Reliability, ease-of-use, great UI but limited coin options

Coinbase – The Comprehensive Review
9.5
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Coinbase

Coinbase is the easiest place to buy and sell cryptocurrency. Sign up and get started today.
Deposit $100 in crypto and receive $10 (Plus up to $30 additional free crypto – READ MORE BELOW)
UP TO $40 FREE CRYPTO WITH OUR SIGN UP BONUS
Signing up to Coinbase with our link enables you to claim $10 FREE BTC. You can claim another $30 free by utilising Coinbase's “earn and learn” feature. After signing up simply watch some short explanatory videos and receive up to $30 worth of free crypto. As of Jan 2022 this includes $30 worth of crypto made up of Amp, The Graph, Fetch.ai, IoTeX and Clover Finance. These can then be converted to your crypto of choice with 1 button. That’s $40 free crypto just for signing up with this link and depositing $100. 

Overview

Coinbase was founded in 2012 and in January 2022 has the 2nd highest volume of traded crypto daily, only behind Binance. Coinbase went public on the NASDAQ this year and as a company has a market cap over USD$ 60 billion. Being a publicly traded company, Coinbase attracts significant media attention whenever it announces additional coin offerings, announces it profits or has any technical issues as it is viewed by the media as the benchmark crypto exchange.  

Positive
  • Great, easy to use UI
  • Up to $40 in free crypto after sign up
  • Option for recurring buys.
Negatives
  • Limited crypto coin options
  • Not the lowest trading fees available
  • Fee structure is difficult to understand

User Interface (UI)

Cryptocurrency buying/selling can be confusing for even the most tech savvy of us. Coinbase makes the practical aspects of trading as simple as possible. The user interface (UI) is well-suited to beginners and both the website and app come jam packed with tons of educational/informative video tutorials to get you started.

Coinbase Learn and Earn feature
Coinbase Learn and Earn
Coinbase portfolio
Portfolio

Coinbase’s user-orientated and trust-focused design extends beyond accessible trading, focusing on the user’s experience and wellbeing.

A modern, clear, engaging UI. Both the website and app have an overall user friendly style.

Fees

0.50% per trade; Additional 1.49% for bank account or Coinbase Wallet purchases; Additional 3.99% for credit card purchases. Its website states “fees are calculated at the time you place your order and may be determined by a combination of factors including the selected payment method, the size of the order, and market conditions such as volatility and liquidity”

Like most crypto exchanges, there are no fees for signing up or having an account. Holding your funds in your account also attracts no fees.

Security

  • Can I trust Coinbase? Is my bitcoin safe in Coinbase?

Coinbase is a publicly listed corporation that has been operating for nearly a decade. In terms of crypto this is an eternity. However nothing is 100%. Coinbase however does offer 2FA via SMS or Google Authenticator app for added security. It also offers cold storage and multi-signature walls. Even more so, USD balances are FDIC insured up to $250k. Like all reputable exchanges Coinbase require l KYC and institutes a number of anti-money laundering protections.

  • Do I actually own my bitcoin on Coinbase?

It’s a very common question. Asked by many within the crypto world, about who actually controls the crypto in your online exchange account. Coinbase.com is a cryptocurrency brokerage like other exchanges, and after purchasing your crypto and can sell it when you please, however it is in fact stored on the exchange’s server. This is termed a “hot wallet” whereby your crypto wallet is connected to the internet and therefore is theoretically open to potential attacks.

Coinbase has an option for those not wanting to store their crypto on a hot wallet with the Coinbase Wallet, the private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not within a centralized exchange like Coinbase.com. Think of your Coinbase.com account as a brokerage that can store your crypto for you, and Coinbase Wallet like a traditional cash wallet that gives you direct and complete control over your own crypto assets.

Available Crypto

In terms of breadth of available crypto currencies for trading, CoinBase does not offer nearly as many coins compared to the over 400 that Binance and over 250 that FTX offer. It does however offer a very respectable 134 coins on their standard accounts which is certainly enough to satisfy the vast majority of traders.

All of the top coins by market cap and trading volume are available some of which are shown below:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap (SUSHI)

Staking Options

Like many other exchanges, Coinbase now offers staking options for certain crypto coins. The APR of these counts ranges from as low as 0.15% for USDC to 5% for Cosmos. Due to country specific regulations, the staking options differs for each country. Coinbase intends to continue adding further staking coins in the future.

Customer Service

Coinbase utilises both Twitter and Email as a way to contact their customer support. However support is noted as minimal on Twitter, the company explains this by mentioning that they are unable to assist with account-specific issues via Twitter

What countries does Coinbase operate in?

Cryptocurrency conversion services are currently available in over 100 countries including Australia, Canada, UK, USA and most European nations. Functionality differs between countries with some locations limited to converting crypto currencies only, with no trading functionality.

Coinbase vs Binance

Coinbase vs BinanceEase-of-Use vs Low Fees
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Sign Up Bonus
$40 FREE BTC
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10% bonus account credit
Fees
VS
User Experience/Ease of use
VS
Coins listed
VS

Coinbase “Learn and Earn”

A unique feature of Coinbase is its Learn and Earn feature. Every few weeks a new a crypto is features and by watching a few short (<1min) videos and answers a multi-choice question you are awarded with free crypto.

Here are 3 of the most recent crypto promotions (still available) with a cheat sheet of answers for you. 

Free $3 in AMP

Free $3 in GRT

Free $3 in CLOVER

  1. A collateral token
  2. Instant settlement assurance
  3. AMP rewards
  1. Blockchain data.
  2. GRT Tokens.
  3. The Curators.
  4. Delegate to a high-quality Indexer.
  1. Dapps with cross-chain compatibility.
  2. Clover Finance Wallet.
  3. DeFi

Once you have all your free crypto rewards plus the sign up bonus, the next step is up to you.

  • Keep you various cryptos in the hope they increase in value
  • Convert all you cryptos into a more stable crypto Bitcoin/Ethereum
  • Sell them for USD! Once you’ve sold it for USD, you can then link your bank account to Coinbase and directly transfer it to your account.

Final Verdict

Coinbase is a great option for those starting their crypto journey. Using our sign up link you can get a head start with $10 free plus with “learn and earn” you can get another $30 of crypto free. If you are asking yourself: Is Coinbase good for beginners? The answer is YES. With a great sign up bonus, together with a great and easy to use user interface, and a respectable array of crypto coins on offer, Coinbase is undoubtedly a solid option for your crypto trading needs, particularly for those just entering the crypto world.

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