Coinbase review 2020
We recommend Coinbase because they were among the first to make bitcoin and other cryptocurrencies easy accessible to non technical people. They offer a wide range of services and the always have to user in focus, which is why it is so easy to use.
Coinbase is based in United States, San Francisco and was founded in 2012.
Coinbase has more than 30 million users and is serving clients in more than 102 countries. Therefore it is also considered as one of the biggest exchanges in the world.
It is a very good exchange with a lot of features, and recurring payments, converting one crypto to another crypto and much more.
Payment methods on Coinbase
You can only convert crypto to another crypto. No FIAT withdrawals or deposits are available in Africa.
You can only convert crypto to another crypto. No FIAT withdrawals or deposits are available in Asian countries except Singapore.
|Payment methods (Australia)||Buy||Sell||Deposit||Withdraw|
|Payment methods (Europe)||Buy||Sell||Deposit||Withdraw|
|3D Secure Card||✓||✘||✘||✘|
|Ideal / Sofort||✘||✘||✓||✘|
|Payment methods (US)||Buy||Sell||Deposit||Withdraw|
|Bank Account (ACH)||✓||✓||✓||✓|
Privacy on Coinbase
In order to use Coinbase you will need to provide identification documents like passport, drivers license etc to verify your identity. If you prefer to be completely anonymous then Coinbase is not for you.
Coinbase has two verification levels - Level 1 and 2.
Verification level 1
Verification level 1 is mandatory if you want to buy cryptocurrencies on Coinbase.
For level 1 you will need to provide the following:
- Picture of an identification document as a passport or driver’s license
- Phone number, which is used for sending you confirmation codes. This is a security feature.
Verification level 2
For the second level which gives you access to unlimited buying and selling crypto. For this you will need to provide some personal information.
Limits on Coinbase
Trade limits on Coinbase
With verification level 1 you will be able to trade cryptocurrencies up to $5000 daily.
If your account is fully verified meaning has level 2 verification then you will be able to trade up to $25,000 daily.
Fees on Coinbase
Whenever you buy or sell cryptocurrencies on Coinbase they will charge you a spread of 0.50% of the current price. The spread is included in the price that you see on the platform so it is not that obvious. On top of this they are stating that there can be an even bigger spread as the price on their professional platform Coinbase Pro can fluctuate a lot. What that means is that when you buy on Coinbase, they will actually buy from their Pro platform and there the price can have changed since you quoted the price.
It is worth mentioning that Coinbase is charging a fee % that can vary based on the region you are in, what feature you are using, buying/selling, converting or recurring purchase.
Also if you buy with your FIAT wallet there will be a flat fee based on the amount you are buying for.
|$10 or less||$0.99|
|$25 or less||$1.49|
|$50 or less||$1.99|
|$200 or less||$2.99|
But if you are using a payment method instead of your fiat wallet you will pay the fee associated with payment method or the flat fee, depending on which one is the highest. You will always be charged the highest of the two.
Payment methods and associated fees
|Australia||Credit / Debit card buys||3.99%|
|Canada||Credit / Debit card buys||3.99%|
|Europe||FIAT wallet Buy / Sell||1.49%|
|Europe||Instant Buy / Sell with Credit / Debit card||3.99%|
|Europe||Bank transfer (SEPA) - in / out||Free / €0.15|
|Singapore||Credit / Debit card buys||3.99%|
|UK||FIAT wallet Buy / Sell||1.49%|
|UK||Instant Buy / Sell with Credit / Debit card||3.99%|
|UK||Bank Wires - in / out||Free / £1|
|Region||Payment method for Buy / Sell||Effective Rate of Conversion Fee|
|US||US Bank account||1.49%|
|US||Coinbase USD Wallet||1.49%|
|US||Credit / Debit card||3.99%|
|Region||USD Deposit methods||Fee|
|US||Wire Transfer||$10 ($25 outgoing)|
For more details go to Coinbase fee page.
Purchasing bitcoins and general features on Coinbase are working flawless and very quick. As always it can take time to withdraw crypto to external wallets depending on coin, transaction size and how busy the network is.
Customer service has a tendency to be a bit slow in responding compared to other exchanges that we have reviewed. However nothing that should make you choose another exchange over Coinbase.
Security on Coinbase
Coinbase has a very high security standard. They recommend all users to activate 2-step verification (2 factor authentication), which can either be via an authentication app like Google authenticator, or via SMS or a physical hardware authentication device.
Because Coinbase has been around since 2012, it also has a long and good reputation in the industry. The high security standard and really easy to use interface makes them a really good choice for customers that want to buy bitcoin for the first time.
Coins available on Coinbase
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Basic Attention Token (BAT)
USD Coin (USDC)
Coinbase’s own coin
USD Coin (USDC)
Coinbase offers recurring purchase with credit card and debit card. This is a great way to start owning crypto and also manage the risk of buying at the top of the markets as you spread your purchases over weeks, months or years.
Coinbase’s website is working and optimised for the most used browsers and screen sizes. But if you are on a mobile device it is recommended to use their native apps. Their native apps take advantage of the native controls like fingerprint recognition and face ID. Coinbase has apps for both Android and iOS.
Coinbase offers staking. So far they only have staking for Tezos (XTZ), but they will most likely add staking for more coins in the future.
At the moment Coinbase is not offering a lending service.
Coinbase customer support
Coinbase support is responsive and working well for normal inquiries however with a bit more technical issues or verification problems we have experience that customer support has a high level of automation in the customer care which is natural when you serve 30 mio customers. However it also comes with a downside as small detail or deviations can be lost.
More about Coinbase
More than 30 million users are using their services and they are serving clients in more than 102 countries. Therefore it is also considered as one of the biggest exchanges in the world.
It is a very good exchange with a lot of features, recurring payments, converting one crypto to another crypto and much more.
It was founded in 2012 by Brian Armstrong and Fred Ehrsam. Ben Reeves was also part of the company back then, but decided to go his own way, and instead he started blockchain.info. Blockchain.info is now the biggest wallet provider in the world.
Has Coinbase ever been hacked?
There have been numerous attempts to hack the popular crypto exchange. However there are no reports that attackers have succeeded hacking Coinbase.
In May 2019 they experienced such an attempt from scammers impersonating Gregory Harris, a well known Researcher at the University of Cambridge. However it was not successful. You can read more about this in their blog post.
Bitpanda is the leading crypto exchange in Europe with more than 1 million users. You can trade more than +30 cryptocurrencies, gold, silver and other metals.