Coinbase Review

Donny Gamble
March 3, 2022
5.0
Personalincome rating

Coinbase offers a little bit of everything, so you’ll always be able to access educational content and information, not worry about security, and maintain a positive and solid experience in every corner of their site and service. Access more coins, invest more intelligently, and reap the rewards while eating up some higher-than-average fees.

Coinbase logo
on Coinbase's website
Coinbase
FEES
1.49%
per trade
Minimum DEPOSIT
$0
PROMOTION

Offers $5 free bitcoin to new users

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The information provided on this page does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual.

Key Takeaways

  • Secure Trading Platform: Thanks to encryption, everything you do is secure and you don’t have to worry about a thing
  • Coinbase Pro: Lower fees and better analytical information is available through their paid subscription-style pro version
  • Friendly: Easy and accessible for anyone, even if you don’t know crypto
  • Lots of Crypto Option: You’re not limited in your selection; you can go beyond BTC and ETH with over 150 coins available

Pros & Cons

Pros
  • Low Account Minimum
  • Educational Content
  • Top-Tier Security
  • Ability to stake your crypto to earn interest
Cons
  • Higher Trading Fees Than Normal
  • Lack of Control

Coinbase continues to be one of the biggest names in cryptocurrency, but as they say, the bigger they are the harder they fall—we wanted to inspect Coinbase and see if they really lived up to the hype, or if they became overblown like a lot of other crypto networks.

We went through every type of transaction you can imagine, read the reviews, and conducted our own research for countless hours within their exchange.

This crypto exchange won the Best Overall award on our list of the top ten, but nothing is perfect. If you want to buy crypto, you need a good exchange, and this is what Coinbase offers you that you’re not going to find anywhere else.

About Coinbase

Coinbase is an online cryptocurrency exchange where users can buy, sell, and trade crypto coins such as Bitcoin, Ethereum, and over 150 additional coins. 

Coinbase makes it simple to fund your account, withdraw your crypto, and liquidate it so that you can use your profits in your local currency.

The entire point of Coinbase is to be a one-stop shop, since it’s an exchange, a crypto wallet service, and a plethora of merchant tools that you can use to figure out how you want to invest.

Coinbase Offerings

Coinbase offers over 150 crypto coins that you can invest in, and on top of that, you also have access to the cryptocurrency wallet directly through Coinbase.

While this means your coins will be stored on-site, this can be helpful for faster transactions and you can always transfer them to a separate wallet at a later date.

You can also use Coinbase Earns, which is where you watch educational content related to cryptocurrency, and you’re rewarded with crypto stored right in your wallet.

Essentially for free. Coinbase truly wants to build a better culture of crypto investors, and they’re literally paying you to do it.

Coinbase Fees

Coinbase makes money through various fees, and those include transactions where you buy or sell cryptocurrency. This is what you can expect for Coinbase fees:

  • Converting your currency into crypto: 0.50% up to 2.00% of the total price of the transaction (same prices structure for Coinbase Pro)
  • Coinbase fee per transaction: $0.99 up to $2.99 on individual transactions (buying, selling) depending on the total price; this works out to be much cheaper than exchanges like Coinmama
  • Trade fees: $0.50 max, and for Coinbase Pro users, this will be between $0.00 and $0.50 depending on the price, but you could get away without paying a fee
  • ACH transfer fees: zero, there are no fees for using an ACH bank transfer
  • Wire transfers: you can expect to pay up to $25 for withdrawals and around $10 for deposits

While some of these fees are higher than you might expect, they’re competitive with the other leading exchanges out there.

Who is Coinbase Best For?

Coinbase is best for anyone who wants to get serious about investing in cryptocurrency, but doesn’t know where to start.  Apart from the fact that the entire interface is ridiculously friendly and easy to use, Coinbase offers so much educational content (that they pay you to learn through) that it’s nuts.

You’ll be able to begin, grow, and excel on Coinbase, whereas some other exchanges should be ditched after you progress past the beginner phase.

Thankfully, Coinbase is one of the best exchanges out there and the fees don’t scale up just because you begin trading more.

Coinbase FAQ's

Is Coinbase safe and legit?

Coinbase is the safest platform out there. While it is the biggest, it also features some of the best security. They’re not relying solely on their size to sell the fact that they’re one of, if not the most secure platform out there.

In light of the white hat hackers exposing their security impurities, Coinbase has even stepped it up further. They understand that as a cryptocurrency exchange, security is the best way to provide a safe haven for all their users.

What are the drawbacks of using Coinbase?

Because Coinbase wins on our list of the top 10 best cryptocurrency exchanges that you can use, it’s hard to argue their features, UI, and app-friendly design.

However, if we had to point to one major drawback with Coinbase, it would exclusively be the fees. These can be a little bit higher than normal, but for the service that you get, it’s worth it.

Coinbase understands how valuable their services and utility are and charge accordingly, which there’s nothing wrong with.

How does Coinbase make money?

Coinbase makes money through the transactional fees that they charge for you to buy and sell your cryptocurrency on their platform. This adds up to more than you think even though their fees are competitive and fairly low.

Additionally, they also have the Coinbase debit card, which incurs its own fees. Since they are the exchange and they’re the ones liquidating coins on the card, they charge a fee to the user for the service, but it’s not that costly on their end.

Does Coinbase sell any of my personal information?

According to the data privacy policy at Coinbase, they do not sell your personal information, and will not sell your personal information at any point in the future.

Pay attention to their terms of service, because they do specify “Without your consent”, so the language suggests that under certain context, you may be opting into your personal information being sold.

Keep this in mind when you read any of their terms of service, but to date, we can’t find any issues of Coinbase selling information.

Compare to Other Exchanges

Binance logo
TRADING FEES
.1% per trade
ACCOUNT MINIMUM
$0
PROMOTION
$100 bonus on qualifying deposit
cryptodotcom logo
TRADING FEES
0%-2.99%
ACCOUNT MINIMUM
$0
PROMOTION
No current promotions
FTX logo
TRADING FEES
0%-0.4%
ACCOUNT MINIMUM
$0
PROMOTION
5% off trading fees

Coinbase

Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency.

  • Coinbase
  • Rating: 5
  • Reviewed by:
  • On March 3, 2022
  • Last modified:March 4, 2022

Review Summary:

Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency.

Review of: Coinbase

Reviewed by:
Rating:
5
On March 3, 2022
Last modified:March 4, 2022

Summary:

Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency.

About the author 

Donny Gamble

I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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