Coinbase Review 2022- Legit or Scam

Coinbase is an online platform for exchanging cryptocurrencies and wallets. In 2021, the platform already has 43 million registered users in 100 countries. But can you trust it? For the convenience of our traders, we are reviewing the Coinbase review. We are considering all the parameters to check the security, regulation, and features of this exchange. This article will help the readers to understand the crypto exchange comprehensively.

Coinbase

Who is Coinbase?

The Coinbase platform is a cryptocurrency exchange platform founded in June 2012 by Briand Armstrong and Fred Ehrsam in San Francisco in the United States. It is also an online money changer platform. Starting from June 2012, Coinbase has grown in the number of users and quickly gained popularity as one of the best trading platforms for digital assets.

Coinbase currently has an estimated customer base of over 43 million users. Nearly 7,000 institutions and 115,000 partners in more than 100 countries choose Coinbase to easily invest, save, spend and earn with cryptocurrency. More than $90 billion of assets are available on the cryptocurrency exchange platform. Coinbase’s total trading volume from inception to date is estimated at $455 billion.

Coinbase

Coinbase Offerings

Coinbase provides a variety of services to its customers to enhance their trading experience. These major services can be listed as follows:

  • Coinbase Pro Accounts: For Advanced Operations in Cryptocurrencies
  • Coinbase Custody: To Warn About Institutional Cryptocurrencies
  • Coinbase Commerce: A service that allows payment with cryptocurrency
  • Coinbase Wallet: A wallet to store your cryptocurrency

Cryptocurrencies listed on Coinbase

Here is a list of the major cryptocurrencies supported by this exchange:

  • Bitcoin
  • Ether
  • Tide
  • Bitcoin cash
  • Litecoin
  • EOS
  • Omisego
  • Tezos
  • Connect
  • Abe
  • Uma
  • Uniswap
cryptocurrency coinbase

Coinbase- For Whom?

Beginners Coinbase

Interested in a Coinbase account? You may need to know who can use Coinbase. To have a Coinbase account, you must declare and guarantee that you are already 18 years of age or older according to the platform terms and conditions. Regarding your trading experience, you do not need to be an expert trader to trade on the Coinbase platform. The ergonomics of the platform make it very accessible. Beginners or experts will have no trouble trading on Coinbase.

Coinbase is a virtual currency trading site and is only suitable for investors who trade cryptocurrencies. So, if you want to buy stocks, invest in commodities, currencies, ETFs, stock indices, you should contact your broker.

Coinbase- Types of Accounts

There are two types of accounts on Coinbase: personal accounts and Coinbase Prime accounts. Let’s learn more.

types of accounts

Standard account

A basic Coinbase account is already complete. It is an easily accessible platform. Because of this, this account is ideal for beginners in trading. You can find many cryptocurrencies and features in this account. You can also use the Coinbase crypto wallet through this account. It is also possible to exchange cryptocurrencies for fiat currencies.

Coinbase pro account

This account is for advanced traders. You can trade a much larger amount of cryptocurrencies with much lower fees than standard accounts. Coinbase Pro accounts have additional tools compared to Coinbase. For example, you can track markets, view trade history, control open orders, and manage multiple portfolios. Finally, this account allows you to trade with leverage. For pairs against the dollar, the margin can be up to x3.

Coinbase Prime Account

Coinbase allows companies that want to have an account through its platform. This account is called Coinbase Prime. This allows you to buy cryptocurrencies for your business.

How can I open an account with Coinbase?

You must have an account to trade through Coinbase. Opening this account is very easy. Follow these steps:

create account with Coinbase
  1. Register on Coinbase trading page
  2. Verify your email address
  3. Confirm phone number
  4. Enter personal data
  5. Identification
  6. Choose which payment method to operate

Step 1: Quickly open your Coinbase account.

You can access the Coinbase site from your browser. Or at least you can download the business application on your phone.

Then follow these sub-steps:

  • Click Start
  • You provide information such as first and last name, email address, and a sufficiently strong password.
  • After reading our Privacy Policy and Terms of Use, you must enable the small box at the bottom of the page. Then click Create Account (if using a computer) or Register (if using a mobile phone).
  • Coinbase will send a message to the email address you provided. Next, you need to verify your email address.

Step 2: Verify your email address

It takes very little time to verify your email address. In the email sent by Coinbase, select Verify Email Address. And clicking on the link will take you back to the platform. The email came from no-reply@coinbase.com. Please make sure it is this address and not any other address to avoid fraud. You will then need to re-enter the email address and password you provided when signing up.

Step 3: Confirm your phone number

Checking your phone number is simple. You need to do the following on your phone or computer:

  • First, log in to Coinbase and you will be prompted to add your phone number. First, select your country and then enter your phone number.
  • When using a computer, enter your phone number and click Submit Code. If you are using a mobile phone, click next.
  • Coinbase will send you a 7-digit code via SMS. Enter this code and click Submit (on your computer) or Next (on your phone).
  • After verifying your phone number, you will be asked to provide your personal information.

Step 4: Add personal information

To add your personal information, you will be asked to provide your identity and answer a few questions.

  • Enter your first name, last name, date of birth, and address information on your identity document.
  • Then we invite you to answer some questions about why you chose Coinbase for trading, your financial and professional situation. You will also be prompted to enter the last 4 digits of your SSN.

Step 5: Verify Your Identity

To protect against unauthorized access to your account, Coinbase asks you to verify your identity. Log in to your account

  • Hit Confirm Identity and follow the rest of the instructions.

Once your account is verified, your first deposit should start your trading experience with Coinbase. And to make your first deposit, you need to link a payment method to your account.

Step 6: Choose a payment method

The choice of payment method depends on your location.

  • If you are from the United States, you can deposit using a payment method such as bank account (ACH), debit card, bank wire, or PayPal.
  • If you are a UK customer, you can use SEPA bank transfer, 3D secure card, PayPal. Card withdrawals are possible immediately.
  • If you are a European customer, you can use SEPA wire transfer, 3D secure card, Ideal/Sofort for payment. Instant withdrawal by card is also possible.

Read: Plus500 Broker Review UK 2021

Coinbase Deposit and withdrawal

So, once you’ve chosen the payment method that best suits your needs, you’ll want to know how to deposit and withdraw money from your account. It’s not complicated at all. The deposit/withdrawal process for your account depends on the payment method you choose.

For example, you are a European customer and want to deposit or withdraw money from your bank account. So, follow the instructions below.

Deposit with Coinbase

It is important to ensure that your bank account is linked to your Coinbase account to avoid delays in processing your SEPA remittance. You can then easily deposit via SEPA by following the steps below.

  • Select Portfolio at the top of the page. Then choose your EUR wallet.
  • Press on deposit tab.
  • You can then start sending SEPA transfers from your bank account to Euros by entering the information shown. Entering your reference number is important to verify that your deposit has been correctly allocated to your Coinbase account.
  • Then we confirm the deposit.

Withdraw from Coinbase

Withdrawing money from your Coinbase account is very easy. Follow the instructions below.

  • First, select the portfolio then choose your EUR wallet.
  • Press on Delete Tab.
  • You can provide your bank account information if you wish.
  • Then confirm payment.

How are cryptocurrencies sent through Coinbase?

Coinbase provides the ability to send cryptocurrencies to other users.

Transfer through computer

If you are completing a transaction on your computer, do the following:

  1. You will need to log in to the Coinbase site.
  2. Then look at the surface in the upper right corner. Click Submit.
  3. Click a payment method to select the asset you want to send.
  4. Enter the encryption address or email of the user to whom encryption will be sent. You can also scan the cryptographic QR code to verify that the address you entered belongs to a Coinbase user, then complete the process.
  5. Then click Next to review and confirm the transaction details.
  6. After selecting Preview, click Submit to Coinbase or Submit to Blockchain.
desktop or app

Transfer through Mobile App

When using the Coinbase mobile trading app, the process for sending cryptocurrencies to other Coinbase users is almost identical. That’s enough.

  1. Click “Submit”
  2. Select a financial asset and enter the amount of cryptocurrency you want to send.
  3. You can select recipients from Contacts or enter “Enter Encryption Address” or “Email Address” and complete the process.

Coinbase wallet

Coinbase Wallet is a cryptocurrency wallet provided by the Coinbase exchange platform. It was once known as Toshi, a decentralized application browser that is already widely known in the field. At the time, it supported Ethereum and ERC-20 tokens.

wallet

In 2018, Toshi officially became a Coinbase wallet. This will expand the functionality of your portfolio. Today, it supports 4 other cryptocurrencies in addition to Ethereum and ERC-20 tokens. Virtual collectibles can also be kept there. Coinbase Wallet also works independently of partner platforms. This means you can log in and use it without a Coinbase account.

From 2020, customers using Android applications are permitted to purchase cryptocurrencies directly through their wallets. However, only debit cards are accepted as the approved payment method.

Coinbase Wallet Security

Coinbase Wallet is considered one of the most secure cryptocurrency wallets at the time. A multi-signature system that verifies movement within a safe, for example, limits the risk of theft or loss. Biometric authentication or the use of QR codes also promotes data security. Anti-piracy measures are also well developed.

Security

Coinbase Fee Structure

In this section, we share the fee for cryptocurrency conversion, the Coinbase fee for cryptocurrency trading, and the fee for a fixed price. Many users find that Coinbase transaction fees are very high compared to other platforms.

Coinbase fee

Coinbase Fee Guide for Cryptocurrency Conversion

Coinbase’s spread margin calculation is variable for cryptocurrency conversions. It can go up to 2%. This is because the calculated margin may differ depending on the cryptocurrency price fluctuation.

Coinbase Fees for Cryptocurrency Buy and Sell Transactions

On average, Coinbase calculates a margin of 0.50% on cryptocurrency buy and sell transactions. However, the actual spread may fluctuate up or down depending on changes in the cryptocurrency market price. In addition to spreads, Coinbase also charges fees that can be charged at a fixed rate or a variable rate. Payment form, geography, and product features are among the other factors that determine the rate-setting for various percentages.

Countries where Coinbase is available

Coinbase is active in approximately 100 countries on five continents. It occurs in 40 European countries (France, Andorra, United Kingdom, Liechtenstein, Luxembourg, Belgium, Switzerland, Portugal, Spain, and others). The company also has operations in the United States, Asia, Oceania, and Africa (including Benin, Mauritius, Tunisia, and Cameroon).

In the following countries, you can:

  • To open an account
  • Buy/sell cryptocurrencies
  • Create recurring payments
  • Use Coinbase Vault

On the other hand, buying and selling cryptocurrencies is not possible everywhere. It can currently be found within Australia, Canada, the USA, the UK, and the EU.

Customer Service

Coinbase offers its users fairly responsive customer service. Customers can contact customer service by email or phone.

Customer support
  • Email Support: Coinbase offers the option to complete your email support request. To do this, you must submit a request at the email address you use to log into your Coinbase account.A full range of potential issues is provided. You choose the categories and subcategories that best fit your interests. And try to provide as much detail as possible about your problem.
  • Phone Support: If your account is compromised, you should call Coinbase support and have it deactivated immediately. You can find a support phone number in the email contact form. However, the platform does not currently provide direct, over-the-phone technical support.\

Coinbase Review: Pros

The advantages of this platform are:

  • Simple and ergonomic platform interface
  • Responsive customer service
  • Various payment methods
  • Many cryptocurrencies are supported
  • High security
  • Positive Coinbase Online Reviews
  • 100+ countries supported
  • Insurance policy for customer funds stored online

Coinbase Review: Cons

The disadvantages of this platform are:

  • Relatively high transaction costs compared to other platforms
  • Missing Education Portal
  • Platform unavailable if the price fluctuates greatly
  • Not available in all countries

Security Review

Coinbase’s security analysis proceeds from three perspectives: data protection, transaction security, and plant security.

secured platform
  • Data secret- The data collected by the exchange is kept confidential. It can be used to activate certain services, improve certain products, and notify you of new offers. In addition, confidential data stored on our servers are isolated from the Internet.
  • Transaction security- The bank’s standard AES-256 encryption protects routing and account numbers. This data is then copied to a FIPS-140 USB drive and paper backup. Additionally, all data traffic is handled over SSL to prevent third parties from accessing your connection.
  • Asset protection- To protect our customers’ funds, Coinbase prioritizes offline storage. 98% of exchange customer funds are stored offline. The remaining 2% is stored online on secure hot servers. These are covered by insurance. With all these considerations, we can say that the Coinbase platform is secure.

Regulation

Coinbase is regulated by the Financial Conduct Authority (FCA) and other regulatory bodies in the United States. Therefore, it is possible to issue electronic money legally. It’s a standardized and firm rule. Therefore, it can be said to be a reliable business partner.

Coinbase vs. eToro

Coinbase is an online platform for exchanging cryptocurrencies and wallets with an estimated customer base of over 43 million users. The broker is accredited by the renowned authority, the FCA. This is why the exchange is called a “crypto bank” because of its experience, good image, and professionalism.

eToro is an online broker and trading platform. One of the biggest advantages of the Coinbase Wallet is that you can access it from your computer. Just log in to your eToro account and click “Wallet” in the menu. eToro is also regulated by CySec and FCA. Combined with nearly 15 years of experience in this field, we ensure the reliability of our platform. And millions of people around the world trust him. Finally, the user interface is available in multiple languages.

eToro is also a better alternative for new or experienced investors looking to diversify their portfolios. It supports over 100 cryptocurrencies, including Stellar, IOTA, or Gnosis. If necessary, you can also send product suggestions to customer service.

Other Comparison: eToro vs. Plus500- Which is Better

Our Opinion

Yes, we can recommend Coinbase. In support of this, we provide the reasons that lead to a positive review of Coinbase below and in this article. First of all, the security of this exchange is real. The platform stores the client’s data very confidentially on an offline server. Additionally, the fees are reasonable and the platform offers an impressive range of assets. So, for all these reasons, we can say that Coinbase is recommended. Whether you are a beginner or a veteran trader, this exchange can be perfect for you.

Conclusion

We took a tour of the Coinbase platform and gave our views on it. For example, research security levels, regulations, products, customer service, strengths, and weaknesses. In the end, we say that the Coinbase platform is safe and has proven to be a reliable platform. With 43 million customers, Coinbase’s popularity is no longer in doubt. Don’t wait any longer and register on this platform today.

Also Read: eToro Broker Review 2022- Full Test

Frequently Asked Questions

What should I do if my account has been compounded?

If you believe your account has been compounded, you should contact Coinbase Support using the phone number associated with your account. Then follow the instructions to temporarily disable it.

How is my card data backed up?

Card details are hosted externally by your payment provider. This data is stored securely. For more information, see Coinbase’s Data Policy.

Are there any fees for immediate card withdrawal?

The answer is yes. However, it depends on the location. For example, if you live in the United States, the transaction fee for an instant card withdrawal can be as high as 1.5% of the withdrawal amount.

Can I sell cryptocurrency directly from my card?

The answer is ‘No. You first need to sell your cryptocurrencies in USD, EURO, or GBP wallets. You can then withdraw from your card.

How do I close my Coinbase account?

Closing your Coinbase account is very simple. You have to first click on Settings and then select the Account Security tab. Then scroll to the bottom of the page and click Close Account.