Coinbase Review 2022: The Largest Cryptocurrency Exchange In The World By Customer Base

Coinbase is the most popular cryptocurrency exchange in the world that allows over 20 million active users monthly to buy, sell, and exchange cryptocurrencies.

Despite being the biggest cryptocurrency exchange in the world, the US-based exchange giant has come under heavy criticism recently over extortionate transaction fees and poor customer service.

Company Overview

• Established: 2012
• Official Website: coinbase.com
• Cryptocurrencies Available: 76
• Customer Service: Chatbots, Helpline (888-908-7930), Help Page (Website)

Core Strengths

• Coinbase offers a secure way to invest and trade with cryptocurrencies.
• Coinbase supports dozens of currencies, including Bitcoin and Ethereum.
• The main Coinbase platform features a beginner-friendly interface.
• Any Coinbase user can access low fees and more features through Coinbase Pro.

Pros and Cons

Pros	Cons
Beginner friendly cryptocurrency exchange	High transaction fees
Support a huge number of cryptocurrencies on its platform	Poor customer care
So many crypto earning opportunities	No provision for trading many altcoins
Lower fees are available on Coinbase Pro

Pros Explained

Beginner-friendly cryptocurrency exchange: The main Coinbase website and mobile app are both extremely user-friendly and enable you to easily buy, trade, and swap cryptocurrencies.

Support a huge number of cryptocurrencies on its platform: Coinbase presently offers trading in over 100 currencies, and the number is growing daily.

So many cryptos earning opportunities: Profit from interest on qualified balances or receive a small amount of a new currency via Coinbase Earn.

Lower fees are available on Coinbase Pro: Any user can upgrade to Coinbase Pro, a full-featured active trading platform with reduced costs.

Cons Explained

High transaction fees: On the official Coinbase platform, transaction costs are frequently prohibitively high.

Poor customer care: Coinbase’s customer care is rated poorly, even in the face of major account security issues.

No provision for trading many altcoins: While Coinbase supports a sizable number of currencies, many are absent.

Introduction

Coinbase is the world’s largest cryptocurrency trading and investment platform where customers are allowed to buy, sell, and exchange more than 100 cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Dogecoin.

Currently, Coinbase has amassed a massive customer base of more than 92 million people and over $278 billion in total assets on the platform.

For beginners, the original Coinbase platform offers you an easy and intuitive way to buy, store, transfer, and trade crypto with simple buy and sell orders.

However, if you are an advanced cryptocurrency trader or investor, the Coinbase Pro platform gives you greater flexibility, as well as additional features such as the ability to choose order types.

In general, Coinbase has something for every user. From beginner to expert level, the platform has all it takes to make you satisfied.

Company Overview

When the company was established in 2012, it was originally just a platform used to send and receive Bitcoins. Over the years, the company has grown massively and now supports more than 70 unique cryptocurrencies, and has more than 4,000 employees worldwide.

It is also worth noting that the company has no specific headquarters anywhere in the world. With users in more than 100 countries, and customers trading over $575 billion quarterly, Coinbase remains the largest cryptocurrency exchange in the world.

In addition to all these, Coinbase has partnered with more than 11,000 financial institutions and banks across the world. The company also gives you a free and secure multi-crypto wallet to store several cryptocurrencies.

Cryptocurrencies Available on Coinbase

Coinbase currently allows the trading of over 100 cryptocurrencies and is constantly adding new ones to the list. There are far too many to list here, but here are a few of the most popular on Coinbase:

• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• Solana (SOL)
• Polkadot (DOT)
• USD Coin (USDC)
• Dogecoin (DOGE)
• Uniswap (UNI)
• Litecoin (LTC)
• Shiba Inu (SHIB)
• Algorand (ALGO)
• Stellar Lumens (XLM)
• Polygon (MATIC)
• DAI (DAI)
• SushiSwap (SUSHI)

Trading Experience

As we mentioned earlier, Coinbase offers two trading platforms:

• Coinbase
• Coinbase Pro

Each of these offers users the platform to trade and invest in cryptocurrencies but offers different functionalities based on the trader’s experience.

Coinbase

Trading on Coinbase is relatively for anyone, especially beginner and intermediate-level traders. Coinbase can be accessed through their website or mobile apps running Android or iOS. If you’ve ever traded stocks via an online brokerage, the experience will be somewhat similar.

You can monitor your Coinbase portfolio on the main dashboard, and you’re never more than a couple of clicks away from a screen where you can purchase and sell currencies.

Cryptocurrency markets are open 24 hours a day, 7 days a week, and you may log in and place a trade at any time. 

Purchases can be made with funds in your account or directly from a linked bank account or credit card. 

Additional fees may apply depending on the method of payment used to make your cryptocurrency purchase. 

Purchases are immediately credited to your account, though you may be required to wait for your deposit to clear before withdrawing.

Coinbase Pro

While Coinbase Pro may appear to be a feature reserved for experienced traders, anyone with a Coinbase account can access and utilize it. 

It expands your trading options, most notably giving you limit and stop order options, which are not available on the standard Coinbase platform.

Fees

Coinbase is quite deceptive when it comes to its transaction fees and recently removed the transaction fees table from its trading platform.

This may not turn out to be a problem because these fees appear before you place any trade, and this enables you to know how much you would likely pay before you trade any pair.

These are the fees you can expect to pay on Coinbase per trade:

Note: For trades above $200, a percentage-based fee is used instead of a flat fee. Also, just like fixed trade costs, Coinbase transactions are subject to a 0.50 percent spread-based fee.

Additional fees may be charged for certain account funding and withdrawal activities, and other less common services:

Security

Coinbase’s security systems are second to none in the crypto industry. Their industry-leading security practices provide the safest platform for storing customer deposits and keeping assets safe.

However, you can never be too careful when it comes to using cryptocurrencies, so it’s safer to follow the best online safety best practices to keep your account information secure.

In addition to these security measures, the company stores more than 98% of all customer deposits in offline cold storage deposit boxes scattered across the globe. 

These scattered safe boxes are further backed up by digital and paper wallets. Coinbase also uses bank standard encryption for its website and mobile apps.

Finally, every Coinbase user is forced to use two-factor authentication, a security measure that makes it impossible for hackers to access your funds unless they have access to your mobile phone.

Despite all these security measures, you are still advised to use a strong, random password on financial websites like Coinbase.

Also, you should never share personal information with random people you meet online, and Coinbase will never ask you for your personal account information for any reason.

Opening a Coinbase Account

Opening a new Coinbase account is a very easy process which is similar to opening a brokerage or bank account online.

However, if you want a fully verified account, you will be required to provide your personal information like your Social Security number.

New customers are required to submit any government-issued ID card to prove their identity. This is to enable the company to track down and prevent fraudsters from swindling people of their hard-earned money.

Once you’ve set up and verified your Coinbase account, you’re able to buy and sell cryptocurrency up to your Coinbase account limits.

Customer Service

This is the major problem that Coinbase has. You will never be able to reach any human in your quest to get any kind of help.

You might as well just refer to Coinbase as a self-service platform. The only form of support they can offer you are chatbots, automated phone calls, and support email tickets.

Customer Satisfaction

In cases where all goes well, you may end up being a happy customer. But since nothing is guaranteed, all may not go well with your experience while using Coinbase.

This is because the amount of support you may get from their customer service if anything ranging from hacks, stolen funds, or an account blockage may leave you frustrated and sour.

Coinbase has received more than 6,000 damning reviews focused on its customer care service from Trustpilot alone.

Coinbase is also plagued by a problem that appears to be hurting many industry competitors. In reality, the Federal Trade Commission received over 12,000 complaints, and many prior users claim they were left with little to no support after losing funds due to stolen accounts.

Account Management

The Coinbase website and mobile app let you access and manage your account at any time. You’re never too far away from checking your portfolio balance or making a trade:

If you want to manage your cryptocurrency while you’re on the road, the mobile app includes everything you need:

How Coinbase Compares to Other Cryptocurrency Companies

The cryptocurrency market is rapidly developing, with new rivals entering at a rapid pace. You may also handle your cryptocurrencies without using a huge centralized exchange like Coinbase. Gemini, Binance, KuCoin, FTX, Kraken, and many others are major competitors to Coinbase.

Tip: Many cryptocurrency fans utilize a combination of exchanges and crypto wallets to gain access to a diverse variety of currencies, keep their crypto secure, and keep fees as low as possible.

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Read More: Binance Review 2022: The Biggest Crypto Exchange By Trading Volume

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Final Verdict

Coinbase provides an excellent platform for anyone to purchase, sell, store, and exchange cryptocurrencies. 

It’s especially useful for cryptocurrency newcomers who seek a straightforward buying and selling experience without having to deal with the complexity of external wallets and decentralized exchanges.

The most significant drawbacks of Coinbase are its pricing structure and customer service. If you can manage your account on your own and agree to the fees, Coinbase is an excellent alternative for anyone interested in getting started with bitcoin.