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Coinbase Review 2021

How Coinbase works, it's trading fees on the platform, and list jurisdictions in which it is authorized to operate. We look at its approach to crypto regulation. This review will also explore supported deposit & withdrawal options, & customer support services.

Author: Edith Reads Last updated: 04/10/2021

Summary

Coinbase is a leading crypto oriented exchange based in Sans Francisco, California. With over 150 billion trade turnover, it has a clientele base of more than 30 million customers all across the globe. Coinbase aims to provide traders with an easy to use digital assets trading platform where clients could explore the world of decentralized apps and enjoy higher liquidity, followed by increased buying limits. The company offers a wide range of products and services including the advanced custom built online trading platform, cryptos rich portfolio to trade, a personalized digital wallet, institutional accounts, and USDC (US Dollar Stable Coin).

Coinbase was founded in 2012. It’s been more than seven years now that the company is successfully offering exceptional trading services to its clients all across the globe. The exchange is fully authorized and registered in more than 40 states of the US. In this Coinbase review, we discuss everything about the exchange in detail.

Pros & Cons

Given below is a table that has quick bullet points to read some of the pros and cons of using the Coinbase as your preferred exchange. However, let us explain these bullet points in a bit more detail so you may understand them well.

Advantages of Coinbase

  • Fiat currency is accepted for deposits
  • Instant Funds transfers
  • Generates price alerts when prices go higher or drop-down than your target price
  • Bitcoins deposits are insured
  • User-friendly trading interface

Disadvantages of Coinbase

  • Higher Fee Schedules
  • Sceptical vault feature – operates similar to the traditional banking system
  • Accounts are monitored that compromises anonymity
  • Delayed customer support

Pros

Fiat Currency Acceptance – Unlike some of the exchanges such as Binance, BitMEX, and Paxful, Coinbase accepts deposits in fiat currencies. You can deposit in several fiat currencies at Coinbase. Most specifically three of the major fiat currencies, including USD, GBP, and EUR, are accepted for deposits at Coinbase.

Instant Funds Transfers – Earlier, the exchange was taking around 3 – 5 working days to complete the purchases. However, Coinbase now allows its customers to make an instant purchase using a US Bank Account. You can also link your bank account with the Coinbase account to make things go fast.

Push Notifications for Price Updates – Coinbase also takes an edge by offering you one of its advanced features concerning price alerts. Now you can configure the price alert mechanism from the settings panel, so you never miss a trading opportunity anymore.

Deposit Insurance – Coinbase is one of the most secure platforms available around. Its fund’s insurance features make it stand out of the crowd. According to the website, all of its digital assets are covered by FDIC insurance in the United States only.

User-friendly – Coinbase has a very simple, yet elegant and easy to use trading interface. Traders using any trading platform for the first time can also use it conveniently. All of the relevant information is displayed on the home screen of your trading panel, making your trading experience much more enjoyable.

Cons

High Fee Charges – One of the main disadvantages of using a Coinbase is its high fee structure. Customers using the Coinbase for the first time may feel disappointed as the exchange charges a higher fee as compared to its competitors.

Vault Limiting Withdrawals – The Vault feature of the Coinbase also serves as an inconvenience at times. It gives you a fee more like a bank rather than an exchange, where you can’t withdraw your funds from your savings account instantly. To withdraw your funds from the vault at Coinbase, you must wait for at least 48 hours.

Compromised Confidentiality – People prefer to deal in cryptos because of their decentralized nature and to avoid getting traced. Coinbase, unfortunately, doesn’t give you the required freedom, linking your accounts with the coin base is good enough to reveal your financial affairs or at least for leaving a trace to be followed up.

Customer Support – Besides, Coinbase is one of the best exchanges known to have good customer support, interaction with human at Coinbase can drive you nuts. Because the Coinbase website has a content-rich website, it seems to have left everything on auto bots. You might feel the pain while waiting in the queue to talk to the customer representative at Coinbase.

Supported Countries

Registrations

Coinbase is a regulated crypto trading platform registered with FinCEN as a Money Services Business. The exchange complies with the applicable framework and operates in alignment with the best practices set by the regulatory body in its jurisdictional area. In addition to that, Coinbase also offers non-regulated services in recognition from the FCA outside the US.

Offices

Coinbase is headquartered in Sans Francisco and is licensed as a money transmitter by the State Department of Financial Services, New York. The company is also registered in England & Wales with a Company Title “Coinbase UK” under company number 09083955 and is located in 5 fleet Place, London.

Supported Countries:

Coinbase accepts customers from more than 100 countries across the globe. The list of supported countries is given below;

North America

Barbados Aruba Canada
El Salvador Dominican Republic Costa Rica
Honduras Mexico Jamaica
Bermuda Trinidad and Tobago Bahamas
Curacao Virgin Island, British Guatemala
Nicaragua United States Panama

Asia

Bahrain Hong Kong Brunei Darussalam
Jordan Kazakhstan Republic of Korea
Kyrgyzstan Macao Mongolia
Philippines Oman Taiwan
India Kuwait Maldives
Armenia Indonesia Nepal
Uzbekistan Singapore

Africa

Benin Botswana Ghana
Mauritius Kenya Rwanda
Zambia Tunisia Uganda
Cameroon Angola South Africa
Namibia

Europe 

Belgium Austria Bulgaria
Czech Republic Cyprus Estonia
Greece France Hungary
Ireland Isle of Man Iceland
Latvia Liechtenstein Luxembourg
Netherlands Montenegro Norway
Portugal San Marion Romania
Spain Slovenia Sweden
United Kingdom Lithuania Monaco
Croatia Finland Gibraltar
Andorra Denmark Guernsey
Malta Poland Slovakia
Switzerland Serbia Turkey
Italy Jersey

South America

Brazil Chile Argentina
Peru Ecuador Paraguay
Colombia Uruguay

Australia

Australia New Zealand

Available Coins

Tradable assets at Coinbase include more than 30 cryptocurrencies. All of the cryptos supported at Coinbase are shown below. You can have them traded against each other such as exchanging Bitcoin (BTC) with Ethereum (ETH) and vice versa. That’s how every crypto can be exchanged or converted against other cryptos. So, you have a minimum of (30×30) crosses at Coinbase.

The assets available at Coinbase include Algorand (ALGO),  Basic Attention Token (BAT),  Cosmos (Atom),  Bitcoin (BTC),  Bitcoin Cash(BCH), Band Protocol (BAND),  Dai (DAI),  Dash (DASH),  EOS (EOS),  Numeraire (NMR),  Ethereum Classic ( ETC),  Ethereum (ETH),  REPv2 (REPV2),  Khyber Network Coin (KNC),  Chain Link (LINK),  Loom Network (LOOM),  Celo (CGLD),  Compound (COMP),  Maker (MKR),  UMA (UMA),  Lite coin (LTC), USD Coin (USDC),  Stellar Lumens (XLM),  Ripple ( XRP),  Zcash ( ZEC),  Tezos (XTZ),  Ox (ZRX),  OMG Network (OMG),  Orchid (OXT),  and Golem (GNT).

The given below table demonstrates various cryptocurrencies that are supported in different segments;

Coinbase
Asset US EU UK AU/CA/SG
Algorand (ALGO)
ATOM
BAND ✔2
BAT ✔1
BTC ✔1
BCH ✔1
BSV ✔5 ✔5 ✔5 ✔5
Celo (CGLD) ✔2
COMP ✔2
CVC ✖️ ✖️ ✖️ ✖️
DAI ✔4 ✔1
DASH ✔2 ✔4 ✔1
DNT ✖️ ✖️ ✖️ ✖️
EOS ✔2 ✔4 ✔1
ETH ✔1
ETC ✔1
GNT ✖️ ✖️ ✖️ ✖️
KNC ✔2
LINK ✔4 ✔1
LOOM ✖️ ✖️ ✖️ ✖️
LRC ✖️ ✖️ ✖️ ✖️
LTC ✔1
MANA ✖️ ✖️ ✖️ ✖️
MKR ✔2
NMR
OMG ✔2 ✔1 ✔1 ✔1
OXT
REP ✔2 ✔1
USDC ✔4 ✔4 ✖️
UMA ✔2
XLM ✔1
XRP ✔1
XTZ ✔2 ✔4 ✔1
FYI ✖️ ✖️ ✖️ ✖️
ZEC ✖️ ✔1
ZRX ✔2 ✔1
1. Buy, send, receive ONLY.
2. Excludes New York
3. EURO and Crypto Order books – ONLY
4. Send & Receive ONLY
5. Send ONLY
Coinbase Pro
Asset US EU UK AU/CA/SG
Algorand (ALGO) ✔1 ✔3 ✔1
ATOM ✔1 ✔1 ✔1
BAND ✔2
BAT ✔1 ✔1
BTC ✔1
BCH ✔1
BSV ✖️ ✖️ ✖️ ✖️
Celo (CGLD) ✔2
COMP ✔2 ✔1 ✔1 ✔1
CVC ✔1 ✔1 ✔1 ✔1
DAI ✔1 ✔1 ✔1 ✔1
DASH ✔1✔2 ✔1 ✖️ ✔1
DNT ✔1✔2 ✔1 ✔1 ✔1
EOS ✔1✔2 ✔1 ✔1 ✔1
ETH ✔1
ETC ✔1
GNT ✔1 ✔1 ✔1 ✔1
KNC ✔2
LINK ✔1 ✔3 ✔1
LOOM ✔1 ✔1 ✔1 ✔1
LRC ✔2
LTC ✔1
MANA ✔1 ✔1 ✔1 ✔1
MKR ✔2 ✔1 ✔1 ✔1
NMR
OMG ✔2 ✔1 ✔1 ✔1
OXT
REP ✔1✔2 ✔1 ✔1
USDC ✔1 ✔1 ✔1 ✔1
UMA ✔2
XLM ✔1 ✔1 ✔1
XRP ✔1 ✔1 ✔1
XTZ ✔2 ✔3 ✔1
FYI ✔2 ✖️
ZEC ✔1 ✔1 ✖️ ✔1
ZRX ✔2 ✔1
1. Crypto Order Books ONLY
2. New York Excluded
3. EURO and Crypto Orders  books – ONLY
4. Transfer-Only mode

Regional Based Crypto to Crypto Trading Pairs (Crosses at Coinbase):

Crypto – Crypto Trading Pairs Availability by Country
ATOM/BTC
BAT/USDC
BAND/BTC**
BCH/BTC
BAT/ETH**
COMP/BTC**
BTC/USDC
DAI/USDC
DASH/BTC**
CVC/USDC
EOS/BTC**
ETC/BTC
DNT/USDC
ETH/BTC
ETH/USDC
ETH/DAI
KNC/BTC**
LINK/ETH
GNT/USDC
LTC/BTC
MANA/USDC
LOOM/USDC
NMR/BTC**
OMG/BTC**
MKR/BTC**
REP/BTC**
XLM/BTC
XRP/BTC
UMA/BTC**
XTZ/BTC*
ZEC/USDC***
ZRX/BTC**
ZEC/BTC***
CGLD/BTC*
Argentina
Bahrain
Australia
Brazil
Canada
The British Virgin Islands
Chile
Colombia
Cayman Islands
Costa Rica
Ecuador
Europe**
The Dominican Republic*
Ghana
Hong Kong
Guatemala
India
Jamaica
Jordan
Indonesia
Mexico
Kazakhstan*
Mongolia
Oman
Panama
New Zealand
Peru
Serbia
Philippines
Singapore
South Korea
Taiwan
South Africa*
Tunisia
United Kingdom
United States
Turkey*
Uruguay*
Uzbekistan
Uganda
Kenya*
Kuwait

* These countries are USDC restricted
**New York (Excluded)
***United Kingdom (Excluded)

Trading Fees

Coinbase offers a reasonable fee structure to its clients as compared to other exchanges. Neither on the higher end nor is it too low to appear suspicious. Coinbase doesn’t charge any fee for opening a wallet or holding digital assets in it. However, buying and selling of cryptocurrencies follow a spread charge. Whether you sell or buy cryptos at Coinbase, a spread of 0.5% is applied to your transaction. However, the actual spread charge might be a little higher or lower depending upon the market fluctuations. To see the complete real-time pricing details, please visit https://www.Coinbase.com/price

Trading Platforms

Coinbase Desktop Trading Platform

Coinbase offers an online digital trading platform where you buy and sell your favourite cryptocurrencies at reasonable prices. You can also create a digital asset portfolio and keep a record of all the digital assets in one place. You may also consider buying cryptocurrencies slowly, and for this reason, the feature of scheduling daily, weekly, or monthly buys can be used at coin base.

The Coinbase trading platform is straightforward to use. Even if you are just a beginner, you won’t find any difficulty in using it. The platform is accessible online, so you don’t have to download it on your PC.

After login into your account, you can see four sections there. The first sections instigate you to make your contribution to help people in need.  The second section provides you with a customizable market watch, so you keep an eye on your favourite cryptos all the time from your home screen.

The home screen has three tabs to navigate through the interface, and two buttons to send and receive cryptos. Clicking on the Avatar allows you access the settings tab from where you can set your account preferences, such as your account’s base currency, authentication factors, preferred language, and adding a payment method etc.

After clicking on the portfolio tab, you can see your account balance is displayed on the top-left edge of your screen. Beneath it, you can select your favourite crypto to uncover more options.

Select your favorite crypto i-e Bitcoin. On the next page, click on overview, here you can see a detailed orientation of the selected currency. A chart provides you with an idea concerning the price movement over the time frame chosen. You can also see trading volume levels and market capitalization worth of your favorite cryptocurrency in the lower section of your screen.

On the upper edge of the trading interface, you can see an option to send or receive coins. You can use this option to send coins from your Coinbase account to other wallets or for receiving coins from different wallets to your coin base account. The wallet tab has already been discussed above. Please refer to the section on how to buy cryptos with the desktop on Coinbase.

How to Open an Account with Coinbase on desktop?

The account opening process at Coinbase is quite simple. You only need to follow a few steps listed below.

    1. Go to www.Coinbase.com 
    2. Click “Getting Started” from the top right corner of the webpage.
    3. Enter your full name on the designated spaces.
    4. Provide your email address.
    5. Choose a password.
    6. Click “Create Account” to proceed
    7. Check the agreement box to confirm that you have read the terms and conditions apply.
    8. Confirm your email id by clicking the link received in the email.
    9. Provide your mobile phone number to receive a verification code on your mobile device.
    10. Enter the code received on your mobile screen to complete the two steps authentication security protocol.
    11. Log into your account using username and password.

You’re done.

How To Buy Cryptos With Coinbase On Dekstop?

To buy crypto with a desktop on Coinbase, you need to sign in to your account.

  1. Use your login id and the password to sign in your account.
  2. On the main page, click on the portfolio tab to access all of the assets offered.
  3. Select the asset you wish to buy from the list of available cryptos.
  4. Enter the amount you want to buy i-e 0.10 BTC. Remember, you are not bound to buy the whole coin. Instead, you can purchase fractions of your favorite crypto.
  5. Select your preferred payment method from the drop-down list i-e debit card/credit card, bank account, or wallet.
  6. Click continue to proceed to the payment preview page. Check that you have mentioned the right amount of cryptos that you were looking to buy, also confirm that you have selected the correct payment method.
  7. If everything seems alright, then Buy Now.
  8. Go back to your account home screen and click on the wallet tab to check if your purchased BTC reflects there.

How to Convert Cryptos or How to Trade Crosses at Coinbase?

Conversion of cryptos from one into another is a simple process. You only need to follow a few steps listed below.

  1. Log into your Coinbase account or sign in your Mobile app.
  2. Access your preferred crypto-asset page where you wish to convert your crypto. For example https://www.Coinbase.com/price/ethereum
  3. Use the panel to covert one crypto to another, after selecting the crypto that you wish to exchange with your existing crypto.
  4. Enter the worth of crypto you wish to convert. For example $10 worth ETH to BTC.
  5. Select the button captioned as a preview to confirm the transaction amount. In case you don’t have enough cryptos available in your account to carry out the conversion process, you will be promoted to buy some.
  6. Click Convert to complete the conversion process.

Coinbase Mobile Trading App

Besides the home button, you have four other taps available on the right side of your trading interface.

Portfolio
Clicking the portfolio button enables you to access the wide range of tradable assets at Coinbase including Bitcoin, Litecoin, Ethereum, Dash, Bitcoin Cash, Monero, Stellar Lumens and many more.

Prices
The price tab lets you know the current market condition, along with the quoted prices for each tradable asset.

Settings
You can use the setting tab to customize your account, such as linking your accounts, adding payment methods, and submitting supporting documents for account verification. Under the accounts head, you can also perform different functions such as defining the base currency of your account, changing your associated phone number or setting up the security pin.

How to Open an Account With Coinbase on Mobile

To support on the go customers, Coinbase offers the facility of mobile trading app. You can download the mobile supported versions of the app on your phone. To do so, you need to visit the AppStore for IOS based mobile phones and Play Store for Android-based devices. When you have finished installing the app on your mobile devices, please go through the steps listed below to start using the app.

How to Buy Cryptos with Coinbase on Mobile?

Coinbase also offers its clients to buy their favourite cryptocurrencies while on the go using the Coinbase mobile app. You only need to follow a few simple steps to buy your desired crypto.

  1. Open the Coinbase app on your mobile phone.
  2. Click on the double-sided arrow button.
  3. Tap the first option captioned as Buy
  4. Select the crypto asset you wish to buy
  5. Select the payment method you wish to use to buy your favourite cryptocurrency. If you choose to pay via bank account, select your designated bank that you have already linked to your Coinbase account, as discussed in the payment methods section.
  6. Indicate the amount you wish to buy.
  7. Click on the preview button to preview your transaction details.
  8. If everything seems right, Click on the buy button to finish the payment wizard.
  9. Logout your account and log in back to check if your account reflects bitcoin in your account.

You are done.

How to Convert Cryptos with Mobile App at Coinbase?

The process of converting cryptos from one into another using the mobile app is more or less the same as that of buying cryptos with a mobile app. Listed below are a few steps that you may follow to convert your cryptos.

  1. Open the Coinbase app on your mobile device and login to it.
  2. Click on the two-sided arrow tab.
  3. Click on the convert Button
  4. Select the cryptos you want to exchange with your current crypto asset.
  5. Preview the transaction details.
  6. Click continue to convert and finish the conversion process.
  7. Logout and login back to check if the conversion was successful.

How To know Current Account Level & How to Increase It?

You can see your current account level by accessing the account limits section after login into your account. Each account level has different features that you can avail by verifying certain information as required. Once the account verification is complete, you can access the higher account levels to enjoy increased buying and deposit limits.

How to know your Buying Limits at Coinbase?

Deposit and buying limits can be seen in the accounts limits section. You will have different buying and deposit limits depending upon the country region and the payment method you choose.

If you wish to deposit more than a specified limit of ACH $25000 a day, you need to complete a wire transfer from your bank account to your Coinbase account. Please be informed that this is only for the customers residing in the United States.

Buy Bitcoins at Coinbase

Unlike other exchanges, Coinbase enables users to send and receive Bitcoin or any cryptocurrency at the market rate, facilitating the transaction to occur smooth and fast. Whether you plan to send, receive, or store cryptocurrencies, Coinbase might be a solution for you.

In case you want to send cryptocurrency to someone, then here is the process; 1- access your wallet in the member area, 2- provide the wallet number of the recipient, 3- indicate the transaction amount and press send.

If you wish to receive cryptos, the process is the same except clicking the receive button to uncover your wallet address so it may be shared with the person sending you the coins. The minimum amount that you can buy at Coinbase starts from $25. We explain the payment methods you can use to buy bitcoins and other digital assets at Coinbase in a different paragraph.

Payment Methods – Deposit and Withdrawals

You can deposit funds in your account with Coinbase using your local currency, and that will serve as the base currency of your account. You can use your account as a source of funds while making any purchase at Coinbase. You can also have your Coinbase account credited with any amount you receive as a result of any disposal of the asset at Coinbase. Following is the list of countries and states where you can open an account in your local currency with the Coinbase.

Austria Czech Gibraltar
Andorra Croatia Guernsey
Bulgaria Denmark Greece
Belgium France Hungary
Cyprus Finland Iceland
Slovakia Switzerland Spain
Isle of Man Latvia Portugal
Ireland Monaco Poland
Italy Malta Romania
Liechtenstein Norway San Marino
Lithuania Netherlands Sweden
Slovenia United Kingdom

The Coin base offers a wide range of payment methods to its customers, including debit cards, credit cards, wire transfers, SEPA transfers, payments through electronic wallets (PayPal, Neteller, Skrill), etc. To start using the platform or before buying any cryptos and Coinbase, you need to define a payment method for your account. Coinbase also allows you to link your bank account with your Coinbase account, so you don’t have to enter your credentials repeatedly.

To add a bank account, please follow the simple steps listed below

  1. Go to the homepage of the Coinbase.
  2. Sign in your account.
  3. Click on the setting option that is under your avatar icon.
  4. Click on payment methods.
  5. Click on add a payment method.
  6. Select the method you wish to add ( i-e debit card/bank account).
  7. Enter details of your card or bank account and click add.

A moderate fee plan at Coinbase ranges between 1.50 to 4.00 percent depending upon the payment method. It usually charges a higher fee on the transactions done through credit cards.

For cryptocurrency conversion, a spread margin of 2.0% is charged at Coinbase. In addition to the spread charge, Coinbase may also deduct variable fee depending upon the product, jurisdiction, as well as payment method.

Let’s make it simple. Suppose you are living in the United States, and you wish to buy $50 worth of Bitcoin using your Bank Account or through a wallet. The flat rate of $1.99 applies to your transaction. Coinbase also charges a variable fee depending upon the country of your residence and your chosen payment method. Thus a $1.49 variable fee is also applicable to your transaction.

However, since you always get charged for a higher of a flat fee or the variable fee, your transactional cost would, in that case, would be $1.99. On the other hand, US clients who wish to pay using a debit card will bear a charge of $3.99, the flat fee and the fee applicable on debit card transactions for customers from the United States, whichever is higher. Please refer to the given below tables classifying country-specific fee charges for each payment method respectively.

Transaction Cost for  Various Regions

Australia

A 3.99% fee is charged at Coinbase for all credit card and debit card payments from the customers residing in Australia.

Canada

3.99% fee is charged from the customers in Canada. It is to be informed that only a debit card is accepted as a payment method at Coinbase for Canadian customers.

Europe

Customers paying through debit cards will be charged as per the following fee schedule in Europe:

Singapore

3.99% fee may be charged from the customers from Singapore. That applies to debit and credit card payments.

United Kingdom

Customers from the UK may be charged as per the fee plan given below:

 United States

For customers from the USA, a base rate of 4% fee is applied for all types of transactions.

US Dollar (USD) Deposit Method Fee
ACH Transfers Free
Wire Transfers $10 ($25 outgoing)

Let’s have a quick look at methods for some of the significant countries separately;

Payment Methods for US Customers

Coinbase allows the following methods for deposit and withdrawals for US Customers.

Payment Methods Buying Selling Deposits Withdrawals Time
Bank Accounts (ACH) Both Large & small investments Yes Yes Yes 4-5 Working days
Debit Cards Only Small investments Yes No No Instantly
Wire Transfers Only Large investments No No Yes 1-3 Working days
PayPal Withdrawals No No No Instantly

Adding a payment method for deposits and withdrawals;

You can add a payment method from the navigation panel under the Payment Methods tab. In case you are logged in via the mobile app, you can click on the settings tab for the same.

Please note that Coinbase doesn’t accept physical checks, so you can’t fund your account using checks.

Bank Account

You can also link your bank account with your Coinbase account instantly.

Use your bank account for transactions between your Coinbase account and the bank account. Although, it is feasible to link multiple accounts with your Coinbase account. Still, we recommend not to add a bank account with your Coinbase account, owing to certain security precautions.

Debit Card

You can also add your visa or master debit cards to your coin base account for payment and withdrawal purposes. However, you may need to provide the billing address to get your cards accepted at Coinbase. You may also need to go through the photo verification process before adding your card to the coin base account successfully. The process of adding a card is as follows;

Please note that your debit card is good for buy transactions only, and you can’t add any funds received against disposal or sale of any crypto asset to your debit card directly. Your funds are processed via Coinbase Inc. instead.

Note: Coinbase doesn’t support linking credit cards anymore. Suppose you already have linked a credit card with your Coinbase account. In that case, you probably will have additional charges for using a credit card at your bank.

Wire Transfer

Wire transfer is yet another method that you can use for deposits and withdrawals, but only if;

Please be informed that you can’t make a wire transfer for an amount of less than $5000. Also, you must have your account verified sufficiently before making any wire transfer request and for setting up a USD wallet account with the Coinbase successfully.

Note: Coinbase is currently in the process of replacing unique reference numbers with a virtual account number. The virtual account number will ease the process of wire transfers.

For Bank Wire Deposits;

Please note that Coinbase supports only actual bank wires (Fed Wires). So do not send any overnight ACH.

Withdrawals Using a Bank Wire

You can withdraw your funds using bank wire for up to $25000 or more. However, you must have completed the verification process for the activation of your USD wallet account.

You can verify your withdrawal information by adding wire details to your account under the link an account tab.

Your funds withdrawn using the bank wire arrives in your account within 2-3 working days.

Payment Methods for UK Customers

The following are the supported methods for customers from the UK at Coinbase. In addition to that, UK Customers can access both GBP and EUR wallet within their Coinbase account.

Payment Methods Buying Selling Deposit Withdraw Time
Faster Payments Large amounts, GBP deposits, Withdrawing Yes No Yes 1-3 Working days
SEPA Transfers Large amounts, EUR deposits, Withdrawing No No Yes 1-3 Working days
3D Secured Card Instant crypto purchases Yes No No Instantly
PayPal Withdrawals No No No 1 Working days
Card Withdrawals Withdrawals No No No Instantly

Deposits via Bank Account

You need to link your bank account to your Coinbase account before you could make any transfer. After that, follow the steps listed below.

Make sure to add the unique reference code as it is without any modification or additional spaces.

Withdraw Funds to UK Bank Account

Withdrawing funds to your bank account need an initial deposit from your bank account to your Coinbase account.

Buying with Debit or Credit Card

UK customers can make payments using their debit or credit cards provided that their cards are 3D Secured. Using this method, customers from the UK don’t need to pre-fund their Coinbase accounts. Instead, you can buy directly using your debit or credit card without waiting for bank transfers to get completed. To check if your debit or credit card is 3D Secured, you can ask directly from your card provider. You can also confirm it by adding your card to your Coinbase account. If your card isn’t 3D Supported, you will receive an error.

To link your 3D Secured card to your Coinbase account, follow the simple steps listed below;

Payment Methods for European Customers

Coinbase also offers multiple methods for deposits and withdrawals for its customers based in Europe.

Payment Methods Buying Selling Deposits Withdrawals Time
SEPA Transfers Large amounts, EUR deposits, Withdrawing No No Yes 1-3 Working days
3D Secured Card Instant crypto purchases Yes No No Instantly
Instant Card Withdrawal Withdrawals No No No Instantly
Ideal / Sofort EUR deposits, buy crypto No No Yes 3-5 Working days
PayPal Withdrawal Withdrawals No No No Instantly

SEPA Transfers

SEPA Transfers is the method used to send payments in Euro within the Euro Zone. SEPA payments usually reach your Coinbase account within a day or two and don’t have any associated transference fees. Also, note that the SEPA transfers support EUR only.

For successful SEPA transfers, the following checklist may help.

Deposit with a Bank Account

Please note that Coinbase is not responsible for any reversal or conversion fee charged at your source bank.

Withdraw to Bank Account

You can withdraw your funds only after a successful SEPA deposit to your EUR Wallet with the Coinbase.

It takes around 2 or 3 working days for the Coinbase to release funds, followed by the arrival of funds in your bank account.

Buying with a Debit/Credit Card

The process to buy with a debit card or credit card for European customers is just the same as that for customers based in the UK.

Please be informed that your card will only work if it has 3D Secured protection enabled.

Payment Methods for Australian Customers

Customers from Australia can use their debit cards for making purchases at Coinbase. Also, customers residing in Australia don’t have to pre-fund their account for making purchases at Coinbase. Debit card transactions are processed at Coinbase instantaneously. However, you may need to verify your debit card before using it at Coinbase. To do so, please follow the steps listed below;

The buy digital currency button becomes available after you have successfully added the card.

Please be informed that Coinbase does not support credit cards anymore. If you have previously linked your credit card to your account, please change it to the debit card.

Payment Methods for Canadian Customers

Customers living in Canada can use their debit cards for instant purchasing at Coinbase. The exchange doesn’t support bank accounts as a source of payment for Canadian customers.

Payment Method Supports Buying Selling Deposits Withdrawals
Debit Instant crypto purchases Yes No No No
PayPal Withdrawals No No No Yes

Linking a Debit Card

Please note that Coinbase does not support credit cards for Canadian customers anymore. Some of the credit card issuers in Canada have started block crypto purchases done through credit cards in Canada. Therefore, if you already have linked a credit card to your account, you are advised to switch it to the debit card.

Payment Methods for Singapore Customers

Singapore customers can use both debit and credit cards for their crypto purchases at Coinbase. Instant crypto purchases using your debit card or credit card doesn’t need you to wait for the bank transfers. However, your card must be 3D secured. Else, you may not be able to use any of these cards.

Payment Method Buying Selling Deposits Withdrawals Time
Debit Card Instant crypto purchases Yes No No Yes Instant
Credit Card Instant crypto purchases Yes No No No Instant

To check if your card is 3D secured or not, ring to your card issuer. You can also try linking your card with your Coinbase account. If your card isn’t 3D secured, you will receive an error while adding it to your Coinbase account. Some banks in Singapore might have additional steps for authorizing purchases using a 3D secured debit or credit card.

Link a Debit/Credit Card

To link a card to your Coinbase account, tap on the settings after login into your account.

The buy button should appear in your account, showing that the addition of your card is successful.

Education

As far as education at Coinbase is concerned, Coinbase has rich content under its education section. You get to know detailed information about cryptocurrencies from the very basic to its super-advanced stage. Expert articles on how the cryptocurrency makes the world better and why to buy cryptos explain the detailed insights of the crypto world. In short, you get an in-depth knowledge of everything that relates to the blockchain technology with regards to its legal status, security, and regulations, through the educational resources at Coinbase.

Coinbase also offers a series of video tutorials to its customers, followed by some informative questions at the end of each video session to evaluate how well the information passed on. A reward for completing the quiz successfully in the form of cryptos is yet another exciting feature offered at Coinbase. It seems that the exchange knows the importance of learning with fun for the growth of a healthy competitive environment.

Customer Support

The exchange offers multilingual customer support to its clients 24/7. The exchange remains available to help its clients through a range of methods including but not limited to telephone, email, and web chat support.  Although, the response time of the exchange is pretty fast, however, there is a disclaimer on the website concerning turnaround time. Also, you can have most of your queries answered by the auto robot. You can type in your question on the search bar provided under the support tab, and the robot will present you the most appropriate answer within no time.

Reviews

What Do People Say About Coinbase on Reddit?

Reddit is a famous online networking platform for Americans. However, it also has a fan base of millions of users around the world. We searched the Reddit to find information about the Coinbase. There is a mix of views of the people using the Coinbase. Some people say that Coinbase focuses on the acquisition of new customers rather than building relations with existing customers or retaining them.

According to some of the members, Coinbase is a secured trading platform and a renowned exchange for crypto trading. On the other hand, some people express their concerns about the safety of their funds.

A member on Reddit says that you can’t control your funds directly at Coinbase. You have to go through the Coinbase to access your funds, specifically, when it comes to withdrawing your funds. Some of the people seem curious to know if their funds have insurance protection at Coinbase? Overall, the positivity of the platform spoke louder than the downside of the platform.

What Do Peope Say About Coinbase on Quora?

Quora is also a top-rated QAs platform in America. People from all over the world come and share their information with others on Quora. As far as the view of people on Coinbase is concerned, we noticed, people still want to open their accounts with the Coinbase, especially when buying their bitcoins for the first time.  Maybe, that’s because the Coinbase is a well-reputed exchange in the United States.

Anyhow, there is also a group of people who suggest people not to open their account with the Coinbase. According to such people, Coinbase doesn’t offer any insurance protection to the clients’ funds residing outside the United States. The customer support service of the exchange is also not up to the mark. Another member on the Quora expressed that the Coinbase website is a bit difficult to explore. You don’t get the information quickly. Instead, You need to dig the website deeply to access your desired information, which sometimes becomes inconvenient.

Is Coinbase Safe?

According to the information available on the official website of the exchange under the support page, Coinbase has adequate insurance protection in place for all of its digital currencies. In addition to that, the exchange keeps 98% of the clients’ funds in an offline storage place.

It is worth mentioning here that the Coinbase insurance policy covers the losses resulted in theft or breach of the online security of the platform. Accounts compromised due to your negligence will not be considered for any insurance compensation. Also, all of the digital currencies outside the US do not have government backings due to their decentralized nature, and therefore, do not fall under the protection of the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation.

However, US Clients have an edge here. Their fiat deposits with the Coinbase are stored with the Government treasuries or custodial banks and are therefore considered as legally protected. If you are residing in the United States, your funds USD Wallet funds with the Coinbase has an FDIC protection of up to $250,000.

Coinbase VS eToro

At times, it becomes difficult to compare two giant trading platforms side by side. As far as deciding which of the two trading platforms is best, we better present you with the facts leaving it up to you to choose yourself.

Coinbase is one of the largest cryptocurrency exchanges, with over 35 million users across the globe. The exchange is offering its services to more than 100 countries around the world.

On the other hand, eToro is the world’s most renowned crypto exchange and a social trading platform with a clientele base in more than 170 countries of the world.

Both of the exchanges are known for excellence in the crypto world. Should you wish to access a complete suite of investment services, Coinbase is your destination. Whereas, for experiencing the edge of social trading, and exploring the world of more significant investment opportunities, eToro would suit you well.

Let’s have a quick look at the variant features of both of the exchanges below;

Fees

The fee structure of exchange has tremendous importance while selecting an exchange. eToro incorporates a variable spread charging mechanism. For less common altcoins, you may need to pay a spread charge of up to 3.5%, as compared to those of popular cryptocurrencies where the spread charge doesn’t exceed 0.7% to 2% of the opened position. On the other hand, Coinbase charges a fixed spread of 1.49%, which gives a definite edge to Coinbase over the eToro.

However, there is also another side of the picture; the fixed spread applies to only a certain number of countries. The fixed spread rate can be as high as 3.99% at Coinbase. The nominal fee for SEPA (Single Euro Payment Area) and $25 for the wire transfers also needs your attention while deciding which way to go around. The meagre trading fees for market takers as 0.25% and market makers as 0.15% may even change your mind if you value less trading fees for the higher trading volume.

Tradeable Assets – Coins Selection

If your judgment is based on a variety of tradable instruments that each of the exchange offers, eToro will win definitely. Coinbase is a crypto-specific exchange and doesn’t support commodities or ETFs trading. However, Coinbase allows you to access a minimum of 30 cryptocurrencies to trade with numbers being added up as compared to eToro where you can trade 16 crypto assets only. Still, eToro has a lot more to offer as it let you enjoy excessive leverage options with a customized digital wallet that supports over 120 cryptocurrencies allowing you to store and exchange your cryptos under one roof.

Customer Services  – eToro VS Coinbase

Both eToro and Coinbase have distinct priorities as far as the deliverance of customer services is concerned. Coinbase offers a customer-focused webchat service through its online web portal, in addition to a well maintained Q&As segment, where you can easily find answers to most of your questions. The rest of the support is available via traditional methods like telephone or email, at Coinbase.

While etoro, on the other hand, expects you to have some basic knowledge of exchange before coming into the business. You are welcome to ask for a basic set of information at eToro. The customer support team takes time to respond, so be patient. Like Coinbase, you can also raise your concerns with the platform using the online webchat service or through the telephonic conversation.

Number of Coins: 20+
Margin Trading: YES
Minimum Deposit: $200

Invest In Cryptocurrency With $0 Commission

  • Supports Multiple Languages
  • Regulated by FCA, ASIC & CySEC
  • Paypal, Debit & Credit Card Accepted
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Capital At Risk

Other Products

Coinbase offers various products to its customers which makes it to be a preferred trading platform for many traders around the world.

Let’s go through each product line one by one;

Coinbase Vault Protection

Using vault protection offered by Coinbase, your cryptos are always safe and backed up by an insurance policy. The exchange also allows you to store your cryptos in an offline storage place which is indeed a great advantage of opening an account with the Coinbase as compared to other crypto exchanges.

The downside of the Coinbase is the lack of control over your funds. The platform doesn’t allow you to have direct access to your funds. For example, you can’t add your funds directly to your bank account after having your crypto assets sold at Coinbase. Instead, the withdrawals need to go through Coinbase Inc.

Coinbase offers a standard account to all of its customers across the globe. However, levels and limitations of your account may vary depending upon the activity level and verification constraints.

Over time, the buying limits of your accounts keep increasing in proportion to your activity level. Buying limits are usually determined by an algorithm that takes multiple factors into accounts, such as your transaction history, ageing of account, payment methods, and your location. Sometimes, you may face a buying limit owing to the verification required to unlock a specific level.  Therefore, should you wish to increase your purchasing limits, you must visit the verification page to complete the verification process, if pending.

Coinbase Pro

For seasoned traders, the exchange offers an advanced trading experience with an integrated API feature that further subdivides into feed and trading. The feed APIs present market analytics publically, whereas trading APIs need authentication for providing detailed information concerning the placement of orders and users’ account information. Since it is a separate line of business, we’ll cover it in detail in another Coinbase review, later.

Coinbase Wallet

Coinbase wallet offers its customers multi-coin support where all digital tokens and collectables (ERC 20 & ERC 721) may be stored with added security parameters followed by biometric authentication.

Coinbase USD Coin (USDC)

Coinbase introduces a stable cryptocurrency referred to as “USDC”. It is also known as the stable coin which can be traded-in against an equal amount of dollars at any time on Coinbase. With the power of stability, the backing of the US Dollar, and supported by one of the world’s largest blockchain-based digital currency “Ethereum”, it certainly has become a preferable choice for traders. The USDC has global recognition as it works the same way the US Dollar does. However, it is not available to everyone. Only customers having US Dollar bank accounts can have this privileged facility.

How to Get USD Coin?

It is pretty simple and only needs a few steps to follow;

  1. Sign In or Sign Up your coin base account
  2. Convert US Dollar to USD Coin free of cost
  3. Send it anywhere or get it converted back to US Dollar

Coinbase Earn Program

Coinbase makes the learning process more enjoyable for its customers in a way that clients can earn cryptos by watching educational videos and taking up short quizzes. At times, this Coinbase program is restricted to “invite-only” where only those users can make money who gets an invitation from the Coinbase. It is also to be noted that through a Coinbase earn program, users can earn up to $152+. Also, the exchange is committed to bringing more cryptos into this program.

Coinbase Commerce

For business entities, Coinbase introduces Coinbase commerce through which it enables fast access to the trading platform altogether with no fee involved for accepting cryptocurrencies. It acts as a gateway for businesses to enter the global customer base without involving any middle man for irreversible transactions.

Coinbase Custody

Coinbase custody is yet another exciting feature for keeping the digital assets well-secured using segregation techniques. Although the intended users of this feature are corporate entities such as foundations, endowments, pension funds, family offices, or asset allocators, still you may like to explore more about it.

Coinbase Ventures

Empowering the concept of the open financial system, the Coinbase strives hard to help potential startup companies to raise the required capital and become the source of inspiration by positively contributing their parts to the world’s economic development.

Staking Services & Commission

Coinbase offers a feature named “staking” which means if you choose to stake your digital holdings with Coinbase, you may become eligible for a reward in return, depending upon the protocols of the concerned third party. The reward is transferred to your account after deducting the 25% commission.

Is Coinbase Legitimate?

Being backed by trusted investors, insurance policy, and registered with FinCEN, it may safely be concluded that the exchange is legitimate.

Conclusion

After a detailed review on Coinbase, we hereby conclude that it is one of the best crypto exchanges because of its security of funds, acceptance of fiat deposits, and user-friendly trading interface. The exchange keeps 98% of its clients funds offline, making it a very secure platform for crypto investments. Coinbase also offers a content-rich education section on its website that offers useful learning resources to both beginners and advanced-level crypto traders and investors. The exchange has positive ratings and reviews on online discussion platforms such as Raddit and Quora. So we suggest everyone to give this exchange a try if you are looking to invest in cryptocurrencies.

Frequently Asked Questions (FAQs)

It is a public ledger that reflects the detailed transactional history of bitcoin. A copy of the blockchain is available to everyone and is allowed to download. Although, all transactions are traceable but don’t necessarily link to real identities. That is why bitcoin is pseudonymous.

Your wallet address may be found on the crypto addresses page of the Coinbase website, or you may also find it by clicking the tool button available on the left side of the webpage. Remember, the address is crucial when performing a crypto transaction because funds transferred to the wrong account may never be retrieved again.

Can funds be withdrawn from the EUR wallet to my bank account on Coinbase?

Unfortunately, this feature is not available at the moment. However, you may be able to do so via SEPA transfers. For details, please follow the link https://help.Coinbase.com/en/Coinbase/getting-started/adding-a-payment-method/payment-methods-for-european-customers.html

As far as trading cryptocurrencies at Coinbase is concerned, it is way more straightforward than you think. All you need is to have an account with Coinbase.

Sign in your account
Navigate to the member area to access the assets market
Select the digital asset you want to trade
Open a position by putting the value of the asset you wish to buy
Click proceed to complete the order
That is how you end up having your desired digital currency bought.

No, you can’t. The platform needs you to provide proof of your identification. Your account remains suspended until your identity is verified. If you couldn’t get your account verified within a due course of time, the exchange might close your account permanently. In that case, your funds, if deposited, will be returned via the same method you used for deposits.

Identity verification is a process of knowing your customers through a rigorous and transparent procedure. In technical terms, it is the KYC (Know Your Customer) parameter that regulated companies dealing in financial services need to follow in order to comply with the rules and regulations of the concerned regulatory authorities and anti-money laundering agencies.

Coinbase doesn’t always ask you to prove your identity. You can even sign up with the Coinbase without having your account verified. However, you will have to confirm your identity to continue using the Coinbase services after a while.

To verify your identity, you need to access the settings page. Selecting limits & features option, and enable the send & receive document wizard. Select the source from where you wish to upload your document. Going through the prompt wizard gets your identity verified. You need to fill-up the form providing your details, including your first and last name, date of birth, address, and a telephone number. You also need to confirm your postal code and the country of your origin.

You may also need to tell the company, Why do you wish to open an account with the Coinbase? What is your source of income? And what’s your employment status, etc.

What are the required documents that I may need to submit to confirm my identity at Coinbase?

You can provide a copy of your ID card or passport. You can also use your driving license for the same. Sometimes, you may need to submit a copy of your utility bill as well to confirm your billing address.

The Coinbase usually verifies your account within 2-3 working days, provided that you have completed the verification process, and have submitted all of the documents as required.