Here it is, the Ultimate Coinbase Review. Whether you are selling or buying digital assets, it is important that you choose a good trading platform, due to all the fraudulent situations you may encounter. One of those “good trading platforms is definitely Coinbase. This is the oldest trading platform in the world, so it is not surprising that has over nine million users and that offers so much. Stay with us to learn more about Coinbase.
Coinbase Review: What is Coinbase?
Coinbase is a digital currency platform, founded by Fred Ehrsam and Brian Armstrong. The company was founded in 2012, and its headquarters is in San Francisco.
Two main products of Coinbase are GDAX (Global Digital Asset Exchange) and retail exchange of Ether, Bitcoin, and Litecoin for fiat currency.
Besides that, Coinbase offers an API (application programming interface) for developers.
This is one of the best companies in this industry and later on you will see why that is so. In addition, the company received $106 million in venture capital funding, from 23 investors.
However, there have been some controversies with Coinbase, so it doesn’t have such a good reputation. Namely, Coinbase requires from their users to report how they spend their bitcoins. In case you want to spend bitcoins on gambling, adult services, or anything “naughty”, they will shut your account. Needless to say, a number of users don’t agree with this policy. In case a lack of privacy doesn’t bother you, here are some reasons why you should use Coinbase.
Why you should choose Coinbase:
Simple and easy to use
The most obvious benefit of Coinbase is the ease of use. With a nicely designed interface that is also responsive, you will easily find that what you need. In addition to that, Coinbase added their wallet and apps for most popular mobile devices, making this platform very user-friendly.
Because of this, Coinbase is the best choice for newcomers, as they will acquire first bitcoins without effort.
Moderately Low fees
Another great thing about Coinbase is that fees are relatively low. Most transactions have 1% transaction fee plus other fees related to a certain payment method. For finding out the exact amount of fees, go to their website.
Various payment methods
This is the most exciting part about our Coinbase Review. What people appreciate the most about Coinbase are multiple payment methods. The main payment method is the wire transfer. This means that you can use the account from your bank in order to directly connect it to Coinbase, and make transactions. Similarly, you can use a particular Coinbase bank account for sending the money.
But, there are even better ways to buy and sell Bitcoins. Viz., you can use your debit or credit card for the fast and simple purchase of bitcoins. But, there are some extra fees to pay. As for selling bitcoins, you can use PayPal, but this payment method is limited to sellers only.
The last reason why Coinbase is a good choice is that it is a global market. Over the years, this company has greatly improved its business and it now operates all over the world. Coinbase offers an exchange of Ethereum, Bitcoin, and Litecoin as well as other fiat currencies. And it offers that in 32 countries. Furthermore, the transaction of bitcoins and their storage is offered in 190 countries globally. Today, this platform counts about 9 million users.
All this makes Coinbase the largest Bitcoin exchange which is why we had to do this Coinbase Review!
Coinbase Review: FAQ
If you have already heard about Coinbase, then you probably know that their customer service is not great. The good thing about their support is that they offer lots of FAQ on their page, so in most cases, you can find out what you want/need without contacting support.
However, the problem arises when your only option is contacting the customer service, due to some issue you have encountered. Namely, the customer service doesn’t seem to be very concerned with your issues, thus they won’t put in too much effort to help you. This leads to solving only the part of your problem, or not solving it at all. This further means that you have to wait for another two days in order to get real help and finally resolve your problem.
But, we said that their FAQ section is quite helpful, so if you want to take a look at some of those questions, keep on reading.
How long do I have to wait for a Coinbase transaction to be completed?
Well, this depends on the payment method you plan to use. If you want to use a wire transfer, this method usually takes longer, since it has to be approved. However, you should not wait more than five days.
On the other hand, if you want to make a purchase with your credit card, there is no need to wait, because the purchase is instant. However, keep in mind that there are different fees for certain payment methods.
How much does it cost to buy and sell Bitcoins?
Coinbase charges 1% fee for exchange between your local currency and Bitcoin.
Do they have a referral program?
This is a program that enables you to get a bonus, by way of sending a referral link to your friends. Coinbase offers $10 per user that signs up and purchases over $100.
My purchase was canceled. What should I do?
If this happens, you should immediately contact support and report them your problem, or submit a helpdesk request.
Is Coinbase a regulated platform?
Yes, it is since it is in accordance with laws and regulations in every country it operates in.
Is Coinbase safe?
Coinbase offers a high-security level since 98% of digital assets aren’t stored online. Also, Coinbase went through numerous financial audits and IT tests.
Are digital assets insured?
All USD wallet funds are insured by FDIC insurance while the digital assets are insured under a separate policy. According to Coinbase, here are the terms of their insurance:
“All digital currency that Coinbase holds online is fully insured. This means that if Coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result.
The insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft.
Coinbase holds less than 2% of customer funds online. The rest is held in offline storage.
This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.”
Are there some verification methods for extra protection of my account?
Yes, there is a two-way protection used for emails. There are also email and SMS notifications.
In which countries does Coinbase operate?
This platform offers its services in 32 countries all over the world, including the USA, United Kingdom, Croatia, Austria, Norway, Netherlands, Malta, Slovenia, Romania, Canada, Singapore, etc.
Can I raise limits on purchasing Bitcoins?
Yes, you can. In order to do that, you need to supply identity verification, debit card, and credit card verification.
Well, that’s about it. With its ease of use, low fees, and several payment methods, this platform has lots to offer. So, we hope this article helped you realize whether Coinbase is a trading platform you want to work with.
You've read the Coinbase review and purchased your first coins. Whats next? Check out our list of the Top 10 Bitcoin Wallets.