Coinbase Review 2021
Pros of Coinbase
- A large variety of altcoins to invest in
- Simplistic User Interface fit for newbies and experts
- A high level of liquidity
Cons of Coinbase
- High fees when not using Coinbase Pro
- User doesn’t control wallet key
Affiliate Disclosure: We earn a small commission from referrals to Coinbase for this article if you sign up using one of our links. We provide unbiased and honest opinion in this Coinbase review 2021.
Coinbase is the leading, mainstream cryptocurrency exchange and has become a standard on-ramp for new cryptocurrency investors that are just joining the industry. It offers a wide variety of products, including:
- Cryptocurrency investing
- Advanced trading (Coinbase Pro)
- Custodial accounts for institutions
- Digital wallets for retail investors
- Its own U.S. dollar-backed stable-coin
If we review the history of Coinbase, it was founded all the way back in 2012 and is fully regulated as well as licensed through supporting almost all U.S. states.
Throughout its infancy, Coinbase provided Bitcoin trading, however, due to its quick growth, it started adding cryptocurrencies that fit its decentralized criteria and the list eventually expanded to Ethereum, Bitcoin Cash, XRP, and many more. The rest is history.
What You Need to Know
- Coinbase essentially offers users a secure and efficient way to invest in and trade with cryptocurrencies.
- It features many cryptocurrencies, in fact, you can trade over 62 assets all through a simple interface
- The exchange goes one step further to explain how everything works and will explain each coins project/concept.
- Coinbase Pro has cheaper fees with more features than the basic Coinbase.
One of the main appeals of Coinbase and one of the main reasons why it gained such a high level of popularity is that it is built on the mentality of “anyone can be a cryptocurrency trader” in the sense that it is easy to access, and geared towards beginners. The platform can also be accessed through Android and iOS devices and does not offer downloadable software. In fact, all of it runs on your browser, and this includes all of the functionality that is connected with Coinbase Pro.
When you log into the platform for the very first time, you are shown your portfolio balance as well as its performance in a selection of time frames. You will see numerous buttons on this screen, some of which will allow you to buy crypto, where you can enter a dollar value and place market orders for whatever crypto you end up choosing out of Coinbase’s lineup.
You’ll also find send and receive functions, which will allow you to send cryptocurrencies out of your Coinbase wallet or receive cryptocurrencies from elsewhere into your wallet.
Advantages of Coinbase Pro
Coinbase Pro promises to offer you an intuitive interface with real-time order books, charting tools, trade history as well as a simple order process so that you can trade from day one.
It provides you with an industry-leading API, with a Websocket feed that lets you gain access to real-time market data, while the trading API lets you develop secure, programmatic trading bots.
Aside from that, you also gain insurance protection, as all digital assets held in online storage are fully insured, which means that all USD balances are covered by FDIC insurance, up to a maximum cap of $250.000 per customer.
You also gain a dynamic fee structure with lower fees for higher volume trading.
Coinbase users can purchase cryptocurrencies through using market orders that experience high fees when compared to other exchange options out there. With Coinbase Pro, it has the option of margin trading with better charting capabilities, and Coinbase Pro users can see as short-term as a 1-minute candle or line charts and use overlays like exponential moving averages.
Coinbase Fees Reviewed
Coinbase is well know for its confusing fee structure, if you are just starting out you will find that the Coinbase fees can be quite high when compared to other exchanges. Due to its ease of use when starting out many people overlook the fees. You can view the Coinbase fees for the UK and US below or find all Coinbase Fees here.
Coinbase Fees UK
|Standard Buy/Sell||Instant Buys (debit card only)||Bank Transfers (SEPA) - in/out*||Faster Payments||Instant Card Withdrawal|
|1.49%||3.99%||Free/€0.15||Free||up to 2% of any transaction and a minimum fee of £0.55|
Coinbase Fees US
|Payment Method for Purchase/Payout Method for Sale||Effective Rate of Conversion Fee (after waiver)|
|US Bank Account||1.49%|
|Coinbase USD Wallet||1.49%|
|Debit Card or PayPal||3.99%***|
|Instant Card Withdrawal||up to 1.5% of any transaction and a minimum fee of $0.55|
|USD Deposit Method||Effective Rate of Deposit (after waiver)|
|Wire Transfer||$10 ($25 outgoing)|
Coinbase Buy/Sale Fees
Coinbase will charge a spread fee of about (0.50%) for crypto purchases/sales, this can vary depending on market fluctuations and/or the time between the quote and execution of the sale.
Also the Coinbase Fee which is quoted below:
“We also charge a Coinbase Fee (in addition to the spread), which is the greater of (a) a flat fee or (b) a variable percentage fee determined by region, product feature, and payment type. The flat fees are set forth below:”
- If the total transaction amount is less than or equal to $10, the fee is $0.99 | €0,99 | £0,99 | C$0.99^ | S$0.99 | CLP $0.99 | Mex$0.99
- If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49 | €1,49 | £1,49 | C$1.49^ | S$1.49 | CLP $1.49 | Mex$1.49
- If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99 | €1,99 | £1,99 | C$1.99^ | S$1.99 | CLP $1.99 | Mex$1.99
- If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99 | €2,99 | £2,99 | C$2.99^ | S$2.99 | CLP $2.99 | Mex$2.99
Opening a Coinbase Account
As with just about anything else you do on Coinbase, creating an account is just as simple. All you have to do is enter your name, email, and password. You’ll then need to verify your email address, and you’ll be prompted to enter additional information, such as your phone number, where you will receive a verification code. Coinbase will later-on use this phone number to send 2-step verification codes. Last but not least you’ll need to enter your identification information.
If you live in the US, this will require you to send your social security number, and after all of that is sent, your account will have been created and you should be able to add your bank account, credit card, or debit card information to finally be able to make deposits and withdrawals, which will open the flood-gates in terms of investing.
Investing for Businesses
Coinbase gives businesses as well as institutions a wide range of investment options, and these include its cryptocurrency trading platform known as Asset Hub, commerce platform, storage options as well as ventures services. Asset Hub essentially lets businesses, as well as issuers, list crypto assets across the Coinbase platform to gain growth as well as exposure, where Coinbase’s commerce offerings can help crypto-specific businesses set up hosted checkout pages, alongside invoices, payment buttons, and a lot more.
Coinbase Earn is a feature that allows you to learn about different cryptocurrency projects and earn a small amount of crypto for doing so, you can check out the Coinbase Earn answers on our site too!
Coinbase Review Summarized
Coinbase is the perfect tool for newcomers in the world of crypto-investing, who may not be that familiar with investing or have that much experience. The standard platform can be a bit overpriced, however, with features such as the learning program as well as the ability to easily set up recurring purchases, newcomers can find a safe haven when it comes to investing, and be on the right path towards understanding how all of this works.
For people who have a bit more trading experience, Coinbase Pro is a cheaper option that offers robust features, however, over time everyone is bound to find their preferred platform, and stick with it.
List of Coinbase Assets
|ANKR||✔||✔||✔||✔|| ✔||✔|| ✔|| ✔|
|1. Buy, send, receive ONLY.|
2.Excludes New York
3. EUR and crypto order books ONLY
4. Send and receive ONLY
5. Send ONLY
1. Crypto order books ONLY2. Excludes New York
3. EUR and crypto order books ONLY
4. Transfer-only mode