Coinbase Review – Are They Safe or a Scam?
Check Our Ratings and Reviews for 2022
Coinbase has made big news in recent months, but many don’t realise that the largest trading platform in the U.S. launched way back in 2012. In fact, this leading cryptocurrency exchange is now one of the biggest in the world.
In this Coinbase review, we will let you know, is Coinbase safe? And we will describe all the industry topping features available at this cryptocurrency exchange. We at Crypto Parrot will offer an expert opinion on customer service, security, and trustworthiness. We’ll also unpack the quality of the total cryptocurrency trading platform offered by Coinbase.
Coinbase has a rather unique offer for cryptocurrency traders on its website. Customers can participate in easy-to-follow short courses, with its competition resulting in free cryptocurrency rewards. For example, currently, completing short courses focused on individual altcoins will net you a small number of that cryptocurrency.
There are currently dozens of courses available, with several offering a combined bonus value of $39. Participation is simple too. Watch a video, complete an easy quiz, and then see the new crypto tokens in your Coinbase wallet. Complete them all, and you’ll walk away with $39, made up of several new cryptocurrencies such as Stellar Lumens and Compound.
To start earning, all a user needs to do is create an account. The process is over within a few minutes, and your account can be verified with an identification document and proof of address.
In our opinion, Coinbase offers one of the easiest to use platforms of any exchange. It is simple to buy a new cryptocurrency and the trading window even offers a preview to make sure you’re happy with your selection – just hit the back arrow to bow out of the trade. The website and apps are totally intuitive and keep all the navigation items visible, so you don’t need to remember how to access a feature.
Both the experienced and inexperienced alike can use Coinbase crypto exchange as useful hints will help guide the first few trades. The minimalistic design means nothing feels cluttered, and ensures moving around the platform is a breeze. Fast loading times help with the sense of stability, and users can nip around the platform like a seasoned pro.
Considering there are over 4,800 total cryptocurrencies on offer at Coinbase, you’ll never need to turn to another exchange to buy a random altcoin. Coinbase continues to add to this growing list and new listings are shown clearly in the prices tab.
We scoured the website in our Coinbase review and noted that this cryptocurrency exchange offers accounts for both individuals and businesses. There are also two account types – standard and pro. Standard is used by most users, and lets a retail investor conduct cryptocurrency trades in their home currency.
The pro account, however, is catered to professionals who trade in high volumes. Our Coinbase review of the pro account revealed crypto-to-crypto trading, extra chart features, lower fees, and the ability to trade in more currencies. The pro account gained further trading tools too, such as market orders and stop orders. The only real downside we found of the pro account is that users cannot fund their account using a debit or credit card.
Browsing the Coinbase cryptocurrency exchange is a treat. The colour scheme pops and feels very modern. iOS users will probably feel most at home on the website. The interface is simple and naturally intuitive. There isn’t any customization really, but you can easily access all the features such as rewards, recent transactions, and your portfolio.
Cryptocurrencies are displayed clearly and the top traded coins are focused on. You can also click on any crypto asset to open a page that lists that asset’s live price chart, information on the coin, and any recent news stories.
The Coinbase Pro platform looks incredibly well-designed and very familiar to major broker applications. Experienced traders will no doubt feel at home. The main dashboard contains live market information such as volume and pricing, while charting features are easily accessible. Straight away we noticed during our Coinbase review that candlesticks and depth charts were on offer.
During our Coinbase reviews we noted that the iOS and Android mobile apps are offered free of charge. We determined that the apps retained all the same functionality as the web versions and, frankly, looked identical to our reviewers. Both web-based versions and the mobile apps were responsive and the pro version of the mobile app was also identical to its web-based counterpart.
Our Coinbase review revealed different payment methods for different countries. For example, European users can make SEPA deposits and withdrawals, most countries can use their debit card and PayPal, whilst U.S. users can use their bank account, debit card, or a wire transfer. Transfer speeds vary between the various banking methods and range from instant to about 5 days. We found these speeds to be inline with the industry standards.
Coinbase spreads incur 0.50% and there is a transaction fee ranging from 0.99 local currency to 2.99. Our review saw crypto- to-crypto trades on the pro account charged at 2% per transaction. The pro account also uses a maker-taker fee structure – not uncommon at many exchanges today. Taker-maker fees range from 0.00% to 0.50%. Deposit charges, depending on payment type, are either free or very low. SEPA deposits only incur a €0.15 fee, for example.
Like most cryptocurrency exchanges, Coinbase only offers live chat support and emails via the web form on their website. Our Coinbase review of the support department noted the live chat is a very responsive chat bot. The bot will try to send you down a linear path to solve an issue, and more often than not, the bot will direct you to the support FAQs.
When conducting our Coinbase review, we sent an account issue via the web portal. We were told to expect a response in 3 – 5 working days, but it took a few days longer. However, the real agent was very helpful and knowledgeable especially confident when asking about how to avoid potential Coinbase scams. The support is offered 24/7 thanks to the chat bot feature, but it seems receiving contact from an actual agent could use some work at this exchange.
There are over 100 supported countries with Coinbase and dozens of different languages too. The education and support information at Coinbase is very expansive. Most of our queries could have been answered in the support documentation.
We took our Coinbase review seriously and took a good hard look at licences and regulations. Coinbase is registered with FinCEN in the U.S and authorised by the Financial Conduct Authority in the UK. This is quite impressive since some of Coinbase’s biggest rivals are unregulated.
Traders can sleep soundly knowing that Coinbase is one of only a few cryptocurrency exchanges that provide FDIC insurance on US deposits up to $250,000. Such licencing and clear measures to protect clients funds are sure to help those wondering, is Coinbase reliable, feel totally comfortable trusting this cryptocurrency exchange.
A deep dive into the features during our Coinbase review dug up that 98% of all cryptocurrency balances are kept in an offline cold wallet. That means your funds are free from cyber threats and would-be criminals. Coinbase also offers a crypto vault – these are time-locked and prevent others fraudulently withdrawing funds from your Coinbase account.
Not unlike most cryptocurrency exchanges, 2-Factor Authorization is offered via SMS or the Google Authenticator Application. The Coinbase digital wallet also requires biometric information to access – so only you can gain access to your tradable funds.
Coinbase knows how important trading the news can be in a volatile market, so, there is a built-in newsfeed within the platform that updates users on the latest crypto developments and major news events – perfect for spotting a trend!
Our Coinbase review of features uncovered the Coinbase card – a VISA debit card that lets users make regular purchases using their Coinbase crypto balance.
Coinbase really is bringing cryptos into the mainstream world and offer many security features that ensure clients can be certain that Coinbase is safe.
Coinbase offers well over 4,000 cryptocurrencies for you to buy, sell, or trade with others. There is a fantastically informative education space for new traders and there are even short courses on offer that pay you real cryptocurrency for your time. A minimalistic design and modern visuals make Coinbase a truly perfect choice for first time cryptocurrency traders.
The Coinbase mobile app offers all the same features and functionality as the web browser-based version, while retaining the same minimalistic visuals. The platforms are very intuitive, with all features on display, so there are not complicated user interface paths to remember. Coinbase’s fees are varied but still very low and easy to follow. Pro account holders benefit from the added functionality of crypto-to-crypto trading too.
If we had to provide three reasons why you should trade at Coinbase, we would promote the minimalistic trading platform, over 4,500 cryptocurrencies on offer, and industry regulation and deposit insurance.