Coinbase Review 2023
Coinbase is an American platform headquartered in San Francisco. The platform is one of the best exchanges in terms of trading volume, offers fiat pairs and has one of the most user-friendly trading interfaces on the market. In addition, this is a regulated crypto exchange, and the level of users trust is very high.
Coinbase has an experienced team behind it. The exchange has solid financial backing from major global investors. The mission of Coinbase’s team is to create an open global financial system that makes payments around the world as fast and easy as sending an email.
In this review from TGDRating experts, you’ll know what opportunities Coinbase gives in the cryptocurrency market.
Sign Up and Verification
To access the functionality of the trading platform, you need to register an account. For this:
- Go to www.coinbase.com and select Get started in the top right corner;
- Fill out the registration form: enter first name, last name, email, create password;
- Click Create free account.
To verify your Coinbase account:
- Enter personal information: name and surname, date of birth, residential address;
- Answer the following questions: what will you use Coinbase for, what is your source of funds and type of employment;
- Specify what trading volume you’re planning to achive per year and the type of industry you work in;
- After entering personal data, you will need to pass document identity verification. This will require an ID or passport, as well as a smartphone. Document verification can be done via video call or eID service → press Start;
- After verification of personal data and the documents, you’ll get a letter from the exchange with a notification of update on the status of verification;
- The last stage of verification is to confirm your residence address. Upload a document that is valid for the last 3 months and shows dates, your name and address.
As we noted above, Coinbase is a regulated crypto exchange, which is required to regularly publish reports and undergo audits.
The platform pays attention to user accounts protection, and has never been hacked since its launch in 2012. But the safety of assets also depends on the users themselves, so it is important to take time to set up security options.
Basic security options on Coinbase are:
- Complex password (the exchange uses password hashing with the bcrypt algorithm);
- Linking a phone number to the exchange account;
- Two-factor authentication (Coinbase uses its own 2 FA method – Security Prompt);
- Account ban when suspicious activity is detected.
Click on the profile icon, then select Settings → Security to get access to the security settings.
The Account is Created. What’s Next?
After registration, verification and setting security options, you can start working directly with the trading platform. The first thing you need is to replenish a deposit. Let’s consider what deposit and withdrawal methods there are.
Deposit and Withdrawal Methods
You can replenish the exchange account with cryptocurrency and fiat. For example, you want to have Ethereum on the exchange. For this:
- Select the Send & Receive in your account;
- Then click Receive again and select ETH in the list of supported currencies (use the search bar);
- Specify network for transfer (it must match the network in the sending wallet, otherwise you will lose funds);
- The system will give you a unique address for transferring ETH: copy and paste it in your wallet;
- Wait while your coins will be transfered to the exchange account.
Coinbase Trading Conditions and Tools
The exchange offers the following opportunities for working on the crypto market: buying crypto from a card, spot trading, access to the derivatives market, currency swap service. Let’s analyze all the possibilities in more detail.
For example, you want to buy USDT and pay for the purchase with a card. For this:
- Select the tab Trade → Simple in your account;
- Find USDT in the list of currencies (or use the search bar);
- Press Buy;
- Enter the amount of USDT you want to buy in the new window;
- Select payment method (e.g. bank card);
- Click Preview Buy to check the data;
- Check provided data, and if all suits you, click Buy now.
You can set up a payment method in advance. To do this, click on the profile icon, select Settings → Payment methods → Add a payments methods. You can also remove the payment method if it is not relevant (use button Remove).
Coinbase — one of the most liquid spot crypto exchanges. The platform features a dynamic fee structure, meaning the more you trade, the less fees you pay.
550+ trading pairs are available for trading on the Coinbase spot market.
Fees and Limits
As noted above, the fee structure on Coinbase is dynamic. The final commission on the transaction becomes known only during the transaction. It is based on the exchange’s assessment of prevailing network fees and is calculated on a per-transaction basis.
Trading fees on Coinbase are: 0 – 0.4% for makers and 0.05 – 0.6% for takers. For pairs with stablecoins the fees are: 0% for makers and 0.001% for takers.
How to Trade on the Coinbase Cryptocurrency Exchange
To create an order to buy/sell an asset on the Coinbase spot market:
- Select the tab Trade → Advanced in your account,;
- Specify a trading pair, for example, ETH/USDT;
- Create a buy/sell order (to the right of the chart);
- To make buying, select the Buy tab, specify the order type (for example, Market for an instant buy at the current market rate) and quantity of coins you want to buy;
- Click Buy.
Other Coinbase Services
In addition to сommon trading there are other earning opportunities available on the platform. Let’s consider all the tools in more detail.
Every exchange user can join Coinbase One. This is a subscription product that provides the following benefits:
- No trading fees;
- 24/7 technical support;
- Insurance of $1M value accounts;
- Analytics and research from Messari Pro;
- Exclusive staking conditions
Coinbase Referral Program
The Coinbase referral program allows users to receive bonuses for inviting new users to the platform. As soon as the user you invited registers an account on Coinbase by following the unique referral link and completes a cryptocurrency trade, both of you will receive a bonus. Its size may vary and depends on the country.
Another exchange product is Coinbase Wallet. This is a crypto wallet for storing digital currencies and NFTs with support for a large number of assets and Dapp applications.
Exchange’s clients can easily link their account to their wallet and have quick access to their assets.
Coinbase users can also earn cryptocurrency by learning the crypto sphere. Tutorial Rewards Program pays out in cryptocurrency for watching videos, taking tests and other activities.
The crypto exchange has a mobile application for trading, exchanging and storing crypto assets. The mobile version of the trading platform can be downloaded from the Google Play and App Store stores.
The exchange has been operating since 2012, and during this time millions of traders and investors around the world have used its services. Users often share their experience with crypto services, and their meanings can be both positive and negative.
Among the advantages of Coinbase, users note:
- Friendly and intuitive interface that is easy to understand;
- High liquidity;
- The ability to deposit and withdraw funds in fiat (with a card, PayPal, etc.);
- Multifunctionality: spot trading, quick purchase of crypto by card, NFT, options for passive income (rewards for training, staking, referral program), crypto wallet, solutions for developers, etc.;
Negative meanings are associated with:
- Problems with withdrawing of funds;
- Slow support response;
- Complex verification;
- Sanctions against russian users.
Coinbase Pros and Cons
- Open the trading view at exchange.coinbase.com/trade;
- Select Deposit on the left-hand column under Wallet Balance;
- In the Currency Type field, select USD, GBP or EUR (depending of your residence country);
- Select the Bank Account tab in the Deposit menu → From → Add Account;
- Follow the instructions to complete the bank account verification process.
- Ensure you have enough money in your Euro balance;
- From your Euro balance select Cash out;
- Choose your linked card from the menu as the cash out option.
For EU customers Coinbase charge fees: up to 2% of any transaction and a minimum fee of €0.55. The minimum cashout amount must be greater than the fee of €0.55.