This review is about Coinbase, which is among the oldest cryptocurrency exchanges around the world.
Founded by Fred Ehrsam and Brian Armstrong back in 2012, it has become one of the largest crypto-exchange companies with over 30 million customers worldwide and supporting more than 100 countries.
It initially began as a Bitcoin brokerage provider but later added more services to serve a wider clientele.
It offers a wide variety of services. Their main service permits and gives users the ability to trade in Bitcoins and other cryptocurrencies on their platform using debit cards, credit cards, or bank account.
They also offer brokerage services through dedicated packages like Coinbase Pro which is targeted at experienced users and a convenient mobile wallet for Android and iOS users.
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- Deposit bankwire, Visa
- Withdrawal bankwire, Visa
- Support E-mail, chat
POSITIVES
- Renowned company
NEGATIVES
- Not much currencies in basic interface
Payment options and supported currencies
Coinbase accepts various payment methods such as:
- Wire transfers
- Paypal
- Debit and Credit cards
- Cryptocurrency
Coins supported include:
- Bitcoin
- Ripple
- Litecoin
- Ethereum
- Bitcoin Cash
- Ethereum Classic
- Stellar Lumens
After account sign-up, you’ll be able to buy only small amounts of cryptocurrencies until you raise your limits by verifying your phone number and personal information.
The fees are among the lowest compared to other exchanges. When you purchase Bitcoins from the platform, the amount you’ll pay depends on the current price of Coinbase Pro and the fee, which is normally at a flat rate for transactions under $200.
Transactions inside the exchange isn’t charged. However, those to your Coinbase account from outside will need confirmations before they reflect in your account.
Security and customer support
It is one of the most secure platforms available. Firstly, it is US-based and so is registered and complies with Federal regulations. Secondly, online-stored cryptocurrency is always insured, meaning that customers are entitled to a refund in case funds are lost.
Additionally, Coinbase has investments from big corporate entities such as BBVA and Bank of Tokyo, which further boosts its legitimacy.
It provides customer support via email, FAQs page and Knowledge Base on their website. Waiting period for customer service may sometimes vary due to the increased demand for services in recent times leading to some delays.
Nonetheless, typical times for responses are within 1 to 3 days. However, there have been complaints of users receiving responses that don’t address the issues raised to their entirety.
FAQs
It is the easiest Cryptocurreny exchange to use. First you need to create and account, next deposit money, then start trading.
There are over 20 Cryptocurrencies available to trade. Many of the major coins and other new coins are supported.
Yes. First you need to create and account and connect your bank account by depositin funds through with your bank account. When you have connected your account you are free to withdraw your Bitcoin to USD.