In this Coinbase Review for 2022, we take a dive deep into the popular crypto platform. We analyze Coinbase’s various features and apps and examine their security, fees, support, and pros and cons.
Coinbase’s design is simple and user-friendly, making it a popular choice for the new crypto investor. Coinbase’s popularity continues growing, and it is available in over 100 countries, with over 35 million users buying, selling, and trading cryptocurrencies.
So, let’s dive into this Coinbase Review to help you determine whether Coinbase is the right crypto platform for you.
Coinbase Review: How to Use Coinbase?
Coinbase Pros and Cons
What is Coinbase?
Coinbase.com is a centralized cryptocurrency exchange platform that provides a range of crypto-related services. Founded in 2012 by Brian Armstrong and Fred Ehrsam and has since become one of the largest and most popular exchanges in the world. Coinbase was created to make it easy for investors to buy, sell, and store cryptocurrency.
Coinbase offers a range of features for users, including Coinbase Earn, where users can earn interest on their cryptocurrency, and Coinbase Learning Rewards, where users can earn free crypto for learning about tokens and projects and answering a few simple questions. Plus, Coinbase Advanced Trade, previously known as Coinbase Pro, which provides more advanced trading features for experienced traders.
Coinbase Features & Products
Coinbase offers a range of products and services for both individuals and institutions, catering to both beginners and experienced traders. Whether you’re looking to buy your first Bitcoin or actively trade cryptocurrencies, Coinbase has something for you.
So, let’s take a closer look at what Coinbase has to offer;
Coinbase for individuals:
- Coinbase Wallet: Crypto mobile wallet for storing and managing cryptocurrencies.
- Coinbase Advance Trade: A crypto exchange for advanced cryptocurrency trading
- Coinbase Earn: Staking your crypto assets and receiving rewards of up to 5% APR.
- Coinbase Learning Rewards: Learn about crypto tokens and projects and answer questions to earn free crypto rewards.
- Coinbase Base: Recently released layer 2 network built using Optimism.
- Coinbase Card: A debit card that allows users to spend their cryptocurrency balances like fiat currency.
- Coinbase Commerce: A solution for merchants to accept cryptocurrency payments.
Coinbase for institutions:
- Coinbase Prime: A platform for institutional trading and investment in cryptocurrency markets.
- Coinbase Custody: A secure storage solution for institutional-grade cryptocurrency holdings.
- Coinbase Markets: A platform for institutions to access cryptocurrency market data and trade execution services.
Coinbase Advanced Trade
Coinbase announced in June 2022 that it was phasing out its Coinbase Pro version with its new Coinbase Advanced Trade. The company said the move is to ensure that its users leverage its unified services. Coinbase said;
“Later this year, we’ll begin sunsetting Coinbase Pro to migrate all advanced trading into one unified Coinbase account, bringing customers access to popular features like staking, Borrow, dapp wallet, and Coinbase Card from a single platform balance.”
Coinbase Advanced Trade is a trading platform aimed at more experienced traders. Traders can exchange a wider range of assets with more advanced order types using order books, charts, and graphs. One of the advantages of trading on Coinbase Pro, compared to Coinbase, is their lower trading fees. To reduce your trading fees even further, it’s worth checking out the Binance Exchange.
If you want more information, check out our Coinbase Advanced Trade Review & Tutorial.
Coinbase Wallet & DApp Browser
The Coinbase Wallet is a standalone app allowing users to store their crypto and explore the decentralized web with a Dapp browser. This wallet is not to be confused with the Coinbase app, which is also available on Coinbase.com.
It’s not recommended to keep your crypto on Coinbase or their Coinbase Pro exchange long-term, as they are centralised exchanges, and you are entrusting a third party to look after your crypto. In the world of crypto, this is a big no-no, and there is a saying, “not your keys, not your crypto”.
With the Coinbase Wallet, you have access to your private keys, so you can safely store your crypto assets and have full control. However, if you would prefer further security with your crypto stored offline, it’s worth looking into a hardware wallet such as a Ledger Nano S, Nano X or Trezor Model T.
If you would like to find out more information, check out our Coinbase Wallet Review.
Coinbase Learning Rewards
Coinbase Learning Rewards allows users to earn cryptocurrency by completing educational tasks about various digital assets. These tasks can range from watching videos, taking quizzes to participating in surveys, and trying out new cryptocurrencies.
Users are rewarded with small amounts of the cryptocurrency they are learning about, which they can then hold, sell, or exchange for other digital assets. The program is designed to help users learn more about cryptocurrencies and their potential uses while also allowing users to earn money through their learning.
Coinbase Earn
Coinbase Earn provides users with an easy and secure way to earn passive income by staking their crypto assets and receiving rewards of up to 5% APR. Coinbase stakes crypto on behalf of its customers and directly deposits rewards into their wallets, with users receiving rewards roughly every three days after the initial holding period. This allows individuals to earn passive income from staking their crypto assets without the technical complexities of running a node.
Coinbase One
Coinbase One is Coinbase’s subscription service that gives members access to exclusive services, including zero trading fees, dedicated 24/7 phone support, $1M account protection and a pre-filled Form 8949 in Coinbase Taxes.
Coinbase is renowned for high trading fees. Therefore by signing up for Coinbase One at $30 a month, avid traders could save money with their zero trading fees. However, be aware that this does not apply to Coinbase Pro, Advanced Trade or Prime Broker. Coinbase One is also only available in limited areas/regions.
Coinbase Base
Coinbase Base is a layer 2 network built using Optimism’s OP Stack, which provides a low-cost, secure, and developer-friendly way for anyone to build decentralized applications or “DApps” on-chain.
The network aims to address the scalability challenges of Ethereum and other blockchain ecosystems, enabling developers to directly integrate their products with Base and providing fiat onramps. Coinbase has no plans to issue a new network token and is incubating Base inside the company, leveraging its experience building crypto products.
The Base Ecosystem Fund has also been established to support early-stage projects building on Base that meets predetermined investment criteria. Overall, Coinbase Base seeks to attract millions of new crypto users and serve as a bridge for users into the crypto economy.
Coinbase Referral Code: £5 Bitcoin Sign-up Bonus
Coinbase offers new users a £5 Bitcoin sign-up bonus when they make their first trade. For more information on Coinbase referral code or sign-up bonus, click here.
If you plan to sign-up for Coinbase, here’s what you need to know about the Coinbase verification process.
| Coinbase Referral Code | Sign-up with our Exclusive Coinbase Referral Link |
| Coinbase Sign-up Bonus | Earn £5 worth of Bitcoin after your first trade on Coinbase |
| Referral Terms | Coinbase Referral Terms |
| Bonus Last Validated | March 2023 |
Coinbase Supported Cryptocurrencies
The number of supported cryptocurrencies has exploded on the platform in the last year. You will now find most of the most popular cryptocurrencies such as Aave, Bitcoin, Cardano, ChainLink, Compound, DAI, EOS, Ethereum, Ripple, Stellar Lumens, Tezos, USDC, and Wrapped Bitcoin available on Coinbase.
You can check out the full list of supported cryptocurrencies here.
Coinbase Payment Methods
With Coinbase, the payment methods available will all depend on your location and whether you are buying or withdrawing.
In the UK, these include Faster Payment Services, SEPA Transfers, 3D Secure Payments, PayPal for withdrawals only, and instant card withdrawals. You can find a full list of payment methods for Coinbase UK users here.
Coinbase US users can also make smaller investments with Paypal, Apple Pay and Google Pay. If you’re from the US and view a full list with transfer times, check out the table below.
Coinbase no longer allows users to link their credit cards, which has only been restricted to debit cards. However, if you already have a credit card, you may still be able to use this, but your bank may charge additional fees for these purchases. Therefore it’s worth switching to a debit card or bank account.
Coinbase Fees
The fees that you pay with Coinbase will depend on the method of payment you choose and your location. In the past, Coinbase clearly disclosed its fee structure which they listed by country, payment method, etc. However, more recently have replaced this on their fee page with the following statement;
“Coinbase may charge fees when you buy, sell, or convert cryptocurrencies. Fees are calculated at the time you place your order and may be determined by a combination of factors including the selected payment method, the size of the order, and market conditions such as volatility and liquidity. The applicable fees will be listed in the trade preview screen which will be surfaced before you submit your transaction, and may differ for similar transactions.”
Generally speaking, the most expensive way to buy your crypto on the Coinbase exchange is via credit/debit card payments with a fee of around 3.99%. This isn’t a way that I personally recommend buying your crypto due to the high fees associated. Although it may be one of the most convenient, you are paying for this convenience.
Other types of buy-and-sell orders with Coinbase incur a fee of between 1.49% and 2.99%. This doesn’t seem huge, but if you compare this to Binance Exchange’s 0.1% or even their own Coinbase Pro platform at 0.5%, you are definitely paying over the odds here.
As well as charging fees for instant buys and with payment via bank transfers, Coinbase also charges a spread of about 0.50% for both buy and sell orders. However, the actual spread may be higher or lower due to market fluctuations.
If you’re serious about getting the best price when trading. I would recommend checking out other exchanges to reduce trading fees, such as Binance Exchange (save up to 45%) or FTX (save 5%).
Coinbase Fees UK
The fees that you will pay with Coinbase exchange will differ depending on your location. Previously you could find a full list of fees on their site by location. However, these have since been removed. Below is their previous list of fees, which you may be able to use as a guide;
Coinbase Fees US
The fees that you will pay with Coinbase exchange will differ depending on your location. Previously you could find a full list of fees on their site by location. However, these have since been removed. Below is their previous list of fees, which you may be able to use as a guide;
Coinbase Support
Coinbase customer support is one of their biggest downfalls. They have been heavily criticized on the likes of Trustpilot, giving them a rating of “Bad”. Although I have never personally experienced any issues, I can see how frustrating it can be if something goes wrong or you need help.
During crypto bull markets, Coinbase will have a surge of newbies signing up, and with more new users comes more complaints and customers needing help. They have become victims of their own success and hopefully will be ready for the next Crypto bull market.
Is Coinbase Safe?
To use the Coinbase exchange, you access the site with a username and password plus any form of 2-factor authentication you have associated. Coinbase is a centralized exchange that controls your crypto with no access to your private keys. This means you are entrusting a third party to look after and secure your crypto assets.
Although Coinbase has not reportedly suffered an attack, there have been reports of Coinbase freezing user accounts. Therefore, we recommend not keeping your crypto on an exchange. When you have finished trading, move your crypto to the safety of a wallet, such as a Ledger or a Trezor.
Please Note: Coinbase insurance policy does not cover for any losses resulting from unauthorized access to your Coinbase account(s) due to a breach or loss of your credentials.
Is Coinbase Safe from Bankruptcy?
While Coinbase’s bankruptcy risk is low and insurance is provided for funds, it’s important to remember that users don’t have the same level of protection as those who deposit money in a traditional bank. In the event of an exchange going bankrupt, customer assets may be subject to bankruptcy proceedings. However, Coinbase has committed to keeping 100% of its users’ funds accessible.
While there is no indication that Coinbase is on the verge of bankruptcy. It’s always a good idea to protect your crypto. One way to do this is by storing your cryptocurrencies in your own secure wallet. This will ensure that you have full control over your assets and reduces the risk of loss in the event of Coinbase going bankrupt.
Verdict: Should you use Coinbase?
Coinbase was the first exchange we used to buy Bitcoin and the exchange we would recommend to someone new to crypto. It´s simple and clear to use, and with the likes of Coinbase Earn, it continues to grow and attract new users.
Compared to the likes of Binance and OKX exchanges, the fees for buying and selling are expensive. These fees can really add up, so I would try their more advanced Coinbase Advanced Trade and reduce these fees. Again these fees are still very high, and you can do better.
Although we rarely use their Web3 wallet, it’s a great wallet to have. However, if you want to invest long-term, check out a hardware wallet like a Ledger or Trezor.
FAQs
Coinbase’s fees are generally higher compared to other exchanges due to its user-friendly interface and custodial storage services, which add to the cost of maintaining the platform’s security and regulatory compliance.
However, the fees can be reduced by using Coinbase Pro, which offers lower fees for trading and more advanced features for experienced traders.
Yes, Coinbase does provide email support. However, it is important to be cautious of potential scams and to verify the authenticity of any emails claiming to be from Coinbase.
Please note: Coinbase support will never ask for a customer’s account information, request remote access, or ask a customer to send funds to an external wallet address.
Coinbase emails will have the Coinbase.com domain name at the end (for example, support@coinbase.com and “contact@coinbase.com).
Related Posts
Here are some of our articles you may also find helpful;
*After you make a crypto purchase, BTC will be added to your portfolio. Limited time offer. Offer available to new users only. Offer not available to new users who were referred to Coinbase through the Referral Program or who have previously opened an account using different contact information. Coinbase may update the conditions for eligibility at any time.
“Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk, and cryptocurrency may gain in value or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.”
22 Responses
Great site. A lot of useful info here. I’m sending
it to several buddies ans also sharing in delicious.
And of course, thanks for your effort!
I need help…I have $ sitting in Coinbase that I can’t transfer out or buy more with what on earth do I do
Are you looking to withdraw your dollars from Coinbase or buy a crypto?
How can I close my coinbase account I still have a little fun I can’t do anything with them I would like to donate them somewhere
Unfortunately, to close your Coinbase account you will need to withdraw the funds first.
Hello Louise,
Modesty aside why did name idiots guide to coinbase your blog or websites ???
It was just a keyword that was being searched for at the time
I linked my paypal account but I don’t see the ‘Withdraw’ button
I’m new to all of this but very interested to learn how it all works an how safe it is just recently come across Coinbase after watching some YouTube videos, I’m a beginner I’ve invested a tiny sum into Bitcoin, just to see how it goes, I’m on level 1, an now it’s asking for me to go into level 2 to unlock more features I should imagine right, ? What do I do ?
Coinbase is well trusted and has been around for a long time. As it states, for further features you’ll need to verify yourself. This usually includes personal details and photo ID, if you do not feel comfortable with this, you can try another exchange or wallet but the majority of these will require verification (KYC).
I have a question I saw your video about the xrp flare drop. I have xrp in
binance us but I got them after the drop date in Dec I got them in January will still I still get them? Also because of their sec issue my xrp is frozen until it gets cleared up. Can you help please. Thanks 😊
If you didn’t hold XRP during the snapshot, you won’t receive any Flare tokens, unfortunately.
That does sound very frustrating, can you not even withdraw your XRP tokens from Coinbase?
I earn interests for holding bitcoins on the AxisOption wallet platform. They are the best platform that provide interest for holders.
Hey Kelvin,
Honestly, I’ve never heard of AxisOption wallet, but that doesn’t mean anything. I would recommend looking at platforms such as BlockFi, Celsius Network & Nexo. I have investments in all 3 platforms, I would try and spread the risk and invest in more than one platform
I have videos and posts for all 3 platforms
Hi –
I am trying to put together an exit strategy in case BTC goes into free fall. I can see my BTC balance in my Coinbase Wallet and that in turn is linked to my (verified) coinbase account. I’ve just installed coinbase pro which also doesn’t show my balance. I am obviously doing something wrong. Can you please help me with this?
Cheers,
Barry
You’ll need to transfer your funds from Coinbase to Coinbase Pro to see the balances. Transfers are free and pretty quick.
Help
I have a Coinbase account
I deposited som money but
– they limit my deposit from my checking to only 1000 a day
– I cannot trader to pro or BlockFi saying don’t have funds
Please help
Thank you
I’m sorry you will need to contact Coinbase. I know that sometimes they restrict accounts, especially when paying by debit or credit card for anti fraudulent reasons.
Hello Louise,
After being extremely dubious I have done some research into crypto. I felt Coinbase would be the most secure exchange to buy.
I have a Coinbase account and a Coinbase wallet and recently purchased a small amount of crypto to test the water. For security I don’t want to hold them with the exchange , I am awaiting a ledger nano x until this arrives I feel it safer in my Coinbase wallet.
Here is my issue I am unable to transfer out of the exchange due to account restrictions. I have sent them photo ID which has been approved and verified to level 2. I have emailed the support team for help several times and all they tell me is my account status is under review, they can’t guarantee a change of account status. They have confirmed they have temporarily suspended me from sending crypto off the platform to protect against loss. If I would like to send crypto from Coinbase I must first convert it to fiat to my verified bank. I am not sure why these restrictions are in place, all Im looking to do is hold crypto in a safe place. I feel open to fraud holding my funds on the exchange & does not give me confidence to use the exchange going forward. I did have every faith in this company, I am also a share holder with 100 shares to my name.
Louise, Do you have any suggestions.
Unfortunately, you will need to go to the exchange as they do often put these restrictions in place. Coinbase is insured for certain amounts if they are for example hacked and holding money short term on an exchange whilst you await your Ledger shouldn’t be too much of an issue.
Hello Beautiful.
i’m new to trading and send my crypto to my cell phone number. How do I retrieve my crypto?
Nick
You have sent your crypto to your Coinbase mobile wallet? Or Coinbase exchange?