Coinbase Exchange Review: App, Wallet, Fees (04/2021)

How to register?

Coinbase is based in San Francisco and offers the crypto broker "Coinbase" and the professional crypto exchange "Coinbase Pro," which is designed for professional investors. Coinbase is a safe and legit company that is listed on the US-Exchange Nasdaq.

Target User

Beginners & Experts

Coins

58

Trading fees

high

Fiat Withdrawal Fees

low

Security

Countries

100+

Languages

EN +12

Pros

Coinbase simple trading interface is easy to use for beginners

User Interface
Officially, Coinbase was never hacked

Hacks
Insurance to protect user funds in case of security breaches

Insurance
Comprehensive investor education on Coinbase Learn

Education
Coinbase offers a support number as emergency hotline to block user accounts

Support
Coinbase is based in San Franciso and is listed on the US-exchange Nasdaq

Regulations

All pros

Cons

High trading fees

Fees
Coinbase Pro is only available in English

Languages
Users need a separate account for Coinbase and Coinbase Pro

Lite Trading

Safe, legit, and easy - but expensive

While Coinbase is a broker, Coinbase Pro is a fully functional exchange. Coinbae caters to beginners and makes buying and selling cryptocurrencies extremely easy. Coinbase Pro caters to experts and offers more advanced exchange functionalities. Users need two separate accounts to use both platforms. Coinbase has a high level of security and has never been hacked, unlike most other crypto exchanges. Trading fees are relatively high compared to other exchanges and Coinbase Pro is only available in the English language.

Coinbase in the CryptoStudio-Check

Overview
Exchange functionalities
Fiat deposits and withdrawals
Security
User Experience

Overview

Platform Score

based on 5 categories

Exchange functionalities

based on 5 criteria

Fiat deposits and withdrawals

based on 5 criteria

Security

based on 5 criteria

User experience

based on 7 criteria

Pros

Coinbase simple trading interface is easy to use for beginners

User Interface

Officially, Coinbase was never hacked

Hacks

Insurance to protect user funds in case of security breaches

Insurance

Comprehensive investor education on Coinbase Learn

Education

Coinbase offers a support number as emergency hotline to block user accounts

Support

Coinbase is based in San Franciso and is listed on the US-exchange Nasdaq

Regulations

Cons

High trading fees

Fees

Coinbase Pro is only available in English

Languages

Users need a separate account for Coinbase and Coinbase Pro

Lite Trading

Exchange functionalities

Rating:

Amount of coins/tokens:

58

Trading Fees:

high

Margin Trading:

Coinbase does not offer margin trading due to regulatory reasons

Lite Trading:

Coinbase is a Broker and therefore offers an extremely simple user interface. The expert modus is called "Coinbase Pro" and offers a completely different user interface and lower trading fees. To use Coinbase Pro, a separate account is required, meaning users cannot seamlessly switch back and forth between lite and expert trading mode like on other exchanges.

DCA-Plans:

Coinbase offers DCA plans with different interval options for a one-time fee

Attention: Outdated Information!

Fiat deposits and withdrawals

Rating:

Fiat deposit limits:

Depends on payment method and the user's country of residence. Wire transfers in USD are unlimited

Fiat withdrawal limits:

Unlimited for USD wire transfers, $25,000 for SEPA per day. The daily limit for Coinbase Pro is $50,000. This amount applies across all currencies and may be increased upon request

Withdrawal fees:

low

Payment methods:

For most countries Coinbase offers bank deposits (ACH, SEPA or wire) debit and credit card

Withdrawal methods:

Depends on country, mostly bank account withdrawals (ACH, SEPA, wire), debit card, Paypal

Attention: Outdated Information!

Security

Rating:

Security features:

2-factor-authentication, email verification, address book and whitelisting, Coinbase Vault, Hardware MFA Key (FIDO U2F Standard) Support

Insurance:

According to Coinbase, "all digital currency that Coinbase holds in its online hot storage is insured. If Coinbase were to suffer a breach of its online hot storage, the insurance policy would pay out to cover any customer funds lost as a result." USD deposits are FDIC insured, according to Coinbase

Crypto Storage:

According to Coinbase, Coinbase stores 98% of their users' cryptocurrencies offline in cold-storage

Company Headquarter:

Coinbase, Inc.,is headquartered in San Francisco, USA

Security Hacks:

No officially confirmed hacks, but there are insider reports of a phishing attack in 2013 where BTC worth $250,000 were lost

Attention: Outdated Information!

User Experience

Rating:

User interface:

Coinbase is an easy-to-use broker without advanced order types or charting mechanisms that is well-suited for beginners. Coinbase Pro is offering advanced trading features and order types and an interface that mainly caters to advanced traders

Onboarding:

Straightforward onboarding via the website or app. ID and photo verification are needed

Mobile/Desktop App:

Standalone mobile app & desktop app are available

Language options:

13 language options including English (Coinbase Pro is only available in English)

Availability:

100 countries, China is not supported

Customer service:

Email, phone only to immediately disable your account, FAQ & support center, automated chatbot on the website, social media, the ticketing system on the website has only limited choice of pre-selected questions, Twitter support often non-responsive

Investor Education:

Investor education through articles and videos at Coinbase Learn, which explains how the exchange works and provides information on cryptocurrency investing in general

Attention: Outdated Information!

Coinbase for beginners, Coinbase Pro for experts

Coinbase caters specifically to beginners. The user interface is designed for simplicity but offers almost no advanced trading features like complex order masks or analytics tools. Coinbase Pro offers tools for professional traders, but unlike other professional exchanges, it does not offer any margin trading. Beginners can learn about cryptocurrency investing at Coinbase Learn and there is an emergency hotline to suspend user accounts if needed. With the two platforms Coinbase and Coinbase Pro, the exchange has something to offer for beginners and professionals.