Introduction to Coinbase Exchange

coinbase website

Coinbase isn’t a decentralized platform, so it offers a more disciplined experience to traders. While the option to stake funds is available, it doesn’t cover it in as much detail as other exchanges. Because Coinbase is a centralized platform with regulatory licenses, there is protection around how the exchange operates.

The crypto selection is more than adequate. Although it doesn’t hit the heights of the top platforms, the Coinbase exchange still provides almost 400 choices. A slight downside is the lack of a native token, so there aren’t any platform-specific ways to invest.

We have compiled our Coinbase review to break down everything traders must know to start using the platform. It covers the essential factors, ensuring users have their eyes open when creating an account.

Founded date 2017
Native Token No
Listed Cryptocurrency 300+
Trading Pairs 1,000+
Supported Fiat Currencies 60+ including GBP, USD, EUR, and CAD
Supported Countries 200+
Deposit Fees Only gas fees for crypto, fee for fiat deposit
Transaction Fees Between 0.4% and 4.5%
Withdrawal Fees Only gas fees for crypto, fees for fiat
Application Yes
Customer Support Live chat, social media, help center

Coinbase Crypto Features

  • Ability to stake crypto
  • Solid selection of cryptocurrencies
  • Option to create a premium account
  • An excellent mobile app

Number of Cryptocurrencies Supported

  • BTC
  • ETH
  • XRP
  • DOGE
  • SHIB
  • USDT
  • BNB
  • & 300+ more

Earn

coinbase earn

There are staking options available with Coinbase, but it’s not quite as in-depth as other exchanges. As a result, trading is the most common way to earn at Coinbase. Of course, this provides more risk than staking, but it can potentially create a higher reward. Our Coinbase review covers the various earning options in detail, making it easy to select the best option.

Customer Service

Coinbase has excellent customer service, which isn’t a surprise. Because it’s a big name in the industry, it makes sense it focuses on the user experience. Traders can contact live chat, email support, and social media channels. As a result, there are plenty of opportunities to solve issues with Coinbase.

Hardware Compatible

There are desktop and mobile versions of the Coinbase site. So, when using the Coinbase exchange, traders can access it however they like. Each option provides an excellent interface, although when using Coinbase Pro, mobile screens are sometimes too small to display the information thoroughly. However, the app is still superb and provides a solid experience.

SPV or Full Node

Trading at Coinbase uses an SPV system.

Who is Coinbase Crypto Exchange Best Suited For?

Coinbase is accessible to all traders, from new starters to seasoned professionals. The standard Coinbase platform offers simple access, while Coinbase Pro is a more detailed exchange. As a result, traders should look into which features are best for them when choosing to trade at the Coinbase exchange.

Coinbase Crypto Pros & Cons

Pros

  • Fees can be lowed with Coinbase Pro
  • Provides the opportunity to stake certain cryptos
  • Includes an excellent selection of cryptocurrencies
  • Has an excellent mobile app

Cons

  • Coinbase isn’t decentralized
  • The fees can be quite substantial

Services Offered by Coinbase Crypto Exchange

features

The features at Coinbase exchange are relatively standard. Although they’re not as comprehensive as other sites, some excellent ways to trade and utilize crypto are still available. With our Coinbase exchange review, we cover the most critical features and how users can maximize them.

Trading choices are the most apparent aspect of Coinbase. As it’s an exchange, this is an expectation. The trading choices are solid, particularly with over 400 crypto choices available. While the trades are quite high, traders can still reduce fees if they trade with higher volumes and select quieter moments. There is room for improvement, but it’s still a net positive.

There are passive income opportunities at Coinbase Exchange, although not as comprehensively as other sites. So, traders can’t get yields as high or on as many tokens. However, it makes up for this with multiple trading options, which other exchanges don’t offer. As a result, it means Coinbase is a site that is better for people focusing on trading rather than looking to create a passive income and hedge their bets.

There’s no native token at Coinbase, so the advantages this can create aren’t available here. It is a slight downside, particularly as when creating our Coinbase review, we compared it to other platforms. It does mean it makes it harder to profit with Coinbase compared to sites with token benefits.

How to Create an Account

It’s not complex to get started with Coinbase. It allows users to create an account with the mobile and desktop sites. As a result, there are multiple ways to sign up, even without a PC! Our Coinbase exchange review covers both methods of creating an account, making it easy for our readers to start their trading journey.

Step 1: Open the Coinbase website

Step 2: If on a desktop, click the sign up button

Step 3: On mobile, either click the app store button or open the app store directly

Step 4: Install the app and then click sign up

Step 5: Enter the details Coinbase asks for

Step 6: Complete the KYC verification to allow access to the full site

Because Coinbase is a regulated exchange, the KYC requirements remove the potential for anonymous trading. It is a slight inconvenience, but it’s also not surprising for a site with a license.

How to Proceed with a Transaction?

Traders looking to start with Coinbase don’t have to worry about much. It’s a simple process to begin trading. Our Coinbase exchange review covers the easy steps to claiming the first lot of crypto.

Step 1: Choose explore to search for the available cryptocurrencies

Step 2: Decide on the specific type of trade

Step 3: Set the amount of crypto to purchase or sell

Step 4: Check the funding includes any transaction fees

Step 5: Ensure the trade is correct and complete the process

Step four and five are two of the most essential aspects of the trade. They ensure all details are correct and users don’t complete an incorrect transaction.

How to Make a Deposit?

Traders can complete a fiat deposit to their account at Coinbase. It’s impressive as many other exchanges don’t provide this option. However, it’s a favorable option because the Coinbase exchange offers the ability to retain fiat and then use it to purchase further crypto instead of withdrawing. To complete a fiat deposit, users must follow these steps:

Step 1: Navigate to the menu screen

Step 2: Click the send button

Step 3: Choose the deposit method

Step 4: Select the amount and click complete

The process is so simple traders can claim funds into their account within minutes.

How to Make a Withdrawal?

Withdrawals are just as simple. Investors can withdraw fiat whenever they like. However, exchanging crypto for fiat first is critical, or there will be no funds to withdraw.

Step 1: Exchange the requisite crypto for fiat

Step 2: Select how much to withdraw

Step 3: Choose the payment method and complete the process

Payment Methods

There’s a fantastic choice of payment methods at Coinbase Exchange. It allows users to complete transactions using over 300 cryptocurrencies, which is a solid selection. There are also more than 60 fiat currency options, so there’s an offramp available for anyone who needs a more traditional payment method.

Coinbase Crypto Exchange Supported Tokens

supported assets

With more than 300 cryptos, Coinbase offers an excellent experience to users. It provides a wide range of options, including both popular choices and lesser-known altcoins. The ability to choose multiple crypto options is essential for all traders. Some of the most well-known choices are below:

  • BTC
  • ETH
  • LTC
  • USDC
  • ADA
  • TRX
  • BNB
  • SOL

While it’s a small snapshot of the full collection, it shows the diversity of options available when trading at the Coinbase Exchange.

Is Coinbase Crypto Exchange Safe and Legit?

Coinbase is one of the most secure exchanges on the market. Part of the reason for this is it’s extremely popular and, as such, would have intense media scrutiny if it wasn’t. It has solid regulation, ensuring users have protection in any legitimate jurisdiction.

It currently has no complaints against it, as it endeavors to resolve issues as quickly as possible. The SSL certificate is from CloudFlare, one of the top providers. As a result, top-level encryption is in place for all users. Additionally, Coinbase has shown its integrity by covering all user funds after a 2021 hack and increasing security after the issue.

Even with the protection at Coinbase, traders must carry out their own security protocols to retain complete safety.

Security

Coinbase has a range of security provisions to keep users safe. Firstly, there’s the ability to set up 2FA. It’s one of the easiest ways to protect an account, particularly with so many users trading over mobile devices. It ensures only the designated traders can access the account, making funds much safer.

Secondly, Coinbase exchange utilizes cold storage. So, over 95% of funds remain in an offline vault, ensuring funds are safe and secure. It increases levels of security and makes hacks significantly harder.

There’s also insurance available, so any losses which are the fault of Coinbase are covered. Up to $250,000 has coverage, so it protects a significant amount.

User Interface

The user interface at Coinbase is superb. While there may be areas where it falls slightly, the site navigation and layout are top-class. The menu is clean, providing easy access without making the screen a mess. It’s perfect for any device.

Our Coinbase exchange review provides a simple guide to accessing the site across multiple platforms.

How to Use Coinbase Crypto Exchange on Android & iOS?

Mobile traders will have no issues using a mobile device for Coinbase. With our simple-to-follow guide, users can download and start trading right away.

Step 1: Open the app store or Play store

Step 2: Search for the Coinbase app

Step 3: Log in or sign up for a Coinbase account

Step 4: Choose the best trading method

Step 5: Analyze the market and begin crypto trading

If the app doesn’t appeal, traders can also use a mobile browser site. So, there’s an option for all types of mobile investors.

How to Use Coinbase Crypto Exchange on Desktop?

The desktop version of the site provides an even simpler process. Traders don’t have to worry about downloading anything, so they can get right into trading with few barriers. With our guide, it’s one of the most straightforward processes in the industry.

Step 1: Open the Coinbase website in any modern web browser

Step 2: Sign into the account or register for a new one

Step 3: Navigate through the crypto markets using the on-screen menu

Step 4: Choose the appropriate crypto and select the payment method

Step 5: Complete the trade and wait for it to be confirmed

It’s a simple process, ensuring users have rapid access to trading options with Coinbase.

Backup & Restore

Users can get a backup at Coinbase, although only if they use the in-house wallet. As a result, it provides traders with a reason to use the Coinbase wallet, which they may not have thought about previously.

Our guide ensures no confusion for anyone looking to make a backup at Coinbase.

  • Open the Coinbase wallet app
  • Click the settings button and then tap on the recovery phrase
  • Decide whether to back up to the cloud or to do so manually
  • A manual backup will offer traders the chance to copy down their recovery phrase, which must then be kept in a secure location

It’s a relatively easy way to complete a backup, and with it built into Coinbase, it makes it more appropriate for beginner users.

Troubleshooting

Many sites require users to troubleshoot from time to time. With so many moving parts, issues appear often. However, resolving those issues isn’t always a simple task. We’ve looked at the most common Coinbase problems and added a guide to resolving them without hassle.

Traders struggling with receiving 2FA SMS codes should note Coinbase itself recommends users stick to an authenticator app. This is because codes don’t always send, particularly if there’s a poor signal. An app doesn’t have this problem and can even work offline. So, using an app removes this issue and allows users to complete 2FA.

Issues with a lost password are also simple to troubleshoot. Traders just have to click the lost password link on the login page. However, if there have been issues with the site and it has been locked, users may have to verify their identity again.

Other issues can arise, but there are plenty of ways to resolve the problems, all of which are available in the Coinbase help center.

Coinbase Crypto Exchange Alternatives

Coinbase has a solid name on the market, but plenty of other options are available. As well as our Coinbase review, we have plenty of other reviews. As a result, it’s simple for us to offer a comparison between exchanges. Just keep reading to learn more to get a snapshot of which exchanges come out on top.

Coinbase Crypto Exchange Vs. KuCoin Exchange

kucoin

KuCoin hasn’t been on the market as long as Coinbase, but it’s still built an excellent reputation due to its trading practices. It offers a more substantial selection of features, with more staking options and a native token, instantly providing a more promising look than Coinbase.

Coinbase has superior regulation to KuCoin, with no regulatory license available at KuCoin. However, while it might usually offer the benefit of no KYC, it doesn’t go down the path. So, traders have to verify at both sites, which removes some of the advantages of no regulation.

Despite Coinbase providing a solid choice of cryptos, KuCoin beats it. There are well over 700 options at KuCoin, making for one of the best selections on the market. However, Coinbase claws back some respect by offering users the option to withdraw with fiat. So, relating to payment options, it finishes up equal due to both sites offering a different service.

Coinbase Crypto Exchange Vs. Binance Exchange

binance

There are a huge number of similarities between Binance and Coinbase. Both sites have staking choices, a solid choice of cryptos, and a fiat offramp. However, Binance does provide a superior service in a few key areas.

Firstly, traders have access to a native token with Binance. It provides some significant benefits, including a reduction in fees. Secondly, the staking choices at Binance are more diverse than at Coinbase.

Both sites require KYC, so there’s no anonymity available. Coinbase does provide a better mobile experience, but it might not be enough to put it above Binance.

Final Thoughts

Coinbase is one of the largest exchanges within the crypto industry, partly because it’s been around for so long. Although the service is solid, it would be wrong to describe it as exceptional. Other platforms have overtaken Coinbase, and it hasn’t managed to keep up with the evolution of the business.

However, it still brings in millions of customers every year, and it’s due to the standards it sets. While it doesn’t blow people away with innovation or hundreds of features, it is a stable site with an impressive choice of cryptocurrencies. As a result, many traders still flock to the Coinbase platform to carry out trades.

On the whole, it’s a good exchange for beginners, with plenty of different ways to carry out trades and ways to stake and earn a passive income. However, for more experienced users, plenty of other superior sites are on the market.

Q&A Session

In this section, Will Wood will address your inquiries and the most common questions regarding Coinbase Exchange and offer guidance to newcomers in the field. Feel free to submit your questions through our contact form, and we will strive to respond within 48 hours.

The fee is so high for a number of reasons. The most pertinent one is the business model of the company. Because it aims to create regular profits, it doesn’t approach crypto trading in a manner that aligns with the ethos of cryptocurrency.

Coinbase is a good exchange, which certainly isn’t a bad thing. However, Coinbase isn’t an excellent exchange, which puts it slightly behind some of the other more impressive exchanges on the market.

Technically, yes it is. Coinbase previously had an office in San Francisco, but currently doesn’t have an official headquarters.

It depends on the volume, time of the transaction, and whether traders have Coinbase Pro. The overall cost of the trade will vary due to all of these factors, so users must check before completing the process.

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Eugene Abungana

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Author

I have worked with several companies in the past including Economy Watch, and Milkroad. Writing for BitEdge is highly satisfying as I get an opportunity to share my knowledge with a broad community of gamblers.

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Will Wood

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Updated on 21/02/2024