Coinbase offers a large selection of cryptocurrencies, an easy-to-use design, and educational content. It also offers the more sophisticated Coinbase Pro platform for crypto investors. It is the most popular cryptocurrency exchange in the world thanks to these benefits and its high-quality security. To find out if it’s the right exchange for you, read our complete review.

Cryptocurrencies on Coinbase 

Coinbase allows you to trade over 100 cryptocurrencies. New coins are added regularly. There are many, but we will only list the most important currencies:

Features

Ease of use

Coinbase is extremely easy to use. To minimize trading costs, signing up is quick and easy.

It is easy to use and brightens the interface. The search bar allows you to quickly navigate through the many crypto offerings, including Tellor and Bitcoin. You can also set up purchases that will recur.

This cryptocurrency exchange lets you trade selected cryptos to cryptos. This means you can convert your Augur to Litecoins. This conversion incurs a fee of 2% on the transaction.

How secure is Coinbase?

Coinbase has built its reputation as a safe place to buy and trade crypto. This was a particularly important claim after Mt. This was especially true after Mt. Coinbase has never experienced such a catastrophe.

The platform claims that 98% are offline and stored in different locations all over the globe, providing greater security for digital assets. It stores your crypto in their free wallet service. However, you can also choose to store your crypto in a third party wallet.

To sign in to your account, you will need to perform a 2-factor authentication. You can also use biometric fingerprints or AES256 encryption for your private keys.

It also offers crime insurance to protect your digital assets from theft and cybersecurity breaches. This insurance does not apply to individual accounts and only kicks in if the exchange itself is compromised.

Financial Services Compensation Scheme protection doesn’t cover cryptocurrency in your accounts.

Education

Coinbase’s Learn platform rewards users with cryptocurrency when they complete lessons. These interactive lessons, which are similar to Instagram Stories, take less than 10 minutes each and usually reward users with $1 (PS0.77) up to $5 (PS3.85) of the coin they are learning.

Staking Rewards

Coinbase customers who have certain coins in their accounts can earn rewards if the exchange stakes them or uses them to verify transactions for proof of stake cryptocurrencies like Ethereum. Coinbase charges 25% commission on staking profits.

Coinbase Pro

This is for advanced traders, while Coinbase is intended for beginners. Both Coinbase Pro and Coinbase can be used with the same credentials.

It provides a complete crypto trading experience. It features advanced charting capabilities, a greater variety of order types, including stop, limit, and market orders. It also allows free transfers between Coinbase Pro and Coinbase wallets.

Coinbase Fees

Coinbase does not disclose its fees and pricing. Coinbase recently removed its entire fee schedule from its online help section. You can see the cost of a trade on the trade screen before you start a trade.

These are the fees that you can expect from the main platform:

Trade Size Fees
$10 or less$0.99
From $10 to $25$1.49
$25 to $50$1.99
From $50 to $200$2.99

Trades over $200 are subject to a percentage-based fee instead of a flat fee.

For certain account funding methods and withdrawals, additional fees may apply.

Payment MethodCoinbase Fees
Bank Account1.49%
USD Wallet1.49%
Credit/Debit card3.99%
Credit/Debit cardNo cost
Credit/Debit card$10 incoming, $25 outgoing
Credit/Debit card2%

Transaction and Trading Fees

Coinbase’s fee structure is confusing because it depends on three factors:

These factors make fees hard to predict on the main platform. The company claims that it clearly discloses fees to customers before finalizing a transaction.

Coinbase Pro’s pricing model, by comparison, is simpler, but fees have increased slightly in recent years. It is based on your monthly trading volume, liquidity, and the asset’s availability at the time you purchase it. If your order has to wait for a buyer, a “taker fee” will be charged. Coinbase Pro requires that deposits and withdrawals be made to a bank account. No card purchases are permitted. Wire transfer fees still apply.

Pros and Cons

ProsCons
Large selection of cryptocurrencies available for tradeExpensive and difficult-to-understand fee structure
Minimum account balanceTo get lower fees, you will need to use a different platform
Convenient user experience

How Coinbase works

Coinbase lets users buy, sell and spend cryptocurrency. You can use it to make ACH transfers, wire money, or debit card payments. ACH transfers are the best option because you can transfer money directly from your bank account.

The crypto exchange has many features including:

Conclusion

Coinbase is a great platform to exchange, buy, store, and sell cryptocurrency. This platform is ideal for cryptocurrency beginners who don’t want to deal with the complexity of decentralised exchanges or external wallets.

Its pricing structure and customer support are the biggest drawbacks. It’s a great option for anyone who wants to participate in cryptocurrency.

Leave a Reply

Your email address will not be published.