WELCOME TO MY COINBASE REVIEW
CRYPTOCURRENCY BUYING & SELLING
As the leading mainstream cryptocurrency exchange in the United States, Coinbase has become a standard on-ramp for new crypto investors. Coinbase offers a wide variety of products including cryptocurrency investing, an advanced trading platform, custodial accounts for institutions, a wallet for retail investors, and its own U.S. dollar stable-coin.
Coinbase was founded in 2012 and is a fully regulated and licensed cryptocurrency exchange supporting all U.S. states except Hawaii. Coinbase initially only allowed for Bitcoin trading but quickly began adding cryptocurrencies that fit its decentralized criteria.
Its list expanded to include Ethereum, Litecoin, Bitcoin Cash, XRP, and many others with the promise of more as long as its requirements are met.
The future of money is here
Over 68 million people and businesses trust us to buy, sell, and manage crypto.
Explore cryptos like Bitcoin, Ethereum, and Dogecoin
Simply and securely buy, sell, and manage hundreds of cryptocurrencies.
CARD
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Support for 500+ tokens
BTC, ETH, USDT, UNI, LINK, BCH, USDC, LTC, and hundreds more
Digital collectibles
Punks, kitties, you name it. Buy, sell, and then store your NFTs in a
single beautiful gallery
Secure storage
Your keys are protected with Secure Enclave, biometric authentication
& optional cloud backups
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Decentralized exchanges, Defi protocols, collectibles, and crypto apps!
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Compatible with Google Chrome
Our Chrome extension lets you use your crypto on your desktop while your private keys stay safe on your mobile phone
PROS EXPLAINED
- A solid variety of altcoin choices: Coinbase offers over 25 cryptocurrencies for investment, trading, and also staking.
- Extremely simple user interface: Coinbase is one of the simplest ways to get started with cryptocurrency investing. It takes only a few minutes to sign up and acquire cryptocurrency. It also features a learning program that pays bitcoin users to learn more about the technology.
- High liquidity: Coinbase consistently ranks among highly liquid exchanges. This protects the investor from serious price slippage in an already volatile market.
CONS EXPLAINED
- High fees when not using Coinbase Pro: When compared to some of its biggest competitors, Coinbase charges a lot of money. Many novices who use the normal Coinbase platform will be charged these fees unless they switch to Coinbase Pro, which offers more capabilities that may be overwhelming to beginning crypto traders and is free to switch to.
- Reports of hacks draining users' accounts: Users who receive messages that their log-in credentials have been changed and log in to find their assets gone, according to a CNBC story published on August 24, 2021.
- Not a large enough variety of altcoins for altcoin traders: Coinbase has a good variety of altcoin options for newer investors to dabble in, but those interested in seriously trading altcoins will not find a great selection here. That said, Coinbase plans to add more altcoins over time.
CRYPTOCURRENCIES AVAILABLE ON COINBASE
Coinbase has a solid number of options to invest and trade in and has plans to add more to the list.
LIST
- Aave (AAVE)
- Algorand (ALGO)
- Cosmos (ATOM)
- EThe Balancer (BAL)
- Band Protocol (BAND)
- Basic Attention Token (BAT)
- Bitcoin Cash (BCH)
- Bancor Network Token (BNT)
- Bitcoin Satoshi's Vision (BSV) (Send Only)
- Bitcoin (BTC)
- Celo (CGLD)
- Compound (COMP)
- Civic (CVC)
- Dai (DAI)
- Dash (DASH)
- district (DNT)
- EOS (EOS)
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Filecoin (FIL)
- The Graph (GRT)
- Golem (GNT)
- Kyber Network (KNC)
- Chainlink (LINK)
- Loom Network (LOOM)
- Loopring (LRC)
- Litecoin (LTC)
- Decentraland (MANA)
- Maker (MKR)
- Numeraire (NMR)
- NuCypher (NU)
- OMG Network (OMG)
- Orchid (OXT)
- Ren (REN)
- Augur (REP)
- Synthetix (SNX)
- USD Coin (USDC)
- Universal Market Access (UMA)
- Uniswap (UNI)
- Wrapped Bitcoin (WBTC)
- Stellar Lumens (XLM)
- Ripples (XRP)
- Tezos (XTZ)
- Yearn. finance (YFI)
- Zcash (ZEC)
- 0x (ZRX)
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TRADE EXPERIENCE
Trading on Coinbase is an extremely easy process and geared toward a beginner. The platform can also be accessed through your android or iOS devices. Coinbase does not offer any downloadable trading software and it is all browser-based, including its more advanced trading platform, Coinbase Pro.
When you log in you are immediately shown your portfolio balance and its performance in a selection of time frames like one hour, 24 hours, one week, and one year.
A "Buy crypto" button appears above your portfolio balance, allowing you to enter a dollar amount and place market orders for any cryptocurrency Coinbase offers. This button also allows you to sell or convert your cryptocurrency, as well as set up regular orders—daily, weekly, on the 1st and 15th of each month, or once a month.
This allows customers to send cryptocurrency out of their Coinbase wallets and receive cryptocurrency from other sources. While the majority of crypto-first exchanges allow users to withdraw to their own private wallets, this is regrettably not the case with several other brokers and exchanges. This feature is critical for investors who want to ensure that their assets are safe and secure in their own offline wallets.
COINBASE PRO
While Coinbase is an incredibly simple on-ramp to crypto investment for those who are just starting out, Coinbase Pro offers a far larger and more robust charting and trade experience.
Coinbase users can buy cryptocurrency via market orders, which have higher fees than other exchange methods. With this in mind, Coinbase intended to offer a free option for Coinbase users to graduate once they've gained some experience. Users can place market, limit, and stop orders with cheaper commission rates using Coinbase Pro. Coinbase Pro also offers margin trading and has far more advanced charting tools.
Traders using Coinbase Pro can observe as short-term as a 1-minute candle or line chart, and overlays such as exponential moving averages are available. EMA (12) and EMA (12) are the only overlays and indicators that are currently available (26). Coinbase Pro additionally offers over 100 trading pairs worldwide (almost 40 of which are USD-based) as well as over 40 crypto-to-crypto trading pairings in 42 different countries. Coinbase Pro is still bare-bones when it comes to indicators when compared to other professional trading tools.
While the standard Coinbase platform is a great tool to help people understand how easy it is to purchase, store, and move cryptocurrency, Coinbase Pro is, by far, a better platform for those who wish to actively trade or invest with lower fees and more features.
FEES
Coinbase has an incredibly convoluted fee system that is also quite expensive if you are not using Coinbase Pro. The cost of trading on Coinbase's standard platform is quite high in comparison to its competitors. Those who are new to crypto and are looking for ease of use may overlook this.
Coinbase’s fees vary across different countries and regions, but for the purposes of this review, we will focus on fees within the United States.
Coinbase also charges various spreads on purchases and transactions in addition to these costs. Coinbase claims to charge around 0.50 percent for the acquisition and sale of cryptocurrencies worth less than $10,000. For sums between $10,000 and $50,000 (0.35 percent), the charge is drastically decreased, and it continues to fall with each pricing tier until maker-taker fees reach 0.00 percent and 0.04 percent, respectively, for sums of $500,000,000 and higher. This could go up or down depending on market conditions.
- If the total transaction amount is less than or equal to $10, the fee is $0.99 | €0,99 | £0,99
- If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49 | €1,49 | £1,49
- If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99 | €1,99 | £1,99
- If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99 | €2,99 | £2,99
In addition to the spread and the cost of depositing money noted earlier in the chart, there is a "Coinbase Fee." This cost is determined by the amount of the purchase, the payment method (debit/credit), and the region from which you are making the purchase.
The following are some examples of "Coinbase Fees" that one can encounter on Coinbase's platform:
FEES FOR COIN PROMOTION
The fees with Coinbase Pro are substantially lower and less difficult. Digital assets and ACH transactions are both free to deposit and withdraw with Coinbase Pro. Wire transfers cost ten dollars to deposit and twenty-five dollars to withdraw.
SECURITY
For account holders, Coinbase employs a range of security procedures. It's crucial to remember that any cryptocurrency on any exchange account is only as secure as the account holder makes it, and some users have been hacked. It is critical to use strong passwords and to make use of security features such as two-factor authentication.
Coinbase offers two-factor authentication, biometric fingerprint logins, insurance if Coinbase is hacked (this insurance does not apply if your account is hacked due to your own lack of security measures), and maintains 98 percent of users' assets in offline cold storage.
Because digital currency is not recognized legal tender, it is not insured by SIPC or the FDIC. Coinbase provides insurance by aggregating Coinbase balances and storing them in US dollar custodial accounts, US dollar-denominated money market funds, or liquid US Treasury bonds.
Coinbase has a high level of security when compared to other major exchanges, but it is not immune to hacking. CNBC reported in August 2021 that several users' accounts had been hacked and their monies had been drained. Users should use complex passwords and maintain their accounts secure at all times.
The principle of cryptocurrencies, on the other hand, is to eliminate intermediaries as much as possible and to have complete control over your own funds. While Coinbase makes bitcoin investing simple, it is critical to understand basic cryptocurrency protection and storage. Coinbase Pro is a good option for savvy crypto investors who want to save money on fees and then withdraw their assets to their own private cold storage.
Store all your crypto and NFTs in one place
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SIGNING UP FOR A COINBASE ACCOUNT
Signing up for Coinbase is a simple and painless procedure. To begin, enter your name, email address, and desired password. After that, you'll be asked to confirm your email address. After that, Coinbase will ask you to enter your phone number to receive a verification code, which you must then enter. Coinbase will issue 2-step verification codes to this phone number in the future. Following this, you will be asked to input your identity details.
You must establish your identity with state identification, just as you would with any bank or investment account. A social security number will be required for users in the United States. Your Coinbase account will be created at this point, and you will be able to enter your bank account, credit card, or debit card details to enable deposits and withdrawals so that you may begin trading or investing.
Coinbase is an excellent resource for beginner crypto investors with little or no prior investment expertise. While the standard platform is pricey, its features, like the ability to learn to program and simply set up recurrent transactions, present the uninitiated with a clear path to becoming invested in and genuinely understanding cryptocurrencies.
Coinbase Pro is a cheaper and more comprehensive choice for those with more trading experience, although it is still missing in functionality. If you're serious about trading, Coinbase might not be the best option for you. Coinbase is, in general, designed with the beginner in mind.
Exchanges are only considered for assessment if they are safe, secure, and liquid, and if they are either regulated by a reputable organization or completely decentralized.
