Coinbase review - Updated 2022

Disclaimer: Coinbase is a cryptocurrency exchange that we have purchased and sold several tokens. We bring you an unbiased and updated review (2022 version) of our findings. 

coinbase reviewIf you’ve heard of any crypto exchange initially (before the boom), we bet it was Coinbase. The first-ever crypto exchange for advertising during the Super Bowl Sunday night.

Coinbase has been word of mouth ever since. The early adopters and investors around the crypto space have been using this decade-old platform for years now.

Founded in San Francisco, Coinbase continues to be one of the oldest crypto exchanges with a current valuation of around $50 billion and over 73 million traders in 2022. 

But, interestingly, it wasn’t until last year that the crypto exchange gained mainstream attention. Coinbase became the first-ever platform to go public on Nasdaq. 

In this review, let’s get into the details of trading, buying, selling, and holding cryptocurrencies over the Coinbase exchange. 

Coinbase: At A Glance 

  1. Supports over 150 cryptocurrencies 
  2. Free wallet service with private key access
  3. Trading fees comprise spread and Coinbase Fee
  4. Minimum buy or sell order value of $2
  5. Beginner-friendly UI 
  6. Crypto rewards for learning via its education hub
  7. Options to upgrade to Coinbase Pro

Company Overview

Founded in 2012, Coinbase is a US-based crypto exchange established by Fred Ehrsam and Brian Armstrong. Currently available in over 100 countries around the globe, it hosts over $180 billion in assets on its platform. 

Coinbase is a licensed and fully-regulated company that has raised over $540 million from leading investors like Rabbit Capital, Andreessen Horowitz, and The NYSE.

Services Offered

1. Coinbase Pro

Coinbase Pro

Formerly GDAX, Coinbase Pro is an advanced trading platform. Its feature allows more premium elements, which include more order types, advanced charting, and lower trading fees.

The Coinbase Pro service model allows traders to deal with several cryptocurrencies, including BTC, BCH, ETH, LTC, and ZRX.

2. Coinbase Lend

As per its latest 2021 update, users can now earn interest by lending their supported assets over the Coinbase platform. Beginning with USDC, the service is currently limited to eligible users from the United States. 

With these features, investors can now lend their cryptocurrency to verified borrowers in return for some specific returns. Interestingly, they also have an option to back out from their investment at any time.

3. Coinbase Wallet

Coinbase also introduced an independent wallet service for both iOS and Android platforms in 2018. The wallet provides limited access to the funds with the help of private keys stored over the device.

4. Coinbase Staking

Another prominent feature of the Coinbase exchange is its easy-to-use staking service, allowing users to earn staking rewards via selected Proof-of-Stake cryptocurrencies. 

While the users can stake the coins independently, Coinbase helps streamline the process significantly. In addition, it eliminates any need for specialized hardware or technical expertise.

5. Coinbase Fee

Coinbase can get a bit tricky when it comes to its fee structure. The platform breaks down its fee structure into two parts: 

  1. The market price of +0.5%
  2. Transaction fee (Either a flat fee for transactions below $200 or a percentage, whichever is greater).

However, the fee payment over Coinbase varies, depending on the method of payment, location, and other different factors. Here’s a table that explains the different rates over the Coinbase platform to give you a better idea. 

Flat Fee 
Total Transaction AmountFee
$10 or less   $0.99
More than $10 >=< $25   $1.49
More than $25 >=< $50   $1.99
More than $50 >=< $200$2.99
Percentage 
Payment Method (For Sale Or Purchase)Fee
U.S. Bank Account   1.49%
Coinbase USD Wallet   1.49%
Debit Card or PayPal   3.99%
Instant Card WithdrawalUp to 1.5% (minimum $0.55)
Other Fees 
ACH Transfer    FreeFree
Wire Transfer$10 ($25 outgoing
PayPal   2.5%

5. Coinbase Security

Coinbase has built a reputation around its security. For instance, in 2022, the platform claims that it has stored over 98% of its consumer funds across several locations globally, allowing better security of its digital assets. It is further backed by two-factor authentication, AES-256 encryption, and biometric fingerprints over private keys.

Moreover, Coinbase pools its cash in three different accounts: U.S. money market funds, custodial accounts at U.S. banks, and short-term U.S. Treasuries.

Now that you have an idea of the platform, let’s walk you through the registration process. 

Steps To Open A Coinbase Account in 2022

As a new user, you’re likely to get confused with the steps around opening a Coinbase account. Therefore, here’s a step-by-step approach for the same: 

Step 1: Visit Coinbase.com from your browser and click the ‘Sign Up’ button in the top-right corner.

Step 2: Once you click the button, a form appears with the fields which require your name, email address, and password. 

Note: Ensure that you use your official name, as present on your driver’s license or passport.

Step 3: Once you’ve entered the correct information, create a password and pass the reCAPTCHA security box, followed by the Privacy Policy and User Agreement check box. Once done, press the ‘Create Account’ button.

Once you’ve followed the steps, you’ll receive a confirmation email with a link. On clicking the link, you’ll have a verified Coinbase account. Post this; you’ll have to confirm your identity to secure it further.

Step 4: The identity confirmation process is divided into two-part:

  1. Validating your documents 
  2. Your physical verification via a selfie

Step 5: Once you’re done validating your account, you’re ready to add funds and invest in cryptos with Coinbase.

Coinbase Vs. Binance

While looking for different crypto exchanges, to begin with, the chances are that you might come across Binance as a potential platform. Therefore, to help you understand better, here’s a detailed overview:

 CoinbaseBinance
Primary features
  • Platform with beginner-friendly UI offering basic transactions 
  • Presence of a digital wallet
  • Seamless PayPal withdrawals.
  • Hosts Low fees
  • Several cryptocurrencies
  • Advanced charting options
Total Supported Cryptocurrencies107

500 – Global Traders

60 – U.S investors on Binance U.S.

Basic Fees
  1. 0.50% per trade
  2. 1.9% for bank account or Coinbase wallet purchases 
  3. 3.99% for credit card purchases
  4. $25 for withdrawal
  5. $10 deposit for wire transfers
  1. Trading and purchase fees at 0.015% – 0.10% 
  2. Debit card fee at 3.5% or $10 (whatever stands high) 
  3. U.S. transfer for $15
Supported TransactionsBuy, receive, sell, exchange, and send.Trailing stop order, post only order, Limit order, market order, stop-limit order, margin trading, one-cancels-the-other order, peer-to-peer trading, and more.
Security Features
  1. AES-256 encryption for digital wallets
  2. Biometric fingerprint logins
  3. Insurance for hot storage in case of Coinbase breach
  4. FDIC-insured USD balances 
  5. 2FA verification
  6. Cold storage.
  1. FDIC-insured balances for Binance.US 
  2. 2FA verification, address whitelisting 
  3. Device management
  4. Cold storage
There You Go! 

So that’s a wrap on Coinbase as your crypto exchange! Being one of the most prominent trading platforms, it is reliable and easy to navigate. Lastly, with the options for going pro, Coinbase is also a dedicated platform for learning and advanced professionals. Invest wisely!

Coinbase review – Updated 2022

coinbase appDisclaimer: Coinbase is a cryptocurrency exchange that we have purchased and sold several tokens. We bring you an unbiased and updated review (2022 version) of our findings. 

If you’ve heard of any crypto exchange initially (before the boom), we bet it was Coinbase. The first-ever crypto exchange for advertising during the Super Bowl Sunday night.

Coinbase has been word of mouth ever since. The early adopters and investors around the crypto space have been using this decade-old platform for years now.

Founded in San Francisco, Coinbase continues to be one of the oldest crypto exchanges with a current valuation of around $50 billion and over 73 million traders in 2022. 

But, interestingly, it wasn’t until last year that the crypto exchange gained mainstream attention. Coinbase became the first-ever platform to go public on Nasdaq. 

In this review, let’s get into the details of trading, buying, selling, and holding cryptocurrencies over the Coinbase exchange. 

Coinbase: At A Glance 
  1. Supports over 150 cryptocurrencies 
  2. Free wallet service with private key access
  3. Trading fees comprise spread and Coinbase Fee
  4. Minimum buy or sell order value of $2
  5. Beginner-friendly UI 
  6. Crypto rewards for learning via its education hub
  7. Options to upgrade to Coinbase Pro
Company Overview

Founded in 2012, Coinbase is a US-based crypto exchange established by Fred Ehrsam and Brian Armstrong. Currently available in over 100 countries around the globe, it hosts over $180 billion in assets on its platform. 

Coinbase is a licensed and fully-regulated company that has raised over $540 million from leading investors like Rabbit Capital, Andreessen Horowitz, and The NYSE.

Services Offered

Coinbase Pro

Coinbase Pro

Formerly GDAX, Coinbase Pro is an advanced trading platform. Its feature allows more premium elements, which include more order types, advanced charting, and lower trading fees.

The Coinbase Pro service model allows traders to deal with several cryptocurrencies, including BTC, BCH, ETH, LTC, and ZRX.

Coinbase Lend

As per its latest 2021 update, users can now earn interest by lending their supported assets over the Coinbase platform. Beginning with USDC, the service is currently limited to eligible users from the United States. 

With these features, investors can now lend their cryptocurrency to verified borrowers in return for some specific returns. Interestingly, they also have an option to back out from their investment at any time.

Coinbase Wallet

Coinbase also introduced an independent wallet service for both iOS and Android platforms in 2018. The wallet provides limited access to the funds with the help of private keys stored over the device.

Coinbase Staking

Another prominent feature of the Coinbase exchange is its easy-to-use staking service, allowing users to earn staking rewards via selected Proof-of-Stake cryptocurrencies. 

While the users can stake the coins independently, Coinbase helps streamline the process significantly. In addition, it eliminates any need for specialized hardware or technical expertise.

Coinbase Fee

Coinbase can get a bit tricky when it comes to its fee structure. The platform breaks down its fee structure into two parts: 

  1. The market price of +0.5%
  2. Transaction fee (Either a flat fee for transactions below $200 or a percentage, whichever is greater).

However, the fee payment over Coinbase varies, depending on the method of payment, location, and other different factors. Here’s a table that explains the different rates over the Coinbase platform to give you a better idea. 

 

Flat Fee 
Total Transaction AmountFee
$10 or less    $0.99
More than $10 >=< $25    $1.49
More than $25 >=< $50    $1.99
More than $50 >=< $200$2.99
Percentage 
Payment Method (For Sale Or Purchase)Fee
U.S. Bank Account    1.49%
Coinbase USD Wallet    1.49%
Debit Card or PayPal    3.99%
Instant Card WithdrawalUp to 1.5% (minimum $0.55)
Other Fees 
ACH Transfer    FreeFree
Wire Transfer$10 ($25 outgoing
PayPal    2.5%
Coinbase Security

Coinbase has built a reputation around its security. For instance, in 2022, the platform claims that it has stored over 98% of its consumer funds across several locations globally, allowing better security of its digital assets. It is further backed by two-factor authentication, AES-256 encryption, and biometric fingerprints over private keys.

Moreover, Coinbase pools its cash in three different accounts: U.S. money market funds, custodial accounts at U.S. banks, and short-term U.S. Treasuries.

Now that you have an idea of the platform, let’s walk you through the registration process. 

Steps To Open A Coinbase Account in 2022

As a new user, you’re likely to get confused with the steps around opening a Coinbase account. Therefore, here’s a step-by-step approach for the same: 

Step 1: Visit Coinbase.com from your browser and click the ‘Sign Up’ button in the top-right corner.

coinbase app 2

Step 2: Once you click the button, a form appears with the fields which require your name, email address, and password. 

Note: Ensure that you use your official name, as present on your driver’s license or passport.

Step 3: Once you’ve entered the correct information, create a password and pass the reCAPTCHA security box, followed by the Privacy Policy and User Agreement check box. Once done, press the ‘Create Account’ button.

Once you’ve followed the steps, you’ll receive a confirmation email with a link. On clicking the link, you’ll have a verified Coinbase account. Post this; you’ll have to confirm your identity to secure it further.

Step 4: The identity confirmation process is divided into two-part:

  1. Validating your documents 
  2. Your physical verification via a selfie

Step 5: Once you’re done validating your account, you’re ready to add funds and invest in cryptos with Coinbase.

Coinbase Vs. Binance

While looking for different crypto exchanges, to begin with, the chances are that you might come across Binance as a potential platform. Therefore, to help you understand better, here’s a detailed overview:

 CoinbaseBinance
Primary features
  • Platform with beginner-friendly UI offering basic transactions 
  • Presence of a digital wallet
  • Seamless PayPal withdrawals.
  • Hosts Low fees
  • Several cryptocurrencies
  • Advanced charting options
Total Supported Cryptocurrencies107

500 – Global Traders

60 – U.S investors on Binance U.S.

Basic Fees
  1. 0.50% per trade
  2. 1.9% for bank account or Coinbase wallet purchases 
  3. 3.99% for credit card purchases
  4. $25 for withdrawal
  5. $10 deposit for wire transfers
  1. Trading and purchase fees at 0.015% – 0.10% 
  2. Debit card fee at 3.5% or $10 (whatever stands high) 
  3. U.S. transfer for $15
Supported TransactionsBuy, receive, sell, exchange, and send.Trailing stop order, post only order, Limit order, market order, stop-limit order, margin trading, one-cancels-the-other order, peer-to-peer trading, and more.
Security Features
  1. AES-256 encryption for digital wallets
  2. Biometric fingerprint logins
  3. Insurance for hot storage in case of Coinbase breach
  4. FDIC-insured USD balances 
  5. 2FA verification
  6. Cold storage.
  1. FDIC-insured balances for Binance.US 
  2. 2FA verification, address whitelisting 
  3. Device management
  4. Cold storage
There You Go! 

So that’s a wrap on Coinbase as your crypto exchange! Being one of the most prominent trading platforms, it is reliable and easy to navigate. Lastly, with the options for going pro, Coinbase is also a dedicated platform for learning and advanced professionals. Invest wisely!

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