Welcome to My Coinbase Review!
The world wide web is not new to the world of cryptocurrencies and there are a couple of digital platforms that buy and trade these cryptos.
Coinbase Review Summary
Founders: Brian Armstrong and Fred Ehrsam
Product Type: Cryptocurrency Exchange Platform
Price: Free To Join + $200 For The Fees
Quick Summary: Coinbase is a digital currency broker exchange where you can buy and trade a few cryptocurrencies, such as Bitcoin.
It’s a crypto exchange platform that allows you to buy crypto using fiat currencies such as USD, EUR, and GBP, making it different from other traditional cryptocurrency exchanges.
Overall Rating: 4/10
Well, the crypto exchange platform that we will be reviewing right now is a bit unique as it allows fiat currencies.
But would it be any better than others?
Is Coinbase safe to use?
What else do you need to know before you jumpstart with this platform?
If you have many queries about Coinbase, don’t worry, I’ll walk you through with this review, and hopefully, by the end of it, you’ll have a good understanding of what Coinbase is about.
What Is Coinbase About?
Coinbase is basically your digital exchange platform where you trade and buy cryptocurrencies but unlike the traditional exchange platforms, it accepts fiat currencies, such as your USD, EUR, and GBP.
It also has a mobile app that can be downloaded on both iOS and Android.
Also known as Coinbase Global, Inc., the American company was founded by Brian Armstrong and Fred Ehrsam in 2012 in San Francisco, California USA.
It was in June 2012 when Brian Armstrong who was then a former engineer at Airbnb (an online marketplace for lodging and tourism activities) founded Coinbase.
Later on, Fred Ehrsam who was a former trader at Goldman Sachs (an American multinational investment bank and financial services company) joined as a co-founder.
As of March 2021, it was said to be the largest cryptocurrency exchange in the US, trading volume with over $20 billion in assets and over $50 billion in crypto.By the way, if you’re looking for a way on how to grow your wealth through cryptocurrency, you can click this link for more information.
Is Coinbase A Wallet?
Well, basically it’s an exchange platform with a built-in wallet of course!
Coinbase can be used in many countries to do transactions like sending, receiving, or storing funds. However, the platform's buy and sell features are available globally but only in 32 countries.
The good thing about it is that it only offers trusted cryptos, including Bitcoin, Litecoin, Ether, and Bitcoin Cash.
Coinbase actually has 2 core products -- a broker exchange and a professional trading platform named GDAX. However, the two can be used independently from one another.
Also, Coinbase offers these products for both retail and institutional cryptocurrency investors, as well as other related cryptocurrency products.
The company's products for retail traders include:
- Coinbase - A user-facing app used to buy, store, and trade different cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.
- Coinbase Pro - A professional asset trading platform for trading a variety of digital assets.
- Coinbase Wallet - An app that allows customers to access decentralized crypto apps (dapps) using a dapp browser.
- Coinbase's products for institutional traders include:
- Coinbase Prime - A platform dedicated to institutional customers.
- Coinbase Custody - Specialist level services for institutions that hold Bitcoin and other cryptocurrencies with Coinbase. The service includes the use of an SEC-qualified custodian, third-party auditing, and financial reporting validation, provided by Coinbase partners.
The company's other cryptocurrency-related products include:
- USD Coin - A digitally stable coin that lets customers put up U.S. dollars in exchange for a cryptocurrency that has the same value but can be traded more quickly.
- Coinbase Card - A debit Visa card that allows customers to spend cryptocurrency anywhere Visa cards are accepted.
- Coinbase Commerce - A payment service for merchants.
The company also offers an API for developers and merchants to build applications and accept payments in both digital currencies.
As of 2018, the company offered to buy/sell trading functionality in 32 countries, while the cryptocurrency wallet was available in 190 countries worldwide.
Is Coinbase A Scam?
There are a lot of similar exchanges in the online market and most of which cannot be trusted. However, Coinbase is a legitimate one.
So if your question is -- is Coinbase safe to link bank account, the answer is yes!
Operating in 30 states in the U.S. alone, Coinbase has over 40 different licenses, ensuring that their practices are legal and that they are handling your money with integrity.
Coinbase is also one of only 4 exchanges to have a license in NY under the pilot BitLicense program. It’s also nearing a decade in operations- making it indeed a pretty established platform.
Is Coinbase A Pyramid Scheme/Ponzi Scheme?
Coinbase is not a pyramid scheme as there are a couple of products and services offered.
They’re also not into recruitment as to what scams are up to.
It’s just basically a crypto exchange platform that one can use to buy and trade. It’s legit and adheres to the necessary guidelines to be considered fraudulent.
It’s also not a Ponzi Scheme.
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Coinbase Compensation Plan
Basically, Coinbase is just a crypto exchange platform where you buy and sell cryptos or assets and pay the company for its services.
As to you, earning with this platform is dependent on your personal trade and with the market.
For platforms like this, you should buy when the market is (-%), as the bigger negative it is, the better. Then sell it when the worth of the currency goes up +%.
Earnings will be still uncertain, you could probably predict but you can really never tell.
How Much To Join Coinbase?
You may be wondering -- is Coinbase free?
Well, setting up a Coinbase account is free; however, there are corresponding fees for every transaction.
it’s when you’ll have to transact for something that you’ll have to pay for a fee. Well, basically Coinbase is an exchange platform for cryptos or with fiat currency but it can be as well a trading platform.
With the service charges, they are relatively high fees as compared to other exchanges. These fees are charged per transaction and are calculated in one of two ways.
For transactions under $200, a minimum fee is applied. However, for transactions over $200, a percentage fee is applied.
See diagram below:
For instance, if you are buying or selling with a European bank account, the effective rate of conversion fee is 1.49% for transactions over $200. On the other hand, if your transaction is under $200, then a base rate of 4% applies.
This base rate is specific to the U.S. and it varies based on your country and region.
As Coinbase is known as a safe and secure platform, setting up an account would require a strong password, there’s also a 2-step verification to verify it with your email and secure your account.
Coinbase also offers a good variety of payment methods to help their customers get their fiat money onto the platform to buy crypto and these include bank transfer, debit/credit cards, PayPal, and even SEPA transfers for European citizens.
Fiat Currencies Accepted
Unlike most traditional exchanges, Coinbase allows fiat currencies. For those who would like to send money in Bitcoin but would like to transact with fiat, Coinbase has a feature called “Instant Exchange.”
Instead of just using fiat to buy Bitcoin and then send it to your receiver, you simply pay with fiat and it will be then converted to Bitcoin with no extra fees.
Simple And Secured
Coinbase has an easy-to-use interface great for rookies in the crypto industry.
It's easy to navigate and the tools you need can be conveniently accessed.
Coinbase is safe and secured. As it takes extensive security measures to ensure your Coinbase account and cryptos remain as safe as possible.
Coinbase will only offer coins that are guaranteed currencies or commodities and it does not open up to tokens that could potentially be securities or equities. One reason why Coinbase is considered a trusted and secure platform.
Limited Crypto Options
Despite allowing fiat transactions, Coinbase is limited in means of the cryptos that it supports.
Yes, it’s good that it’s for security but a little more number and choices could be a good thing.
Also, while it allows you to exchange fiat for the cryptocurrency, it limits how much you can spend and how often you can do it. And this is because “for security, regulatory compliance and fraud prevention.”
The limits are based on several factors and that includes payment method used, how old the account is, purchase history, etc. These limits are calculated automatically.
Another limitation is that it’s not available in other countries.
Despite being legit, Coinbase was not exempted from complaints. There were a couple of concerns raised against the company, and one of which is the error for credit and debit purchases of cryptocurrencies.
In 2018, the number of monthly customer complaints against Coinbase jumped more than 100%, citing official Consumer Financial Protection Bureau data, with more than 400 of those categorized as "money was not available when promised.
It may be free but Coinbase basically transacts in many different currencies and does a range of payment methods.
The service charges are relatively high fees compared to other exchanges and this is a major drawback.
Cryptos And Trading Are Uncertain
Not that against crypto or trading, but it is not for all. You should know it and have the skill and knowledge to maneuver in such platforms.
Also, crypto and trading are dependent on the market so earnings can be uncertain.
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Coinbase has support made available for users. Also, a "tips and tutorials" section is made available on the website. In short, FAQs can be pretty much freely accessed by everyone.
No doubt Coinbase is legit and is safe. It’s commendable that they’ve worked on ways to meet with the authenticity and security of this platform.
As an exchange platform, I have nothing against them and if you're someone who wants to invest in a small-scale business and is looking to invest cash into crypto, Coinbase can be a great option.
However, for bigger businesses and investors who are interested in investing large sums of money, Coinbase’s fees can be a bit too high.
As you know, cryptos and trading are uncertain. It is as well not for all. So, if you don’t have what it takes, skip this platform and try on a money-making opportunity that is always a win-win situation.
Look at earning opportunities that assure you stable and consistent income.
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Anyway, thank you for reading my Coinbase Review!