This tradingcritique.com broker review looks into the advantages of Coinbase, what it has to offer, and any potential downsides.
Coinbase is a well-established cryptocurrency exchange in the United States, as well as one of the largest in the world. It provides a reliable platform for everyone to buy, sell, hold, and trade cryptocurrencies.
Coinbase Broker Review – An Intro
Coinbase is a cryptocurrency broker/exchange established in the United States that allows customers to purchase and sell cryptocurrencies. The exchange’s headquarters are in San Francisco, and it is the world’s largest cryptocurrency exchange.
This is one of the most well-known exchanges in the world, allowing cryptocurrency-to-fiat currency transactions in 32 countries. It has a bitcoin wallet in 190 countries. Almost 73 million traders, 10,000 institutions, and 185,000 ecosystem partners from over 100 countries use Coinbase, which has a trading volume of over $327 billion and over $255 billion in assets on the Platform. Coinbase employs approximately 2700 people throughout the world.
Review on History of Coinbase Broker Review
Coinbase is a cryptocurrency exchange that was founded in 2012 as part of the YCombinator cohort by Brian Armstrong (CEO) & Fred Ehrsam (Board Director) (S12). It is sometimes referred to as a crypto exchange, which it was at one time, but it has since extended its offerings to encompass much more than purchasing, selling, and exchanging crypto assets. The company is headquartered in San Francisco, California. In 2015, Coinbase launched its trading platform. In 2016, the product was renamed Global Digital Asset Exchange, or GDAX, and then again in 2018 to Coinbase Pro.
Regulation & Reputation Review of Coinbase Broker
Coinbase claims that all of the digital money it maintains online is insured, even though cryptocurrency exchanges are not covered by the FDIC or the SIPC. In most U.S. jurisdictions, Coinbase, Inc., the corporation that owns Coinbase and GDAX in the United States, is permitted to participate in money transfers. Coinbase is also registered with Fin CEN as a Money Services Business.
The firm claims to keep less than 2% of client assets online, with the remainder held on offline cold storage away from any internet breaches, and that if its online storage is breached, “the insurance coverage will pay out to replace any customer cash lost as a result,” according to the company. The insurance only covers damages due to Coinbase cybersecurity and employee theft, according to the business; breaches on individual Coinbase accounts (for example, if your password was taken) are not covered. Cash balances are kept in US custodial accounts, US Treasury’s, or money market funds. If you keep your money in a bank in the United States banks, the FDIC will insure it for up to $250,000 per person.
Review on Accepted Countries of Coinbase Broker
Table 1: Supported Countries of Coinbase
| Africa | Asia | Europe | South America | Oceania | North America |
|---|---|---|---|---|---|
| Angola | Armenia | Andorra | Argentina | New Zealand | Aruba |
| Benin | Bahrain | Belgium | Brazil | Bahamas | |
| Botswana | Brunei Darussalam | Bulgaria | Chile | Barbados | |
| Cameroon | Hong Kong | Croatia | Colombia | Bermuda | |
| Ghana | India | Cyprus | Ecuador | Canada | |
| Kenya | Indonesia | Czech Republic | Paraguay | Costa Rica | |
| Mauritius | Japan | Denmark | Peru | Curacao | |
| Namibia | Jordan | Estonia | Uruguay | Dominican Republic | |
| Rwanda | Kazakhstan | Finland | El Salvador | ||
| South Africa | Kuwait | France | Guatemala | ||
| Tunisia | Kyrgyzstan | Germany | Honduras | ||
| Uganda | Macao | Gibraltar | Jamaica | ||
| Zambia | Maldives | Greece | Mexico | ||
| Mongolia | Guernsey | Nicaragua | |||
| Nepal | Hungary | Panama | |||
| Oman | Iceland | Trinidad and Tobago | |||
| Philippines | Ireland | United States | |||
| Singapore | Isle of Man | Virgin Islands, British | |||
| Taiwan | Italy | ||||
| Turkey | Jersey | ||||
| Uzbekistan | Latvia | ||||
| Liechtenstein | |||||
| Lithuania | |||||
| Luxembourg | |||||
| Malta | |||||
| Monaco | |||||
| Montenegro | |||||
| Norway | |||||
| Poland | |||||
| Portugal | |||||
| Romania | |||||
| San Marino | |||||
| Serbia | |||||
| Slovakia | |||||
| Slovenia | |||||
| Spain | |||||
| Sweden | |||||
| Switzerland | |||||
| United Kingdom |
Trading Experience Review of Coinbase Broker
Coinbase and Coinbase Pro are the two platforms that the firm offers. Each one enables you to purchase, sell, and exchange cryptocurrencies, but they also have their own set of features. If you have a Coinbase account, users may log into both platforms using the same credentials.
Coinbase
Anyone with basic computer knowledge can trade on Coinbase since it is user-friendly. Coinbase may be accessed over the web or through mobile devices running Android and iOS. The original Coinbase platform, allows users to buy cryptocurrency with US dollars. The regular Coinbase platform has high fees, especially for little transactions (less than $200).
Coinbase Pro
Coinbase Pro may appear to be designed just for experienced traders, yet anybody with a Coinbase account may access and utilize it. Coinbase Pro, formerly known as GDAX, offers extensive charting capabilities as well as the ability to perform crypto-to-crypto trades and place market, limit, and stop orders. It brings additional trade options. We suggest using Coinbase to make transactions since it has lowered rates.
The Mobile App Review of Coinbase Broker
Coinbase has a highly efficient and user-friendly app that lets users purchase, sell, as well as manage their cryptocurrencies from anywhere. On the Apple App Store and Google Play Store, you may download the Coinbase mobile app. Both, Apple App Store and Google Play Store have given it high ratings. Regardless of your device, the Coinbase app is a good choice for mobile crypto trading.
Fees and commissions Review of Coinbase Broker
On Coinbase, the minimum amount required to purchase bitcoin is $2. On purchases made with an ACH transfer from the bank account or funds in the Coinbase USD Wallet, those are the only transaction costs you’ll incur. Certain payment options, including debit cards or PayPal, are subject to extra costs from Coinbase. The trading fees are varied according to the type of the platforms.
Trading Fees Review of Coinbase Broker’s Coinbase Platform
Trades above $200 have a percentage-based fee rather than a flat fee. In comparison to Coinbase Pro, fees on the basic version may be greater than regular. The following are the flat costs charged by Coinbase, which vary based on the transaction amount:
Table 2: A trading fee for the Coinbase platform
| Size Of Trade | Coinbase Fees |
|---|---|
| $10 or less | $0.99 |
| $10 – $25 | $1.49 |
| $25 – $50 | $1.99 |
| $50 – $200 | $2.99 |
Trading Fees Review of Coinbase Broker’s Coinbase Pro Platform
If your monthly trading volume is less than $10,000, you’ll pay a charge of about 0.5 % for the Pro Platform. The Pro price system is metered, meaning that the more you trade, the lower your costs become. The amount you pay is determined by your 30-day total dollar trading volume.
For bitcoin trading, Coinbase Pro employs a maker-taker fee arrangement. You’ll be charged maker-taker fees based on the 30-day trading volume. Clients who trade frequently pay reduced commissions. For up to $20 million on monthly trading volume, here is the Coinbase Pro charge table:
Table 3: Maker & Taker fee of Coinbase Pro platform
| Pricing Tier | Taker Fee | Maker Fee |
|---|---|---|
| $0 – 10K | 0.50% | 0.50% |
| $10K – 50K | 0.35% | 0.35% |
| $50K – 100K | 0.25% | 0.15% |
| $100K – 1M | 0.20% | 0.10% |
| $1M – 10M | 0.18% | 0.08% |
| $10M – 20M | 0.18% | 0.08% |
| $20M – 50M | 0.15% | 0.05% |
| $50M – 100M | 0.15% | 0.05% |
| $100M – 300M | 0.10% | 0.02% |
| $300M – 500M | 0.08% | 0.00% |
| $500M – 750M | 0.06% | 0.00% |
| $750M – 1B | 0.05% | 0.00% |
| $1B – 2B | 0.04% | 0.00% |
| $2B + | 0.04% | 0.00% |
Deposit & Withdrawal Method Review of Coinbase Broker
Coinbase Pro withdrawals and deposits must be done through a bank account; card transactions are not permitted. Fees for wire transfers will also apply. Coinbase accepts several payment options for deposits and withdrawals. Their availability, on the other hand, is determined by the user’s location. FPS (UK), SEPA (Europe), Bank transfers (ACH), wire transfers, debit cards, PayPal, and Instant Card Payments are some of the most common choices.
Table 4: Coinbase fees for various methods of payment
| Method Of Payment | Coinbase Fees |
|---|---|
| Wire transfer | $25- Outgoing$10- Incoming |
| Bank account | 1.49% |
| Debit/Credit card | 3.99% |
| ACH transfer | Free |
| USD Wallet | 1.49% |
| Crypto Conversion | 2% |
Review on Available Cryptocurrencies of Coinbase Broker
Coinbase offers over 130 cryptocurrencies for trade, and new coins are added to the list regularly. Here are a few of Coin base’s most popular currencies:
Table 5: Most trending cryptocurrencies of Coinbase
| Most Trending Cryptocurrencies (Col 1) |
|---|
| Bitcoin |
| Ethereum |
| Tether |
| USD Coin |
| Cardano |
| Ripple |
| Solana |
| Dogecoin |
| Avalanche |
| Polka Dot |
| Polygon |
| TerraUSD |
| SHIBA INU |
| Cosmos |
| Litecoin |
Crypto-to-crypto trading Pairs Review of Coinbase Broker
Coinbase has about 80 crypto-to-crypto trading pairs, including dozens that can be used to trade bitcoin and ether, including more than 10 currencies that can be used to trade stablecoins like USDC (a currency whose price is always equal to $1).
Table 6: Maker & Taker fees for Stable pairs of Coinbase
| Stable Pairs | Taker Fee | Maker Fee |
|---|---|---|
| DAI – USDC | 0.01% | 0.00% |
| DAI – USD | ||
| PAX – USD | ||
| PAX – USDT | ||
| USDC – EUR | ||
| USDC – GBP | ||
| USDT – EUR | ||
| USDT – GBP | ||
| USDT – USDC | ||
| USDT – USD | ||
| UST – USD | ||
| UST – USDT | ||
| UST – EUR | ||
| WBTC – BTC |
Fiat currencies Review of Coinbase Broker
The currencies that are available to you are determined by your country of residency.
Table 7: Fiat Currencies of Coinbase
| Fiat Currencies Of Coinbase |
|---|
| CLP |
| SGD |
| MXN |
| USD |
| GBP |
| EUR |
| CAD |
Margin trading Review of Coinbase Broker
You may also use Coinbase margin trading to your advantage. This allows you to borrow funds from your broker to place more deals. It’s better to think of it as a short-term borrowing situation. Margin trading costs on Coinbase have been reduced. This means you won’t have to pay any interest or fees at this time. To be eligible for a margin account, you must have a minimum of $5,000,000 invested on a discretionary basis.
Special Features Review of Coinbase Broker
- Coinbase Prime
- Staking Rewards
- Coinbase Debit card
- Coinbase Commerce
- Coinbase Wallet
- Coinbase Custody and Vault
- NFT marketplace
- Coinbase Learn & Earn
Coinbase Prime
Prime is a type of brokerage service that caters to high-volume traders. Coinbase recognizes that institutional investors have distinct demands from regular ones. It is a package that combines both consumer and professional trading tools, however, it is exclusively available for institutional investors. Fund managers, hedge funds, family offices, endowments, and sovereign wealth funds that require vast liquidity pools can use the service.
Staking Rewards of Coinbase
Staking is similar to earning income on a bank account, but with many more dangers. Because your holdings are needed to confirm transactions in a specific cryptocurrency, staking earns you money, which Coinbase shares with you. Any revenue you earn via staking is subject to a fee by Coinbase. Staking incentives are currently available on only a few cryptocurrencies, notably Ethereum and Tezos. Staking is charged at a rate of 25% on Coinbase.
Table 8: Assets & Staking rewards of Coinbase
| Assets | Staking Rewards |
|---|---|
| USD Coin (USDC) | 0.15% |
| Tezos (XTZ) | 4.63% |
| DAI | 2% |
| Cosmos (ATOM) | 5% |
| Algorand (ALGO) | 6% |
| Ethereum (2.0) | 6% |
Coinbase Debit card
The Coinbase Card is just a contactless Chip and Pin plastic debit card provided by Coinbase in collaboration with Visa card. Users get alerts on payments made with the card and block or unblock the card using the complimentary Coinbase Card app. Instant receipts, transaction summaries, and spending statements are also available through the app on both Android and iOS devices. Spending USDC with a Coinbase Card is free, but all other transactions, including ATM withdrawals made with other cryptocurrencies, are subject to a flat 2.49 % transaction fee.
Coinbase Commerce
Coinbase Commerce was created as a PayPal alternative for receiving online payments. It’s a free Checkout solution that lets retailers accept Bitcoin, Bitcoin Cash, Ethereum, Lite coin, DAI, and USD Coin as well as other stablecoins (USDC).
This solution enables merchants to function as one of their banks, eliminating issues including such chargebacks and high-cost services. Through the provided API, merchants with e-commerce stores may connect with the Shopify, Woo Commerce plugins, or a custom-developer solution.
Coinbase Wallet
Coinbase’s wallet application is a stand-alone application. You don’t need a Coinbase account to use the wallet, although it does make things easier. It’s also crucial to recognize the difference between both the Coinbase application as well as the Coinbase wallet, because they aren’t the same. The Coinbase wallet is a mobile wallet that is mostly used to store cryptocurrency.
Digital assets like as dApps (decentralized apps), ERC-721 NFT tokens, and ERC-21 fungible tokens can also be sent and received. The wallet offers access to thousands more tokens and currencies that are not currently accepted by the Coinbase app or its consumer and trade services.
Coinbase Custody and Vault
These organizations need reliable storage that ensures the digital asset’s security and safety for the clients. So, Custody was established by Coinbase in 2018 in collaboration with Electronic Transaction Clearing (ETC), the FINRA member and SEC-regulated broker-dealer.
Coinbase Vault, a comparable robust storage service for retail investors, is also available. The Vault, which opened in 2014, is a long-term cold storage unit for anyone looking to keep their valuables. The Coinbase Vault seems to be free, and there are no transaction fees.
NFT Marketplace
Coinbase stated on October 12, 2021, that it will be opening a non-fungible token (NFTs). Furthermore, the exchange has established a queue for early access to its non-fungible token marketplace that will enable customers to create, collect, & trade non-fungible tokens.
Learn & Earn Section Review of Coinbase Broker
Coinbase Learn is a reward program for newcomers who take the effort to learn about certain crypto projects. It offers several video lessons and tests to help consumers learn more about bitcoin trading and the various cryptocurrencies available. Users may also earn particular cryptocurrencies by attending the classes. The prizes may be as much as $12, and they aren’t just for showing up to the program. The procedure is simple and clear and users can watch the videos and then answer the questions based on the concepts offered. Once you properly answer the questions, reward coins and tokens will be transferred into your Earn account.
Education and research Review of Coinbase Broker
The extensive customer care page of Coinbase, which features a range of articles and FAQ pages, is where traders and new clients may go if they have any issues or questions. Coinbase is also famous for its extensive educational resources, which include top tips, tutorials, and market analysis. There are articles on everything from the fundamentals of the blockchain to crypto guides, tips, and techniques, as well as market updates. It includes instructions on more advanced concepts involving DeFi, NFTs, and staking, as well as deep dives into individual projects and networks.
Customer Support Review of Coinbase Broker
The absence of customer service is one of the most frequent criticisms of Coinbase. Because it’s practically hard to get in touch with a human for any form of assistance, think of Coinbase as largely self-service. The Coinbase help page, emailed support requests, an automated phone system, and a chatbot are all officially supported customer care alternatives. Coinbase utilizes Twitter, Instagram, YouTube, LinkedIn, and Facebook to ensure its customers are informed about the status of their accounts.
Table 9 : Customer support section of Coinbase
| Customer support of Coinbase | |
|---|---|
| YouTube | https://www.youtube.com/channel/UCofTOFX4QuhT8OY-3-fFRFw |
| https://www.facebook.com/Coinbase/ | |
| Website | press@coinbase.com |
| https://twitter.com/coinbase | |
| https://www.instagram.com/coinbase/ | |
| https://www.linkedin.com/company/coinbase | |
| Phone | UK – +44 808 168 4635 USA/International – +1 (888) 908-7930 Ireland – 1800 200 355 |
Rewards & Risks Review of Coinbase Broker
Coinbase has both the advantages and disadvantages which are listed in table 10.
Table 10 : Rewards and Risk of the Coinbase
 Pros |  Cons |
|---|---|
| Coinbase’s main website and mobile app are both incredibly user-friendly, allowing rapid transactions. | On the main Coinbase platform, transaction costs are frequently high. |
| Coinbase presently supports over 100 different currencies for trade, with more being added daily. | Coinbase’s customer support is rated poorly, especially in the event of major account security problems. |
| Earn interest on approved investments or use Coinbase Earn to get a small quantity of a new currency. | Even though they support a large number of currencies, many more are absent. |
| Coinbase Pro, an active trading platform with greater features and lower costs, is available to anyone. |
In a Nutshell
- Coinbase is a leading platform for buying, selling, storing, and exchanging cryptocurrencies.
- It’s useful, especially for cryptocurrency newcomers who seek a straightforward exchange of goods and services experience without having to deal with the complexity of other wallets and decentralized exchanges.
- Coinbase has a strong business history, an easy-to-use trading interface, and high-quality teaching resources.
- Trading costs are quite high, the crypto coin choice is restricted, and customer service is unavailable 24/7.
- Feel free to use Coinbase, but be cautious because cryptocurrency exchanges are not regulated by financial authorities.
Trading Critique analyses the top cryptocurrency exchanges for you! Our mission is to provide a detailed and honest review so you can make the best decision that is appropriate for your goals.
