In this Coinbase review for 2021, I take you through one of the most popular and trusted cryptocurrency exchanges in the world. Coinbase’s design is simple and user-friendly, making it a popular choice 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, then take a look at their popular features such as their Coinbase Wallet and DApp browser, Coinbase Earn, and for more advanced traders Coinbase Pro. I will also explain, how to quickly buy, sell and store cryptos such as Bitcoin and Ethereum using Coinbase.
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 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.
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 also gives users the opportunity to earn free crypto with their Coinbase Earn. Coinbase Earn provides its users with an incentive to earn free cryptocurrency while learning about crypto, in a simple and engaging way.
Coinbase $10 Bitcoin Sign-up Bonus
If you’re new to Coinbase, they offer new users a sign up bonus of $10 when buying or selling at least $100 (or more) of crypto.
Coinbase Supported Cryptocurrencies
The number of supported cryptocurrencies has exploded on the platform in the last year. You will now find the majority of the most popular cryptocurrencies such as Aave, Bitcoin, Cardano, Chainlink, Compound, DAI, EOS, Ethereum, Ripple, Stellar Lumens, Tezos, USDC, and Wrapped Bitcoin available on Coinbase.
You can check out the full list of supported cryptocurrencies here.
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 charges 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.
Coinbase Fees UK
The fees that you will pay with Coinbase exchange will differ depending on your location. Below are the Coinbase fees for those of you in the UK. However, you can find a full list of fees on their site.
Coinbase Fees US
The fees that you will pay with Coinbase exchange will differ depending on your location. Below are the Coinbase fees for those of you in the US. However, you can find a full list of fees on their site.
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.
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 centralized 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.
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 on an exchange. 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.
Coinbase was the first exchange we used to buy Bitcoin and the exchange we would recommend to someone new to crypto. It´s simple and clear to use and with the like of Coinbase Earn, it will continue to grow and attached new users.
Compared to the likes of Binance and FTX exchanges the fees for buy and selling are expensive. These fees can really add up, so I would try their more advanced Coinbase Pro exchange to try and reduce these, but again these are still very high and you can do better.
Although we rarely use their Coinbase Web3 wallet, it’s a great free wallet to have, but if you´re looking to invest long term check out a hardware wallet like a Ledger or Trezor.