Coinbase is one of the most established cryptocurrency exchanges in the United States and one of the largest in the world. But always consider the risks of trading these speculative currencies.
- A top-rated mobile app
- Low account minimum
- Coinbase Earn feature
- High fees on standard Coinbase platform
- Complex fee structure
A name that has been synonymous with cryptocurrency trading for almost a decade, Coinbase is the first place over 89 million people think of when asked about crypto trading platforms. With more than 150 supported cryptocurrencies, a fantastic wallet app, and excellent security features, it’s one of the best places to trade crypto.
Supported Currencies
At the time of writing this article, over 160 different cryptocurrencies were available for trading, including classics such as Bitcoin, Ripple, and Litecoin, as well as more obscure ones like Algorand, Augur, Ren, Orchid, and Civic.
The list of supported currencies on Coinbase includes fiat currencies such as US dollars, British pounds, and euros.
Deposit and Withdrawal Methods
In terms of trading methods, you can make purchases using bank wire transfers (and ACH in the States or SEPA in the European Union), as well as credit and debit cards.
Mandatory Fees
Coinbase trading fees are pretty standard for the industry. They range from 0.05% to 0.6% for “takers” and from 0% to 0.4% for “makers.” Other than that, there are transfer fees, depending on your deposit and withdrawal methods.
ACH and SWIFT deposits are free, wire deposits cost $10, and SEPA EUR deposits carry a €0.15 fee. ACH withdrawals are free, SWIFT incurs a £1 fee, wire cashouts are $25, and SEPA transfers are €0.15 again.
Security Measures
If you like centralized crypto exchanges, Coinbase is quite possibly the best choice. You’ll miss out on complete control over your crypto wallet, but you’ll get one of the safest places to store your crypto funds in return.
Almost 100% of Coinbase’s user crypto funds are held in cold-storage locations around the globe, with wallets featuring 256-bit AES encryption.
You are required to submit your banking information for direct deposits and personally identifiable information, such as your passport, to verify your account. All data is securely stored, and Coinbase will never share it with third parties.
Coinbase also features a 2FA system with Google Authenticator as a backup, and its USD wallet is covered up to $250,000 in losses by FDIC Insurance.
User Experience
In addition to a user-friendly and intuitive interface, Coinbase has perhaps the most advanced crypto exchange app around, and it is available for both iOS and Android systems. The apps come with advanced security features, such as biometric and two-factor authentication.
Customer Support
Customer support is vital to Coinbase. There is a very detailed and well-written FAQ section on the site for self-starters, but you can also send an email to the support team, reach out via three different phone numbers (for USA/International, UK, and Ireland customers, respectively), or use the Virtual Assistant live chat to solve your issues.
