With over 35 million clients in more than 100 countries, Coinbase crypto exchange claims to be one of the best exchange platforms. They have existed since 2012 and the headquarters are in San Francisco.
There are more than 1000 employees in this company and they claim to provide insurance, two-step verification, encryption at every step and many other things that can be beneficial to clients. Those are quite big statements, so let’s go through this Coinbase review to see if they will provide them indeed.
The first claim they fulfilled is a 2-steps verification. Once you decide to open an account, you need to go through this process. Otherwise, you won’t be able to trade. I have to say, I expected identity verification as well, but they skipped that part.
When it comes to account types, there are two of them. The regular one and the Coinbase Pro. As soon as you have an account, you will be able to trade their assets like Bitcoin (BTC), Ethereum (ETC), Litecoin (LTC), etc. They have numerous tradable assets and I really like that. Later on, if you are satisfied with the offer they have, you can switch to a Pro Account.
The thing I dislike is the fees. They charge them for everything except money transfers from one wallet to another (if you use their USD Wallet and Hosted Cryptocurrency Wallet Service). Those fees look low at the beginning. For example, if the total transaction amount is less than $10, the fee is $0.99. This is not a lot, but considering this is just one fee from may you need to pay, it is a lot.
Coinbase crypto exchange doesn’t have a separate place for education on their website. But they do have a lot of learning material to offer. Everything is spread all over the website, so if you want to know what is a cryptocurrency, what is Bitcoin (BTC), what is a Blockchain, etc. you will have to look in different tabs.
Aside from that, they explained the process of buying and selling cryptocurrencies on their website, and that makes trading much easier if you are a beginner. Also, I need to give them extra points for the Coinbase Help Center. This is a place that has answers to any possible question. From account managing to troubleshooting and tips. Everything is in one place and they did an excellent job regarding this part.
The platform they provide is simple, with all the necessary details. If you become a Pro trader over time, they will switch your account to the more complex platform, but at the beginning, you have the page where you can see all your purchases and the page where you can see all tradable assets. It is responsive and optimised, so you can use it on your mobile device, too. Aside from that, there is a mobile app, if you prefer to trade through it.
When it comes to the wallet, there are two options. One is Coinbase Wallet, which doesn’t support all currencies and Coinbase.com platform that you use if you simply want to buy and sell cryptos.
My overall impression with the platform is good, they provided everything and managed to make it simple to use even if you are a beginner.
I have to say, I am completely disappointed with their support. They have a Help Center that I mentioned before. It works excellent, you have a lot of topics there but that’s it. It is the only way to find a solution to any possible problem.
They do have Live Chat, but I will tell you right away that it is quite useless. Instead of customer representatives, they use chatbots and the replies are generic. That said, you won’t be able to ask them to help you solve any problem, since there is no fill-in form, email or phone number on the website.
When it comes to deposits and withdrawals, you can choose between different methods. The most common way for EUR transactions is with SEPA transfers and for CAD EFT and Interac. Aside from that, you can choose 3D Secure Card (best for instant crypto purchases), Instant card withdrawals (best for withdrawals), Ideal/Sofort (best for EUR deposits and buying cryptocurrencies) and PayPal (just for withdrawals).
Funding process and fees are always different. That depends on the method you choose and your bank. For example, you will have to pay a fee of €0,15 for SEPA withdrawals. For Canadian users, there is a $1 fee to deposit or withdraw CAD. As I mentioned before, they do charge numerous fees and I don’t like that at all.
The Bottom Line
Although I don’t like the lack of customer support and constant fees clients have to pay, I will have to say that Coinbase is a great crypto exchange. In this Coinbase review, we went through every important segment and realised they fulfil most of the promises they make.