Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes.
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.
What is Coinbase?
Founded in 2012, Coinbase is a virtual exchange that allows global users to buy and sell some of the world’s most popular cryptocurrencies, including bitcoin, Ethereum and Litecoin. Importantly, it currently provides buyer-side services only in Australia, as well as a limited range of payment options compared to other countries.
Coinbase also provides wallet services and merchant services, so it’s pretty much a one-stop shop for all cryptocurrency market players.
In July 2018, Coinbase also announced that users in Australia, the UK, Spain, France, Italy and the Netherlands would be able to use the platform to exchange cryptocurrency for a range of gift cards. Offered through a partnership with WeGift, this instant and fee-free service allows you to use your crypto to buy digital gift cards for a host of major retailers.
What cryptocurrencies can I buy?
In Ireland, you can buy more than 50 different cryptocurrencies including the following:
Bitcoin
Ethereum
Bitcoin Cash
Litecoin
Ethereum Classic
Dogecoin
Ripple,
Tether
Cardano
Uniswap
Available countries
Coinbase is available in more than 100 countries, including Ireland.
There are variations in the available services, payment methods and fees that apply in each country.
Accepted payment methods
Customers have access to the following payment methods:
Although Coinbase does not charge a fee to use its wallet service, transferring cryptocurrency to an address outside the platform may result in a network fee. Network fees are set by the blockchain community.
How quickly will my funds be available?
Coinbase offers its “instant buy” feature, meaning credit/debit card purchases will be available instantly. SEPA bank transfers can take between 1-3 days.
Are there any transfer limits?
Coinbase implements weekly buy and sell limits on all accounts. The company says it calculates your limits based on your account information. This includes verification and successful purchases made on the account.
If you want to increase your weekly limits, you may need to verify your account by completing several of the following steps:
Verifying your phone number
Providing your personal details
Providing photo ID
Establish a purchase history by buying and selling through the exchange
Coinbase Card
Coinbase offers the Coinbase Card, a Visa debit card that allows you to make payments in person, online and internationally using funds from your Coinbase crypto wallets. You’ll need to download the Coinbase app in order to check your monthly statements and manage your card.
Which wallets can I use to fund my Coinbase Visa debit card?
BTC. Bitcoin
ETH. Ethereum
LTC. Litecoin
BCH. Bitcoin Cash
BAT. Basic Attention Coin
REP. Augur
ZRX. Ethereum token to power 0X protocol
ZLM. Stellar Lumens
Coinbase customers in the EU, including Ireland and the UK, can sign up for a Coinbase card, which can be used anywhere Visa is accepted. The card can also be used for cash withdrawals and with Google Pay. (As of 19 January 2021, Apple Pay is not supported).
Coinbase Visa debit card fees and limits
As with any debit card, there are certain fees and limits associated with the Coinbase Visa debit card. Here are some of them:
Type
Fee/limit
Card issuance fee
€4.95 (one time only)
Card replacement fee
€4.95
ATM cash withdrawal in Ireland
Free up to €200 per month
(1% of withdrawal amount per transaction thereafter)
ATM cash withdrawal overseas
Free up to €200 or equivalent per month
(2% of withdrawal amount per transaction thereafter)
Purchase transaction fee in Ireland
Free
Purchase transaction fee across the EEA
0.20% of the payment amount
Purchase transaction fee overseas
3% of the payment amount per transaction
Chargeback handling fee
€20
Daily ATM cash withdrawal limit
€500
Daily spending limit
€10,000 (contact customer support to change this limit)
Monthly spending limit
€20,000
Yearly spending limit
€100,000
Is Coinbase secure?
Not only is Coinbase widely recognised as one of the world’s largest Bitcoin exchanges, it’s also considered one of the safest. It’s backed by trusted traders and uses the latest technology to secure its platform.
The Coinbase Wallet is considered very secure, but this comes at a cost – the company controls your cryptocurrency. Larger amounts of Bitcoin, Ethereum, Bitcoin Cash or Litecoin can be stored on the Coinbase Vault, which is protected by multiple approvers.
It should be stated at the outset that Coinbase collects a lot of information about its customers, including photo ID for those who want to up their weekly limits. A form of photo ID is also required if you are purchasing with a credit card.
Customer support
Coinbase has an active support team and a comprehensive online support centre featuring a range of guides and answers to frequently asked questions. However, the company has received some mixed customer support ratings, which reflects its growing user base. After all, bad ratings become more common on a platform that has served more than 20 million users.
That being said, Coinbase operates a real-time chat feature and gives users the option to submit a support request or get in touch via email.
Coinbase review in a nutshell
Pros
One of the world’s most popular cryptocurrency exchanges, which means high liquidity
Instant buy feature available
Easy to use for most beginners
Insured Bitcoin deposits are available
Option to cash out your crypto for a range of gift cards in select countries (not including Ireland)
Coinbase Visa debit card available for some countries including Ireland
Cons
Accounts are monitored
Customer service has received mixed reviews
Only provides access to a limited selection of cryptocurrencies
Compare Coinbase against other exchanges
Next steps
If you’re looking for a cryptocurrency broker that’s secure and easy to use, Coinbase is a viable option well worth considering. However, before choosing any crypto broker or exchange, make sure you’ve thoroughly researched its features and compare it with other platforms to decide whether it’s right for you.
To get started, visit Coinbase and create an account by providing your name and email address. You can then verify your account and add your chosen payment method to get started buying cryptocurrency.
In addition to setting up a complex password and 2-factor authentication, you’re also encouraged to use the Coinbase IP login feature to make your account more secure. This tool allows you to check IP login activity and verify devices anytime.
As a US-based company, Coinbase must comply with stringent know-your-customer and anti-money laundering (KYC/AML) laws. That is why photo ID is required in the verification process.
The easiest way to increase your weekly buy limits is to upload your photo ID for verification purposes.
There’s no overdraft or debt functionality on this card. It can only use your available balance to make payments or withdraw cash. If the balance isn’t available, you won’t be able to complete a transaction.
As such, it more closely resembles a debit card than a credit card.
The main functional differences are that this card is tied to your Coinbase account instead of a bank account and that it has higher fees than many other cards.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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