Coinbase Review : Cryptocurrency exchange to buy & sell

The world of cryptocurrency is witnessing a huge growth in investors in the last few months. After the pandemic has affected the source of income of people they started to look for other opportunities in the market. And what’s better than the crypto industry. There are a variety of crypto exchanges where you can buy, sell and trade your cryptocurrencies. All the exchanges have different features, different user-interface, different fees, etc. So it is very hard for a person to select an exchange. Today, this article will give you a full review of an exchange called Coinbase.

Introduction

Coinbase is one of the biggest crypto exchanges in the world. Today, Coinbase has around 13.5 million active users. It is available in 32 countries in the world. Coinbase has over $20 billion in assets and over $50 billion in crypto that has been traded using its platform. The exchange was founded in the year 2012 by Brian Armstrong and Fred Ehrsam in San Francisco, California. It is a fully regulated and licensed crypto exchange in the U.S and other territories. In the initial days, it was just meant for bitcoin trading then it started adding other cryptocurrencies as well. The exchange has two types of products one is a broker exchange and the other is a trading platform called GDAX.

Both of the products can be used independently. Coinbase provides all the things to its users from cryptocurrency investing, an advanced trading platform to custodial accounts for institutions, a wallet for retail investors, and it also has its own stable coin USD Coin (USDC).

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Features

Now I will list all the features of this exchange.

• It provides a feature of the developer platform that gives the developers a chance to build their APIs that record historical price information and real-time data of the particular cryptocurrency.
• Coinbase has a special commerce platform for businesses to use cryptocurrency for their product and services. They offer API documentation that can be used by these businesses to review and use Coinbase products for setting up an easy and safe system to accept cryptocurrency as a payment method.
• Customers reviews that the exchange is very easy to use. Placing orders, doing chart analysis, comparing prices everything can be done with just a few clicks.
• Coinbase also provides a Coinbase affiliate program to those who would like to work as advertising partners. And you will receive a trading fee for the first three months if a user trades on Coinbase that has come through your referral link.
• The exchange also provides the services of buying cryptocurrencies with the help of normal currency as well as credit and debit cards.
• Coinbase also has a feature called instant exchange in which if you want to send bitcoin to someone then you don’t have to buy it with fiat currency and then transfer it you can directly do it with this feature.
• The company keeps 99% of its assets in offline cold storage for keeping it safe from any kind of cyber attack. And 1% of the assets is already secured.
• Coinbase has a very strong customer support team and they are available 24-7 for your help.

Security

• This crypto exchange is one of the 4 exchanges that are licensed in New York under the pilot BitLicense program, and Coinbase also strictly follows the rule of KYC (know your customer) rules, and it also adheres with all the regulations.
• As I already mentioned it keeps 99% of the assets in offline cold storage, so you can be assured that you will not lose your money in hacker activity.
• Coinbase has high security for their account holders. But you cant leave everything on the exchange you also have to put a strong password.
• Coinbase has two-step verification, biometric fingerprint logins, insurance in the event that Coinbase itself is breached but this insurance does not apply if your account is breached due to your own lack of security measures, and also stores 98% of users’ funds in offline cold storage.
• You can open an account with the exchange only with your real name and you have to verify every detail of yours like email address, phone number, etc.
• For the verification of your email address, you will receive a confirmation email and, for your mobile number, a verification SMS. And for your identity proof, you need to upload a photo taken via the webcam or using your smartphone camera. And If you are on your desktop then you will receive a special link by SMS where you can upload your passport. After that, it will be automatically checked and the process will take about 2 minutes.
• Customers have reviewed Coinbase and according to them, it is one of the most secured crypto exchanges in the world.

Cryptocurrency supported

It supports around 26 cryptocurrencies including Bitcoin and ethereum. You will find almost every cryptocurrency that is famous there. The cryptocurrencies are:
Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Chainlink (LINK), Bitcoin Cash (BCH), Bitcoin Satoshi’s Vision (BSV) (Send Only), Litecoin (LTC), EOS (EOS), Tezos (XTZ), Stellar Lumens (XLM), USD Coin (USDC), Cosmos (ATOM), Dash (DASH), Ethereum Classic (ETC), Zcash (ZEC), Maker (MKR), Compound (COMP), Basic Attention Token (BAT), Algorand (ALGO), OMG Network (OMG), Dai (DAI), 0x (ZRX), Kyber Network (KNC), Band Protocol (BAND), Augur (REP), Orchid (OXT).

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Fees

The exchange fees are different according to country and region. In one article we cannot tell you all fees charged in different countries, so we will tell you for the U.S only.
$0.99 will be charged for a total transaction amount of less than or equal to $10
$1.49 will be charged for a total transaction amount of $10 but less than or equal to $25
$1.99 will be charged for a total transaction amount of $25 but less than or equal to $50
$2.99 will be charged for a total transaction amount of $50 but less than or equal to $200.

Payment methods

The exchange supports three kinds of payment methods. These three are:
1. Bank account- You can directly link your bank account with your exchange account. Then all the transactions will happen through your bank account only. It also has a very low fee.

2. Debit card- Next method is that you can pay using your debit cards. Earlier it accepted credit cards as well but due to some regulations, they have suspended that. You can buy cryptocurrencies using your debit card.

3. PayPal- The third method is that you can use PayPal to buy cryptocurrencies on this exchange. You just need to select PayPal while selecting the payment option.

Advantages

Now let’s check some advantages of using Coinbase.

• The exchange is very simple to use and has a very easy going user-interface.
• The company has almost every major cryptocurrency on their platform and they also accept every major currency.
• Coinbase also provides an advanced trading platform for professionals called Coinbase Pro.
• The mobile app is very impressive and has all the features of a desktop.
• Coinbase has very high liquidity.

Disadvantages

Everything has some demerits as well so we will list some of the demerits of this exchange.

• The biggest demerit of this platform is that it is not available in some countries.
• If we compare it with other exchanges in the industry, then its trading fees are quite high.
• Users of Coinbase do not control the wallet keys.
• As I mentioned in the advantages that it has almost all the major cryptocurrencies on its platform, but the problem is it does not have a variety of Altcoins on its platform, unlike other exchanges.

At last, I can say that Coinbase is an amazing exchange in many aspects and customers also feel the same. But it has some demerits as well so it is advised that the trader should select their exchange by analyzing all the aspects according to their comfort and choice.