Coinbase Review
A comprehensive guide of the largest cryptocurrency exchange in the United States.
Summary: Coinbase is a leading, globally accessible cryptocurrency platform offering a wide range of services including trading, staking, an NFT marketplace, and more. Renowned for its security and regulatory compliance, Coinbase has robust features like a DeFi wallet and a crypto card.
Despite higher fees, it provides a comprehensive crypto experience, 24/7 customer support, and educational resources. Future plans indicate a strong commitment to decentralization and innovation within the Ethereum ecosystem.
What is Coinbase?
Coinbase is a globally recognized and trusted platform for buying, selling, staking, and managing cryptocurrency assets. It is listed on the NASDAQ and strictly adheres to regulatory standards. Beyond its primary services as an exchange, Coinbase offers a diverse range of crypto-related features. These include the Coinbase Wallet for DeFi (Decentralized Finance), solutions for institutional custodianship, an NFT (Non-Fungible Token) Marketplace and Wallet, among other services.
The company was established by Brian Armstrong and Fred Ehrsam in California, USA. However, due to recent regulatory challenges with the Securities and Exchange Commission (SEC), Coinbase is considering relocating its operations overseas to Dubai. The company is known for its significant influence in shaping progressive regulatory policy within the US and is considered a major player in the cryptocurrency industry.
Coinbase Features
Coinbase offers a wide range of features to its users, which have contributed to its standing as a leading platform in the cryptocurrency industry. Here are some of their key products and services:
- Coinbase Exchange: Coinbase offers a retail-friendly crypto trading platform with over 250 cryptocurrencies. They charge a high fee of 1.49% and another 1% in the spread.
- Coinbase Pro: Coinbase Pro is an advanced trading platform for sophisticated investors that are comfortable using an order book. This is a cheaper way to trade at a 0.6% fee.
- Coinbase Wallet: Coinbase Wallet is a DeFi wallet that allows users to interact with apps like AAVE, Uniswap, Compound and more.
- Staking: Earn up to 6% APY with Coinbase Staking on assets like Ethereum (ETH), Cosmos (ATOM), Avalanche (AVAX) and others.
- Coinbase One: White-glove service for institutional investors seeking over-the-counter and other tailored custody solutions.
- Coinbase NFT Marketplace: An Ethereum-based NFT marketplace offering a select range of collections from OpenSea.
- Coinbase Base: A new Layer 2 protocol deployed by Coinbase that is built on the Optimism network.
- Coinbase Card: A Visa debit card that allows you to spend any crypto in-store and earn cash back on every purchase.
Can Coinbase be Trusted?
Yes, Coinbase can be trusted. As one of the largest and most regulated cryptocurrency exchanges globally, it adheres to stringent regulations from several authorities, including the U.S. Financial Crimes Enforcement Network (FinCEN), the Financial Industry Regulatory Authority (FINRA), the Cyprus Securities and Exchange Commission (CySEC), and the UK's Financial Conduct Authority (FCA).
Its robust security measures include advanced encryption, vigilant monitoring tools, and strict KYC and AML policies. All these contribute to its clean security record and trustworthiness.
What is Coinbase Wallet and is it Safe?
The Coinbase Wallet is a self-custodial digital wallet app provided by Coinbase, where users control their own private keys. It supports a broad range of cryptocurrencies, including Bitcoin, Ethereum, ERC20 tokens, and non-fungible tokens (NFTs). It uses Secure Enclave technology for private key protection and includes biometric authentication. Notably, this wallet can be used independently of a Coinbase.com account.
The wallet features a decentralized app (dApp) browser for direct interaction with Ethereum-based dApps. It also allows users to interact with several EVM-compatible blockchains including Arbitrum, Optimism, Polygon, Avalanche and more.
Coinbase Fees
The exchange provides a transparent fee structure for trades funded by bank transfers, credit/debit cards, and PayPal, each with distinct fees.
Bank transfers and credit/debit card transactions cost 1.49% and 3.99% respectively for Coinbase USD wallet transactions, while no fees apply to Coinbase Pro. PayPal incurs a 4.49% fee for the Coinbase USD wallet and 1.49% for Coinbase Pro.
When it comes to trading fees, Coinbase maintains a flat 1% fee for all crypto trading transactions. It's important to note that the platform operates with wide spreads, which means the price at which you can buy a token is often significantly higher than the price at which it is being sold.
Coinbase App
Another great feature of Coinbase is that they offer a mobile app for both iOS and Android devices. This makes it easy to quickly check on your balance and manage your transactions from anywhere, anytime. Plus, Coinbase even has an integrated crypto card so you can spend your digital currencies at any merchant that accepts MasterCard via Google and Apple Pay.
The Coinbase app is currently rated 4.7 stars from 1.7 million reviews and is ranked #31 overall in the Finance category on the Apple App Store. On the Google Play Store the application is rated 4.1 stars from 730K reviews.
Coinbase Crypto Card
The Coinbase VISA card was the very first cryptocurrency card in the world. It can be used at over 40 million merchants globally and is available at every store that accepts VISA payments. It offers zero transaction fees but a spread applies when users buy, sell, or trade cryptocurrencies. There are absolutely zero annual or hidden fees. The card has a spend limit of $25K a day.
NFT Marketplace
Coinbase has recently added its very own NFT marketplace, Coinbase NFT. Although, the feature is still in its beta stage and cannot be used to buy or sell NFTs at the time of writing. It has all the popular Ethereum-based projects listed on its marketplace including Crypto Punks, Bored Ape Yacht Club and many more.
Coinbase Learn Rewards
If you’re new to crypto and want to get paid to learn more about the industry, you’re in luck. Coinbase currently offers a L2E (Learn-To-Earn) feature that allows users to earn tokens for free by completing courses and quizzes about certain cryptocurrencies. You simply need to watch an educational video about a token, then complete a questionnaire that covers the topics you just learnt.
What is Coinbase Base?
Base by Coinbase is a low-cost, secure, and developer-friendly Ethereum L2 solution aimed at bringing the next billion users to web3. It offers an EVM equivalent environment, allowing all code, tools, and infrastructure to work out of the box, and reduces costs by 10x for users compared to Ethereum. Base is built with the security and scalability needed to power decentralized applications, leveraging the underlying security of Ethereum and Optimism's open-source OP Stack.
It is also backed by Coinbase's products, distribution, and developer tools, making it the on-chain home for Coinbase products, users, and assets, as well as an open ecosystem where anyone can build for them. Base plans to progressively decentralize in the years ahead, believing that decentralization is critical to creating an open, global cryptoeconomy that is accessible to everyone.
Does Coinbase offer 24/7 customer support?
One great feature of Coinbase is that they offer 24/7 customer support to their users. Whether you need help navigating the platform, have a question about your account, or are experiencing an issue with a transaction, Coinbase's team is always available to help. Their customer support can be reached via phone, email, and live chat.
In addition to the phone, email and chat support, the customer service team can also be contacted via one of their social media platforms. The Coinbase support staff can be reached on Twitter, Reddit, Facebook, LinkedIn, TikTok, Instagram & YouTube.
Coinbase Available Countries
Coinbase is available in over 100 countries worldwide. This includes:
- North America: United States, Canada
- Europe: United Kingdom, France, Spain, Italy, Germany, and many others
- Asia: Singapore, Japan, South Korea, and others
- Oceania: Australia and New Zealand
- South America: Argentina, Brazil, Chile, and others
- Africa: South Africa, Kenya, and others
However, the availability of specific services and cryptocurrencies can vary by country due to local regulations.
Bottom Line
In conclusion, Coinbase is a robust, trusted, and feature-rich cryptocurrency platform, offering a range of services such as buying, selling, and managing crypto assets, staking, institutional custodianship, an NFT marketplace, and more. With advanced security measures and adherence to international regulations, it holds a strong position in the crypto market. Features like the Coinbase Wallet, Coinbase Card, and Coinbase Base further enhance its user experience.
The addition of a 24/7 customer support service and the fact that it operates in over 100 countries globally underscores its commitment to accessibility and user satisfaction. However, the platform's fees and wide spreads may be a consideration for potential users. Lastly, its ongoing educational initiatives and planned move towards decentralization indicate an innovative and forward-thinking approach to the rapidly evolving cryptoeconomy.
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