Are you looking for an exchange to buy Bitcoin or other cryptocurrencies? I’ve been using Coinbase for a couple of years now. In this post, I am going to talk about my experience with Coinbase and what the pros and cons are of their services. Let’s check out my Coinbase review!
Overview
Coinbase was founded in 2012, this makes it one of the oldest exchanges that still exist. Originally, they did not provide as many services as they do now. Over time more coins got added as well as additional services. Coinbase is a licensed and regulated exchange as well.
The company is also looking to go public in 2021 which in my eyes shows that they are as legit as they come!
Services
Brokerage
The main service of Coinbase is its brokerage platform. Buying and selling cryptocurrencies here is as easy as it gets. Therefore, this platform is especially good for new cryptocurrency users/investors because it has a very simple and user-friendly interface.
Coinbase stores your coins for you just like a bank does with your fiat money. As a result, sending coins to family, friends or other users is pretty easy and can even be done via their email address if they own a Coinbase account themselves.
Trading Platform (Coinbase Pro)
Coinbase has its own trading platform as well. I’ll always recommend buying here instead of their ‘normal’ Coinbase platform because of lower fees. Keep in mind that, while Coinbase is focused on user-friendliness, the interface of Coinbase Pro can be a little bit daunting the first time you are using it. It is more recommended for experienced users but once you get the hang of it, you should be fine. As a result you’ll be rewarded with lower fees as well!
Merchant Services (Coinbase Commerce)
The company provides an easy solution for merchants to accept cryptocurrencies on their websites. This is done via a special plugin. This plugin is supported by the most popular webshop/e-commerce tools available like Shopify and WooCommerce (for WordPress).
Coinbase Wallet
A couple of years ago, Coinbase launched its own mobile wallet both on Android and iOS. This wallet keeps your private keys on your device so only you can have access to your funds.
Fees
This part gets a little difficult. For instance, fees not only differ based on the country you are in but also based on the platform you are using (Coinbase or Coinbase Pro).
On the standard platform, Coinbase charges a spread of 0.5% + an additional fee as well. This fee depends on how much you are buying. If you are buying for more than $200 the additional fee would be 1.49% in Europe. Other fees concerning bank transfers or credit/debit card buys could also be subjected to fees. The more detailed page by Coinbase can be found here.
Coinbase Pro has a taker and maker fee of 0.5%. But, this fee can be lower if you have a high monthly buying and/or selling volume. The official fee page of Coinbase Pro can be found here.
Coinbase Review
I believe that Coinbase is a very decent and trusted platform. However, not everything is yet how it should be. For example, when big price movements happen Coinbase is often known to have server problems which make it difficult to get onto the platform. This should not happen with a company as big as this one.
I’ve also heard (but not experienced myself) that their customer service is not always perfect. This alone is a good argument for why you should not hold big amounts on exchanges.
I never had a real problem with Coinbase and always have been quite happy with their services.
Pros
- One of the most trusted exchanges
- Has never been hacked
- User friendly
- It is possible to buy with fiat
- A lot of cryptocurrencies are available
- Decent amount of services
Cons
- Not the cheapest option out there
- Customer support could be better
- Platform crashes from time to time
- You have to know about Coinbase Pro to get the cheapest fees
This was my Coinbase review. If you have any more questions or things you don’t agree with, don’t hesitate to get in touch with me! 🙂
