Coinbase Review: What is Coinbase and How to Buy Crypto on Coinbase

Coinbase Review What is Coinbase and How to Buy Crypto on Coinbase
My Coinbase Review
  • Free Account
  • No Monthly Wallet Fees
  • Easy for Beginners
  • Quickly Buy and Sell Crypto
  • Very Secure Wallet
5

My Coinbase Overview:

Coinbase can be used easily. In order to give a painless and smooth experience to its users, the company has spent a lot of money and time.

But, your transactions are not secret, and you cannot get your coins under your control. In my view, at present Coinbase focuses less on satisfying its currently obtainable customers and more of growth and for that reason, it is shameful that they receive a large number of negative reviews.

However, the cost of using Coinbase is reasonable if you do not face any problem. In my opinion, you should use the solid services of Coinbase to buy cryptocurrencies, if possible. But after buying coins, you should use a hardware wallet to keep them instead of using the wallet of Coinbase.

Coinbase Quick Overview:

NB: Read this Coinbase review and make your own due diligence before buying crypto or using Coinbase as a broker.

I can say lots of things about Coinbase, a crypto company, as I have been using it since 2017. I will provide complete information about Coinbase in this review so that you can judge and assess the level of its reliability. Coinbase can be summarized as one of the largest global companies dealing in cryptocurrencies. It has over 20 million users in 42 countries all over the world.

The main service of a variety of services provided by Coinbase is to permit its users to use their bank accounts, debit and credit cards to sell and buy Bitcoins at a very fair rate. But it provides horrible customer support. In short, you should read this write-up until the end if you wish to know more about Coinbase.

Crypto Review

Get $10 Worth of Bitcoin

Services Provided by Coinbase

Coinbase Brokerage Service

Brokerage service is the major service provided by Coinbase to sell and buy cryptos. Due to the reputation, user-friendly interface, and marketing strategy of this company, most new users buy Bitcoin for the first time through it.

However, one of the main drawbacks of this company, for which most users have complained, is poor control over their funds. You neither get a seed phrase, a private key, or access directly to your crypto coins while opening an account with Coinbase as your coins are stored by it. It is like, the cash you put in the bank is owned by the bank instead of you.

Coinbase Pro Service

Coinbase Pro, earlier known as GDAX, is a platform to trade cryptocurrency. You have to be more experienced users to use Coinbase Pro as it does not allow you to buy cryptocurrencies at a premium like its traditional brokerage service.

Users can use this platform for trading various cryptocurrencies like ETH, BTC, ZR, and BCH, etc. The other advantages of this platform, as per the review of Coinbase Pro provided hereunder, include advanced trading options and fees lower than traditional brokerage service.

Wallet of Coinbase

An independent wallet for android and iOS was launched by Coinbase in 2018. The funds in the wallet are accessible only to the users as their private keys are stored in the wallet on their device.

Thus, Coinbase completes the full circle by starting like a wallet, converted into an exchange without a wallet and restarting wallet services.

Coinbase Supported Payment Methods and Currencies

Payment methods accepted by Coinbase include:

  • Credit cards, initially except new cards;
  • PayPal debit cards for withdrawal only;
  • Wire transfers, including SEPA in the EU and ACH in the US.

Coinbase supports the following crypto coins:

  • Bitcoin (BTC);
  • Ethereum (ETH);
  • Ripple (XRP);
  • Litecoin (LTC);
  • Bitcoin Cash (BCH);
  • EOS (EOS);
  • Stellar Lumens (XLM);
  • Ethereum Classic (ETC);
  • Zcash (ZEC);
  • Augur (REP);
  • Dai (DAI);
  • USD Coin (USDC);
  • 0x (ZRX);
  • Basic Attention Token (BAT);
  • Cosmos (ATOM);
  • Orchid (OXT);
  • Tezos (XTZ);
  • Chainlink (LINK).

Buy Cryptocurrency on Coinbase and Coinbase Pro

Get $10 Worth of Bitcoin

What are Coinbase Fees

The tricky fee structure of Coinbase has been split down here to understand it easily. The price of Bitcoins you buy through Coinbase includes:

  • 0.5% more on Coinbase Pro market price;
  • For transactions less than $200, transaction fee on a percentage or flat rate, whichever is greater;
  • For standard purchase 1.49% and for credit card purchases 3.99% transaction fees;
  • No fee for transferring depositing money through ACH, otherwise it is $10.

What are the Limits for Buying Crypto Through Coinbase

You can buy Bitcoins in little amounts unless you increase your limits after opening your account with Coinbase. For instance, the residents of the US can buy Bitcoins up to the worth of $1000 weekly if they have a Coinbase account with a credit card as a backup.

You will have to do the following things to increase your purchasing limit:

  • Provide the verifiable number of your phone;
  • Provide your verifiable personal information;
  • Provide your verifiable photo ID.

You can increase your daily purchase limit to $25K at the highest if you are a completely verified resident of the US. The method of payment selected by you to buy cryptocurrencies can also help in determining your buying limits. For instance, on Coinbase purchase limit can be higher with ACH transfer than using a credit card.

Coinbase Customer Support of Coinbase and Users’ Opinion

The knowledge base of Coinbase is very extensive. You can find the answer to most of the standard requests. According to personal experience, you can expect an answer within 48-72 hours if a support ticket has been submitted by you through email.

Though according to the feedback of a reader, it looks difficult to get your problems solved by someone at Coinbase, yet a support phone line has also been operated by Coinbase. But the quality of their customer support is poor.

At first, the support team of Coinbase mostly responds without considering your problem deeply, and you can receive a readymade answer that may not solve your problem. It has been complained by many people that the support provided by Coinbase is not very good as most of the time they do not explain to customers the reason for their problem.

Coinbase Review Earn Crypto Coinbase

Coinbase Pro vs. Coinbase Brokerage Account

You can easily use the brokerage service of Coinbase than the services of GDAX or Coinbase Pro if you are new to cryptocurrencies. As per its name, Coinbase Pro has been designed for people who have experience handling the advanced methods of trading. 

According to the preview of Coinbase Pro, it can provide you a solution at the maximum fees of 0.25% or one fifth or less fee of the fee you pay for the brokerage service of Coinbase.

Conclusion: Is It Safe to Use Coinbase?

Coinbase can be used easily. In order to give a painless and smooth experience to its users, the company has spent a lot of money and time.

But, your transactions are not secret, and you cannot get your coins under your control. In my view, at present Coinbase focuses less on satisfying its currently obtainable customers and more of growth and for that reason, it is shameful that they receive a large number of negative reviews.

However, the cost of using Coinbase is reasonable if you do not face any problem. In my opinion, you should use the solid services of Coinbase to buy cryptocurrencies, if possible. But after buying coins, you should use a hardware wallet to keep them instead of using the wallet of Coinbase.

Get $10 Worth of Bitcoin


Some links on this page may contain affiliate links, which means that I may earn a commission if you register through them. None of the posts on this blog have been sponsored. Opinions are mine.

Thanks for Reading

Enjoyed this post? Share it with your networks.

Leave a Feedback!