Coinbase Review 2021

Coinbase is the world’s largest cryptocurrency exchange. It offers a simple user interface that is great for beginners. Coinbase isn’t the cheapest.

 Skip the review and check out Coinbase

Coibase Review

Review Summary

  • Largest exchange
  • Trades over 100 cryptocurrencies
  • Sign-up requires your id and credit card
  • Good usability for beginners
  • High level of security if you decide to use their vaults. However, see out explanation of the fundamental trade-off between ease and cost

Background

Coinbase has been going for over ten years. It was founded in 2012 as an easy way to buy crypto, an approach Coinbase has maintained. Coinbase was floated on the stock exchange in 2021 and has a market capitalization of around $50 billion.

Today, Coinbase offers a range of different services.

For non-professionals, they offer Coinbase, Coinbase Pro and the Coinbase Wallet. For professionals, Coinbase Pro and Coinbase Custody. They also offer a debit Visa card and payment system for merchants.

Cryptocurrency You Can Trade

Coinbase supports the following currencies:

  • Bitcoin (BTC) Read our review
  • Ethereum (ETH) Read our review
  • Cardano (ADA) Read our review
  • Tether (USDT)
  • Internet Computer (ICP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC) Read our review
  • Uniswap (UNI)
  • Chainlink (LINK) Read our review
  • Stellar Lumens (XLM) Read our review/li>
  • Ankr (ANKR)
  • 1inch (1INCH)
  • Ren (REN)
  • Loopring (LRC)
  • iExec RLC (RLC)
  • Kyber Network (KNC)
  • SKALE (SKL)
  • Storj (STORJ)
  • Cartesi (CTSI)
  • USD Coin (USDC)
  • Polygon (MATIC)
  • Synthetix Network Token (SNX)
  • Yearn.finance (YFI)
  • SushiSwap (SUSHI)
  • Decentraland (MANA)
  • Basic Attention Token (BAT)
  • Enjin Coin (ENJ)
  • The Graph (GRT)
  • Ethereum Classic (ETC)
  • EOS (EOS)
  • Aave (AAVE)
  • Wrapped Bitcoin (WBTC)
  • Filecoin (FIL)
  • Tezos (XTZ)
  • Dai (DAI)
  • Maker (MKR)
  • Cosmos (ATOM)
  • Alogrand (ALGO)
  • Compound (COMP)
  • Dash (DASH)
  • Zcash (ZEC)
  • UMA (UMA)
  • Celo (CGLD)
  • 0x (ZRX)
  • Bancor Network Token (BNT)
  • OMG Network (OMG)
  • Curve DAO Token (CRV)
  • Augur (REP)
  • Origin Token (OGN)
  • Balancer (BAL)
  • Numeraire (NMR)
  • NKN (NKN)
  • Civic (CVC)
  • Ampleforth Governance Token (FORTH)
  • District0x (DNT)
  • Tellor (TRB)
  • Band Protocol (BAND)
  • NuCypher (NU)
  • Orchid (OXT)
  • Mirror Protocol (MIR)

How To Create An Account

It’s much like opening a bank account.

You need:

  • To provide identification. Drivers license or id card. Passport or national id if outside US
  • A means to fund your account. Bank account, debit/credit card or PayPal, depending on your location.

The rest is pretty standard. Provide your name and email, then verify. You’ll need a phone for a verification code. Coinbase used two-factor authentication, which means you’ll sign in with a login and password and a verification code.The verification code gets sent to your phone or you can use an app like Google Authenticator.

Once approved, you’re reading to start trading.

Ease Of Use For Beginners

This is one area where Coinbase excels.

It is very easy to use.

Some exchanges are aimed at traders. Traders screens are typically a mess of data and charts that will easily confuse a beginner and increase the risk of making mistakes. Coinbase is more like buying foreign currency. The scope is limited, so much easier to navigate.

Coinbase Fees

All crypto exchanges charge fees.

Sometimes fees are hidden in the exchange rate. Sometimes they are made explicit. But it always costs to buy and sell.

Coinbase are not cheap. However, the fees are not onerous if you’re not trading frequently. Active traders would be better off considering a different platform, including Coinbase Pro.

The Coinbase fees are outlined here.

Security & Insurance

Is Coinbase safe?

Safety is never 100% guaranteed, but Coinbase is one of the safer exchanges. Coinbse claims that 98% of consumer funds are stored offline in various locations around the world, which helps provide security for digital assets. Coinbase holds your crypto in its free wallet service, though you should consider taking the further step of managing your own private keys.

You’ll need to complete a two-factor authentication to sign into your account.

Response Times

Not ideal.

Many exchanges suffer from this problem. Coinbase is aware of issues relating to customer support, and has committed to turning around delays in its response time.

Downtime can also be annoying, but Coinbase doesn’t appear worse than others in this respect. This is another area the industry needs to address. You can check out Coinbase uptime history here.

However,  unless you’re trading frequently, this shouldn’t be an issue.

Coinbase Wallet

Coinbase Wallet is a standalone cryptocurrency wallet for iOS and Android. You don’t need a Coinbase account to use one.

Coinbase Wallet

 

Rating

Coinbase is one of the world’s largest crypto exchanges for a reason. It offers ease of use with a high standard of security. You do pay for these benefits in the form of comparatively high fees.

It has a fast growing user base which can result in slow customer support and the occasional downtime. Coinbase are aware of these issues and claim to be addressing them.