Coinbase Review 2024

Coinbase

Coinbase is a leading cryptocurrency exchange and trading platform. They support 243 coins across 605 markets.

Coinbase

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • User-friendly interface suitable for beginners
  • Regulated and compliant with U.S. laws
  • High security measures including insurance for stored digital assets
  • Supports a variety of cryptocurrencies
  • Robust mobile app for trading on the go
  • Offers educational resources through Coinbase Earn
  • Easy integration with bank accounts and fiat currencies
  • Strong reputation and trust within the crypto community
  • Staking and earning opportunities available
  • 24/7 customer support

Cons

  • Higher fees compared to some other exchanges
  • Limited advanced trading features on the main platform
  • Customer service can be slow and unresponsive at times
  • Past issues with account freezes and lockouts
  • Limited availability in some countries
  • KYC requirements for all users
  • Centralized nature may not appeal to all users
  • Limited options for non-custodial trading
  • Potential for high volatility in listed assets
  • Recent regulatory scrutiny and challenges

Features

Spot Trading

Coinbase allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

NFT Marketplace

Coinbase has an NFT marketplace, where you can buy/sell NFTs and collectibles.

Staking

Coinbase allows you to stake your crypto and earn passive income.

Debit Card

Coinbase offers users access to a crypto-backed debit card.

Money

Fees

Like all centralized exchanges, Coinbase charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. Coinbase charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by Coinbase.
  • Coinbase's maker fees: 1%*
  • Coinbase's Taker fees: 1%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

Coinbase supports 6 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Bank Transfer
  • Crypto
  • PayPal
  • Apple Pay
  • Google Pay

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

Coinbase supports 3 fiat currencies.

Security

Keeping your funds safe

Coinbase offers 2 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA
  • SMS

KYC

Coinbase requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.