Coinbase Review 2022: Pros&cons, Is coinbase safe?

Coinbase is one of the most reputable cryptocurrency exchanges with 56 million verified users,coinbase available in 100+ countries worldwide.

Coinbase Review 2022: Pros&cons, Is coinbase safe?
Coinbase Review 2022: Pros&cons, Is coinbase safe?

Coinbase Overview

Coinbase was founded in 2012 , Coinbase is the biggest cryptocurrency exchange platform worldwide that offers you to buy,sell and exchange more than 150+ tradable cryptocurrency. Such as Bitcoin, Ethereum, shiba inu ,tether and Dogecoin. Coinbase is the large company with more than 98 million users and $256 billion in assets on their platform.

For simple buy and sell orders, beginners will likely prefer the original Coinbase platform. Coinbase Pro is available for the advanced users to access extra and advanced tools and order types.

Coinbase is easy-to-use platform, Coinbase has become the exchange site for many of the first crypto buyers. This platform has the look and feel of an online banking app, which most people already use, making switching to crypto investing easier.

Coinbase also guarantees digital currencies held in the name of users and maintains US dollar estimates in Federal Deposit Insurance Corporation (FDIC) insured bank accounts to prevent loss of user funds in the event of security breaches. Trading accounts can be funded through a variety of payment methods, including cable transfers and ACH transfers.

In addition, Coinbase also offers crypto storage options. The first is the new investor retention option: save your coins on the Coinbase.com exchange. Secondly is a non-stop wallet (Coinbase Wallet) for users with crypto experience. When you store your crypto on Coinbase.com, Coinbase holds private keys and effectively saves money on behalf of the user. With Coinbase Wallet, the user has complete control over their funds as they hold the private wallet keys.

While Coinbase can be a good exchange for both new and advanced crypto investors, trading costs can be high, ranging from 0% to 0.60% depending on trading volume. Moreover, Coinbase user feedback is very bad. For example, a few Trustpilot users report problems with customer support. Additionally, there are many reports of unexpected account closures that have tarnished the image of the exchange.

Pros & Cons

Pros

  • Easy to use : Coinbase’s main website and mobile app are very easy to use and beginners friendly that allow you to buy, sell, and exchange crypto currency instantly .
  • Support for a large number of cryptocurrencies: Coinbase currently supports more than 150+ trading funds, and the number is growing steadily.
  • Opportunities to earn crypto money: Earn interest on qualifying balances, or earn a small amount of new money through Coinbase Earn.
  • Low Prices Available with Coinbase Pro: Any user can switch to Coinbase Pro, a functional trading platform with many features and low cost.
  • Advertising: Get $ 5 for bitcoin when you join Coinbase
  • Features: Coinbase Earn Rewards, enhanced Coinbase Pro account, user-managed storage, stablecoins, staking, and institutional trading tools.
  • App store rating: 4.7 iOS / 4.3 Android

Cons

  • High transaction fees: Transaction fees are usually charged on the main Coinbase platform.
  • Customer service issues: Coinbase gets poor customer service marks, including where there are major account security issues.
  • No access to trading many altcoins: Although Coinbase supports an impressive list of currencies, many do not.

Coinbase overview table

Minimum trade$2.
Trading and transaction fees0.5% to 4.5% depending on payment method, cryptocurrency type, transaction size and platform. Other fees may apply.
Number of cryptocurrenciesMore than 150
Crypto-to-crypto trading pairsMore than 450.
Website transparencyImportant information, including investment minimums, supported assets and how to close the account, can be easily found on the website.
Can use your own digital wallet?Yes.
Mobile appTwo highly rated apps for iOS and Android.
Customer servicePhone, email and chat.
coinbase overall details

Overall ratings

FeatureInsider rating (out of 5)
Fees4.00
Investment selection5.00
Access4.10
Ethics3.00
Customer service5.00
Overall score4.22
coinbase overall rartings

Cryptocurrencies Available on Coinbase  

  • 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)

Coinbase Transaction Feees

  • Coinbase charges a spread in the sale and purchase of cryptocurrency. Although prices may vary depending on market volatility, the company once claimed that the payload is about 0.5%.
  • Coinbase also claims to charge fees based on factors “including the preferred payment method, order size, and market conditions such as volatility and volatility.”
  • In addition, Coinbase charges fees to cover transaction costs on external blockchain networks that support cryptocurrencies where they operate.

Overall, these features can make Coinbase money difficult to predict on its core platform. The company says it clearly deposits funds to customers before completing the transaction.

Trade Sizecoinbase transaction fee
$10 or less$0.99
$10 to $25 $1.49 
$25 to $50$1.99 
$50 to $200 $2.99 
coinbase transaction fee

Trades above $200 have a percentage-based fee rather than a flat fee.

Payment methodCoinbase fees
US bank account1.49%
Coinbase USD wallet1.49%
Debit card purchase3.99%
ACH transferFree
Wire transfer$10 ($25 outgoing)
Credit transaction2%
Crypto conversion2%
coinbase transactions fees

Coinbase Security

To keep customer deposits and assets safe, Coinbase employs industry-leading security procedures. However, when utilising cryptocurrencies, there are always certain hazards, therefore it’s critical to follow online best practises to keep your account information safe.

Notably, 98 percent of customer assets are held in cold storage in a global network of safe deposit boxes, backed up by digital and physical backups. Its website is protected by bank-level encryption and security. All accounts must also use two-factor authentication, which helps prevent outsiders from accessing your account unless they have physical access to your phone.

Account Opening

Signing up for Coinbase is a simple process that is similar to opening a new bank or brokerage account online. To open a fully verified account, plan on inputting your personal contact information, including your Social Security number.

New account holders must upload a photo ID to confirm they are who they say they are. If you’ve heard that cryptocurrency is anonymous, this is proof that Coinbase may track your transactions for tax reporting and other regulatory purposes.
After you’ve created your account and validated your details, you can purchase and sell cryptocurrencies up to the limitations of your Coinbase account.

Coinbase customer service

When Coinbase works, it works very well. But when things go south, the exchange customer service has been found lacking for some users. In the r/coinbase subreddit, there are many complaints from dissatisfied users, who report that they cannot access their accounts, close their accounts, and wait for slow responses from Coinbase Support.

In June 2021, a group of Coinbase users even filed a class action lawsuit against the exchange, claiming that the company had illegally shut down their accounts for several months. In response, a Coinbase spokesman said, “We take all customer concerns seriously. We are aware of the complaint and review the allegations, but we have no further comment at this time.”
Decrypt has some information in this area. A relative of one author had locked their Coinbase account after being told they were “not eligible” to use the exchange; they were left unable to buy, sell, or transfer the cryptocurrency they had bought in an external purse. Coinbase Support answered questions that “could not provide certain details” regarding the review process, and then closed the support ticket after two months, without allowing the user to withdraw their purchased cryptocurrency.

Eventually, the situation was resolved only when the author contacted the Coinbase press office to report the matter (not an option available to multiple users). The account, Coinbase explained, has been suspended “to prevent losses, because once the funds are sent to our platform, we have no way of reversing that transaction.”
In terms of its credit, Coinbase is aware of customer support issues, and is committed to changing its response time delays, including expanding its support team and announcing chat startup programs so users can communicate directly with Coinbase Support.

Frequently Asked Questions

Can I trust Coinbase?

Yes. Coinbase is one of the most reputable cryptocurrency exchanges available today. It keeps cash safe in FDIC-insured accounts, allows you to securely link and trade cryptocurrency through your bank account, and blocks questionable accounts to keep users safe.
It offers a variety of services, with a focus on crypto-to-crypto and crypto-to-fiat trading. The exchange serves 56 million verified users and 8,000 institutions worldwide. These are available in over 100 countries worldwide.

is it safe to link bank account with coinbase?

Account and routing numbers are held on our servers using bank-level AES-256 encryption. Furthermore, all traffic is encrypted to avoid third-party eavesdropping on your connection. Employee access is severely regulated, and all employees must undergo background checks. Customers in the United States can verify their accounts in just a few minutes by providing their bank credentials.
These banking details are never provided to Coinbase, but are shared with Plaid Technologies, Inc., an integrated, trusted third-party, to enable fast account verification. This service may save the submitted credentials for verification or utilise them on a per-transaction basis to prevent fraud.

Is coinbase safe and legal?

Yes, it is an official cryptocurrency exchange for high level investors and companies behind it. Located in San Francisco, a highly regulated area, it is very well reviewed online. It gets the highest reliability rating in TrustRadius and BitDegree.

Can you be fooled by Coinbase?

It is difficult to be deceived on the official Coinbase website although users should be very careful not to send any crypto or login information to anyone, including support staff. Do not share 2-FA security codes or private keys with anyone. Verify the website you have logged in to also coinbase.com.

Is my money safe in Coinbase?

Coinbase was once hacked but made great efforts to protect user accounts. First, the funds in the account are protected from FDIC-approved accounts, even though crypto does not exist. It also closes or suspends suspicious accounts and monitors suspicious activity in its place. With over 56 million users trading and working on it successfully with minimal complaints, it seems like a safer way.

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