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Coinbase Review: Fees, Features, Facts, & More

Publisher

January 19, 2024
Coinbase Review

Coinbase is the one-stop exchange for new and advanced traders. If you are looking for an exchange where you can buy and sell cryptocurrencies and trade easily, Coinbase is the right platform for you.

In this article, we will do a Coinbase review to highlight the exchange’s significant features, markets and fees, products and services, and much more information you need to help you determine if it is the best choice for you.

 

Coinbase Overview

Coinbase is a leading cryptocurrency exchange based in the United States. It was founded in 2012 and is regarded today as one of the best platforms for buying and selling cryptocurrencies.

Coinbase is a highly intuitive platform that allows users to buy, sell, and store cryptocurrencies easily. It has a very reliable user interface that is beginner-friendly and great for amateur traders starting their trading careers.

Coinbase has a user community of 100+ million people around the world. There are currently 238 cryptocurrencies and 395 trading pairs available on the platform. Moreover, it has complete regulations in the U.S. and is supported in more than 100 countries worldwide. It currently has a daily trading volume of $4 billion.

Users can engage in spot and futures trading on the platform. Whether you are an amateur or a professional trader, Coinbase has provisions for whatever level you are on as a trader or an investor.

 

Coinbase Pros & Cons

👍 Coinbase Pros👎 Coinbase Cons
✅ Fully licensed in the U.S. and many other countries around the world.❌ High fees
✅ It is an excellent exchange for beginner traders.❌ Poor customer service
✅ Features a native NFT market.❌ Control of user's private keys
✅ Great earning opportunities on 100+ assets.
✅ Crypto rewards
✅ Offers educational content
✅ Provides separate terminals for simple and advanced trading

 

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Coinbase Trading

Users’ trading expertise differentiates trading on Coinbase. There are two trading terminals on the platform. The central exchange platform allows anyone to access simple trading tools and a straightforward layout to navigate to trade their crypto assets.

The advanced trading terminal has many more complex tools that are only suitable for application by advanced traders. These tools include Interactive charts, advanced order types, real-time order books, and a TradingView functionality. The developed trading platform for Coinbase is regarded as Coinbase Pro.

Coinbase is one of the most liquid-regulated crypto spot exchanges in the world. It offers direct access to its exchange through high throughput APIs, allowing users to place orders and access real-time market data.

Users engage in spot and futures trading on Coinbase.

 

Spot trading

Spot trading on Coinbase Advanced allows users to select from a range of 398 cryptocurrency pairs available on the spot market.

Trading spots on Coinbase attract a fee of 0% to 0.40% maker and 0.05% to 0.60% taker. When placing the order, the trading fee is determined based on a user’s current pricing tier.

 

Futures trading

Coinbase Financial Markets, a member of NFA, initiates futures trades on Coinbase Advanced. Trading futures on Coinbase has a secure and user-friendly interface for advanced traders to navigate.

BTC and ETH are currently the only pairs available on the Coinbase futures platform. For Coinbase Derivatives, the exchange fee is $0.10, the clearing fee is $0.15, and the NFA fee is $0.02. Based on the user’s current tier level, prices can range from 0% to 0.40% maker and 0.05% to 0.60% taker on the futures market.

 

Coinbase Exchange Fees

Fees on Coinbase are calculated based on the current pricing level of a user. The exchange is known to have a relatively high pricing structure. However, these fees can be reduced based on the amount you transact. The prices are also calculated based on your trading volume over 30 days.

 

Spot fees

Spot fees on Coinbase range from 0% to 0.40% maker and 0.05% to 0.60% taker based on the trading level of the user. Trading stablecoins attracts a default fee of 0% for the maker and 0.001% for the taker.

 

Futures fees

Also, based on the current pricing tier that a user is on after 30 days, the Coinbase futures trading attracts a fee of 0.00% to 0.40% maker and a 0.05% to 0.60% taker. Also, the exchange fee is $0.10, the clearing fee is $0.15, and the NFA fee is $0.02.

 

Withdrawal fees (Fiat)

Coin base’s withdrawal fees vary by method:

  • ACH: Free
  • Wire (USD): $25
  • SEPA (EUR): Free
  • Swift (GBP): £1

 

Withdrawal fees (crypto)

Coinbase doesn’t have a direct withdrawal fee for cryptocurrencies. However, there is a standard network fee that varies based on the current market trend of the cryptocurrency network.

 

Coinbase Products & Services

Coinbase offers many services and products for individuals, developers, and companies. These products include wallets, Coinbase One, an NFT community, Cloud staking, and a Coinbase card for transactions. We will explore a couple of these products available on the exchange.:

 

Coinbase Wallet

That is a self-custody wallet that allows users to store and manage their crypto, NFTs, and multiple wallets in one place. It supports an unlimited amount of coins and a whole community of decentralized apps. It also allows users to explore the decentralized web on their phone or browser, use DeFi liquidity pools, swap assets, and join DAOs.

 

Coinbase NFT

Coinbase NFT is a platform where you can buy, sell, create, and explore NFTs on Ethereum. You can also shop for NFTs from various collections, such as Bored Ape Yacht Club, CryptoPunks, and Mutant Ape Yacht Club.

 

Coinbase Card

Coinbase provides users with a Visa debit card that allows users to spend crypto as effortlessly as the money in their bank. It offers up to 4% rewards back on spending and can be used anywhere Visa cards are accepted. It also offers no annual fees or sign-up costs.

 

Coinbase Advanced trading

Coinbase offers an advanced trading platform that provides the following functions;

  1. Trading: It offers a secure and easy way to buy, sell, and trade digital assets online across various trading pairs.
  2. Real-time Data: It provides real-time order books and live trade history backed by a simple order process.
  3. Advanced Tools: It includes powerful tools advanced traders love, such as TradingView charts, sophisticated order types, and APIs. These tools help in efficient executions.
  4. Technical Indicators: It offers over 50 technical indicators to analyze the markets.
  5. Security: The technology that powers the platform was developed with security and encryption at its core. Coinbase prudently manages assets for customers with state-of-the-art encryption and security programs.
  6. Unified Balance: It allows you to unlock all the best Coinbase features using one balance on one platform.
  7. Competitive Fees: You can trade in and out in a flash in over 550+ markets. Plus, pay low, volume-based fees with zero monthly fees and no minimum portfolio sizes.
  8. Derivatives: It allows you to explore derivatives built for the retail investor.
  9. API Support: The Advanced Trade REST API supports trading, order management, and a WebSocket protocol for real-time market data.

 

Coinbase Mobile app

The Coinbase Mobile App is a comprehensive platform that brings the world of cryptocurrencies to your fingertips. It allows you to buy, sell, and manage a variety of cryptocurrencies in a secure environment. Major cryptocurrencies like Bitcoin and Ethereum are readily available for trading.

One of the critical features of the app is the ability to send and receive crypto securely and seamlessly. Additionally, the app allows users to stake crypto and earn a yield on cryptocurrencies like Ethereum and Cardano. This feature can be a great way to grow your crypto holdings passively.

For those who want to invest regularly, the app provides the option to set up automatic or recurring buys. That can be a great way to dollar-cost average your investments and reduce the impact of volatility.

 

Coinbase Signup and KYC

Signing up on Coinbase involves a few steps. First, you must create an account on the Coinbase website or download the mobile app. You’ll be asked to provide your legal full name, email address, and password during sign-up. You’ll also need to specify your state of residence. After providing this information, you’ll need to verify your email address by clicking the verification link sent to your registered email.

Once your email is verified, you’ll be prompted to confirm your phone number. You must select your country, enter your mobile number, and then enter the seven-digit code Coinbase sends to your phone number.

After these initial steps, you’ll need to complete the KYC process. If you don’t verify your identity, your account will be restricted. Coinbase collects necessary information to allow customers to use their products and services. That primarily includes data collection mandated by law—such as when they must comply with anti-money laundering laws, verify your identity, and protect you from potential fraudulent activity.

 

Visit Coinbase

 

Coinbase Security

Coinbase is known for its robust security measures, making it one of the most trusted platforms for trading cryptocurrencies. It operates with financial transparency as a public company, publishing financial statements quarterly and undergoing annual audits by an independent third party.

Coinbase ensures that your crypto is your own. It doesn’t lend or act with your assets without your permission. It offers secure and multifaceted risk management programs to protect customers’ assets.

Coinbase provides a variety of tools to protect your account. These include auto-enrolled 2-factor authentication (with security-critical support), password protection, and multi-approval withdrawals in Coinbase Vault.

Your passwords stored in Coinbase’s database are irreversibly hashed using the bcrypt algorithm with a vital work factor so that nobody can read or decrypt them, including Coinbase. Coinbase never stores your password in plain text.

 

Coinbase Customer service

Coinbase provides a comprehensive customer service experience. Their website has a dedicated “Help” section where you can find articles on trading, funding, privacy, security, and more. This section also includes trending articles and help by-products, making it easier for users to find the needed information.

For more specific inquiries or issues, Coinbase offers live customer support. Customers in certain countries, including the US, UK, Ireland, Germany, and Japan, can access phone and messaging support options for various crypto-related questions and issues. That lets users get accurate information on Coinbase products and services directly from the support team.

 

Conclusion

Coinbase stands out as a leading cryptocurrency exchange platform due to the ample number of services it offers and its robust security measures. Its user-friendly interface makes it suitable for both beginners and experienced traders. The platform provides many products, including options for buying, selling, and managing cryptocurrencies, a self-custody wallet, advanced trading, and many more.

However, it’s important to note that while Coinbase offers a wide range of services and features, it may not be the best fit for everyone. Factors such as fees, supported countries, and personal preferences can influence the choice of a cryptocurrency exchange.

Coinbase’s commitment to security, user experience, and continuous innovation make it a strong contender in cryptocurrency exchanges.

 

Visit Coinbase

 

FAQS

Is Coinbase legit?

Coinbase is a legitimate crypto exchange platform supported in over 100 countries, including the United States.

 

What are Coinbase fees?

Coinbase fees average 0% to 0.40% maker and 0.05% to 0.60% taker. Stable pairs have a default fee of 0% for makers and 0.001% for takers.

 

Is Coinbase available in the US?

Coinbase is a leading exchange based in the United States and fully regulated by the US government. Coinbase is available in the US.

 

Where is Coinbase located?

Coinbase is located in San Francisco, Florida, USA.

 

Does Coinbase have a native token?

Coinbase does not have a native token.

 

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