In recent years, cryptocurrency platforms have really started to push their ways forward and build up their names in the industry. Coinbase is one of those companies. They established themselves as a cryptocurrency exchange and trading app, quickly building a name in the industry.
Now, they are even a publicly traded company, which gives you just a little bit of insight into the growth they’ve latched onto.
But are they worth messing with or investing in? Through the years, there have been some pretty mixed reviews from their customers.
Coinbase has a reputation for not always having great customer service and imposing some high fees for certain transactions. But what is the truth of the platform, and are their pros better than their cons? In this guide, we will answer questions just like these.
Keep reading to see our detailed Coinbase review and find out everything you need to know.
What is Coinbase?
Coinbase is still a pretty new company. They’ve been around for just over 10 years. With a decade under their belts, they’ve had just enough time to try to figure out the kinks and start really perfecting who they want to be in the industry.
The company was founded in 2012. As they got started, they primarily functioned only for the purpose of sending or receiving Bitcoin. They’ve come a long way since their beginnings, growing into something far more substantial.
Now, they support more than 200 different cryptocurrencies, and they do far more than just send and receive. The app allows you to buy, sell, or exchange any type of crypto that fits into their assets. They work with some of the biggest names, including Bitcoin, Ethereum, Dogecoin, and many others too.
The company has become really large and they have almost 5,000 employees worldwide.
Their focus is on cryptocurrencies and they have gone from a plain and simple trading platform to adding advanced options and Pro accounts for the more advanced users.
Overall, Coinbase really is a pretty good option for cryptocurrencies, whether you’re just getting started or you’re experienced with crypto trading. They also provide their clients with the utilization of a crypto wallet, which is a nice perk to have.
Coinbase Cryptocurrency Options
One of the reasons that Coinbase is so popular is that they have a wide variety of cryptocurrencies to choose from. You aren’t limited to just a handful. Instead, you have more than 200 assets at your fingertips.
This means you get personal access to the top names in the crypto industry. But you also get access to names that aren’t nearly as popular or sought after. This presents you with the common choices as well as the little-known choices. It’s all about the variety in this way.
Here are a few names you might find on the platform.
- Bitcoin
- Ethereum
- Dogecoin
- Litecoin
- Chainlink
- Uniswap
- Shiba Inu
- Polkadot
- Cardano
- Polygon
- ApeCoin
- Crypto.com
- Stellar Lumens
These are just some of the top cryptos that are in their asset lists. If you have specific crypto that you are looking for, the best thing to do is research to see if Coinbase has access or if you might be able to exchange through their platform.
You will need to be able to attach a crypto wallet if you already have one. Otherwise, you can take advantage of Coinbase’s wallet options instead of using something external. It’s completely up to you, just know that you have that resource available from Coinbase directly.
In order to buy crypto, you need to input cash to work with, or else use your crypto holdings for exchange purposes.
Coinbase allows you to use PayPal, Apple Pay, Google Pay, debit cards, wire transfers, and bank accounts for this part of the process. Some of these payment methods are limited in just exactly what you can do so take note of that.
Top Coinbase Features
So, what exactly does Coinbase have to offer the world? They really have a lot going for them in most cases. They have many different assets, you can use a variety of payment options, and their platform is incredibly intuitive. It’s nice to know they have their traditional platform, as well as a separate version for the pros.
We will talk about their fees in a bit, but a lot of reviewers mention they are higher than most. Considering the sheer size of their platform and how many people continue to use them, it’s clear there is something going for them even with higher fees.
Check out some of these things that stood out to us.
High-Quality Platforms
There is Coinbase and then there is Coinbase Pro. Both platforms are really pretty nice overall. Both of these spots are also stacked with great information and resources so that crypto traders of every level can have the tools that they really need to do business.
If you’re a beginner, start with Coinbase. The nice thing is that you can always upgrade later if you feel as though you reach a pro level. The basic platform is really designed to be user-friendly for the beginners out there.
It’s simple to navigate and it’s not going to be confusing or overwhelming either. You can set up your trading platform in a way that works for you, set markers, and do a lot of things that are designed to help you be successful.
Coinbase Pro adds a ton of great additions to the mix, bringing you advanced charting, utilization of market orders as well as stop or limit orders, and providing you a far more comprehensive approach that is more in line with advanced trading needs. As a pro, you benefit from some reduced trading costs, which is a perk for that side of the platform.
Generous Rewards
There are plenty of crypto exchanges out there that don’t even bother with rewards. Some of them promote free trading or other perks and forego rewards. However, Coinbase has stuck to offering rewards and it’s been a hit.
They have some of the best perks and rewards in the industry, which is another reason that customers really love them. One of the top reward systems in place is their learn to earn program. This program promotes education by rewarding you for doing things that help you learn.
It’s a win-win.
You learn more about the crypto industry and stay in the know. You earn some awesome rewards while you’re learning. What types of things will you learn? A lot of it is geared towards trading crypto, but there is also valuable information on some of the crypto available to you too.
Withdrawals are Simple
Another thing that Coinbase does really well is it allows you to make withdrawals quickly and easily. They make it simple and they make it fast. This is convenient for anyone who needs to get some cash fast.
They allow you to use fiat currency, which opens up the door so that you can make a withdrawal immediately. Rather than waiting for settlement time, you get quick access to cash. There are very few platforms that allow you to do this anymore, and Coinbase is one of the few.
It’s convenient and it can certainly be a huge help. If they didn’t have this, you might find yourself waiting several days to get cash, depending on the transaction types that are used.
In addition to making the process simple, they have a lot of different payment methods so that you can use whatever payment method works best for you. They rank at the top in this capacity too, since they offer a wide variety of options. It gives you valuable flexibility.
Quality Security
One of the things that really seems to challenge the crypto industry is the security that is in place. Many of them just can’t seem to really get it right. And we’re talking about a currency that is 100% digitally-based. You need the best security possible to ensure nothing goes wrong.
A lot of people have turned to physical hardware even for their crypto wallets because they seem far more reliable for security. And for quite some time, the cryptocurrency industry was almost unregulated in many ways. It was so new it took time for regulatory demands to catch up.
However, Coinbase built their entire platform on the pretense of wanting to make sure security was a top priority. And they’ve done well with holding to that. This is a favorite concept for their users. They have never had any type of hacking issue or issues where anyone’s crypto was stolen. Not every company can boast that.
They stake a claim that the holdings are stored around the world and primarily in offline locations.
This is a major means of security and it has worked well thus far. They provide a wallet for you, but you don’t have to use it. When you consider their security measures, their wallet is just as safe to use as most other choices out there.
In addition, Coinbase does have insurance against cybersecurity threats and crimes. This will do a little bit to protect your accounts should something ever happen and that’s a bit of reassurance for people.
The Downside
No company can be absolutely perfect, right? Coinbase is one of those that also has a fault or two. The biggest fault with them seems to be their fee structure. It’s certainly not a positive factor. You get a lot for their fees, but they are considered to be high.
Here’s the thing though. While they do have some high fees, there are things that you can do to possibly save dollars on the fees. For example, one of their high fees is charged when you use a debit card for purchases. It’s an almost 4% fee. But if you use a bank account instead, you only pay 1.5%, which is a substantial difference.
Do they have some high fees? Absolutely. But if you get to know and understand the fees, you can often find ways to save some money. Here’s the other catch. Their fee structure is a little bit complicated so figuring out where and how you can save isn’t always an easy task.
It just depends on how much work you want to put into trying to save some money it seems. The good news is that the fees on the Pro account are lower and they are also easier to understand. But you have to qualify for the Pro account in order to take advantage of those savings.
As a beginner, you will be stuck with figuring out and navigating the fee structure that is high compared to competitors. On that note, most customers feel as though it’s well worth the costs. Otherwise, they wouldn’t be nearly as successful as they have been.
Who is Coinbase Best For?
It’s ultimately up to you to determine the best crypto trading platform to suit your needs. At the same time, it never hurts to know who might be the best fit for a specific broker.
Coinbase is primarily for crypto trading and they do have a lot of asset choices.
It’s good for both beginning and advanced users. The best fit? If you want access to many different cryptocurrencies and the ability to convert or exchange, you will see many advantages to this platform. It’s also really great for education and convenience.
Those are areas that we know Coinbase excels in the industry. If those are the places that are important to you in the crypto industry, Coinbase could be a great fit.
Coinbase Customer Service
Earlier in this review, we mentioned that the history of Coinbase customer service wasn’t exactly excellent. The truth is they haven’t always had really great service. And even now, some of the service details can be a bit inconvenient.
But it’s important to know all of the information. If you’re wanting an immediate response from their email platform, you’re not going to get it. You have the ability to send an email support ticket to them if you have a specific issue you can’t find the answer to.
Those tickets may take up to 72 hours for you to hear back from them. This can be a bit long, especially if you’re dealing with a problem. That’s definitely a point against them.
That being said, they do offer live phone support. They are not open 24/7 so you need to call during their business hours. There is also a chat bot messaging system on their website, which might be useful.
Finally, they have an extensive help center on the website. You can search some keywords and look at specific topics. It may take some sorting, but you can find a LOT of information there. We recommend you at least try this first.
That being said, if you use chat or phone, you get quicker turnaround times. And when you do get a person, they actually are very friendly. They are efficient and helpful.
Our take is that while some customer service methods aren’t fast enough, you have a lot of resources and alternative options. And their customer service personnel are efficient and friendly, which also makes a huge difference.
Coinbase Pros
As we wrap up this review on Coinbase, let’s take a final look at the pros and cons. This is sometimes the best way to really drill into the details and compare the best against the worst so you can make a decision.
No cryptocurrency platform is going to be perfect for every single person out there.
It simply doesn’t work that way. You might find that you absolutely love Coinbase, but your best friend might think it’s the worst platform they ever used. Such is the name of the game.
These are the pros of Coinbase based on our review.
✔️ Platform is easy to use and understand
✔️ Plenty of education and resources
✔️ Learn to Earn rewards system
✔️ Great for beginners or advanced traders
✔️ More than 200 crypto assets available
✔️ Low minimums to open an account
✔️ Overall great security design
Coinbase Cons
Just like every company has pros, they also have some cons that work against them. In the end, it’s up to you to look at the pros and the cons and figure out what those details mean to you and how they impact your decision.
These are the cons we found to be most prominent.
❌️ Many of their fees are high compared to competitors
❌️ Some customer service responses can be slow
Final Thoughts
In our Coinbase review, we find that this platform has a lot to offer. It’s an all-around great platform that is convenient and reliable to use. It’s nice that it’s user-friendly, but that they also have an advanced platform designed to suit the advanced users.
This gives people the flexibility to fit in where their skills are. Their fees may be a little high in some areas, but they aren’t necessarily a dealbreaker either.
Coinbase seems to have a solid hand up in the cryptocurrency industry. They’ve done a lot to fine-tune the business, create an app that users love, and really drill down to bring you the best of the crypto world.
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