Coinbase Review 2022 From a Long-Term User and Early Crypto Adopter
Coinbase is one of the leading cryptocurrency exchanges. There’s a lot to like about this platform, but there are some downsides to consider as well. So in this Coinbase review, I’ll try to cover all bases.
I’ve had my current Coinbase account since 2017. And a few years before that, I’d been active with cryptocurrencies. I’ve seen many exchanges and how they’ve changed over the years. Some have struggled… while others, like Coinbase, have continued to improve.
If you’re considering setting up a Coinbase account, you can click here to find a sign-up page. And if you’re still undecided, read on to find out more about what the platform offers…
Coinbase Review from the Inside
For a quick overview, Coinbase is an exchange that allows its users to buy and sell cryptocurrencies, like Bitcoin. It offers basic products anyone can use as well as some services for businesses and advanced traders.
In this Coinbase review, I’m going to focus on its products for individual users. I’ll also highlight some of the advanced Coinbase Pro features for more serious traders. Over the years, Coinbase has come a long way…
In its earlier days, it allowed trading only of Bitcoin and a handful of other cryptos. But a few years back, the company announced 30 more digital assets it was exploring adding to its platform. And since then, it has been rapidly adding more.
Coinbase Cryptocurrency List
Coinbase now tracks more than 4,000 assets and supports more than 130 assets. Here are some of the most popular…
|Uniswap||Bancor Network Token|
|Wrapped Bitcoin||Basic Attention Token|
|The Graph||Band Protocol|
|Synthetix Network Token||Civic|
If you want a closer look at some of these digital assets, check out these top five cryptocurrencies. And once you’ve determined what cryptos you want to buy, you’ll need a wallet…
Coinbase Wallet Review
The Coinbase Wallet can help you store all your digital assets in one place. It allows you to store them on your own device. That can help give users more control as well as peace of mind.
Security is vital when it comes to storing cryptocurrency. And my Coinbase review puts security at the top of the checklist. Luckily, Coinbase has gone to great lengths on that end. The wallet protects your keys with Secure Enclave and biometric authentication technology.
The wallet also allows users to explore the world of decentralized apps. It’s a growing ecosystem that continues to improve over time. And as far as ease of use, you don’t have to enter lengthy addresses to send and receive crypto. Instead, Coinbase allows you to pay anyone around the world with just their Coinbase Wallet username.
Overall, finding and trading cryptocurrency is easy once someone signs up for a Coinbase account. And if you’re a new user, you’ll also have to fund the account if you want to buy anything.
That’s a simple process, and Coinbase makes it easy to get started. Then as users become more advanced, they might want to consider upping their game…
What Does Coinbase Pro Offer?
Coinbase Pro lets users track digital assets in more detail. It offers an intuitive platform with real-time orderbooks, charting tools and a simple order process for trading.
Orders have direct access to Coinbase Markets, Coinbase’s single source of liquidity. Also, a Websocket feed lets users gain access to real-time market data. And Coinbase’s trading API lets users develop secure trading bots.
On top of that, digital assets held in online storage are insured. All USD balances are covered by FDIC insurance, up to a maximum of $250,000 per customer. This insurance is similar to what some other financial institutions provide.
Overall, the Pro trading platform is a useful tool if you want to take it to the next level. Although there are the fees to consider…
Account and Trading Fees
Bitcoin is supposed to be more efficient and cost effective. But the platforms that make it easier to use want their cut. So here are some of the top fees to consider from Coinbase…
First up, you can use the Coinbase Wallet free of charge. It doesn’t cost anything to store USD and cryptos in the wallet. On top of that, Coinbase doesn’t charge for transfers from one Coinbase wallet to another. Although there are small network transaction fees, such as miner’s fees. These show up at the time of the transaction.
For certain buying and selling, Coinbase may also charge fees based on your location and payment method. So below, I’ve included some of the standard U.S. fees, and you can find a better breakdown straight from the source.
If the transaction amount is less than or equal to $10, the fee is $0.99. For transaction amounts over $10 but no more than $25, the fee is $1.49. If it’s more than $25 but less than or equal to $50, the fee is $1.99. And if the amount is over $50 but no more than $200, the fee is $2.99.
However, these fees are replaced if another variable fee is larger. And that can depend on region, product feature and payment type. For example, buying Bitcoin with a debit card comes with a 3.99% fee and that can be higher than the fixed fees.
When it comes to Coinbase Pro fees, the model is a little more straightforward. Your monthly trading volume is the main cost factor. The highest amount you’ll pay is 0.5%, and it decreases depending on the size of the trade. It can drop all the way to 0% if your order is above $50 million and placed on the order books then later filled.
After having used an account with this platform and others, my Coinbase review results in a solid four out of five stars. The platform is easy to use and is always improving. If Coinbase was able to lower fees even more, I’d consider bumping it up to a five out of five.