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BROKER REVIEW

COINBASE

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June 23, 2020 | 

JOHN K MWANIKI |  0 Comments | 

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COINBASE BROKER REVIEW BY INTERACTIVECRYPTO

Our Pick

Mimimum Deposit

$100

Crypto

currency
currency
currency

Regulation

country

Our Score

9

Coinbase is one of the biggest crypto-broker exchanges in the world based on trade volume and users. As one of the pioneers of crypto exchanges, the platform has made it convenient to trade a wide range of assets. Other than being a wallet, it provides for brokerage services, among other investment options and transactions. 

The platform takes pride in flexibility. It embraces change and is ever willing to include newer services for the users’ convenience. For example, it was one of the first crypto exchanges to embrace Tezos staking

The platform is continuously expanding to serve even a bigger audience. After a long time serving select parts of the US, it has grown to reach the whole of the US and other European countries. Ultimately, Coin base looks to be the most secure and reliable digital currency exchange in the world.

This detailed review of Coinbase covers all you need to know about the platform. It looks into the security, fees, how to use the platform, and several more. 

Let’s get to it.

Security 

Coinbase doesn’t stutter when it comes to security. Considered one of the most secure crypto exchanges, the platform provides for multi-layered security to avert hacking or theft.  It also provides an insurance cover against the assets on its accounts.  

Coinbase understands the vulnerability that comes with internet storage. It keeps more than 98% of the assets on cold storage with limited possibility of hacking. These assets are then stored in different locations on safety boxes to avoid tampering with so much data at one time in case of any mishap. 

Accessing the client’s data by unauthorized parties is almost unheard of when it comes to Coinbase. It provides for highly encrypted systems while storing the data in safe boxes with less risk of access. It also provides for a 2-step verification log in that makes it almost impossible for access by an illegal means. 

For additional security, the platform provides a client’s vault where withdrawals take 48hrs to process. The period allows clients to cancel any unlawful or erroneous order. It also uses the latest in the technological world to provide security. 

Being a provider of services to other companies, Coinbase has proved beyond any reasonable doubt that data is safe with them. Ultimately, the platform also provides an insurance program for losses of any assets within its custody. 

Deposit and Withdrawal 

Coinbase provides reliable withdrawal and deposit methods for the US, EU, and Uk customers. The US customers predominantly use wire transfer and bank account, which lasts between 1 – 5 days. The EU base uses SEPA transfers, while the UK uses both SEPA and bank transfers. 

The platform also allows for PayPal withdrawal and deposit to the countries where it does not support a wallet like Australia and Canada. 

Coinbase also provides a Coinbase card that allows users to spend their crypto holdings at any time. The Visa card syncs with the account to enable spending at credit-card-accepted stores and withdrawals from ATM. It also provides for an android and iOS app to manage and track the card. 

The platform provides for a buying limit depending on the account and payment method. Verified accounts come with higher price buying limits. 

Verification requires a phone number, personal information, and photo id. For the payment method, ACH transfer has a higher limit than credit transfers. 

Fees

The Coinbase fees are quite complicated. First, it provides for a 0.5% spread above the market price on all cryptocurrency purchases. The seller, on the other side, gets 0.5% less on the transaction. 

The site provides a flat fee for all transactions below $200. For other transactions, it comes with charges of 1.49% for crypto and 3.99% for credit card purchases. 

The cost of depositing on the site is $10 for every other method except ACH transfer. Transactions between Coinbase accounts are free. 

The user should also understand that the site can declines purchases in case of too many price shifts. 

Market and Products 

Coinbase is a multi-functional platform for various services. Its primary facility is a brokerage, where traders buy Bitcoin from the site. It provides an easy-to-use platform and affordable rates that make it ideal for purchase. The only concern is that the platform holds the coins instead of the users. 

The other service on the platform is cryptocurrency trading. The site provides high-end trading on several top crypto coins like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The trading platform is ideal for experienced traders. 

Coinbase also provides a highly integrated, independent wallet. The wallet allows users to store their assets. It is fully operational on both Android and iOS.

Additionally, Coinbase is a reputable crypto merchant solution provider. It provides a dedicated plugin for businesses to accept Bitcoin payments. The system is already significant, with several established entities like WooCommerce and Magento. 

Customer Service 

While Coinbase is generally a great platform, it does not come with such an extensive customer support one would expect. It provides for a broad knowledge base with most of the typical customer concerns. In case of additional issues, the platform offers for mail support with an answering period of within 48 – 72 hours. 

It also provides phone support, even though there are times when there is no online customer service agent. Several users have also complained of a lack of in-depth service in case of phone support. Overall, the customer service is not the best anyone could hope for. 

Education

Coinbase is vast when it comes to customer education. It seeks to popularize cryptocurrencies and is willing to offer users all the resources available. It provides a great learning center with all the information for beginners in crypto.

The site also has a Coinbase earn program, where one gets to make money while learning about cryptos and the site.  It also provides other dedicated courses on particular coins like BAT, Zcash, and ZRX.  

Besides, Coinbase provides a regularly updated blog with both site and industry information. 

Pros and Cons  

Using Coinbase comes with multiple pros like the ease of use and high-level security. It also provides in-depth learning materials and a blog for industry and site information. The site has built a reputation over the years, thus working with it comes with the needed peace of mind. It also has a Coinbase pro for advanced features.

Still, it has a few cons like the high cost of transactions, limited crypto, and trading features, and not so integrated customer support. 

Bottom Line 

Anyone looking for security and ease of trading should look no other place than Coinbase. The site provides reliable trading and multiple services. Otherwise, it is excellent for professionals who won't need much support.

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