Coinbase Review 2024 - Analysis of Coinbase Crypto Exchange

Coinbase Review and Analysis

Overview

Coinbase is one of the biggest cryptocurrency exchanges in the world and it is also extremely popular due its high levels of security, which have also earned a very good reputation in the crypto exchanges industry. As such, Coinbase is one of the world’s favourite venues for buy cryptocurrencies and especially Bitcoin.

Detailed Review

One of the longest established exchanges, Coinbase was founded in 2012 in San Francisco and has ever since pioneered and spearheaded the offering of cryptocurrency related services and products. The trust of the wider cryptocurrency community in Coinbase was further boosted following a series of partnerships which Coinbase forged with many mainstream companies such as Dell and Time Inc. The purpose of the present Coinbase review is to highlight the main feature of this service provider and help you decide if it is the best and most suitable cryptocurrencies exchange for your own specific crypto purchasing and trading needs.

Among Coinbase’s chief pros is that it is very suitable for beginners, thanks to its user-friendly design, which features easy to use simple buy and sell buttons and with clearly indicated prices. Moreover, newbies have the chance to learn through the dedicated Coinbase learning section, and also earn free cryptos while learning. Another advantage is the choice of coins available which is both adequately diverse as well as consistently updated.

Summing up the cons of Coinbase one could point out the height of the fees charged which are average compared to the rest of the industry, and surely not the lowest around, while enhanced security requirements may mean that depending where you send your cryptocurrency after its purchase on Coinbase your account could be shut down. Moreover, Coinbase requires a very strict and intense identification verification process, which may put some interested users off.

Set up Coinbase Account Process

In order to be able to use Coinbase’s services, you first need to set up an account, which is done by following the steps below:

• Step 1: Create Your Coinbase Account
• Step 2: Verify Your Email Address
• Step 3: Add a Phone Number
• Step 4: Provide Personal Information and proof of ID

Having identified them, lets us now explore each of these features in greater depth:

• Step 1: Create Your Coinbase Account
  
  For the initial creation of your Coinbase account you must first provide some basic identity information, as follows:
  • First Name
  • Last Name
  • Email Address
• Step 2: Verify Your Email Address
  For verification purposes, Coinbase will then send an email to your account and require your email validation.
• Step 3: Add a Phone Number
  As Coinbase employs a 2-step verification process, after verifying your email address, you will also need to provide your mobile phone number, so that Coinbase can send you via text message a 7 digit verification code.
• Step 4: Provide Personal Information and proof of ID
  The next step entails the provision of further personal information including your preferred payment address, while you must also prove your identity by upload a scanned image of pertinent document, such as your:
  For the initial creation of your Coinbase account you must first provide some basic identity information, as follows:
  • Passport, or
  • Driver’s License, or
  • Photo I.D.
  Once you complete the steps described above, you will need to wait for Coinbase to process the information you submitted and verify your account before you can start performing your transactions on their crypto exchange.

What Can You Buy at Coinbase

Coinbase can cater to all your cryptocurrency needs since it enables the purchase of many different cryptocurrencies. Besides all the popular majors, such as Bitcoin, Ethereum, Ripple and Litecoin, you can also trade and transact with several less well known coins, such as Stellar, DAI and BAT and more. An indicative list of the main coins you can buy and sell on Coinbase, is as follows: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Stellar, EOS, ETHEREUM CLASSIC, TEZOS, CHAINLINK, BAT, BINANCE COIN, COSMOS, ATOM, DAI

How Can You Buy at Coinbase

When using your bank account as the payment method you can buy as well as sell cryptocurrencies on Coinbase, bearing in mind that such transactions take 4 to 5 days to be completed. The selling of cryptos can also be paid via wire transfers and the transaction clears in a period of one to three days. Finally, on Coinbase you can instantly buy cryptocurrencies, when paying by credit and/or debit card.

Is Coinbase Safe?

Safety and security are of paramount importance for Coinbase and in fact this particular exchange enjoys a very solid reputation, especially as it comes to this particular aspect. What is very reassuring for users is that their digital assets are held by Coinbase almost in their entirety in offline cold storage, rendering it entirely immune to online attacks.

To ensure maximum security for user accounts Coinbase imposes mandatory two-factor authentication (2FA) on all accounts. The enhanced security features offered by Coinbase allow its users to perform their crypto transactions with confidence and safety.

Coinbase also pays particular attention to the privacy of its users and the protection of their data. In line with this, when you decide to delete your account Coinbase ensures that all your personal information and data held in their servers is properly deleted and discarded.

Supported Operating Systems

The Coinbase website is fully accessible by all interested users both on desktop and mobile devices and irrespective of the operating system they are using, since Coinbase supports the Windows, MacOS, iOS and Android operating systems. However, the Coinbase Pro version, which includes additional features suitable for advanced and experienced users, is only available for desktops. Mobile users on the other hand, may benefit from the standalone e-wallet offered by Coinbase.

How High are Coinbase 's Fees?

Though definitely not the lowest around, Coinbase’s fees are transparent and based on granular structure, a combination of a flat fee plus a percentage fee. The actual height of the fees depends on the type of transaction, a purchase, a sale or a trade, and the volume of each transaction as well. Though perhaps more complicated to calculate, Coinbase’s fees remain competitive by the average industry standards, while the dynamic structure ensures that each user pays fees in full accordance with the actual usage they make.

Frequently Asked Questions