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Coinbase Review 2023: Pros & Cons

Coinbase Review

That said, more advanced traders may be interested in Coinbase Advanced Trading for access to more in-depth charting and trading options, as well as margin trading. As the cryptocurrency markets run all throughout the day, the Coinbase customer service runs 24/7. Users may reach out to the crypto exchange by going to their Help Center which has answers to most questions regarding the platform. If you encounter a problem such as your Coinbase card review or a Coinbase account under review, you may contact them by either completing the form in their help page or contacting their service hotline. Bitcoin was designed to be electronic cash, basically a store of value.

Those who are okay with being known can go for other centralized exchanges like Binance, Kraken, or Gemini if they feel Coinbase isn’t a good fit. On Trustpilot, Coinbase has poor customer reviews, scoring 1.4 out of 5 stars from 8,500+ reviews, signaling a major problem with users accessing and operating their accounts. Coinbase has scored good points on user experience and ease of -use, but security and customer satisfaction need improvement. Generally, users with account issues like hacks and locked accounts find it challenging to resolve them. Additionally, you have to submit a picture of your government-issued ID. While some cryptocurrency exchanges allow you to be anonymous, Coinbase is not one of these exchanges.

What Coinbase Can Do to Improve

One user sued Coinbase after reportedly losing $96,000 in a SIM card change attack. Yes, Coinbase insures all US Dollar deposits from its US customers through FDIC to the tune of $250,000 per account. This insurance covers any losses resulting from system compromise, employee theft, or anything that can be considered Coinbase’s negligence.

Coinbase Review

It’d be much easier for users if Coinbase adopted the same fees for all types of crypto trades, like many other exchanges do. You can also do more beyond trading and staking, thanks to the Coinbase Card and other spending features. The Coinbase Card is a Visa debit card that’s funded by your crypto account balance. You’ll need to set up the iOS or Android mobile app to use it, and it allows you to spend crypto globally while earning up to 4% back in crypto rewards on each purchase. In addition, if you’re wondering about crypto custody and storage options, Coinbase provides its own online storage wallets.

Coinbase — Frequently Asked Questions (FAQ)

However, it’s not entirely without risk of hacking, and only you can decide if you wish to proceed. Coinbase is an easy-to-use cryptocurrency exchange that prides itself on its regulatory compliance, which is the source of both its unique strengths and weaknesses. While the platform’s spread for crypto transactions is comparable to its peers, its fees can quickly add up depending on the size of transaction and the mode of payment. Based in the US, Coinbase is one of the biggest fully-regulated cryptocurrency exchanges. Since launching in 2012, Coinbase is said to have facilitated transactions worth more than $455 billion and its 40 million verified users hold over $90 billion worth of assets on the platform.

Coinbase Review

In the relatively short time that crypto has been available, it is believed that a whopping $1.3 billion has been hacked from various exchanges. So, let’s take a look at the measures that Coinbase has in place to ensure the safety of your funds. This part of the account opening process is required in order to meet regulations surrounding anti-money laundering. A simple KYC (know your customer) process will ensure that Coinbase is meeting these standards.

How Coinbase Compares to Other Cryptocurrency Companies

Moreover, although the number of cryptocurrencies supported by Coinbase is still relatively small, the platform acts as a simple gateway to purchase small and micro-cap digital tokens on other exchanges. I have been trading with coinbase for over a year now and everything has been working perfectly, I have my money in my account worth $19,532 on it. April13th on I have had trouble withdrawing, which I complained to the customer service but they did nothing ate it … Along the line I found the name of my profile picture, which happens to be helpful.

  • In the main dashboard of the applications, users can easily search the cryptocurrencies they wish to trade, view their current portfolio, and see the latest news and trends all in just a matter of taps.
  • In this sense, somebody would need both your account password and mobile phone to compromise your account.
  • Fortunately, Coinbase enables users to withdraw their keys onto a private wallet of their choice, so these security concerns could be easily avoided.
  • According to the SEC complaint, Coinbase since 2019 has been engaging in an unregistered securities offering through this program, stripping away critical investor protections.
  • Institutional investors using the Coinbase Custody platform also have access to staking with one extra asset – MakerDAO (MKR) available for staking.

In the platform, you will be asked to verify your identity before you can start trading. Simply upload a clear image of either your passport, driver’s license, or national ID in order to complete your verification. Just like regular wallets, crypto wallets let you share money just like cash but is Coinbase Review way safer and much more permanent. As crypto wallets have become one of the most sought-after systems in the crypto space, Coinbase has its own crypto wallet known as Coinbase Wallet. Just a couple of short years after Ethereum was created, one of its founders, Charles Hoskinson, created Cardano.

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