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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
Coinbase Pro is an advanced cryptocurrency trading platform from the popular US-based cryptocurrency exchange Coinbase. If you were lucky enough to have already purchased Bitcoin or Ethereum, it’s likely you have used Coinbase. Coinbase is normally the gateway for newbies to buy their first crypto assets.
However, purchasing the likes of Bitcoin on Coinbase (although very quick and simple) is not the most cost-effective way. By using Coinbase Pro you can buy Bitcoin, Ethereum, etc at a better price and reduce the trading fees to between 0% and 0.5%.
In this Coinbase Pro Review, I will explain how to make these savings when buying Bitcoin. Plus, how to deposit, buy with a market and a limit order, the difference between a limit or a stop-limit order, and how to sell and withdraw.
Coinbase Pro is a trading platform offering its users a secure way to buy, sell, and trade cryptocurrencies across 99+ trading pairs. Created back in 2015, Coinbase Pro is an evolution of the trading platform GDAX, which was rebranded to Coinbase Pro in 2018.
You can track the market, trade history, and monitor open orders. One of the many benefits of using Coinbase Pro as opposed to Coinbase is the fact that the fees greatly reduced to as low as 0%. Coinbase Pro also allows you to place a buy or sell order, so you can simply wait for the market to reach that price as opposed to taking the price at the current market value.
Who Can Use Coinbase Pro?
Coinbase Pro is designed for individual traders. Depending on your location, you may have access to crypto/fiat trading pairs, or restricted to crypto/crypto trading pairs only. A full list of locations and trading pairs can be found here.
If you have already have a Coinbase account, you can use the same credentials on Coinbase Pro and you do not need to create separate accounts or logins.
Coinbase Pro vs Coinbase
Both Coinbase and Coinbase Pro offer the ability to buy and sell the likes of Bitcoin and Ethereum. However, traders who are looking for more advanced functionality are advised to use the Coinbase Pro exchange. With Coinbase you are only able to buy at the market price where fees for the convenience are higher. Whereas Coinbase Pro allows you to define your own price and trading fees are generally lower.
Coinbase Pro Supported Cryptocurrencies
The cryptocurrencies availability and fees will depend on your country and payment method. See the below list of all supported cryptocurrencies on the Coinbase Pro platform by region.
A list of all available supported cryptocurrencies, for both Coinbase and Coinbase Pro can be found on their FAQ.
Coinbase Pro Order Types
With Coinbase Pro, you can create Market, Limit or Stop orders. A “Market” order, completes immediately at the current market price. A “Limit” order allows you to define the price you would like to pay for your crypto. Then finally you have something called a “Stop” order which triggers a buy or sell order when the price hits or dips to a certain value that you will define.
Depending on your trading volume, your order type may effect the trading fees that you will be paying.
Coinbase Pro Fees
Previously, one of the major reasons for using Coinbase Pro over Coinbase was using the Maker trade option. As a Maker of the market, (which means placing an order which was not immediately matched by an existing order), you used to pay reduced amounts in commission fees. However, this has recently changed and now only really applies to people trading 50K+.
Coinbase Maker & Taker Fees
As a ‘Maker’ of the market they state, you will pay a fee between 0.00% and 0.50%, depending on your trading volume. As a ‘Taker’ of the market (which means you place an order which is filled immediately) you will pay 0.04% and 0.50%.
However, for trading anything less than $50k, you will pay the exact same amount in commission fees whether you are a maker or a taker of the market.
Coinbase Withdrawal Fees
Withdrawal fees with Coinbase Pro will vary on the type of currency that you are withdrawing. Cryptocurrency withdrawals used to be free of charge and absorbed by Coinbase Pro. However, due to the hike in fees on the likes of the Ethereum blockchain, these are no passed onto their users. An estimate of the network fee will be displayed when withdrawing from the platform.
Withdrawal fees may also incur depending on your location, or the type of bank transfer.
Is CoinbasePro Safe?
Coinbase is one of the most trusted cryptocurrency platforms for buying and selling crypto. Any digital assets held by Coinbase are secured through a combination of online servers and offline “cold” storage. The platform stores 98% of customer digital currency in cold storage, with the remainder serving as liquidity to the markets.
Coinbase, as well as 3rd party underwriters, provide insurance greater than the amount held by Coinbase. Their insurance is to protect customers from security breaches, hacks, employee theft, or fraudulent transfer. Any losses resulting from unauthorized access to your personal Coinbase or Coinbase Pro accounts are not covered. Responsibility is with the account holder to use a strong password and maintain control of all login details.
Digital currency, such as Bitcoin, Litecoin, and Ethereum, are not subject to Federal Deposit Insurance Corporation (“FDIC”). However, U.S. customer funds that are held as cash are insured by the FDIC with maximum coverage of $250,000 per customer. If you want more information around Coinbase insurance, check out their website
It’s not recommended to keep any digital currencies on an exchange as you do not have access to your private keys. Therefore you have less control over your funds. If you want to protect your assets, make sure your store them in offline “cold” storage, such as a Ledger or Trezor.
How to Trade on Coinbase Pro
If you’re interested in trading on Coinbase Pro and want to buy your first Bitcoin on the exchange, then use this step by step guide. Although the guide shows you purchasing Bitcoin, you can use this process for any type of cryptocurrency purchase. The guide also explains how to log in, create buy/sell orders, plus how to withdraw from the exchange.
Coinbase Pro Login
With Coinbase Pro, your credentials are automatically transferred across from Coinbase. Therefore you do not need to create a new account or have a separate log in. Plus, all of your security/2 factor authentication settings are also transferred across.
Deposit Funds to Coinbase Pro
To get started with Coinbase Pro the first thing you need to do is deposit funds into your account. Your account can be funded with digital assets or fiat currency. Some deposits do incur fees, please refer to Coinbase Pro Fees for more information.
Go to ‘Portfolios‘ and select “Deposit“.
Choose your Currency Type.
If you choose to fund from a bank account, its important to include the reference number stated on your transfer. This is so that Coinbase can map your bank account and Coinbase Pro account together.
Transfer from Coinbase to Coinbase Pro
If you want to transfer funds from Coinbase to Coinbase Pro, select the Coinbase Account option.
Enter the amount you’d like to deposit or click Max to deposit all available funds.
Funds transferred from Coinbase to Coinbase Pro are fast and free and will take roughly 10 seconds to process.
How to Buy on Coinbase Pro
The below steps will explain how to buy Bitcoin. However, the same process will apply for purchasing other cryptocurrencies.
Select the market to Buy in i.e. BTC to GBP if purchasing in GBP and Click “Buy“
If you wish to purchase Bitcoin immediately at the current market value, select the ‘Market‘ tab select the amount and submit your buy order.
If you wish to purchase Bitcoin at a price you define and wait for someone to match your order, select the ‘Limit’ tab. With a limit order, enter the amount of Bitcoin you would like to purchase (in BTC)
Then, enter the price you would like to Buy at, in the Limit field.
Tip: If you want to be a maker of the market, ensure you put in a value below the current market price.
You can then view the associated Fees at the bottom of the screen
Click “Place Buy Order“
Your buy order will then appear under Open orders. If the market changes or you simply want to cancel an open order you can do so, by clicking on the X icon beside it.
Once filled, your order will then appear in the ‘Fills‘.
How to Sell on Coinbase Pro
The below steps will explain how to buy Bitcoin. However, the same process will apply for purchasing other cryptocurrencies and fiat currencies.
Select the market i.e. BTC to GBP & Click “Sell”
If you wish to sell your Bitcoin immediately at the current market value, select the ‘Market’.
If you wish to sell your Bitcoin at a price you define and wait for someone to match your order, select the ‘Limit‘ tab.
Enter the amount of Bitcoin you would like to sell (in Bitcoin).
Define a Price that you would like to sell at in the ‘Limit‘ field.
Any associated fees and the total will be shown at the bottom of the screen. Click “Place Sell Order“
Once someone has bought at the price you have defined the order will show in ‘Fills’. You can cancel your order at any time before it has been filled by clicking onto the X beside the open order.
Withdraw from Coinbase Pro
You can withdraw digital assets of fiat currency from Coinbase Pro to an external wallet or bank account. Alternatively, funds can be withdrawn to a Coinbase Account or certain bank accounts for free. Withdrawing from Coinbase can incur fees, please see the Coinbase Pro Fees for more information.
Go to ‘Portfolios‘ & click ‘Withdraw‘
Select the currency type you would like to withdraw. Select ‘Bank account‘ or ‘Coinbase Account’
Enter the amount you would like to withdraw or click onto Max. Click “Withdraw GBP“
Your funds will then withdraw to your allocated account for free.
If this is all too advanced and you haven’t even bought your first digital currency, check out my Coinbase Tutorial. I go through the process of how you can get started and how to buy and sell Bitcoin. Coinbase gives you the convenience of buying crypto with a credit/debit card or via bank transfer. You can now even withdraw to PayPal (in the UK) free of charge!
Coinbase is one of the most popular cryptocurrency exchanges in the world, and once you have bought your Bitcoin you may want to sell and withdraw from Coinbase to your bank or Paypal account. Alternatively, you may want to withdraw your crypto to a secure wallet, such as their Coinbase Wallet or a hardware wallet such as a Ledger or a Trezor.
In this tutorial, I show you how to sell and withdraw from Coinbase. I explain how to sell your Bitcoin or other cryptocurrencies. Then, how you withdraw your funds to your bank or PayPal account. I show you how to do this using two different methods, first using Coinbase and then using Coinbase Pro so that you can save on transaction fees.
How to Withdraw Bitcoin from Coinbase to a Wallet
If you have a Coinbase account and are currently holding Bitcoin or other cryptocurrencies in there, you may wish to lock in your current profits by withdrawing Bitcoin from Coinbase. Within Coinbase you can withdraw to your chosen FIAT currency. Withdrawing direct from the Coinbase site is a simple process, especially for newbies but it does incur fees for this convenience.
In the UK Coinbase only allows you to withdraw from your Coinbase FIAT wallet which will be in your chosen currency. I’m from the UK so I have a GBP wallet available and a EUR wallet for SEPA transactions. If you want to withdraw GBP to your UK bank you will need to complete an initial deposit of GBP from your bank account to Coinbase.
Before you can withdraw Bitcoin from Coinbase, the first thing you need to is sell your Bitcoin.
Step by Step Guide on How to withdraw Bitcoin to a Wallet
To be able to withdraw your cryptocurrency from Coinbase you will have to sell your Bitcoin
Click Trade from the dashboard.
Select the Sell tab
Enter the amount of Bitcoin you would like to sell or click “Sell all”
Select the Cryptocurrency you’d like to sell
Select the wallet.
If you preview your sell you will then see your Sell order along with any associated fees.
When the order has completed the funds will then appear in your GBP wallet.
How to Withdraw from Coinbase to UK Bank Account
From the Dashboard, click Wallets
If you have not already done, so you will need to link a bank account and deposit an amount of £2.00 to validate your account. Once the account to validated you can Withdraw after 5 days.
Select Your Bank Account from the dropdown.-
Enter the Amount you wish to withdraw or select withdraw all.
A confirmation of the withdrawal will then appear showing all information and associated bank fees.
The amount will then transfer across to your UK bank account within the timeframe stated.
How to Withdraw from Coinbase to Paypal
To set up a Paypal account, click onto Settings under your profile picture in the top right.
Select Linked Accounts
Click Link a New Account
Enter your Paypal account details
Your account will then be linked
To withdraw to Paypal, go to Accounts
Select Paypal from the “Withdraw To” dropdown menu
Enter the amount you wish to Withdraw
A confirmation of the withdrawal will then appear.
Click Confirm and your funds will then be deposited into your Paypal account by the date stated.
This is a simple process to sell and withdraw your Bitcoin. However, I would recommend Withdrawing from Coinbase Pro where fees are significantly lower.
How to Delete a Coinbase Account
If you’ve sold your Bitcoin or withdraw your money to a bank account and no longer require your Coinbase account. Or if you’re worried about your personal data being shared and are ready to close your Coinbase account, below is a guide to deleting your Coinbase Account.