- >Best Crypto Exchanges
- >Coinbase Exchange Review
Our Comprehensive Coinbase Review for 2024
Coinbase is one of the biggest cryptocurrency exchanges in the world, with unparalleled trading volume and a long-standing reputation for industry-leading security.
It’s simply one of the best ways to buy Bitcoin and numerous other cryptocurrencies. Based in the United States — San Francisco to be specific — Coinbase has been in operation since 2012, making them one of the earliest adopters and providers of various cryptocurrency-related products. It’s one of the most regulated exchanges in the world and was the first exchange to IPO in early 2021.
Over the years, the company has entered into partnerships with various mainstream companies such as Dell, Overstock, Time Inc, which helped solidify them as one of the most trusted organizations in the cryptocurrency community.
Please note that some links on CryptoVantage.com are affiliate links. We may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners.
Coinbase Overview
- Beginner-friendly UI make it easy to make quick buys
- One of the oldest and most reliable exchanges
- Earn $200 in free crypto after completing sign-up process. Terms apply.
- Variety of products including exchange, staking, wallet
- Advanced Trading options for experienced traders
Pros
New users can earn free crypto through coinbase.com/learn
User friendly design with simple buy/sell buttons with clearly indicated prices
Diverse and consistently updated choice of coins
A strong line-up of products including an exchange, wallet and staking services
Cons
Fees are right in the middle of industry standards
Some complaints about customer service
Significant identity verification required
Is Coinbase Safe?
Coinbase is among the most reputable and secure cryptocurrency exchanges globally. Coinbase employs various stringent security measures, such as cold storage for most assets and obligatory two-factor authentication (2FA), to safeguard user funds and personal information. Moreover, Coinbase functions under stringent regulatory supervision, thereby bolstering its reputation for security. The table below delineates the principal security features of Coinbase, in conjunction with alternative exchanges exhibiting comparable safety standards, facilitating an informed decision regarding the platform’s security protocols.
Coinbase Safety Assurances
- Cold Storage Safeguarding: 99% of assets maintained offline.
- Two-Factor Authentication: Guarantees dual-step verification for account access.
- SMS Authentication: Confirms your phone number to enhance security.
- Data Privacy Control: Enables users to request the deletion of data.
- Regulatory Compliance: Completely governed by US securities legislation.
My Overview: I view Coinbase as one of (along with Kraken) the safest exchanges in the world. When it comes to crypto, safety and security has to be top of mind.
Coinbase Supported Applications
The standard Coinbase offers support for desktop and mobile, which means that Windows, MacOS, iOS and Android users all get access to the site.
Interestingly, Coinbase also offers an Advanced Trading dashboard, which is designed primarily for experienced traders but also has the benefit of lower fees. The company also offers a standalone wallet, which is available for mobile users. The Coinbase wallet is basically just your account, though (where you can store/save your funds). The Coinbase mobile app is superb (over a million reviews on the App Store with a 4.7 rating) and a great place for new crypto users to get started.
Setting up a Coinbase Exchange Account
Step 1: Create Your Coinbase Account
Now that you’re ready to get started, the first step is to register for a Coinbase account. To do so, you’ll have to provide basic personal information. That’s required as part of regulations. You’ll be expected to share your:
- First Name
- Last Name
- Email Account
- Creating a secure password
- Confirming you are 18 years of age or older
Step 2: Verifying Your Email Address
Coinbase will email your account and require email verification.
Step 3: Add a Phone Number
You must add a phone number immediately after validating your email address.
Providing a phone number is required for a 2-step verification. Coinbase will text a 7 digit verification code to your mobile device. This adds an extra layer of security to your account.
Step 4: Providing Personal Information and Selecting a Payment Method
You must then provide basic information including payment address and your name. In addition, you’ll need to prove your identity by providing a scan of one of the following:
- Passport
- Driver’s License
- Photo I.D.
There’s a little bit of processing time, but you should be able to purchase Bitcoin and other cryptocurrencies from Coinbase as soon as you complete the aforementioned steps. Verification can be (and usually is) instantaneous in numerous instances. In some cases where the ID might not be clear or there might be some other issue.
What Can You Buy on Coinbase?
Coinbase enables the purchase of many different cryptocurrencies, including all the majors such as Bitcoin, Ethereum, Ripple and Litecoin. Coinbase is not limited to just the biggest coins, however, and there are some underrated coins on the exchange such as Stellar, DAI, BAT and more. You can even purchase Apecoin on Coinbase. Here’s a look at some of the more notable coins available on Coinbase:
Are Coinbase Fees High?
Coinbase is one of the biggest crypto on-ramps in the world thanks to its easy-to-understand UI and simple sign-up process. The downside is that its fees tend to be on the high side.
Coinbase uses a “flat + percent fee” structure for all of their operations. Coinbase has a rather dynamic fee structure depending on the operation taken on the site, (Buys / Sells / Trades). They’ve implemented tiered fees depending on the type and volume of the operation. In can seem a little confusing at first, but basically Coinbase charges a flat fee for any transactions below $200 while a percentage-based fee for anything over that amount. Here’s a little more on the fee structure directly from Coinbase.
Overall, Coinbase is transparent about their fee structures. It’s broken out with granular articulation, which definitely increases the trust factor that we have for Coinbase. All in all, Coinbase runs a tight and exceptional service in the crypto industry—it’s not surprising why they can charge the fees that they do. Seasoned cryptocurrency traders may look for exchanges with lower fees, but it’s hard to ignore the high amount of trust that Coinbase brings to the picture.
It should be noted that Coinbase Advanced Trade offers a more traditional fee structure, with maker and taker fees for trades. The fees are much lower using this method.
Here’s how the flat fees breakdown on Coinbase (if you’re in the USA). These are simple flat fees for purchasing cryptocurrencies:
Coinbase Features
Coinbase offers a wealth of different products in addition to its stellar exchange.
If you’re looking to earn a yield on coins like Ethereum, then you can take advantage of its powerful staking services. You can also borrow against your Bitcoin if you need cash.
The Advanced Trade dashboard also has all the features of the now-defunct Coinbase Pro, including the ability to interact directly with the Coinbase order book and make spot and limit orders. You’ll also enjoy much lower fees compared to the normal broker model of buying crypto on Coinbase.
Coinbase also offers custodial services for high net-worth individuals and institutions if they can’t be trusted to secure their own crypto.
Finally, on the opposite end of the spectrum, Coinbase offers their own wallet app, which is noncustodial and lets users interact with DeFi.
What Makes Coinbase A Good Choice
They’re a safe, reliable brand. Anytime you’re dealing with a publicly traded company that’s worked hard to build relationships with regulators, you know you’re in a good place. The platform is safe and secure, and if anything were to happen, they’d be there for you. They’re not a brand that’s going to disappear overnight, which we have seen in the crypto space quite a bit.
This is a trusted place to invest, store and trade your crypto and cash.
Coinbase At A Glance
Security 5/5
Advanced Trading Features 4.5/5
Major Cryptocurrencies Available 5/5
Altcoins Availability 4/5
Staking Features 4/5
Customer Service 4/5
Deposit/Withdrawal Methods 4.5/5
NFT Market 4/5
Who Is Coinbase For?
Coinbase is easily one of the top two crypto exchanges that’s top of mind whenever anyone asks me for a recommendation – especially beginners. Are there places that might be better for more advanced players – maybe those looking for more altcoins? Yes. However, Coinbase is simply the safest, most trusted brand along with Kraken. When I make a recommendation, the last thing I want is anything to happen to people’s money. If you’re looking for a reliable place to invest and save your money, Coinbase it is. And they have a lot more beyond that, like great customer service, a wide variety of alts, some DeFi, some NFT and some staking features.
Coinbase Alternatives
Coinbase is a great crypto exchange but it’s not for everyone. If you’re curious about how it stacks up against other popular exchanges you might want to peruse the comparison table below and some of the articles:
Coinbase Alternatives
Coinbase is a great crypto exchange, but it’s not for everyone. If you’re curious about how it stacks up against other popular exchanges, you might want to peruse our comparison articles:
Meet Our Reviewing Team
FAQ
You might have heard that cryptocurrency can be fairly volatile so you never know exactly how much Bitcoin is going to cost on any given day. Meanwhile Coinbase’s fee structure is in line with rest of the industry.
While most coins are technically “stored” on their blockchains, you can say that the coins you have on Coinbase are “stored” on the exchange until you transfer them to a wallet that you alone control. They own the private keys that represents true ownership.
That’s why we advise that you never keep more than you are willing to lose on an exchange—always transfer your coins to a secure wallet once you’ve made your purchase.
According to Coinbase’s insurance policy, they maintain commercial criminal insurance in an aggregate amount that is greater than the value of the digital currency they maintain in online storage. That means if someone hacks Coinbase and steals their coins, they are insured for the loss.
Coinbase makes all possible efforts to keep their digital currencies secure, but in the 21st century, nothing is completely, 100% secure from attack. To increase security, Coinbase stores 98% of customer funds offline where they are not accessible to remote attacks, they require two-factor authentication on all accounts, and all user information is encrypted.
To date, Coinbase has never been successfully hacked. While attackers have made several high-profile attempts to hack Coinbase’s security, there have been no successful breaches of Coinbase. For increased security, we still recommend that users always transfer their coins to digital wallets that they alone control instead of keeping their coins in their exchange accounts.
Coinbase is 100% legal in the United States. There are some states where Coinbase does not currently operate (Hawaii is the notable exception) but that doesn’t make it illegal. In addition Coinbase operates in 190+ countries worldwide.
Coinbase currently supports crypto buying and selling in over 100 countries, including:
- United States
- Canada
- Australia
- United Kingdom
- Austria
- Belgium
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Finland
- Greece
- Iceland
- Ireland
- Italy
- Latvia
- Malta
- Monaco
- Netherlands
- Norway
- Poland
- Portugal
- Slovakia
- Spain
- Sweden
- Switzerland
If Coinbase does not support trading in your country at this time, you can likely still utilize many of their product offerings, including storing funds and sending & receiving funds.
Theoretically, you could invest in a cryptocurrency and its value could rise. You would make money in that case. The reality is that there is risk involved in all forms of investment and you should never risk what you can’t afford to lose.
No but you can use debit cards to buy crypto on Coinbase. You can also use Apple Pay or Google Pay.
Yes, Canadians can use Coinbase. Canadians are not restricted to only using exchanges that are Canadian. Coinbase is an American exchange, but Coinbase is a great option for Canadians looking to purchase Bitcoin and other cryptocurrencies.
Yes. Coinbase is one of the leaders in industrial-grade staking. For a small fee Coinbase will give users a yield on the following coins (updated frequently):
- Ethereum
- Cardano
- Cosmos
- Solana
- Tezos
It was migrated into regular Coinbase through the Advanced Trade dashboard in late 2022.
It’s a win-win for users as beginners and experts alike benefit from a single Coinbase interface and account.
