Idiots Guide to Coinbase

Coinbase Review & Tutorial 2021: How to Buy & Sell Bitcoin

Written by LouiseElizabeth

29th March 2021

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In this review, I take you through Coinbase, one of the most popular and trusted cryptocurrency exchanges in the world. Coinbase’s design is simple and user-friendly, even for the new crypto investor. The platform’s popularity continues to grow and is available in over 100 countries and with over 35 million users buying, selling, and trading cryptocurrencies.

Firstly, I’ll provide an overview of Coinbase, take a look at their other features such as Coinbase Earn and Coinbase Pro. I will then explain, how to buy, sell and store bitcoin and crypto using the Coinbase platform.

Sign-up to coinbase and earn free crypto

What is Coinbase?

Coinbase.com is a secure online trading platform for buying, selling, transferring, and storing digital currency, such as Bitcoin. The platform is ideal for new users getting into cryptocurrency, purchasing their first Bitcoin with the likes of a credit/debit card, or via bank transfer. It is easy to use, convenient and has easy onboarding.

Coinbase essentially is built up of 4 individual products & platforms, plus their own USD Coin. These are; Coinbase.com, Coinbase Pro, Coinbase Earn and the Coinbase Wallet.

Coinbase Features 2021

Coinbase Pro

Coinbase Pro is a trading platform aimed at more experienced traders. Traders can exchange a wider range of assets with more advanced order types, using order books, charts and graphs. One of the advantages of trading on Coinbase Pro, compared to Coinbase is their lower trading fees. To reduce your trading fees even further, it’s worth checking out the Binance Exchange.

If you would like to find out more information check out our Coinbase Pro Review & Tutorial.

Trade Bitcoin with Coinbase Pro

Coinbase Wallet & DApp Browser

The Coinbase Wallet is a standalone app, that allows users to store their own crypto and explore the decentralized web with a Dapp browser.  This wallet is not to be confused with the Coinbase app, which is also available on Coinbase.com.

It’s not recommended to keep your crypto on Coinbase or their Coinbase Pro exchange. With this crypto wallet, you are able to safely store your crypto assets and have full control. However, if you would prefer further security with your crypto stored offline, it’s worth looking into a hardware wallet such as a Ledger or Trezor.

If you would like to find out more information check out our Coinbase Wallet Review.

Coinbase Wallet & DApp browser Tutorial

Coinbase Earn

Coinbase also gives you the opportunity to earn free crypto with their Coinbase Earn feature. Coinbase Earn provides its users with an incentive to earn free crypto while learning about crypto, in a simple and engaging way.

Earn $50 FREE Stellar XLM with Coinbase Earn

Coinbase $10 Bitcoin Sign-up Bonus

If you’re new to the Coinbase exchange, they offer new users a sign up bonus of $10 when buying or selling at least $100 (or more) of crypto.

For more information on Coinbase referral code or sign up bonus click here.

Sign-up to coinbase and earn free crypto

Coinbase Supported Cryptocurrencies

With Coinbase the availability for depositing, buying, selling and withdrawing cryptocurrencies will vary by each asset. You may also find that the fees and availability will depend on your country and payment method.

what cryptocurrencies does Coinbase support

However, Coinbase exchange supports the most popular cryptocurrencies such as the likes of, Aave, Bitcoin, Cardano, Chainlink, Compound, DAI, EOS, Ethereum, Ripple, Stellar Lumens, Tezos, USDC, and Wrapped Bitcoin.

You can check out the full list of supported cryptocurrencies here.

Coinbase Fees

The fees that you pay with Coinbase will depend on the method of payment you choose and your location. The most expensive way to buy your crypto on the Coinbase exchange is via credit/debit card payments with a fee of 3.99%. This isn’t a way that I personally recommend buying your crypto due to high fees associated. Although it may be one of the most convenient, and you are paying for this convenience.

Other types of buy and sell orders with Coinbase incur a fee of 1.49%. This doesn’t seem huge, but if you compare this to Binance Exchange’s 0.1% or even their own Coinbase Pro platform at 0.5% you are definitely paying over the odds here.

As well as charging fees for instant buys and with payment via bank transfers, Coinbase also charge a spread of about 0.50% for both buy and sell orders. However, the actual spread may be higher or lower due to market fluctuations.

If you’d like to check out more information on Coinbase Pro you can click here.

If you’re serious about getting the best price when trading. I would recommend checking out other exchanges to reduce trading fee, such as Binance Exchange (save up to 45%) or FTX (save 5%).

Coinbase Fees UK

The fees that you will pay with Coinbase exchange will differ depending on your location. Below is the Coinbase fees for those of you in the UK. However, you can find a full list of fees on their site.

What are the fees for Coinbase UK

Coinbase Fees US

The fees that you will pay with Coinbase exchange will differ depending on your location. Below is the Coinbase fees for those of you in the US. However, you can find a full list of fees on their site.

What are the fees for Coinbase in the US

Coinbase Support

Coinbase customer support is one of their biggest downfalls and has been heavily criticized on the likes of TrustPilot giving them a rating of “Bad”. Although I have never personally experienced any issues with Coinbase. I can see how frustrating it can be if something goes wrong or you need help.

During crypto bull markets, Coinbase will have a surge of newbies signing up, and with more new users comes more complaints and customers needing help. So Coinbase has become a victim of their own success, and hopefully will be ready for the next Crypto bull market.

Coinbase Trustpilot Score

Is Coinbase Safe?

To use the Coinbase exchange, you access the site with a username and password plus any form of 2 factor authenticate you have associated. Coinbase is a centralised exchange and therefore has control over your crypto, with no access to your private keys. This means you are entrusting a third party to look after and secure your crypto assets.

Is Coinbase Safe

Although Coinbase has not reportedly suffered an attack, there have been reports of Coinbase freezing user accounts. Therefore, I’d personally recommend not to keep your crypto in an exchange which is far more likely target for hackers. When you have finished trading, move your crypto to the safety of a wallet, such as the likes of a hardware wallet like a Ledger or a Trezor.

Ledger Nano X - The secure hardware wallet
LouiseElizabeth
Written by LouiseElizabeth

Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.

After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

Ledger Nano X - The secure hardware wallet

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22 Comments

  1. Nicolialia Pizzeria

    Great site. A lot of useful info here. I’m sending
    it to several buddies ans also sharing in delicious.
    And of course, thanks for your effort!

    Reply
  2. Verona

    I need help…I have $ sitting in Coinbase that I can’t transfer out or buy more with what on earth do I do

    Reply
    • LouiseElizabeth

      Are you looking to withdraw your dollars from Coinbase or buy a crypto?

      Reply
      • matt dovin

        How can I close my coinbase account I still have a little fun I can’t do anything with them I would like to donate them somewhere

        Reply
        • LouiseElizabeth

          Unfortunately, to close your Coinbase account you will need to withdraw the funds first.

          Reply
  3. Violy

    Hello Louise,

    Modesty aside why did name idiots guide to coinbase your blog or websites ???

    Reply
    • LouiseElizabeth

      It was just a keyword that was being searched for at the time

      Reply
  4. Vlad

    I linked my paypal account but I don’t see the ‘Withdraw’ button

    Reply
  5. Amin

    I’m new to all of this but very interested to learn how it all works an how safe it is just recently come across Coinbase after watching some YouTube videos, I’m a beginner I’ve invested a tiny sum into Bitcoin, just to see how it goes, I’m on level 1, an now it’s asking for me to go into level 2 to unlock more features I should imagine right, ? What do I do ?

    Reply
    • LouiseElizabeth

      Coinbase is well trusted and has been around for a long time. As it states, for further features you’ll need to verify yourself. This usually includes personal details and photo ID, if you do not feel comfortable with this, you can try another exchange or wallet but the majority of these will require verification (KYC).

      Reply
  6. Ken

    I have a question I saw your video about the xrp flare drop. I have xrp in
    binance us but I got them after the drop date in Dec I got them in January will still I still get them? Also because of their sec issue my xrp is frozen until it gets cleared up. Can you help please. Thanks 😊

    Reply
    • LouiseElizabeth

      If you didn’t hold XRP during the snapshot, you won’t receive any Flare tokens, unfortunately.

      That does sound very frustrating, can you not even withdraw your XRP tokens from Coinbase?

      Reply
  7. Kelvin Stones

    I earn interests for holding bitcoins on the AxisOption wallet platform. They are the best platform that provide interest for holders.

    Reply
    • LouiseElizabeth

      Hey Kelvin,

      Honestly, I’ve never heard of AxisOption wallet, but that doesn’t mean anything. I would recommend looking at platforms such as BlockFi, Celsius Network & Nexo. I have investments in all 3 platforms, I would try and spread the risk and invest in more than one platform

      I have videos and posts for all 3 platforms

      Reply
  8. Barry Frieslander

    Hi –

    I am trying to put together an exit strategy in case BTC goes into free fall. I can see my BTC balance in my Coinbase Wallet and that in turn is linked to my (verified) coinbase account. I’ve just installed coinbase pro which also doesn’t show my balance. I am obviously doing something wrong. Can you please help me with this?

    Cheers,
    Barry

    Reply
    • LouiseElizabeth

      You’ll need to transfer your funds from Coinbase to Coinbase Pro to see the balances. Transfers are free and pretty quick.

      Reply
  9. John

    Help
    I have a Coinbase account
    I deposited som money but
    – they limit my deposit from my checking to only 1000 a day
    – I cannot trader to pro or BlockFi saying don’t have funds
    Please help
    Thank you

    Reply
    • LouiseElizabeth

      I’m sorry you will need to contact Coinbase. I know that sometimes they restrict accounts, especially when paying by debit or credit card for anti fraudulent reasons.

      Reply
  10. Martin Lloyd

    Hello Louise,

    After being extremely dubious I have done some research into crypto. I felt Coinbase would be the most secure exchange to buy.
    I have a Coinbase account and a Coinbase wallet and recently purchased a small amount of crypto to test the water. For security I don’t want to hold them with the exchange , I am awaiting a ledger nano x until this arrives I feel it safer in my Coinbase wallet.
    Here is my issue I am unable to transfer out of the exchange due to account restrictions. I have sent them photo ID which has been approved and verified to level 2. I have emailed the support team for help several times and all they tell me is my account status is under review, they can’t guarantee a change of account status. They have confirmed they have temporarily suspended me from sending crypto off the platform to protect against loss. If I would like to send crypto from Coinbase I must first convert it to fiat to my verified bank. I am not sure why these restrictions are in place, all Im looking to do is hold crypto in a safe place. I feel open to fraud holding my funds on the exchange & does not give me confidence to use the exchange going forward. I did have every faith in this company, I am also a share holder with 100 shares to my name.
    Louise, Do you have any suggestions.

    Reply
    • LouiseElizabeth

      Unfortunately, you will need to go to the exchange as they do often put these restrictions in place. Coinbase is insured for certain amounts if they are for example hacked and holding money short term on an exchange whilst you await your Ledger shouldn’t be too much of an issue.

      Reply
  11. Nicholas Wilson

    Hello Beautiful.
    i’m new to trading and send my crypto to my cell phone number. How do I retrieve my crypto?
    Nick

    Reply
    • LouiseElizabeth

      You have sent your crypto to your Coinbase mobile wallet? Or Coinbase exchange?

      Reply

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