Coinbase Review 2023
Coinbase Review : Our rating for Coinbase exchange is 4/5.
With over 108 million users and 13,000 institutions across over 100 countries globally, Coinbase is one of the most trusted exchanges with large crypto selection. It is extremely easy to use, especially for new users.
What is Coinbase?
Coinbase is a safe and secure crypto exchange based in the U.S. founded in 2012. The company’s stocks are now listed on the Nasdaq stock market under the ticker COIN, which tells of its safety and trust among users.
The exchange manages a robust cryptocurrency ecosystem supporting 13,000 financial institutions and has traded over $150 billion of digital assets so far. With more than 108 million users across over 100 countries globally, it is a yes for those asking is Coinbase a safe crypto exchange to trade with.
In general, Coinbase is highly positively reviewed online with more than 200 cryptos for trading. If you’re interested in cryptocurrency, Coinbase is an excellent option for newbies and veterans alike, although some traders have reported difficulties with customer support issues.
New and Notable
On November 29, 2022, Coinbase announced that its wallet will stop supporting BCH, ETC, XLM, and XRP, citing “low usage.”
In June 2022, Coinbase announced that it would be sunsetting Coinbase Pro to replace it with Coinbase Advanced Trade to provide its full suite of advanced crypto investment services on one single platform.
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Coinbase Review – Pros & Cons
Pros
- Easy to use for cryptocurrency beginners
- Support for a large number of cryptocurrencies
- Opportunities to earn cryptocurrency
Cons
- Potentially high transaction fees
- Customer service issues
- No access to trade many altcoins
What Makes Coinbase a Good Choice?
Coinbase is a trusted exchange for both individual and institutional crypto holders, investors, and traders. Hundreds of thousands prefer it as a go-to crypto exchange, especially in the United States. This is because of its safety, popularity, ease-of-use, and the fact that it has a wide range of products.
The main Coinbase website and mobile app are very easy to use and allow you to buy, sell, and exchange cryptocurrencies quickly. And it operates in San Francisco, which is a highly regulated location in terms of personal and business assets.
Coinbase scores 8.9/10 on third-party review and independent review sites like Trustradius.com, which is a very high trust score as a trusted crypto exchange. It is also rated 9.8/10 from 729 reviews on the BitDegree.org website.
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What Could Be Improved?
High transaction fees
Transaction fees are often expensive on the primary Coinbase platform.
Customer service issues
Coinbase gets poor marks for customer service, even when account holders witness serious security issues.
No access to some altcoins
While Coinbase supports an impressive list of currencies, many altcoins seem to be missing.
Alternatives to Consider
If you want to trade a wide range of asset with low fees: BTCC is a good choice for you and has perfect customer service. BTCC is also suitable for those who want to diversify their investments to include stocks, commodities, and crypto.
Founded in 2011, BTCC is one of the world’s longest-running and best known exchanges with over 11 years of stable and secure operating history focused on the Bitcoin and Ethereum trading. BTCC offers trading service in US, Canada, and many other countries in Europe.
Sometimes, users feel more comfortable working with an exchange if they know that the exchange has a footprint in the industry. BTCC has over 1 million registered users, and it has a trade volume (24H) of $15.15 billion.
Here are some key reasons why BTCC is also a good choice for you:
Safe & Secure
BTCC places strong emphasis on security, offering multiple strict measures to ensure the safety of user assets, with no reported hacks or security breaches to date.
High Liquidity & Volume
One of the largest crypto futures exchange by volume and open interest, dominating the derivatives sector with huge market share.
High Leverage for Crypto Futures Trading
BTCC offers a wide range of popular trading pairs such as BTC/USDT, ETH/USDT, ADA/USDT with high leverage up to 100x.
User-Friendly
Simple user-friendly interface and intuitive trading platform, ideal for both beginners and advanced users. It also offers a range of educational resources and market updates to help users expand their understanding of the crypto and trade more easily.
One-Stop Trading Platform
Apart from large crypto selection, BTCC also supports tokenized futures, allowing users to trade stocks and commodities futures with USDT. With the integration of spot and futures markets, BTCC offers a complete ecosystem to fully utilize crypto/stock/commodity assets and manage portfolio risks.
If you want a U.S. based crypto exchange: Binance.US has ultra-low fees and high-security rankings. The platform also offers a good range of cryptocurrencies. Best of all, Binance.US charges rock-bottom fees for spot trading and very competitive “instant buy” fees.
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Coinbase Review: Trading Experience
As mentioned above, the company runs two different platforms known as Coinbase and Advance Trade. Each allows you to buy, sell, and trade cryptocurrencies but offers unique features.
Coinbase
Trading on Coinbase is beginner-friendly and easy to use for anyone with basic computer skills. Coinbase is available on the web or through Android and iOS mobile devices. If you’ve ever traded stocks through an online brokerage, you’ll find a somewhat similar experience.
On the main dashboard, you’re able to view your Coinbase portfolio, and you’re never more than a couple of clicks away from a screen to buy and sell currency.
Cryptocurrency markets operate 24/7, so you can log in and enter a trade at any time. Purchases are available using funds in your account or directly through a connected bank account or card. Additional fees may apply depending on how you pay for your crypto purchase. Purchases are credited to your account instantly, though you may have to wait for your deposit to clear before making a withdrawal.
Advanced Trade
Advanced Trade is Coinbase’s advanced trading platform, replacing Coinbase Pro in late 2022. Advanced Trade offers enhanced tools like interactive charts powered by TradingView, advanced order types, and access to other key features like staking, Borrow, Card, and dapp Wallet.
Cryptocurrency Selection on Coinbase
Coinbase supports the trading of more than 200 cryptocurrencies and regularly puts new coins on the list. There are too many to list here, so here’s a glance at some of the most popular digital currencies on Coinbase:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Stellar Lumens (XLM)
- Polygon (MATIC)
For a full list of the cryptocurrencies available on Coinbase, see the company’s Markets page.
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Coinbase Fees
Coinbase is not forthcoming with its pricing and fees and recently removed its full fee schedule from the Coinbase online help section. However, costs are shown on the trade screen when entering a trade, so you know what you’re paying before you enter a trade.
These are the fees you can expect on the main Coinbase platform:
| Trade Size | Coinbase Fee |
|---|---|
| $10 or less | $0.99 |
| $10 to $25 | $1.49 |
| $25 to $50 | $1.99 |
| $50 to $200 | $2.99 |
Trades above $200 have a percentage-based fee rather than a flat fee.
Other fees may be charged for certain account funding and withdrawal methods, and other less common services:
| Payment Method | Coinbase Fee* |
|---|---|
| Bank Account | 1.49% |
| USD Wallet | 1.49% |
| Debit/Credit card | 3.99% |
| ACH Transfer | Free |
| Wire Transfer | $10 incoming, $25 outgoing |
| Crypto Conversion | 2% |
*Fees were confirmed through a test trade
Coinbase Review: Is Coinbase Safe?
Coinbase uses industry-leading security practices to keep customer deposits and assets safe. That said, there are always some risks when using cryptocurrency, so it’s essential to follow online best practices to keep your account information secure.
Notably, 98% of customer assets are stored offline using cold storage in a network of safe deposit boxes around the world, supported by digital and paper backups. It uses bank-standard encryption and security for its website. In addition, all accounts must use two-factor authentication, a measure to help prevent others from logging into your account unless they have physical access to your phone.
Even with these strong security methods, thousands of users have fallen victim to hackers and schemes that have drained their accounts. One example is the security breach that affected over 6,000 users in October 2021.
It’s essential to use unique, random passwords on financial websites such as Coinbase to prevent this type of loss. If someone has access to your email or phone, they may be able to access your account, so always keep those private.
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What are the User Reviews on Coinbase?
When all works as expected, you’re likely to find yourself to be a happy customer. But sometimes, things don’t go as planned, and customer reviews indicate poor customer service experiences and little help navigating scams, hacked accounts, and locked accounts.
At Trustpilot, for example, Coinbase holds a rating of just 1.6 stars with roughly 8,000 reviews. Most complaints focus on customer service, lost funds, and frozen accounts. Customers at other rating sites left similar complaints.
Coinbase also suffers from a problem that seems to be plaguing many industry competitors. In fact, thousands of complaints were filed with the Commodity Futures Trading Commission and Consumer Financial Protection Bureau, and many past users claim they’ve been left with little to no support after losing funds due to hacked accounts.
Coinbase Review: How Coinbase Compares to Other Crypto Exchanges
The cryptocurrency marketplace is evolving quickly with new competitors. You also have the option to manage your cryptocurrency without a major centralized exchange like Coinbase. Major competitors to Coinbase include Gemini, Binance, KuCoin, Kraken, and many others.
Coinbase vs. Gemini
Gemini is one of the closest direct competitors to Coinbase. Here’s a head-to-head comparison:
- Coinbase has spread pricing and Gemini fixed fees.
- Both are U.S.-based firms that cooperate with United States regulators, namely FinCEN (Financial Crimes Enforcement Network).
- Coinbase and Advanced Trade on Coinbase are comparable to Gemini’s Gemini and ActiveTrader platforms.
Aside from the user interface, the most significant differences are available currencies and opportunities to earn from your cryptocurrency account. Coinbase offers the option to earn up to 5.75% on a limited set of coins. Gemini pays interest on nearly all supported currencies with rates up to 8.05%.
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Coinbase Review: Final Verdict
This is a comprehensive review of Coinbase – one of the most trusted, safe, and legit cryptocurrency exchanges.
Coinbase features a top platform for anyone to buy, sell, store, and exchange cryptocurrency. It’s particularly good for new crypto users who want a simple buying and selling experience without worrying about the complexities of external wallets and decentralized exchanges.
The biggest downsides of Coinbase are its pricing structure and customer service. If you can handle your account on your own and agree with the fees, Coinbase is an overall great choice for anyone looking to get involved with cryptocurrency.
Hope you’ll find this Coinbase review helpful.
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