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Coinbase review 2023

Buy and sell cryptocurrency at one of the world's biggest beginner-friendly exchanges.

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By

Evan Jones

&

Frank Corva

Updated

Fact checked
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Our take on Coinbase

Coinbase is one of the biggest cryptocurrency exchanges in the world by trading volume.

The exchange serves customers in over 100 countries and supports over hundreds of crypto coins and tokens.

The platform has a user-friendly interface and offers features such as staking and earning as well as a “learn and earn” feature in which you watch short educational videos on certain crypto assets and then answer questions about them to earn said assets.

Trading fees can be high when trades are executed on the basic platform rather than the advanced platform. Luckily, all Coinbase users can access the advanced platform for free.

4

Finder Rating

★★★★★

Coinbase Pros and cons

Pros

  • Large selection of cryptocurrencies
  • Offline crypto storage
  • Strong customer reviews

Cons

  • Transaction fees vary
  • Minimum balances apply
  • Customer service ratings remain poor in platform reviews

About Coinbase – company history and background

Coinbase is a San Francisco-based cryptocurrency exchange platform launched in 2012 by computer engineer Brian Armstrong and Goldman Sachs trader Fred Ehrsam.

They founded the exchange to buy and sell Bitcoin. However, the exchange has grown beyond Bitcoin to support hundreds of digital assets and provides services such as spending, trading and earning.

Coinbase is the largest cryptocurrency exchange in the United States. In April 2021, Coinbase became publicly traded via a listing on the NASDAQ, found under the ticker COIN. As the first cryptocurrency exchange to go public, it represented a new milestone for the industry.

Listed Coinbase crypto exchange assets

Coinbase supports over 255 cryptocurrencies, but some notable assets are missing. Namely, BNB, LEO Token and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 15 of the top 20 cryptos are available on Coinbase.

Popular assets on Coinbase
Avalanche (AVAX)
Binance USD (BUSD)
Bitcoin (BTC)
BNB (BNB)
Cardano (ADA)
Cosmos Hub (ATOM)
Dai (DAI)
Dogecoin (DOGE)
Ethereum (ETH)
LEO Token (LEO)
Lido Staked Ether (stETH)
Polkadot (DOT)
Polygon (MATIC)
Ripple (XRP)
Shiba Inu (SHIB)
Solana (SOL)
Tether (USDT)
TRON (TRX)
USD Coin (USDC)
Wrapped Bitcoin (WBTC)

Coinbase fees

Coinbase has fairly high trading fees on its standard platform because it includes a spread in the price when traders use “Trade” to buy or sell cryptocurrencies, as well as in the exchange rate when it converts cryptocurrencies.

When using the advanced platform, maker and taker trades and can be reduced through increased trading volume. All fees you have to pay are disclosed during the transaction, there are no hidden fees.

Canadians can’t deposit Canadian dollars (CAD) onto Coinbase. If they want to purchase crypto with CAD, they have to use a debit card. They can also wire fiat to Coinbase Prime, Coinbase’s integrated prime brokerage that also offers cold storage for crypto assets.

Lastly, you can deposit and withdraw cryptocurrency when using Coinbase Pro, Coinbase’s advanced trading platform. See fees for deposits, withdrawals and payments in the Coinbase deposit and withdrawal fees section.

Deposit methods
  • Debit card
  • PayPal
Transaction typeFee
Deposit fundsCryptocurrency: None; blockchain network fees apply
Wire transfer: US$10
Debit card transfer: 3.99%
Withdrawal fundsCryptocurrency: None; blockchain network fees apply
Wire transfer: US$25
PayPal: 1%

Coinbase trading fees

Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.

Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.

TypeFee
Maker0 – 0.4% (Varies based on amount of assets traded)
Taker0.05 – 0.6% (Varies based on amount of assets traded)

How to sign up on Coinbase exchange

The sign-up process for Coinbase is a straightforward process. Users must be at least 18 years of age, and can do so following the proceeding steps.
  1. Create an account
    Go to the Coinbase website or download the app on Google Store or Apple Store. You'll need to enter your legal name, your email address, password and your country of residence. Coinbase will send you a link to confirm your email address.
  2. Verify your phone number
    The verification link will send you back to Coinbase, where you'll need to add your mobile number. You'll receive a confirmation code to verify your phone number.
  3. Enter your personal information
    Here, you'll enter personal information such as date of birth and address. You'll also add information like your source of funds, your job and employer.
  4. Verify your identity
    Verify your identity. You can upload a driver's license, a national ID or a passport. You will also need to upload a selfie. Set up two-step verification to add a layer of safety for your account.
  5. Link a payment method
    Payment methods are different for each country. They include PayPal, Apple Pay, Google Pay, SEPA transfer, wire transfer and debit card. Once you have linked a payment method you can use your account.
Create a Coinbase exchange account

About the Coinbase app

The Coinbase app is available for Android and iOS devices.

Is Coinbase safe?

Until October 2021, Coinbase had been free of any hacking incidents. While that is no longer the case, the incident was handled well. Coinbase had a long history of trustworthiness before the incident, including regular security audits and insurance policies in place to protect users.

Past hacks. In October 2021, the accounts of about 6,000 customers were hacked and their funds stolen. Coinbase reimbursed users the stolen funds. The hackers exploited a flaw in Coinbase’s SMS account recovery procedure.

Following that, the hackers would have required the users’ personal information. There was no evidence that the users’ personal information was stolen from Coinbase, meaning that information was phished from the affected users. This is the only incidence of a hack at Coinbase.

Security audits. In 2020, Coinbase invited security audit firm Grant Thornton to carry out 2 security evaluations. Coinbase Custody, the cryptocurrency custody arm of the exchange, received a Service Organization Control (SOC) 1 Type 2 and SOC 2 Type 2 audit.

The company said it would continue engaging with audit companies to conduct the SOC audits. By doing so, the company hopes to show clients that it is compliant with various security standards.

Insurance. Coinbase is insured for $255 million. This insurance is solely for coins stored in hot wallets. The policy is put in place by Aon insurance and is sourced from insurance companies in the US and UK. US cash funds are held in banks with FDIC insurance.

Coinbase customer support

Coinbase offers a phone number for support on the Coinbase card or to lock an account if there is suspicious activity.

Otherwise, Coinbase provides a knowledge base and an automated response system for answers via form replies. Users can also email Coinbase support directly and typically you’ll receive a reply in one to three days. Response times have been reported to be slow for many users.

Downloads on Google Play729k reviews, 4.1 stars, 10M+ downloads
Downloads on Apple Store1.7M reviews, 5.7 stars

How to reach Coinbase

  • Contact form
  • Discord
  • Email
  • Telegram
  • Facebook page
  • Phone
  • Twitter

Alternatives to Coinbase exchange

1 - 3 of 18
Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer
Kraken Cryptocurrency Exchange
Kraken Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT
USD, EUR, CAD, AUD, GBP, CHF, JPY

223
cryptocurrencies

Certain trading features are limited or unavailable to residents of Ontario and Quebec.
Go to site
View details
Bitbuy Digital Currency Exchange
OFFER
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

35
cryptocurrencies

Limited time only: Free $40* when you sign up and fund your Bitbuy account. T&Cs apply.
Go to site
View details
Changelly Crypto-to-Crypto Exchange
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency, Debit card, Wire transfer, Apple Pay
USD, GBP, EUR, CAD, MXN, HKD, RUB, NZD, SGD, JPY

391
cryptocurrencies

Go to site
View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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