Coinbase Review – Is it Legit? (May 2024)

With almost a decade of experience in the industry, Coinbase has established an excellent reputation as a secure exchange. The company stores 98% of client funds in cold storage. This means these funds are completely secure from any kind of threat. 

With regard to the platform and trading on your account, Coinbase also uses 2-factor authentication for accessing all accounts along with a whitelisting option. If selected, this option means that cryptocurrency can only be withdrawn to a number of addresses approved by you. 

Cash balances in your Coinbase account are also protected by FDIC insurance of up to $250,000 per user. Add to this the fact that Coinbase has a quarterly trade volume of more than $300 billion, is available in more than 100 countries around the world and all US states with the exception of Hawaii, and the company is now publicly listed on the NYSE and subject to related regulatory oversight that comes with being a publicly-traded company.

Coinbase also has a strong history of compliance and has operated in a transparent manner over the years it has been in the industry.

There are well over 100 cryptocurrencies supported by Coinbase with more being added all the time. This range of assets alongside the fact that the exchange is typically quick to add new and popular cryptocurrencies as they become available makes them a very appealing choice with traders. 

Some of the most popular assets you can expect to find include:

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), USD Coin (USDC), Cardano (ADA), Polkadot (DOT), SushiSwap (SUSHI), Shiba Inu (SHIB), Polygon (MATIC), Uniswap (UNI), Chain Link (LINK), and Tether (USDT). 

As mentioned, there are many more available with the selection always being added to. It is best to check with the exchange at any given time. Liquidity is also not a problem given that the exchange is one of the most traded in the world.

Coinbase is not known for their low fees but they remain competitive and hugely accessible to traders. The fee structure of the exchange can be complex and depend mainly on the size of your trade. 

The first fee to take note of is the Coinbase spread. This is charged at 0.5% on purchases and sales of cryptocurrency. This spread is applied to all of the assets offered on the exchange. In addition to this spread,  there is then a Coinbase fee depending on the size of your trade. This is a fixed fee and starts from $0.99 on trades of $10 or less. This fixed trade fee goes to a maximum of $2.99 on trades of between $50 to $200. Trades above $200 have a percentage-based fee with a 0.5% maker and taker fee charged on trades up to $10,000. 

When it comes to non-trading fees, payment through your bank account attracts a fee of 1.49% which is the same as the fee for using your USD Coinbase wallet. You will be charged a 3.99% fee for using a debit/credit card to make a purchase, and while ACH transfers are free, wire transfers are charged at $10 for incoming wires and $25 for outgoing. There is a low minimum purchase of $2 required by Coinbase and a daily transaction limit of $25,000.

Coinbase offers two separate trading platforms. These are the Coinbase standard trading platform and Coinbase pro platform. The standard Coinbase platform is extremely user-friendly and designed with all levels of trader in mind. Here you will be able to access all key features expected from a trading platform such as charting tools and indicators, as well as being able to set your order type. Coinbase fees for a particular trade are also clearly displayed when placing an order. 

Coinbase Pro is suited to more advanced users although it is accessible to all traders. The main difference with this trading platform is when it comes to order types. Both limit and stop orders can be placed using Coinbase Pro. These are not available through the standard platform at present.

Mobile trading with Coinbase is also possible with their app being a very popular choice. This mobile app is available on iOS and Android and provides all of the same features without loss of functionality as the web-based platform.

Being such a major company, Coinbase does have a strong customer support function in place. This is mainly accessed through their website. Here you can visit the help center where you can find answers to most questions across a range of topics. 

If you can’t find the answer here, then you can get in touch with the support team through a ticketed system or try to use the live chat facility within the website. There are also phone numbers available to call in the event your account is locked.

Coinbase is a world-renowned company and cryptocurrency exchange. Accessible worldwide and in all US states besides Hawaii, it is an extremely trustworthy and secure choice for traders. They offer an excellent range of assets with all popular choices available, and can almost guarantee trading volume with so many millions of users. Their trading platforms also make cryptocurrency trading very much available to all. 

Though the higher fees are often an area highlighted about the exchange, the service they offer to traders around the world is of a very high standard and can compare favorably with many in the industry.