Coinbase review: Straightforward platform for cryptocurrency beginners

Coinbase supports several payment methods, including wire transfer, debit and credit cards. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site.

Instant Exchange

Although the actual costs may be similar to historical Coinbase fees, you will not know the exact amount charged until the order creation process. This amount varies according to your payment method, the size of the order, and market conditions. In 2017, Coinbase launched its independent mobile wallet for iOS and Android. The wallet stores the private keys on the user’s device, so only they have access to the funds. This brings Coinbase full circle since it started out as a wallet, transitioned to an exchange only, and then began offering wallet services again. The company raised over $540m from leading investors such as Andreessen Horowitz, Ribbit Capital, and Intercontinental Exchange (the owners of the New York Stock Exchange).

There are no extra fees for this service and that’s another positive aspect this Coinbase review takes into account!

The company also launched the Global Digital Asset Exchange (GDAX) to better serve users who trade high volumes of crypto. GDAX is now known as Coinbase Pro and offers various trading tools designed for professional traders. Coinbase is known for its relatively high fees compared to other exchanges. Transaction fees can range from 0.05% to 0.6%, depending on the payment method used and additional fees may apply for certain transactions.

Sending cryptocurrency to your external wallet

In terms of security, Coinbase says it keeps almost 98% of its assets in an offline cold storage that can’t be accessed or broken into. Furthermore, the company claims any assets held in the hot wallet Coinbase Review system are insured. Coinbase also covers all the cash balances of its US residents under the Federal Deposit Insurance Corporation (FDIC) protections, to the extent of $250,000 per individual.

Should I Give My SSN to Coinbase?

• While it’s a little limited on the digital currencies it supports, it’s not only easy to use but also the safest to use of any wallet we tested.
• Authenticator apps like Authy and Google Authenticator are great options and are recoverable if you lose your device.
• You will also be asked to enter the billing address linked to your prefered payment method.
• In 2015, the company added another powerful asset to its roster by launching a US-based exchange for professional traders, called Coinbase Exchange.
• As the primary feature of the ever-growing Coinbase product range, buying and selling cryptocurrencies is super easy.
• They have their own designed trading screen, or users can choose one powered by TradingView that is built right into the exchange for ultimate convenience.

Like most websites, Coinbase also automatically collects IP addresses and uses geotracking, and the exchange verifies identity information to comply with anti-money laundering laws. Contrary to popular belief, crypto holdings aren’t insured through this coverage. The FDIC has published a Deposit Insurance Fact Sheet to provide clarification.

Coinbase Security Measures

• Unlike many crypto exchanges that avoid the U.S. market, Coinbase has registered as a Money Services Business with FinCEN and complies with financial services and consumer protection laws.
• Retail investors can pay higher fees for access to the Coinbase app’s simple and sleek interface.
• Our estimates are based on past market performance, and past performance is not a guarantee of future performance.
• Next, you will need to select whether you want to open an ‘Individual’ account or ‘Business’ account.

The simple trade option has a straightforward design that’s easy to use. Advanced trading offers more features, including charts, a live order book, and limit orders. Coinbase’s basic platform has an extremely complex fee structure for beginners. With fees based on a mix of trader location, payment method, order size and market conditions, it’s difficult for https://www.tokenexus.com/hitbtc-review/ users on the barebones platform to calculate what they might pay before they trade. Again, like most of the other cryptocurrency wallets I reviewed, downloading and setting up Coinbase Wallet is relatively simple. Just click the appropriate App Store for your mobile device, download the application, and set up an initial account by using basic information.

Coinbase Pro Review and Beginner’s Guide (

Though crypto trading is the primary way to earn money through the company, you’ll also have a few more options. Finally, Coinbase is also now allowing US customers to directly deposit any amount of their paychecks into their accounts in crypto or USD. This includes the option to get paid in crypto (this feature enables Coinbase to convert your paycheck from USD to crypto without any transaction fees).

NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.

Coinbase Regulation

Giving your Social Security number (SSN) to Coinbase is generally safe. It is one of the most well-known cryptocurrency trading platforms, using leading security practices to protect users’ accounts. However, it’s not entirely without risk of hacking, and only you can decide if you wish to proceed. You can access Coinbase via its website and the Coinbase exchange app, available on the Apple App and Google Play Store for users who prefer to trade on the go. To start using Coinbase, you have to link your bank account to complete your account setup.