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.
If you’re looking for an exchange to trade a variety of different cryptocurrencies Binance Exchange is one of the most popular platforms. Since early 2018, Binance is considered one of the biggest cryptocurrency exchanges in the world, in terms of trading volume. Supporting more than 100+ coins with 240+ trading pairs.
However, Binance is no longer just an exchange and in this Binance review, I take a look into what Binance has to offer on its platform. Including the likes of Binance Lending, Binance Academy, their own stable coins BUSD and location-specific platforms they are becoming a one-stop-shop for all things crypto.
Binance.com is an online exchange platform where you buy and sell cryptocurrencies using digital assets such as Bitcoin and Ethereum.
The platform was founded in 2017, in China by Changpeng Zhao. However, Binance moved their servers and headquarters out of China (to Japan) in advance of the Chinese government ban on cryptocurrency trading in September 2017. Binance has since opened offices in Malta after stricter regulations in Japan and China.
Back in July 2017, Binance raised $15 million dollars in an Initial Coin Offering (ICO) for its ERC20 BNB token. As of January 2018, it was the largest cryptocurrency exchange with a Binance coin (BNB) market capitalization of $1.3 billion.
However, Binance also announced recently that they are formally expanding to the U.S. via a dedicated platform Binance.us.
Binance BNB Token
Binance Coin (BNB) is an Ethereum-based token that allows you to receive discounts on the services of the Binance platform. Users of Binance can receive a 25% discount on trading fees, by paying with Binance’s BNB token.
When trading with cryptocurrencies there is sometimes a small fraction of that cryptocurrency left over. This is known as “dust”. Within Binance you can convert this dust into their BNB coin.
BUSD Binance Stable Coin
Working in partnership with Paxo, Binance are launching a dollar-backed stable coin. The upcoming stable coin, which is dubbed as Binance USD (or BUSD) will be pegged 1:1 to the US dollar. They have also received the blessing of the New York Department of Financial Services (NYDFS).
When its launched, verified Paxos customers will be able to purchase BUSD tokens directly through the company’s wallet using either US dollar or PAX (which is their own stable coin). Binance users will also be able to trade BUSD for Bitcoin Binance Coin or XRP.
Binance Supported Cryptocurrencies
Binance is predominately a crypto to crypto exchange, meaning that you’ll first need to buy some crypto before you can start to exchange. This means there are no FIAT markets, however there are links to purchase crypto on the Binance.com website using a credit or debit card or even bank transfer (although these will be at higher fees/rates).
With Binance, you can trade in markets including Bitcoin, Alts, Stablecoins and their own BNB token.
Binance has one of the lowest trading fees of any cryptocurrency exchange at just 0.1% across all trades. However, using the BNB token for transaction fees will give you a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance.
There are no fees for depositing your crypto into Binance, other than the miner fees for your transactions.
How to Reduce Binance Trading Fees
By signing up to Binance Exchange using this link or referral ID GPZ64I32, you will save 20% when trading. However, you can save up to 45% when using the Binance BNB token. To find out more on how to save 45% trading on Binance Exchange click here.
Binance Withdrawal Fees
An important factor when withdrawing from the Binance exchange is to check out the Binance withdrawal fees. Binance withdrawal fees do vary and depend on the type of cryptocurrency that you are withdrawing.
You may also find that there are minimum withdrawal amounts that meet and these will be displayed when withdrawing from the platform. You can find the Binance Withdrawal fees and minimum withdrawal amounts over on their fee page.
How to Withdraw from Binance?
When trading on an exchange, it is important to withdraw your crypto and to keep it stored on an exchange long term. With Binance or any other centralized exchange, you won´t have access or control over your private keys. Also, an exchange that holds a lot of assets is far more likely to be a target for hackers.
Therefore, it’s important to withdraw from Binance and store your crypto safely in a secure wallet. I personally recommend a hardware wallet such as the likes of a Ledger or Trezor where your funds are stored offline and away from any potential harm.
The Binance Smart Chain is a new blockchain with an environment for developing high-performance decentralized applications. Meaning that you can use DEFI apps such as the likes of PancakeSwap or BakerySwap to exchange your tokens, provide liquidity or yield farm. However, compared to transactions on the likes of the Ethereum network, the Binance Smart chain is fast and with low fees.
How to Connect Binance Smart Chain to MetaMask
MetaMask has always been the go-to wallet for accessing the Ethereum network. However, you now connect to the likes of the Binance Smart Chain for accessing decentralised apps (or DeFi) with low transaction fees.
Binance Mobile App
With the Binance mobile app, you can trade Bitcoin and cryptocurrencies from the palm of your hand. The app is available for download for Andriod or iOS. By installing on a mobile device, you can also make use of the built-in security features such as a face or fingerprint technology to secure your assets.
Margin trading is now available on selected Altcoin trading pairs
Trust Wallet Binance Official Wallet
Trust Wallet is the official digital wallet of Binance. Binance acquired the secure and intuitive mobile wallet in 2018. For more information on the Trust Wallet check out our video tutorial.
In late August 2019, Binance launched their lending platform on a subscription-based service which was on a first come, first service. Its a value added service to Binance users who hold idle digital assets.
What is allows, is for Binance users to grow their funds by earning interest income for lending out their holdings over a specific period of time.
They’ve split this across phases. Phase 1 of the lending launch included a 14-day fixed term for BNB, USDT, and ETC. And Phase 2 (released 4th September 2019) included 14 and 28 days fixed terms and included Cardano, BTC as well as the above.
Binance Earn is a crypto savings account, offering users an interest-earning solution for crypto assets held on the exchange. You can find out more information on Binance Earn by click here.
Binance Liquid Swap (BSwap)
Binance has recently created its own centralized version of an automated market maker (AMM) pool which is set to rival the likes of UniSwap. BSwap/Binance Liquid Swap (which is the name of their new decentralized exchange) allows users to token swap and provide liquidity in return for an annual percentage yield whilst also getting a share of the protocol’s trading fees.
In this updatedreview for 2021, I take a look at Blockchain.com. Blockchain.com is one of the oldest and most trusted cryptocurrency wallets, with over 48 million wallets been created since 2011. We’ll look at how you can buy and sell your Bitcoin or other cryptocurrencies. Also, take a look a the features such as the Blockchain.com Exchange, airdrops and stable coin US Pax.
Who are Blockchain.com
Blockchain is based in Luxembourg and the company was co-founded by Peter Smith and Nicolas Cary. With a team of over 100 employees from 22 countries their experience in from both the tech and financial sectors.
The Blockchain wallet launched in 2011 and has since gained a large amount of trust within the cryptocurrency space. Blockchain now offers a wide range of products with the Wallet being one of many. Their other products include the Blockchain Exchange Platform, Hardware wallet “Lockbox”, Institutional Platform “Markets” and the Blockchain Developers API Platform.
What is Blockchain Wallet?
A Blockchain Wallet is a software cryptocurrency wallet where you can store your coins safely. It is the most popular choice wallet for Bitcoin and Ethereum especially for storing large amounts due to its security and protection. You can easily access your crypto from a mobile device or via the web platform.
With the Blockchain.com wallet, you can buy your first Bitcoin or other cryptocurrencies, exchange them and store your assets safely. You have full control of your assets. With the ability to back up your funds, and protect them from unauthorized access.
Blockchain Trading Wallet
Blockchain.com has added “Trading Wallets” to their platform for cheaper, faster transactions. Trading wallets are custodial wallet balances that users can use for functions such as receiving the crypto you buy, selling and swapping your crypto because these transactions do not have to be sent on-chain. Meaning the transactions can be faster, as they are not subject to cryptocurrency network congestion or confirmation times, and they do not incur network or transaction fees, as they do not have to be confirmed by the network or miners. Find out more about the Trading Wallet, plus how you can withdraw your crypto from Blockchain.com.
Blockchain Wallet Fees
As with the majority of other wallets, users are only charged for their transactions calculated by the wallet and depending on the network convestion and transaction size.
The fees will depend on whether you choose from a “Priority” or “Regular” transaction. With Priority, your transactions will try to be processed within an hour. Whereas Regular will incur a lower fee, however, will be slower. Advanced users can also custom the fees that they pay.
Blockchain Wallet Supported Coins
The Blockchain.com wallet currently supports five cryptocurrencies which include, Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Stellar (XLM) and USD Digital (previously USD Pax).
How to Buy Bitcoin
If you’re interested in getting into Bitcoin or other cryptocurrencies and you’re not too sure where to start, here is a step by step guide.
Step 1: Login In and Buy Crypto
If you would like to buy your crypto quickly and easily on the Blockchain wallet with Euros or GBP the first thing you need to do is “Login” and select “Buy Crypto“.
Step 2: Select Your Crypto and Amount
Then over on the right hand side, choose which cryptocurrency you would like to purchase. And you can select from: Bitcoin, Ethereum, Bitcoin Cash, Stellar, and USD Digital. Against each currency it’ll show you the market price which is the estimated price you will be paying. This is only estimated as the market could change between now and when your order is actually place.
You can then type in the amount that you would like to purchase. The minimum buy is 5 of your chosen currency, so this could be £5, €5 with a maximum of 5,000 per order. There are also daily and weekly limits too which will depend on your level of verification.
Step 3 : Check Out
And if you’re new, you’ll be asked to verify your identity to proceed with the order which may include uploading your photo ID.
Once you’re verified, you’ll reach a “Checkout” screen with the details of your order.
This screen shows your exchange rate, payment method and the fees associated to your order.
When you create an order on Blockchain’s wallet you’re actually creating something called a market order which means that you’re paying at the market rate. So although the fees are showing as zero you could be purchasing your Bitcoin at a slightly inflated rate.
To Confirm your purchase, you can then click onto “Continue“.
Step 4: Send your Funds
You’ll then be presented with the bank details of where to send your funds to.
Please note that as it states to “only send funds from a bank account in your name. If not, your deposit could be delayed or rejected“.
You’ll need to securely transfer Euros or British Pounds (whichever currency you are paying with) from your bank account to Blockchain.com using the details on the screen.
Your purchase is then pending, until they receive the funds.
Once it’s completed the newly purchased bitcoin will then show in your associated crypto wallet where its safely stored.
How to Send Bitcoin
If you want to send your Bitcoin from your Blockchain.com wallet and across to another wallet or an exchange you’ll need to click onto the “Send” button from the top of your screen.
Step 1: Choose Your Currency & Wallet
First you’ll need to select the currency you want to send from your wallet. If you have more than 1 of your chosen currency wallet (for example if you’ve imported a Bitcoin Paper Wallet) you can select the required wallet from the dropdown too.
Step 2: Enter the Bitcoin Address & Amount
Enter the address of where you would like the crypto to be sent to. This will either be a long string of numbers and letters that you can paste into, or you can scan using a QR code.
Then enter the ‘Amount‘ that you would like to send across. You will then have the ability to select your network fee which will appear on the right. Finally, click onto ‘Continue‘ to confirm your transaction.
How to Sell
With blockchain being one of the oldest and most trusted wallets available, you’d assume you could easily withdraw your funds. However, unfortunately, this doesn’t seem to be the case at this time.
The blockchain wallet used to have a buy and sell section on the left which has been now mysteriously been replaced with just “Buy crypto”. Therefore, users must use the Blockchain Exchange to Sell their crypto.
So, if you’re not fan of holding your crypto for the long run and you want to cash it in and withdraw, here is a beginners guide.
Step 1: Create a Blockchain exchange account & connect your Blockchain wallet
The first thing you’ll need to do is create a Blockchain Exchange account by entering your email address and creating a password. You’ll then have the option to connect your Blockchain wallet, which is only available at this time and cannot be done later. You can connect this using a QR code or signing into your Blockchain wallet.
Step 2: Deposit your crypto
Next, you’ll need to do is deposit some crypto that you can sell. You can deposit from your linked blockchain.com wallet, or send funds across using the associated wallet address.
Step 3: Sell your crypto
From the top you can choose your pairing by clicking onto the ‘+‘ icon. And you can choose from a host of pairings including exchanging for euros or dollars.
Then select “Sell” on the right of the screen, as well as the amount (in your chosen crypto) that you’d like to sell.
Then you have the option of market, limit stop and stop-limit orders. For the purposes of this beginners guide we’re going to keep it simple and sell with a market order. Which means I’m going to see at whatever the current market price is.
And you can “Place BTC Order” which is go through automatically and instantly.
Step 4: Withdraw to your bank account
So we now have converted our crypto to FIAT currency we can head to “Portfolio” and “Withdraw“.
Please note you do need to be gold level verified to be able to withdraw FIAT currencies. It’ll also ask you to make a small deposit if you haven’t already linked your bank account.
Your funds will then withdraw into your bank account.
How to Receive Bitcoin to your Blockchain Wallet
If you want to receive cryptocurrencies into your wallet, maybe you are sending funds from an exchange or another wallet then you’ll need to click onto “Request” at the top of your screen.
Step 1: Select Your Currency & Receiving Wallet
First you’ll need to select the type of currency you are going to be sending across to your wallet. Each cryptocurrency will have its own associated address. Then you will need to state which wallet you’d like the crypto to be sent to.
Step 2: Share your Address
Next you will need to copy or share your public address. This can be done using a QR code (for mobile devices) or you can copy the address from the “Address” section by clicking onto the copy icon on the right and then you can share or paste this in you “Send” feature from where you are sending the funds.
Blockchain Interest Accounts
Blockchain.com now allows users to deposit Bitcoin into an interesting account. Once you have deposited Bitcoin into your interest account, you will start earning up to 4.5% interest.
With Blockchain’s “Swap” feature, you can exchange any cryptocurrency for another crypto. This in-wallet exchange, allows users to quickly and easily exchange one crypto asset for another whilst keeping control of their private keys. All without having to ever leave your Blockchain.com Wallet. And you can swap between Bitcoin, Ethereum, Bitcoin Cash, Stellar and USD-D.
Blockchain.com’s Airdrop Program provides Gold level verified users the opportunity to participate in Airdrops. Their first phase, was the Stellar Airdrop, putting XLM in the hands of millions of new users and doubled the Stellar network.
With their second airdrop, they partnered with Blockstack to give away Stacks tokens (STX) to their users.
Blockchain rebranded its cryptocurrency exchange platform from “The Pit” to “Blockchain Exchange“. The new Blockchain.com exchange provides a high-speed crypto exchange for retail traders with the ability to trade 34+ cryptocurrencies.
The exchange has been created for the novice investor in mind, with its clear user-friendly interface. With the Blockchain exchange, you can view markets, check the status of your orders, make deposits, withdraw funds and trade crypto assets. Available in 200 countries within some locations, you can also buy crypto using FIAT, depending on your verification level.
Blockchain’s “Borrow” gives their Gold level verified users the ability to borrow USD Digital from Blockchain.com using bitcoin stored in the Wallet as collateral. The interest rate for your loan is given in the loan creation form and are subject to change.
At this time, they only accept collateral in bitcoin (BTC), to be sent from your Blockchain.com Wallet. However, they do plan to extend this to other cryptocurrencies in the future. The transaction will be initiated automatically as soon as you confirm the loan.
Most lenders will pull borrowers’ credit score reports or other reports of borrowing history. This can then lead to having a negative effect on your credit score. However, Blockchain.com Borrow does not require credit, so taking out a loan with them will not affect your credit score.
USD Digital Stable Coin
Blockchain has now renamed USD PAX to USD Digitial. USD-D is crypto pegged 1:1 with the USD meaning that 1 USD Digital token will always be valued at 1 USD within your wallet. With USD-D you can hold a stable, digital dollar in your Blockchain Wallet. As USD Digital is an ERC20 token any transactions with it will cost an additional, small fee in ETH.
These digital dollars are powered by Paxos Standard, one of the most actively traded stable-coins and among the first to be regulated by the New York State Department of Financial Services.
Lockbox Hardware Wallet
Blockchain has released its own hardware wallet called Lockbox. Lockbox has been designed specifically by Ledger (creators of the Ledger Nano S). By storing your private key in a hardware wallet, you are securing your crypto offline, keeping it another step away from hackers. Therefore by using their Lockbox in conjunction with the online wallet, you get the best of both worlds. The easiest, most widely used web wallet and the most secure offline storage solution creating a seamless experience to trade, transact, and protect your crypto.
Blockchain Lockbox features custom firmware, enabling exclusive features.
Blockchain Wallet Customer Support
Blockchain.com wallet does have a support system where you can submit ticket requests for support via its online Support Centre. They also provide some FAQs to resolve commonly asked queries. However, for a newbie getting into cryptocurrencies, unfortunately, there is no live 24/7 chat feature and in busy periods their support can get flooded. Therefore you may find that there is not an adequate support structure to support you.