A comprehensive overview of one of the world’s most popular cryptocurrency exchanges.
Coinbase Global Inc, launched in June 2012, is a secure cryptocurrency brokerage that can be used for purchasing, selling, trading, transferring, and storing cryptocurrency. It is one of the leading cryptocurrency exchanges currently available.
While it is an American company, Coinbase has a diverse fully remote workforce and is available in over 100 countries globally. At the time of writing this article, Coinbase has almost 90 million verified users across 11,000 institutions, as well as 185,000 ecosystem partners around the world. It also supports both fiat and cryptocurrencies. In fact, it supports the largest number of fiat currencies compared to any other exchange.
Coinbase is a beginner-friendly environment, because it makes purchasing digital currency as straightforward as buying stocks and shares online, while also offering educational tools to people who are new to crypto trading. Find out if Coinbase is the right cryptocurrency brokerage for you below.
Pros and cons of Coinbase
- Beginner and user-friendly. Coinbase is an intuitive, easy-to-use platform that’s accessible to cryptocurrency beginners.
- Large number of cryptocurrencies. Over 90 cryptocurrencies are currently supported on this platform.
- High level security. Coinbase is considered to be one of the most secure cryptocurrency exchange platforms available. It uses two-step verification, biometric fingerprint logins, and more.
- Insured. Unlike some cryptocurrency exchange platforms, Coinbase has crime insurance that protects crypto owners against theft losses, up to a certain limit.
- Earn crypto while you learn. You can earn cryptocurrency rewards on Coinbase just from watching short informative videos and completing quizzes.
- Cost-effective options available. You can access lower fees if you sign-up with Coinbase Pro.
- Altcoin access. Coinbase previously had limited altcoin trading access, but now features over 40 altcoins that are available for purchase and trade.
- High fees. Coinbase typically has higher fees than other similar exchange platforms.
- Customer service issues. Coinbase has found itself the subject of criticism on multiple occasions. One of note was when it was hacked in 2021, numerous customers complained about the difficulty they faced in reaching a representative.
- Availability varies. Coinbase’s crypto offerings vary depending on where you are in the world.
How much does Coinbase cost?
Coinbase isn’t particularly transparent in regards to its pricing. However, if you use the service, fees will be outlined in the trade preview screen before you submit your transaction.
How much you are charged in fees will depend on whether you are using Coinbase or Coinbase Pro. Factors that may also affect the cost of your transaction include:
- Your payment method
- The size of the order
- Current market conditions, such as volatility and liquidity
Coinbase vs Coinbase Pro
Coinbase currently runs two different exchange platforms: Coinbase and Coinbase Pro. Coinbase is a more user-friendly platform that is accessible for people who are just starting out, and are looking to learn more about cryptocurrency and how to buy it. Coinbase Pro, on the other hand, is more suited to seasoned crypto traders.
Coinbase Pro features lower fees than the standard Coinbase platform, as well as more varied trading options. It also does not charge anything extra in sign-up costs. However, the interface is less user-friendly and is not suitable for crypto newbies.
Which cryptocurrencies are supported on Coinbase?
Coinbase offers the following cryptocurrencies for purchase and trade*:
How to sign up
To create a Coinbase account, you will need to meet the following eligibility criteria:
- Be aged 18 or over
- Own a valid passport and/or driver’s license
- Have access to a computer or smartphone that is connected to the internet and a phone number connected to your smartphone
- Have an up-to-date operating system on your device(s)
While Coinbase is a popular platform, it’s important that you compare all of your options in regards to cryptocurrency exchanges before you start buying or trading crypto.