What Is Coinbase?
Coinbase is easily one of the most popular exchanges in existence and serves millions of investors globally. Coinbase has a colorful, easily navigable and secure user interface for investors who want to buy and sell top cryptocurrencies and automate their investing schedule.
Coinbase gives users the ability to buy and sell cryptocurrency with a debit card or bank account and manage their own cryptocurrency portfolio within a secure wallet.
|San Francisco, California
|Brian Armstrong, Fred Ehrsam
Coinbase is the dominant U.S. cryptocurrency exchange that is known, used and trusted by millions of customers worldwide. The world-class user interface is both colorful and accessible and there is even a mobile app available for Android and iOS.
Coinbase accepts deposits in USD, EUR, GBP, CAN, AUS, and SGD.
- Established reputation
- User-friendly interface
- High liquidity
- Large purchasing limits
- Strong security
- Support takes time to respond
- Slow bank transfers
Table of Contents
- What Is Coinbase?
- Everything You Need To Know About The Coinbase Exchange Platform
- Is Coinbase Legit?
- Countries Supported by Coinbase
- Payment Methods Supported
- Cryptocurrencies Supported
- Fiat Currencies Supported
- Coinbase Wallet
- Account Transaction Limits
- Is Coinbase Safe?
- Security & Privacy
- How To Buy And Sell Bitcoin On Coinbase
- Coinbase Earn
- Affiliate Program
- Customer Support
- Coinbase Pro
- Coinbase App
- Coinbase vs CEX.IO vs Coinmama
Everything You Need To Know About The Coinbase Exchange Platform
To help you learn all about Coinbase, in this review we are going to dig deeper into the exchange, looking at what it offers, payment methods, cryptocurrencies supported, security features, how to buy and sell cryptocurrencies, and everything in between.
Before making any purchase decision with an exchange always ensure to investigate the reputation of management, venture capital investors and regulatory approvals. Make sure to learn about each company’s values and core mission and to perform proper due diligence on review sites, message boards and with investment professionals.
Is Coinbase Legit?
Coinbase, founded in 2012, is based in San Francisco, California. Coinbase is a digital currency wallet and platform where merchants and consumers can transact with digital currencies like bitcoin, ethereum, and litecoin.
Coinbase is led by Brian Armstrong (CEO), Fred Ehrsam (Founder) and a number of venture capital firms including Andreessen Horowitz, Y Combinator, Sozo Ventures, Ribbit Capital and many more (read more).
Countries Supported by Coinbase
- Angola, Benin, Botswana, Cameroon, Ghana, Kenya, Mauritius, Namibia, Rwanda, South Africa, Tunisia, Uganda, Zambia
- Armenia, Bahrain, Brunei Darussalam, Hong Kong, India, Indonesia, Jordan, Kazakhstan, Republic Of Korea, Kuwait, Kyrgyzstan, Macao, Maldives, Mongolia, Nepal, Oman, Philippines, Singapore, Taiwan, Uzbekistan
- Australia, New Zealand
- Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle Of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom
- Aruba, Bahamas, Barbados, Bermuda, Canada, Costa Rica, Curacao, Dominican Republic, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Trinidad and Tobago, United States, British Virgin Islands
- Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay
Payment Methods Supported
There are many ways you can buy and sell Bitcoin, Ethereum, Litecoin and other cryptocurrencies on Coinbase.
If you want to make a purchase, you can choose any of the following options:
- Bank Account (invest large amounts)
- Debit Card (invest small amounts)
- Wire Transfer (invest large amounts)
If you want to sell your cryptocurrencies you can choose between:
- Bank Account
The Coinbase platform supports 19 cryptocurrencies (as of 1/26/20) including Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, Stellar Lumens, Augur, Orchid, Chainlink, EOS, Dash, Dai, Basic Attention Token, Cosmos, Ethereum Classic, 0x, Zcash, and Tezos.
The exchange gives users the ability to purchase bitcoin and other cryptos using a debit card, bank account, or wire transfer and receive them instantly in its respective wallet.
Fiat Currencies Supported
You can deposit multiple forms of fiat currency onto Coinbase and use it to buy cryptocurrency. Alternatively, you can sell your cryptocurrency in exchange for any type of supported fiat currency.
Fiat currencies supported by Coinbase include: USD ($), GBP (£), EUR (€), SGD, and CAD.
The Coinbase wallet can be found on both iOS and Android mobile platforms. The Coinbase wallet makes it easy for people to keep track of price movements, buy / sell, send and receive cryptocurrency effortlessly and securely.
Every user has a separate wallet for every type of cryptocurrency and can even create custom wallets separate from the main ones for different purposes (i.e. mining, business, etc).
From each wallet, users can choose to buy more, sell for fiat currency or trade between another cryptocurrency at the real-time price.
Coinbase fees range from 1.49% to 3.99%.
The fees depend on your host country and payment method.
To help you understand Coinbase fees, let’s break down their charges:
- US-based Users – Customers in the United States are charged a 1.49% fee for purchases made using bank transfer. This transaction is, however, not instant. Bank transfers are typically settled within 5 to 7 days. Purchases made with a credit card or debit card incur a 3.99% fee.
- Europe-based Users – Customers in Europe are charged a 1.49% fee for purchases made using SEPA bank transfer. SEPA bank transfers are typically settled within 1 to 3 business days. Purchases made with a credit card or debit card incur a 3.99% fee.
- Sending Crypto User-User – Sending cryptocurrency to another user (limit set at 0.001) is free. Coinbase covers miner’s fees, whether you are sending the coins to another user on the same platform or any other wallet.
Account Transaction Limits
Coinbase has strict limits as to how much you can transact on the platform. The trade limit depends on your account age, purchase history, verification status, location and payment method.
Citizens of the United States may encounter these limits:
- $50 maximum for purchases via Credit Card
- $5,000 maximum for purchases via Bank Transfer
- $50,000 maximum sells using any payment method
Your limits can be raised by submitting more verification documents.
Is Coinbase Safe?
Coinbase is backed by the highest security standards. 99% of cryptocurrencies are stored within cold storage wallets, while the other portion held on Coinbase servers is fully insured.
Coinbase is backed by exceptionally high-security standards and is covered by FDIC insurance, up to a maximum of $250,000 per individual (if you are a United States resident).
Security & Privacy
The nature of cryptocurrency transactions calls for the utmost security. You see, although each transaction is trackable on the blockchain network, the identity of the end-user (outside Coinbase) remains anonymous. Coinbase understands this issue very well and doesn’t take it lightly. It goes ahead to put into place extreme security measures to ensure that customer funds remain protected.
Coinbase customers enjoy the backing of trusted financial investors and venture capital by prestigious institutions and banks, which means that it cannot compromise on security. Coinbase complies with laws and regulations by different regulatory and governing bodies globally, ensuring safety for its users.
To keep users cryptocurrency and funds safe, Coinbase utilizes four key features:
1. Coinbase Secure Vault
If you wish to store a vast number of cryptocurrencies you can use the secure Coinbase vault. Digital currencies stored using this means stay protected over multiple layers of security – just like it happens on the blockchain network – and all have to confirm your request before you can be allowed to withdraw. The entire process could take approximately 48 hours.
The Coinbase Vault is a multi-signature bitcoin and cryptocurrency wallet for storing large amounts of digital currency for the long term that requires extra security.
2. Multisignature Vault
This option is also for substantial investors who intend to keep their digital assets secure for a long time. They will also have direct control over their funds. It uses three keys: one stays encrypted with your password you are allowed to hold, another becomes shared, and the last one remains with Coinbase. If you want to initiate any transaction, your key and any of the remaining two can be used, and it will keep your vault safe.
3. USD Wallet
If you want to keep your funds in dollars and not cryptocurrencies, you can do so on Coinbase. US-based users are allowed to use a USD wallet, which is insured by FDIC for up to $250,000.
4. 2-FA Authentication
Coinbase employs 2-FA authentication to ensure that no unauthorized persons can access an account. You can choose between Google or phone number authentication. With 2-FA you will need to enter a randomly generated code before accessing your account.
How To Buy And Sell Bitcoin On Coinbase
To begin buying and selling cryptocurrency on Coinbase check out our step-by-step guide in the video or follow the steps below.
Step 1: Create an account and confirm your email.
Step 2: Enter your phone number. Coinbase will send you a code. You will then be requested to type in that code to verify your phone number. From this point forward your phone number is used to secure your account with Two-Factor Authentication (2FA).
Step 3: Verify your identity.
Step 4: Once your account is verified, go to your account settings and add a payment method.
Step 5: Enter a $ amount or BTC amount for how much bitcoin you would like to purchase. Tap on ‘Buy Bitcoin Instantly’.
Step 6: Your purchased bitcoins are added to your wallet instantly on Coinbase.
Exclusive to Coinbase is their Earn program which allows you to take free courses to learn about specific cryptocurrencies in a simple and engaging way and earn free crypto as a result of completing each course. You can earn up to $166.
Courses offered include: Orchid (OXT), Tezos (XTZ), Dai (DAI), Eos (EOS), Stellar Lumens (XLM), Zcash (ZEC), Basic Attention Token (BAT), and 0x (ZRX).
Those new to cryptocurrency will especially find these courses useful for learning about the potential of different cryptocurrencies.
Customers who want to promote Coinbase as an affiliate can earn an extra income quite easily. Within the affiliate dashboard deep links can be created to promote any page of the site. Affiliates earn 50% of the fees for each customer they bring on board for the first 3 months upon registration.
Coinbase has a full-fledged support page to help answer frequently asked questions you may have. At the bottom right of every page, an automated chatbot is available to answer immediate inquiries.
You can submit a support ticket here. Phone support is available 24 hours a day, 7 days a week, 365 days a year.
Mailing Address: 548 Market St #23008 San Francisco, CA 94104
Coinbase Pro, formerly known as GDAX, is a real-time cryptocurrency exchange for traders and currency exchange professionals to perform buy and sell transactions with limit and stop orders.
As opposed to simple market orders, Coinbase Pro gives investors leverage to perform daily trades with accuracy and precision.
Coinbase seems to be innovating every year, and their latest software shows they are fully capable of releasing thoroughly-tested products for their users.
The fully-featured Coinbase app allows users to buy and sell cryptos, keep track of price movements and read the latest news in the cryptocurrency world.
This is the most popular method for users to access Coinbase.
Coinbase vs CEX.IO vs Coinmama
|102 countries (see full list)
Coinbase is a great exchange where new and experienced users can purchase cryptocurrencies. The platform has invested a lot to ensure the safety and security of customer’s funds. This gives investors the peace of mind to buy and sell cryptocurrencies at any given time and also use it as a wallet.
We hope this comprehensive review of Coinbase has helped you locate a secure marketplace where you can buy and sell cryptocurrencies like bitcoin.