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Coinbase Review 2024: Is it Legit or Scam?

Coinbase Review 2024: Is it Legit or Scam?

Coinbase is one of the most popular cryptocurrency exchanges out there and ranks #2 in crypto trading volume, right behind Binance. But is it the right exchange for you? Whether you’re just starting with Bitcoin or looking for advanced trading options, this Coinbase review will help you decide.

We’ll cover everything from security and fees to supported coins and crypto trading features. In this guide, you’ll learn exactly what makes Coinbase stand out – and where it falls short.

Key Takeaways:

  • Coinbase is a U.S.-based crypto exchange offering 246+ cryptos, an easy-to-use platform, and support for various deposit methods like bank transfers, cards, and PayPal.
  • The exchange is highly secure, with features like two-factor authentication, cold storage, insurance, and regular audits to protect users’ funds and personal data.
  • Coinbase charges slightly higher fees, with up to 3.99% for simple trades and 0.4% maker/0.6% taker fees for advanced trading, plus potential costs for deposits and withdrawals.

Coinbase Exchange Review: Quick Summary

Platforms
Coinbase Simple and Coinbase Advanced Trade

Headquarters
Operates without a central headquarters (formerly based in San Francisco, California, USA)

Launched Date
2012

Regulatory License
Registered with FinCEN in the U.S.

Spot Crypto Available
246+

Trading Fees
Coinbase Basic: Up to 3.99% per trade

Coinbase Advanced: 0.4% maker and 0.6% taker fees

Fiat Currencies Supported
Includes USD, EUR, GBP, and more in select regions

Payment Methods
Bank transfers, debit/credit cards, PayPal, SEPA, SWIFT, Apple Pay, and Google Pay

Insurance
$250,000 for cash balances

Customer Support
Phone, e-mail, live chat, and Help Center resources.

Mobile App
iOS and Android

What is Coinbase?

Coinbase is a well-known cryptocurrency platform that started in 2012. It was created to make trading Bitcoin easy for everyone. Over time, it grew into one of the biggest crypto platforms in the U.S. Today, more than 110 million people from over 100 countries use Coinbase. It supports trading for 246+ cryptocurrencies, making it great for both beginners and advanced traders.

The company no longer has a headquarters because it has become a fully remote organization. Before this, its base was in San Francisco, California. Coinbase is registered with FinCEN in the U.S. and follows strict rules to comply with regulations in different countries.

Recently, Coinbase merged all accounts from Coinbase Pro into their “Advanced Trade” platform. This new platform offers more tools for trading, while still being user-friendly. It also has features like Coinbase Earn, where you can learn about new cryptocurrencies and get free tokens.

Pros

  • Simple and easy-to-use interface for beginners
  • Industry-leading encryption and security protocols
  • 246+ coins and tokens available for trading
  • Educational content through its Coinbase Earn program
  • Self-custody feature using Coinbase Wallet
  • Staking services on over 100+ crypto assets

Cons

  • Fees are higher compared to some other cryptocurrency exchanges
  • Many users report long wait times for customer support
  • Coinbase users have complained about sudden account holds or restrictions

Cryptocurrencies Available on Coinbase

Coinbase allows trading of over 246 cryptocurrencies, including a wide range of altcoins and newly launched tokens. The platform features coins from various sectors like metaverse, decentralized finance (DeFi), non-fungible tokens (NFTs), meme coins, artificial intelligence (AI), and RWAs.

The most popular cryptocurrencies available on Coinbase are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • USD Coin(USDC)
  • Solana (SOL)
  • XRP (XRP)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • Toncoin (TON)

Coinbase Features Reviewed

  • Coinbase Advanced: Coinbase Advanced (formerly Coinbase Pro) is for experienced traders. It offers over 550 trading pairs and advanced features like stop-limit orders, real-time market data, and charting tools powered by TradingView. The platform also provides lower trading fees compared to standard Coinbase and supports APIs for automated trading. It’s ideal for those who trade regularly or deal with large volumes
  • Coinbase One: Coinbase One is a subscription plan costing $29.99/month. It offers zero trading fees on transactions up to $10,000 each month and priority 24/7 phone support. The subscription also includes $1 million account insurance and boosted rewards for staking and USDC balances.
  • Coinbase Wallet: The Coinbase Wallet is a decentralized wallet that allows you to manage crypto, NFTs, and DeFi investments securely. It supports thousands of assets and includes advanced features like decentralized exchange (DEX) trading and DAO participation. Your private keys are secured with a 12-word recovery phrase.
  • Coinbase Prime: Coinbase Prime is for institutional clients, offering secure custody, advanced trade execution, and APIs for automation.

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