Coinbase review

Ludvig
14.11.2022
254 Views
Coinbase review

It’s been a few years since cryptocurrency took the world by storm. However, that does not mean that everyone was bitten by the bug right away. Even today, there are still many beginners in connection with cryptocurrency, both when it comes to investing in and using it.

Coinbase is a trading platform that was established in 2012, making this trading platform one of the oldest and most widely used cryptocurrency trading platforms .

Many may think that Coinbase is becoming obsolete, but that is as far from the truth as it is possible to get. Several of the beginners still prefer Coinbase to this day.

In this article, we will get to know Coinbase a little better. Here you will find information about both the registration process, which products and services Coinbase offers, Coinbase’s fee structure, available payment methods, customer service and much more!

What is Coinbase?

Coinbase is one of the world’s most famous cryptocurrency trading platforms. This trading platform was established in 2012, and since then has had more than 20 million customers. Additionally, Coinbase is available in more than 100 different countries.

Coinbase is a fantastic offer for beginners. Buying and selling cryptocurrency can seem a bit complicated at first, but Coinbase makes it all look like a breeze. And that is exactly what you as a beginner need in the learning process and until you feel a little more confident in what you are doing.

These products are offered by Coinbase

Coinbase offers a variety of products and services. Below we will take a closer look at these.

Crypto brokerage

Coinbase’s brokerage platform was the only thing Coinbase offered in the beginning. This is a service they still offer today, so in other words, crypto broker is one of Coinbase’s services.

The brokerage platform of Coinbase is often described as a simple and user-friendly solution that makes both buying and selling cryptocurrency easy!

Crypto Exchange

Coinbase also offers a crypto exchange, but this is through Coinbase Pro. This platform is integrated with Coinbase’s brokerage service, but Coinbase Pro is adapted to investors with more experience in the market.

Coinbase Pro is often perceived as a bit too complicated for beginners. But as they gain more experience, more people choose to go from Coinbase to Coinbase Pro.

Should you want to do this (move from Coinbase to Coinbase Pro) eventually, it is a very simple process. You use the same login information in both places, and transferring cryptocurrency from Coinbase to Coinbase Pro is a no-brainer.

Some of the features that you will have access to through Coinbase Pro are stop loss, limited order and market order.

Crypto wallet

Your cryptocurrency must be stored securely. Digital crypto wallets are a classic example of such a storage method.

It is possible to store your cryptocurrency in a crypto wallet managed by Coinbase. This crypto wallet has been named Coinbase Wallet. It is an easy-to-use crypto wallet that supports more than 500 different tokens – including NFT tokens.

But there is no requirement that you have to use Coinbase Wallet. You can also store your cryptocurrency separately, in a crypto wallet independent of Coinbase, if you prefer.

USDC

Coinbase also offers USDC . This is a cryptocurrency that is linked to the value of USD (American dollars). In practice, this means that for every USDC, Coinbase keeps 1 USD.

USDC is a stablecoin, which makes this a cryptocurrency that is a bit more stable. Many would also describe this cryptocurrency as highly reliable due to their transparency.

Coinbase Earn

From the very beginning, Coinbase has had a huge focus on beginners. Coinbase is also a very popular platform among beginners, and part of the reason is Coinbase Earn.

Coinbase Earn is a service designed especially for beginners. This is a service that beginners can use to learn more about the market and cryptocurrency in general. You can learn in the way you prefer, for example video tutorials and quizzes.

Coinbase VISA Card

Coinbase also has its own cryptocurrency VISA card that its customers can obtain. This is also called the Coinbase Card.

The Coinbase Card enables Coinbase’s customers to use cryptocurrency as a payment method wherever they are. If you use this card, cryptocurrency is automatically converted to the currency applicable for your location.

The Coinbase Card can be used in exactly the same way as a traditional credit/debit card.

As the Coinbase Card is a VISA card, the card can only be used in places where they generally accept VISA cards. You can keep an eye on the balance on the Coinbase Card as simply as that via the Coinbase app.

Prime and Commerce

Coinbase’s services include Prime and Commerce. These are brokerage services that enable businesses to accept payments in cryptocurrency.

Coinbase fee structure

Coinbase’s fee structure will vary based on which Coinbase version you choose. As mentioned, you can choose between Coinbase and Coinbase Pro.

Coinbase is a brokerage platform, so this version has much higher fees than Coinbase Pro. As a brokerage platform, Coinbase takes a bit more risk by selling you cryptocurrency, and they compensate for that with higher fees. Coinbase is a classic beginner platform, and it is not unusual to pay for such platforms.

As a user of Coinbase’s brokerage platform, you are required to pay for all transactions, whether you have the role of buyer or seller. How much the transaction costs will vary based on which payment method you use. At the Coinbase brokerage platform, credit card transactions are without a doubt the most expensive, and bank transfers are the cheapest:

  • Credit card transactions: 4%
  • Bank transfer: 1.5%

As mentioned, Coinbase is a beginner broker platform, but if you are a beginner, this can be perceived as very high prices. Then you should choose Coinbase Pro instead, because this is adapted for more experienced traders. Coinbase Pro operates with a maximum transaction fee of 0.25%, so the prices are very competitive.

Coinbase payment methods

Coinbase differentiates between payment methods for customers from different countries/parts of the world. If you want to read more about this, you can at Coinbase’s help center:

  • Payment methods for Australian customers
  • Payment methods for Canadian customers
  • Payment methods for European customers
  • Payment methods for Singaporean customers
  • Payment methods for UK customers
  • Payment methods for American customers (US)

As United Kingdom is a European country, we choose to click on “Payment methods for European customers” (note that it is written in English on the Coinbase website). Coinbase has defined “European customers” this way:

  • Andorra
  • Belgium
  • Bulgaria
  • Denmark
  • Estonia
  • Estonia
  • France
  • Gibraltar
  • Guernsey
  • Greece
  • Iceland
  • Ireland
  • Isle of Man
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Monaco
  • Montenegro
  • United Kingdom
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Serbia
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Great Britain
  • Croatia
  • Cyprus
  • Czech Republic
  • Germany
  • Hungary

On this page you will find information on which payment methods Coinbase’s European customers can use. The only prerequisite is that your country is a “supported country”. Here is a small overview of which payment methods you can choose from if you live in one of the countries from the list above:

  • SEPA Transfer
  • 3D Secure Card
  • Instant Card Cashouts
  • Ideal/Immediately
  • PayPal
  • Apple Pay

Next to each payment method, you will find more detailed information about what each individual payment method is suitable for. For example, SEPA Transfer is best suited in connection with deposits and withdrawals (not buying/selling) of larger sums of money, and has a speed of 1-3 working days.

Coinbase customer service

Coinbase offers a very comprehensive customer service, which is very good. Below we will take a closer look at each of the contact methods included in Coinbase’s customer service.

Telephone

It is possible to reach Coinbase’s support team members by phone. However, which phone number to call will vary from where in the world you are calling from.

Coinbase does not have a separate phone number that European customers should call, so here we assume that European customers should use the phone number marked “USA/international”. This is a telephone line that is manned around the clock.

The other telephone numbers, which customers from the UK, Ireland and India must use, are not open 24 hours a day. They have varied opening hours, so you must make sure that you call at a time when the relevant customer service is open.

Live chat

Coinbase also has live chat, but this is only an option if you contact via browser. This contact method is available 24/7.

Initially, you will be greeted by a virtual assistant, i.e. a robot, who will first try to help you based on the information on the page. If it’s a slightly more complicated question, the virtual assistant will put you in touch with a live support agent.

You can access Coinbase live chat by pressing “Message us” in the bottom right corner. There is a button that appears when you click into Coinbase’s help center.

Email

You can also contact Coinbase’s support team via email. In connection with that, you must do the following:

  • Log in to your Coinbase account
  • Select the most relevant category and subcategory from the available options
  • Please explain your problem in as much detail as possible.

However, Coinbase does not operate with “estimated response time”. You are also asked not to send more than one inquiry regarding the same issue.

Twitter

Coinbase has also included Twitter in its support. Twitter is used to provide status updates regarding Coinbase products, but cannot be used for inquiries and the like.

Is Coinbase safe?

“Is Coinbase safe?” is not an unusual question. In fact, this question has probably been asked a million times.

It is completely safe to use Coinbase. Coinbase is a listed company in the United States, as well as being one of the world’s most respected (and safest) crypto exchanges.

As mentioned, since 2012 Coinbase has had over 200 million customers, so they’ve obviously done something right.

Here you can see what Coinbase itself says.

Advantages and disadvantages

Now we have finally come to one of the most interesting parts of the review – pros and cons.

Coinbase obviously has the most advantages, but along the way we have also discovered a couple of disadvantages that we also have to mention.

Let’s take a look at the pros and cons of Coinbase below!

Benefits

  • Coinbase is a regulated and secure crypto exchange, which is available/approved in more than 100 different countries.
  • Coinbase offers a variety of products and services: crypto brokerage, crypto exchange, Coinbase Wallet, Coinbase Earn, Coinbase Card, Prime and Commerce.
  • Coinbase’s platform has a simple and user-friendly interface
  • Coinbase offers a good selection of payment methods, but it is important to remember that payment methods will vary from country to country.
  • Coinbase is available in two versions tailored to the trading platform’s customers based on their level of knowledge, Coinbase and Coinbase Pro.
  • Coinbase offers customer service with a wide range of contact methods.

Disadvantages

  • Coinbase operates with relatively high fees for the Coinbase beginner platform.

How to get started with Coinbase

Have you become a little more curious about Coinbase and are you wondering how to get started using this platform? Below we will take a closer look at just that!

Before registration

At Coinbase, you can register either via the browser on a computer or via the Coinbase app on a smartphone. In order for the registration to be successful, you are dependent on a connection to the internet.

It may also be a good idea to have your identification documents to hand before you start. An example of such identification documents could be a passport. In addition, you have to have your mobile phone handy, because Coinbase will send you a code via SMS.

Registration

At Coinbase, you can register either via Coinbase’s website or via the Coinbase app . The registration process itself will vary based on how you choose to register.

If you choose to register via computer and browser, you should double check that your browser is up to date before you start the registration process. When registering the Coinbase app, it is the operating system that must be updated.

Registration via computer and browser involves entering your name and e-mail address, as well as choosing a password. In addition, you must agree to Coinbase’s terms and conditions. Coinbase will then send you an email to confirm that you are indeed the one creating the account.

You must then register your phone number to receive a code to verify your phone number. This is part of the registration process regardless of how you register. When registering via computer and browser you must press “Send Code”, while when registering via the Coinbase app you must press “Continue”.

Completion of personal information

As Coinbase is a listed company in the US, customers must provide a good deal of information in order for the KYC requirements to be met. The KYC requirements include filling in information such as name, date of birth, address and the information on your identification documents.

Coinbase may also ask you several other questions, which you will have to answer. There are many examples of such questions:

  • What should you use Coinbase for?
  • What do you work on and who do you work for?
  • Where does your money come from?

After answering these questions, you may need to verify your identity. In connection with that, Coinbase may ask you to state which country you are from, because the verification process may vary slightly from country to country.

Verification of your identity

In connection with the registration process, you will also be asked to verify your identity. You may also be asked to do it again at a later time. Coinbase tends to do this in a number of situations:

  • In an effort to prevent fraud
  • If you change your payment information, or make another important change to your account

In connection with the verification of your identity, Coinbase will ask you to upload or take pictures of your identification documents, such as your passport.

Deposit payment

After you have registered and verified your account, there is only one final step left. The final step is to make a deposit (deposit money) into your Coinbase account.

The money you deposit into your account will then be used to invest in some of Coinbase’s products and services.

At Coinbase, you can choose between a number of deposit methods, such as payment by bank card or via bank transfer.

Conclusion

Coinbase comes across as a trading platform that is very easy to use. The trading platform can be used by both beginners and experienced investors, but here you must make sure that you choose the version that is adapted to your level of knowledge. If you are a beginner, do not choose Coinbase Pro. You can do that when you have gained a little more experience.

At Coinbase, buying and selling cryptocurrency will be very easy. As a Coinbase customer, you will also get access to a number of products and services that will make your journey both exciting and seamless.

As we have seen above, Coinbase is a platform where the disadvantages are in the minority. There are by far the most benefits of using Coinbase, and that’s great. But it’s a real shame that the downside is the platform’s fees, because this can be a dealbreaker for many.

But all in all, we think that Coinbase appears to be a good alternative, whether you are a beginner or an investor with a little more experience. Even if the downside is the platform’s fees, the positives outweigh it – at least for us. Coinbase is truly a trading platform that can be recommended!

Author Ludvig

Ludvig har lang erfaring med kjøp og salg av kryptovaluta. De senere årene har han tatt det til et nytt nivå og prøver å leve av kryptovaluta trading. Han følger godt med på markedet og har opparbeidet seg god kompetanse på teknisk analyse mm. Vi er veldig glad for å ha Ludvig med på laget, og er det noe du lurer på angående kryptovaluta er dette mannen du spør!