Coinbase is the world’s most popular digital asset exchange for buying and selling major cryptocurrencies using fiat currency. It also serves as an online wallet for major cryptocurrencies including Bitcoin, Ethereum and Litecoin.
In this review, we’ll walk you through the core features of Coinbase, give it a rating out of five, and share a referral link you can use to get $10 worth of free Bitcoin.
Coinbase Referral Link ($10 Bonus)
By using our referral link, you can get $10 worth of free Bitcoin after purchasing $100 dollars or more of cryptocurrency.
|Coinbase Referral Link||Use our exclusive Coinbase link|
|Coinbase Bonus||Free $10 in Bitcoin|
|Referral Requirements||New users need to buy $100 dollars of cryptocurrency to qualify for the $10 bonus.|
|Last Verified||August 2020|
To help you decide whether Coinbase is the exchange for you, we’ve written a short review taking into account three of the most important qualities of any exchange: the ease of use, the fees, and the support.
Ease of Use
When it comes to usability, Coinbase is unmatched. The simple and beautiful design makes buying cryptocurrency fun and easy. What’s more, Coinbase comes ready with support for a handful of currencies (fiat and crypto), saving you steps down the line.
Coinbase offers reasonable fees for purchasing cryptocurrencies, although it’s quite upsetting to see that you can almost halve your fees simply by using Coinbase’s advanced product, Coinbase Pro. That said, there has to be a price tag associated with the great all-round product that Coinbase is.
The support offered at Coinbase definitely has mixed reviews. While some users complain of locked balances and irresponsiveness from the support team, other users (especially of late) argue that Coinbase boasts some of the fastest and friendliest support in the industry.
Here’s some essential information about Coinbase, which we may not have covered in our review.
In 2012, Coinbase raised slightly over $160,000 in funding with an idea to make it easy for non-technical people to buy Bitcoin. Less than a year later the company was selling $1 million worth of Bitcoins per month and soon raised a seed round of $600,000.
In 2015, Coinbase became the first licensed U.S. Bitcoin exchange. The approval by regulators let the exchange to expand in 24 jurisdictions in the U.S. Five years after its inception, Coinbase is now the world’s largest Bitcoin exchange serving a total of 32 countries.
It is the go-to exchange for anyone who is new to Bitcoin. The company has invested a lot of time and money to make the user experience smooth. Their banking partnerships allow transactions to be made via EFT payment, ACH / SWIFT / SEPA transfers.
The exchange offers its services in the United States, United Kingdom, Canada, Australia, Singapore, and the following European countries: Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Latvia, Jersey, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
Accepted Payment Methods
Depending on the country you’re in, you will be able to link your bank account directly to Coinbase or send money to a specific Coinbase bank account in order to fund your account.
In the US, Canada, UK, Australia and Europe, Coinbase now allows customers to buy Bitcoin directly using their credit or debit card. This method costs extra processing fees but it’s faster than using wire transfer.
Last year, the exchange started letting users link their PayPal account in order to receive funds. However, the use of PayPal is limited to sellers only. It is not possible to buy Bitcoin using PayPal on Coinbase.
Coinbase Transaction Fees
Transaction fees depends on the payment method you choose to use and the country you’re in. Most transactions hold a 1% transaction fee + any fees related to the payment method you are using.
|Country||Credit / Debit Card Buys||Standard Buy / Sell||Bank transfers (SEPA)||Bank wires|
|Europe||3.99%||1.49%||Free / €0.15|
|United Kingdom||3.99%||1.49%||Free / €0.15|
|USA||3.99%||1.49%||NA||ACH Transfer - Free
Wire Transfer - $10 ($25 outgoing)
Every user must provide their full name, verified email and accept Coinbase’s user agreement in order to open an account.
If you wish to purchase Bitcoin with Coinbase, users must provide full identity verification and many personal details. You will be required to take a picture of your driver’s license or passport if you are purchasing Bitcoin with a credit card.
Buy/Sell Limits at Coinbase
Limits on the exchange depend on your account level, which is determined by how much information you have verified. In order to raise your limits on buying Bitcoins, you will need to verify your identification, credit card, and debit card.
Fully verified U.S. customers may buy up to $50,000 worth of Bitcoin daily, whereas European customers can buy €30,000.
Coinbase users can use three types of wallets on Coinbase: the regular wallet, the vault, and the multisig vault.
If you opt for Coinbase’s regular cryptocurrency wallet, all you need to do is keep your login and password safe. Coinbase will control your cryptocurrencies and you must trust that they keep your coins secure.
Although Coinbase is a very reputed company backed by well-known venture capitalist, the whole point of cryptocurrency is to give users the ability to control their money. It is always a good idea to move your cryptocurrencies to a wallet you have full control of.
Not to forget Coinbase has been notorious in the past and is known to freeze user accounts without giving any reason!
Coinbase recently introduced the Vault feature which allows you to “share an account” with 2 or more users. Every transaction that is sent from that account will require the approval of all the users. Vault is used to store large amounts of Bitcoin.
All the withdrawals from the Vault can take up to 48 hours to process. The time delay provides a safety net. That is, if you see a withdrawal was requested that you did not make, the withdrawal may be canceled.
However, using Vault account does not mean that you control your cryptocurrency wallet. It is still hosted on Coinbase servers. Vault accounts can also be shut down by Coinbase at any time.
There are many users who want to control their cryptocurrencies instead of leaving them on an exchange. Multisig Vault is the solution.
This essentially means your wallet will have three keys – one you own, one Coinbase owns, and one shared key. Any two of the three keys allow spending of funds. So even if Coinbase is down, you will still have both the shared key and your own key to move funds from your wallet.
Over the past couple of years, Coinbase has received a lot of flak. Whether it be Reddit or Bitcointalk, forums filled with complaints. Sometimes they are related to user accounts being frozen and the other times acting like banks.
Let’s also give the credit where it is due. For years it has also served the market more reliably and faithfully than many exchanges, which failed. Regardless, Coinbase has been having its fair share of controversies:
1. Freezing user accounts without having a strong case
2. Coinbase tracks how users spend their Bitcoins
3. Close Ties to the Banking Establishment
4. Too many complaints to handle
5. Ill-Fated Political Interventions in the past
6. Filing for Blockchain patents
7. Affiliate Rewards abuse
Coinbase has an extensive FAQ page and a support forum to answer any queries users may have. Most of the queries can find answers within the FAQ page, but if you do submit a support ticket, expect a response to take 48-72 hours.