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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.
Finder Rating
★★★★★Coinbase pros and cons
Pros
- Supports over 150+ crypto assets and 500+ trading pairs
- Easy to use for beginner traders, with features for advanced traders as well
- Solid reputation after a decade of serving customers
- Learn and earn program
- Lower trading fees when you use the advanced trading platform
- Offers a crypto rewards Visa debit card
Cons
- Slow customer service
- High trading fees when you don’t use the advanced trading platform
- The platform sometimes crashes when it experiences a high volume of users
Coinbase pros explained
- Supports 150+ crypto assets across 500+ markets. Coinbase supports the trading of most major cryptocurrencies – many of which can be traded against one another.
- Great for beginner and advanced users alike. If you’re new to the crypto space, Coinbase makes it easy for you to buy, sell and even convert your crypto assets. If you’re a more seasoned crypto enthusiast, you can use the advanced platform features to help plan your set-ups.
- Solid reputation after a decade of service. Coinbase was founded in May 2012 and has earned its trusted user base of over 73 million.
- Learn and earn program. Earn coins and tokens by watching tutorials and answering crypto-related questions.
- Lower trading fees when you use the advanced trading platform. When you use Coinbase’s advanced trading platform, trading fees range from 0% to 0.6%, depending on how much you trade. These fees are much less than the 1% flat fee Coinbase charges when you use the basic buy, sell and convert functions.
- Offers crypto rewards Visa debit card. You can earn crypto just by spending your fiat via a debit card as you normally would when you use Coinbase’s Visa debit card.
Coinbase cons explained
- Slow customer service. Coinbase does not offer many ways to get in touch with its customer support staff. It often takes a few days to receive a response.
- High fees for buying, selling and converting your crypto. Coinbase charges a flat fee of 1% for all orders to buy, sell and convert your digital assets from one to another when using the basic interface.
- Platform outages. Coinbase has been known to temporarily go offline or slow down signficiantly during peak user periods. This could impact your ability to trade assets when the market is at its peak.
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.
At first, Bitcoin was the only asset Coinbase supported. However, the exchange now supports 100+ digital assets and has features 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. It’s listed under the ticker COIN.
Coinbase was the first crypto exchange to go public. The event was a milestone for the cryptocurrency industry.
Listed Coinbase crypto exchange assets
Coinbase supports over 249 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 CoinbaseCoinbase supports
Avalanche (AVAX)Coinbase supports
Binance USD (BUSD)Coinbase supports
Bitcoin (BTC)Coinbase does not support
BNB (BNB)Coinbase supports
Cardano (ADA)Coinbase supports
Cosmos Hub (ATOM)Coinbase supports
Dai (DAI)Coinbase supports
Dogecoin (DOGE)Coinbase supports
Ethereum (ETH)Coinbase does not support
LEO Token (LEO)Coinbase does not support
Lido Staked Ether (stETH)Coinbase supports
Polkadot (DOT)Coinbase supports
Polygon (MATIC)Coinbase does not support
Ripple (XRP)Coinbase supports
Shiba Inu (SHIB)Coinbase supports
Solana (SOL)Coinbase supports
Tether (USDT)Coinbase does not support
TRON (TRX)Coinbase supports
USD Coin (USDC)Coinbase supports
Wrapped Bitcoin (WBTC)Coinbase fees
Coinbase has fairly high trading fees on its standard platform. It charges a spread fee when traders use the basic “Trade” function to buy and sell cryptocurrencies. Coinbase also charges a fee when it converts one cryptocurrency to another.
When using the advanced platform, trading fees peak at 0.6% but can be reduced when your trading volume increases.
Deposit methods- Bank transfer (ACH)
- Debit card
- PayPal
- Wire transfer
- Apple Pay
- Google Pay
Coinbase deposit and withdrawal fees
| Transaction type | Fee |
|---|---|
| Deposit funds | Wire transfer: $10 |
| Withdraw funds | Wire transfer: $25 |
Coinbase trading fees
| Type | Fee |
|---|---|
| Maker | 0.00 - 0.4% |
| Taker | 0.05 - 0.6% |
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.
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.
How to sign up on Coinbase
Signing up for Coinbase is a straightforward process. Follow these steps to set up your account:
- Create an accountThe verification link will send you back to Coinbase, where you'll need to add your mobile number. You'll receive a confirmation code via your mobile phone to verify your phone number.
- Enter your personal informationHere, you'll enter personal information such as date of birth and address. You'll also add information like your funding source, your job and your employer.
- Verify your identityYou can upload a driver's license, a national ID or a passport and a selfie. Set up two-step verification to add a layer of safety for your account.
- Link a payment methodSee our Deposit methods sections above for the different services you can use to fund your account. Once you have linked a payment method you can begin to use your account.
About Coinbase app
The Coinbase app is intuitive and easy to use. You can download it through either the Apple App or Google Play store.
Is Coinbase exchange safe?
Until October 2021, Coinbase was free of any hacking incidents. This hack was handled well and Coinbase users didn’t lose any of their funds or assets.
Coinbase undergoes regular security audits and has insurance policies to protect the assets it custodies.
Past hacks In October 2021, hackers used phished credentials to exploit a flaw in Coinbase’s SMS account recovery procedure and steal funds from at least 6,000 customers. This was the only incident of its kind for 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.
Keeping your crypto secure
All centralized exchanges, including Coinbase, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
Ledger Nano S Plus Wallet |
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Supported assets 5,500+ |
Supported assets 1,317+ |
Supported assets 5,500+ |
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Price (USD) $149 |
Price (USD) $186 |
Price (USD) $79 |
See more of the best crypto wallets
Coinbase customer support
Coinbase has live chat customer support available on its website. There’s also 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.
| Google Play ratings | 728k reviews, 4.1 stars, 10M+ downloads |
| Apple Store ratings | 1.7M ratings, 4.7 stars |
How to reach Coinbase customer support
- Contact form
- Discord
- Facebook page
- Phone
Alternatives to Coinbase exchange
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Ask an Expert
Can I open an account and sell my bitcoin and hold it in US dollars until I open a US bank account?
Hi Glenda,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, you can hold your money in Coinbase and withdraw it when you are ready. Usually, withdrawal of money is done through wire transfer.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi,
Please i would like to know whether coinbase has minimum/limit of amount to be received into ones wallet, especially ETH. I received some amount of GWEI from a gaming app, which reflected on Recent Activity of my wallet but never reflected on my wallet balance. Can you enlighten me please.
Thanks
Hi Afolabi,
Thanks for getting in touch with finder. I hope all is well with you. :)
Coinbase does not specifically mention the transfer limits on their website. However, the company says it determines your limits based on your account details, which also include verification and successful purchases made on the account.
if your coin isn’t in your wallet yet, you may want to wait for a few days. If after waiting, the coin is still not in your wallet, then you might want to directly get in touch with Coinbase.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I am trying to open an account but my debit card keeps getting rejected. Can you give me a reason? Thanks
Hi Brian,
Thank you for visiting finder, we are a financial comparison website and general information service.
A CVN error can appear when the numbers you entered cannot be successfully verified with your card’s issuing bank or if it is card type that Coinbase does not support.
In order to fix this error, you need to make sure that you have entered your 16 digit card number, as well as the 3-4 digit security code on the back of your card correctly.
At this time, Coinbase can only accept Visa or MasterCard credit and debit cards with the residential billing addresses. Discover, American Express, or prepaid cards of any type are not supported as of today.
For further questions you may need to reach out to Coinbase.
Cheers,
Joanne
HOW CAN I PURCHASE LUMENS(XLM)?
Hi Floyd,
Thanks for leaving a question on Finder. You can check out our guide on where and how to purchase Lumens. If you need anything else, send us a message anytime.
Cheers,
Joel
Hi Floyd,
Thanks for leaving a question on finder. Our guide on how to buy, sell or trade Stellar Lumens (XLM) will provide information on how the Stellar network works and how you can use Lumens.
If you have further questions, we are always glad to help.
Cheers,
Joel
Every time I click on “create an account” I get the same page over again and still don’t know how to create an account.
Hi Eleanor,
Thank you for reaching out to us.
To make your account on Coinbase through our page above, kindly click on the green ‘Go to site’ button to be redirected to their webpage. Once you are on their homepage, at the right top corner you will see ‘Sign up’. Upon clicking it, you will need to fill-in the needed details to ‘Create your account’.
If error still persists, you can try these troubleshooting guide below:
*Clear your cache/ browsing history
*Use different browser/ update the version of your current browser
*Use a different device (e.g. if you are using a mobile handset, switch to laptop or desktop)
I hope this helps.
Please do not hesitate to reach out to us again if you have additional questions.
Cheers,
Ash