay more fees than Coinbase Advanced. You can also make recurring buys to save money over time or make custom buys to set your own price or percentage.

Coinbase Advanced is a new trading platform better than the old “Coinbase Pro”. It has many benefits, such as:

• You can see TradingView charts that you can customize with more than 100 indicators.
• You can use the same crypto assets for simple and advanced trades. You don’t have to move funds to another platform like Coinbase Pro.
• It supports both market and limit orders. You can choose the price you want to trade at or a percentage difference from the current price. For example, you can set trade at a price that is 10% lower than the current BTC price and the order will be executed.

Coinbase Advanced also provides futures trading options for eligible customers in both the US and other countries. However, participation in the futures market is restricted to qualified traders. Eligible traders can access maximum leverage of up to 10x, which is lower compared to other exchanges such as Binance and Bybit (which offer leverage of up to 125x).

Eligibility for futures trading depends on various factors including account size, trading experience, net worth, and more. As of now, futures trading is exclusively available on the desktop version, while mobile users have access to a ‘watch-only’ feature.

Sign up for Coinbase and receive to $200 in crypto. Coinbase users can earn more, up to $400 on average just by taking advantage of the exchange rewards. Sign up now.

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9.8

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Coinbase Wallet

Coinbase Wallet is a non-custodial crypto wallet that lets you store and handle your cryptocurrencies, digital collectibles (NFTs), and various wallets all in one spot. It works with Bitcoin, Ethereum, Solana, and any other ERC-20 compatible network. You can explore many tokens and decentralized apps (dApps) on your phone or browser using Coinbase Wallet.

You can also connect your Coinbase exchange account to your Coinbase Wallet. With Coinbase Wallet, you can:

• Earn interest on your crypto by staking or providing liquidity to DeFi platforms.
• Exchange assets on decentralized exchanges.
• Join a DAO and help mold a major web3 project.
• Buy, sell, and gather NFTs on different marketplaces and platforms.

It also simplifies the process of converting cash to crypto, supporting crypto purchases using a bank account, local payment methods, or debit card payments in over 100 countries. The Coinbase wallet app is also available for mobile devices.

Coinbase NFT

Coinbase NFT provides a platform for exploring, creating, and collecting digital art and other unique non-fungible tokens (NFTs). It has emerging and popular NFT collections on blockchains like Ethereum, Polygon, and Base. 

You can easily use your Coinbase account or make a new one, and link your Coinbase Wallet to start looking, buying, and selling NFTs on Coinbase NFT. 

You can also make your own NFTs with the minting tool, which works with different types of files and metadata. You can talk to other people who like NFTs, artists, and collectors on the platform, and follow the ones you like.

Coinbase Earn

Coinbase Earn helps you earn more crypto in two ways: staking and learning. Staking means you let the network use your crypto to check and secure transactions. This makes the network faster and greener. The network pays you back with more crypto. 

Coinbase lets you stake many kinds of crypto, such as Ethereum, Solana, Cardano, and 69 more assets. You can start staking with a few clicks, see and control your staked crypto, and stop anytime. You can earn up to 10% APY. Coinbase keeps your crypto safe with cold storage. The amount of crypto you earn depends on the network. 

Learning means you watch videos and take quizzes to learn how some crypto works, such as Stellar Lumens, Compound, NuCypher, and more. You can earn up to $400 by doing this. 

Coinbase Earn is a good way for you to use your crypto and earn more, while also learning about the future of money and the opportunities in crypto.

Coinbase Debit Card

Coinbase Debit card is a “Visa” card that lets you use your crypto or cash to buy things and get crypto cash back rewards. You can use your Coinbase card in more than 40M+ merchants worldwide. 

There are zero spending fees and no annual fees. You can get unlimited crypto rewards on every purchase. The card is highly secure with safety measures like 2-factor authentication, card freezing, pin change, and more. You can use your card right away after you get it. It doesn’t require credit checks. 

The card is available to users who live in the US (not Hawaii). You can ask for a card on Coinbase.com or the Coinbase mobile app. 

Coinbase Commerce

Coinbase Commerce lets you accept crypto payments from your customers. It makes on-chain payments easy, with a fast settlement, low fees, and wide asset support. You can start accepting crypto payments in minutes with easy setup or ready-made integrations with platforms like WooCommerce, Primer, and Jumpseller.

Coinbase Commerce converts the cryptocurrency that your customer chooses to USDC, a stablecoin that matches the US dollar. This avoids price changes and makes sure you get the amount you expect. You get funds directly in your wallet, with no middlemen or delays. It also uses its Onchain Payment Protocol, an open-source standard that makes crypto payments simple and consistent across different platforms and wallets.

The platform charges only a 1% transaction fee, and there are no chargebacks to deal with. This saves you time and money compared to traditional payment methods. It supports hundreds of currencies on Base, Ethereum, and Polygon networks. 

Your customers can pay with their favorite wallet and currency, and Coinbase Commerce will share the payment details directly with their wallet, so they don’t have to type anything. The customers will also get instant payment confirmation and real-time transaction verification. It also has a complete API and documentation for developers who want to add crypto payments to their apps.

Coinbase One

Coinbase One is a subscription program for crypto lovers. It has many perks for users who want more from crypto. Some of the perks are:

• No trading charges on many assets, except limits and spread fees.
• Fast support from a special team that is always ready.
• Tax forms that are ready to file.
• Exclusive rewards and contests with prizes like $10,000 in BTC.
• Partner deals for a limited time with other crypto services and platforms such as CoinTracker.

Coinbase One is for users in the US and some other countries. It costs $29.99 a month and you can pay with ACH, debit cards, cash balances, or USDC or USDT. You can try it for free and cancel anytime.

Coinbase Vaults

Vaults are a way to make your crypto safer and more under your control than a normal account. You can add an extra layer of security by adding people you trust to sign withdrawals, which means they have to say yes to a transaction before it can happen (similar to multisig wallets). 

Coinbase Vaults also have a delayed withdrawal process, which means that any withdrawal request will need 48 hours to finish, and you or the people you trust can decline it during that time. This gives you more time to notice and stop any strange activity. 

It can hold any cryptocurrency that you can find on the Coinbase exchange, like Bitcoin, Litecoin, Ethereum, and more. You can make many Vaults for different crypto and use them through the Coinbase website (not the mobile app). Vaults do not cost anything to use and do not have any fees. But you still have to pay the network fees for sending or receiving crypto.

Coinbase Supported Countries

Coinbase is available in more than 100 countries including the United States, United Kingdom, Australia, New Zealand, and Europe. It covers almost all regions such as North and South America, Asia, Africa, and the Middle East. 

Coinbase also limits its services in some places where the local laws are not compatible or clear about crypto trading. These include places that face economic sanctions, such as;

• Iran
• North Korea
• Syria
• Cuba
• Sudan
• China

The list of limited areas may change over time as Coinbase adapts to the changing global regulatory environment.

Is Coinbase Safe?

Coinbase security has two aspects: platform security and account security. Platform security is how Coinbase defends its systems, infrastructure, and operations from external threats, like hackers, cyberattacks, or data breaches. Account security is how Coinbase helps its users secure their accounts, wallets, and assets from unauthorized access, theft, or loss.

Coinbase has many measures and policies for platform security. Some of them are:

• PoR: Coinbase holds a 1:1 ratio of digital assets to user funds. This means it has the same amount of crypto as its customers, in secure offline devices or online wallets. Simple, Coinbase doesn’t lend your funds.
• Cold storage: The platform keeps 98% of its customers’ crypto assets offline, in encrypted hardware devices. These devices are in different locations and vaults. This way, even if Coinbase’s online systems are hacked, most of the funds are safe and out of reach.
• Crime insurance: It has a crime insurance policy that covers up to $250,000 per customer, per bank. This policy is from a group of reputable insurers, including JPMorgan Chase and Cross River Bank. 
• Public company: Coinbase is the biggest public crypto company. It has more financial transparency and accountability than most of its rivals. Coinbase publishes its financial statements every quarter and is audited every year by an independent third-party as required by law. Coinbase also follows various regulatory and legal standards in the countries where it works, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) rules.
• Advanced encryption and security: Coinbase uses the best encryption and security technologies to protect its data, systems, and communications. For example, it uses SSL (Secure Sockets Layer) to encrypt all web traffic, HSMs (Hardware Security Modules) to secure its private keys, and PGP (Pretty Good Privacy) to encrypt its emails. Coinbase also has a security team that watches and responds to any threats or incidents.

Coinbase Exchange also gives its users various tools and features to improve their account security and control. Some of them are:

• 2-Step Verification such as SMS, authenticator apps, or hardware devices.
• Free Coinbase Vault storage that needs multiple approvals and a waiting period before any withdrawals can be made (as discussed above).
• Permission management such as reviewing and revoking their existing connections to third-party dApps and Web3 portals.
• You can lock your account instantly if you see any suspicious activity.

Coinbase Licenses

Coinbase has licenses in the US as a money transmitter in many states and is recognized as a money services business by FinCEN. In some states, they’re allowed to handle crypto balances and transfers with their money transmission licenses.

In the UK and Europe, Coinbase is authorized by the Financial Conduct Authority as an e-money institution. This allows them to issue and redeem e-money, as well as offer payment services.

You can read about all Coinbase licenses here. 

Customer Support Review

Coinbase offers various ways for customers to connect, including e-mail, chat, and customer service phone numbers. Here are the available options:

• Help Center: Find solutions to common queries in the help section.
• Live Chat: Initiate a live chat by clicking the “Contact US” at the bottom of any help page. If automated responses don’t help, ask for an agent.
• Phone Support: You can visit the contact page and select phone assistance with dedicated numbers for different regions.
• E-mail: You can use “support@coinbase.com” for sending any queries.

Coinbase Review: Mobile App

Coinbase’s mobile app is simple and straightforward to use. The interface is clean and easy to navigate, even for beginners. Plus, keeping track of your portfolio is hassle-free with its user-friendly layout.

It works on iOS and Android devices, and it has the same features as the website. You can buy and sell over 236 coins, learn and stake crypto to earn rewards, and deposit fiat currencies.

Coinbase Competitors

There are many Coinbase alternatives that offer similar features, such as Binance, Bybit, Kraken, Kucoin, MEXC, and more cryptocurrency exchanges. However, Binance is one of the biggest competitors of Coinbase.

Coinbase vs Binance

Related: Coinbase vs Kucoin: Which is better?

Coinbase vs Coinbase Advanced

Coinbase also called “Coinbase Simple” is for beginners and casual users who want a simple and easy way to access crypto. Users can sign up, link a bank account or debit card, and start buying crypto with a few clicks. 

Coinbase Advanced is for experienced and sophisticated users who want more control and flexibility over their crypto trading.

Coinbase Advanced has more technical analysis, real-time order books, and charting by TradingView. Users can also place market, limit, or stop orders on the Coinbase Advanced Exchange, which has a lot of liquidity in the crypto market. Coinbase Advanced has lower fees than Coinbase, from 0% to 0.60% per order, depending on the trading volume and the order type.

Coinbase Review: Final Verdict

In wrapping up this Coinbase review, it’s clear that this platform offers a straightforward and user-friendly experience for buying, selling, and storing cryptocurrencies. With its easy-to-navigate interface and wide selection of supported coins, it’s a great starting point for beginners.

Security measures like two-factor authentication and insurance coverage for crypto assets provide peace of mind. One standout feature is Coinbase Earn, which provides an opportunity for users to earn cryptocurrency while learning about different coins. However, it’s essential to note that Coinbase does have its drawbacks. The fees, especially for smaller transactions, can be relatively high compared to other platforms.

Sign up for Coinbase and receive to $200 in crypto. Coinbase users can earn more, up to $400 on average just by taking advantage of the exchange rewards. Sign up now.

User Score

9.8

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Get Reward NowCoinbase Review

FAQs

Can Coinbase be trusted?

Yes, Coinbase is a safe and trusted cryptocurrency exchange. There are over 110 million Coinbase users and follows strict KYC rules and standards. 

The platform is legal in over 100 countries and has anti-fraud and anti-money laundering policies. It also keeps its users’ funds secure by storing 98% offline and having an insurance policy covering up to $250,000 per user.

Should I use Coinbase or Binance?

Coinbase is more suitable for buying cryptocurrencies with fiat currencies such as USD, EUR, and GBP. It supports payment methods like bank transfers, SEPA, or SWIFT, which are either not supported or limited by Binance in certain regions.

On the other hand, Binance offers numerous advanced trading features, including high-leverage trading (up to 100x), margin trading, crypto copy trading, P2P trading, and automated trading bots. Additionally, Binance has lower fees (0.1% maker-taker) compared to Coinbase Pro. Therefore, both platforms can be utilized depending on the situation. For instance, you can use Coinbase to purchase cryptocurrencies with fiat currencies and subsequently transfer them to Binance for trading with leverage or derivatives.

Who owns Coinbase?

Coinbase is a public company that runs a cryptocurrency exchange platform. It was started in 2012 by Brian Armstrong and Fred Ehrsam, who are still involved in the company as the CEO and board director, respectively. Coinbase has many shareholders, including institutional investors, individual investors, and insiders. Check more details here.

What country is Coinbase from?

Coinbase is a US-based company founded in San Francisco, California, in 2012 by Brian Armstrong and Fred Ehrsam. However, in May 2020, Coinbase announced that it would close its San Francisco headquarters and adopt a remote-first work policy, allowing 95% of employees to work from anywhere in the world.

Which country can not use Coinbase?

According to Coinbase, the countries that are banned from using its platform are Singapore and the countries that are subject to the sanctions programs administered by the US Treasury and other governing bodies, such as China, North Korea, Iran, Syria, Cuba, and Crimea. 

Customers who try to access Coinbase from these countries will be blocked from using its services. In some other countries, it offers limited functionality, meaning that users can only perform certain actions, such as sending or receiving cryptocurrencies, but not buying, selling, or converting them.