Coinbase crypto exchange review 2021, pros and cons. Coinbase is one of the leading cryptocurrency exchanges that reach globally. Currently, Coinbase has served more than 56 million customers in 100 countries.
Coinbase is often placed as one of the best cryptocurrency exchanges. One news that makes a scene in 2021, Coinbase offers an IPO by listing on Wall Street on the NASDAQ exchange. The news is suspected to have caused Bitcoin and Ehtereum to increase in price.
What is Coinbase like, what are the advantages and disadvantages? In this review I will reveal about Coinbase, hopefully, it will provide useful information for all of you.
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Contents
Coinbase company overview
Coinbase at a glance. It was founded in 2012 in San Francisco, the United States by Brian Armstrong and Fred Ehrsam, this platform allows users to buy and sell around 50 cryptocurrencies, including bitcoin and ether.
Coinbase has the support of several leading investors who are backup companies. Andreessen Horowitz, Tiger Global, IVP, DFJ Growth, USV, Ribbit Capital, Combinator, Spark Capital, Greylock, MUFG, Paradigm, Polychain Capital, Battery, Initialized, and SV Angel.
Coinbase operates in more than 100 countries with total employment of 1700. As a leading exchange, it has a platform asset of $ 223B and a quarterly trading volume of up to $ 335B.
Coinbase Teamwork
Executive team:
- Bryan Armstrong. Co-Founder & Chief Executive Officer.
- Emilie Choi. President & Chief Operating Officer.
- Surojit Chatterjee. Chief Product Officer.
- Alesia Haas. Chief Financial Officer.
- L.J Brock. Chief People Officer.
- Paul Grewal. Chief Legal Officer.
- Manish Gupta. EVP of Engineering.
For the board director, there are several names besides the co-founder, Brian Armstrong, and Fred Ehrsam, they are Fred Wilson, Katie Haun, Gokul Rajaram, Marc Andreessen, and Kelly Kramer.
Coinbase available cryptocurrency
Coinbase at the time of the press noted that there were 4798 assets listed on this exchange’s price. However, not all of these assets can be traded on this exchange.
Whereas the crypto assets that can be traded are around 55 cryptocurrencies like as:
- Bitcoin.
- Ethereum.
- Cardano.
- Bitcoin cash.
- Litecoin.
- Uniswap.
- Chainlink.
- Stellar Lumens.
- Filecoin.
- Wrapped Bitcoin.
- EOS.
- AAVE.
- COSMOS.
- TEZOS.
- Ethereum Classic.
- Maker.
- DAI.
- ALgorand.
- DASH.
- Zcash.
- Compound.
- Enjin coin.
- Deecentraland.
- The Graph.
- Basic Attention Token.
- Synthetix Network Token.
- Polygon.
- yearn. finance.
- UMA.
- Sushiswap.
- Ox.
- Celo.
- Banchor network token.
- OMG network.
- ANKR.
- Ren.
- Curve DAO token.
- Linch.
- Loopring.
- Kyber network.
- Storj.
- Origin token.
- NKN.
- Augur.
- Balancer.
- Skale.
- Civic.
- Numeraire.
- Band protocol.
- Orchid.
- Nucypher.
- DistrictOx.
Coinbase Feature
As a crypto exchange with customers of more than 50 million verified users. Coinbase has features that make cryptocurrency enthusiasts proud of Coinbase’s services.
Offers trusted cryptocurrency
Even though there are thousands of cryptocurrencies on the price list, Coinbase does not just include new, tradable coins. Coinbase has been trusted that they only trade cryptocurrencies as commodities, not as securities.
User interface that is easy to use
Coinbase provides a user experience with an easy user interface, both the smartphone platform and the desktop version, both of which are equally easy to navigate on each sub-menu.
You can easily trade the cryptocurrency you like, assisted by a price chart that can be selected based on a customizable time frame.
It seems that the Coinbase user interface is also suitable for beginners because it is very easy to use.
Coinbase payment method
The availability of payment methods on Coinbase also depends on the country. However, these exchanges accept fiat money, such as USD, GBP, and EUR. Traders can select these flat currency crypto pairs to trade.
The following are the payment methods based on the country concerned:
- Canadian customers can use a Debit card to buy crypto and PayPal to sells.
- European customers can use SEPA transfer, 3D secure card, Instant card withdrawal, Ideal/Sofort, Paypal.
- Singapore customers can use a Credit card or Debit card.
- United Kingdom customers can use Faster payment, SEPA transfer, 3D secure card, Paypal, Instant Card withdrawal.
- United States customers can use a Bank account (ACH), Debit card, wire transfer, and Paypal.
Of all these payment methods, not all methods can be used for all needs. For example, Paypal can only be used for withdrawals, while buying crypto using a debit card.
However, withdrawal services with Paypal also not all countries can be done, like in Canada, Paypal is only used for sells and can not be used for withdrawals.
Users can set the payment method through the account settings dashboard by selecting the linking payment method.
Coinbase platform
Coinbase users can make live exchanges using the fast platform. But for individual traders, Coinbase also has a Coinbase Pro product which is a platform for individual investors.
Coinbase pro
If you already have a Coinbase account, you can easily switch to the Coinbase Pro platform. This will provide a better experience with a user interface that is also easy to use.
Pro.coinbase.com
Coinbase Pro is also available for android and apple phones, which the application can be downloaded on the google play store and app store.
Coinbase prime
While Coinbase Pro is for individual investors, Coinbase Prime is for institutions, which usually trade in a much larger volume than individual investors.
The tools on the Coinbase prime platform are also different from the Coinbase Pro platform. There are several useful tools that users of the Coinbase Prime platform can use.
primebroker.combase.com
Coinbase fee
Coinbase fees also depend on the region where the user resides. The fee is between 1.49% and 3.99% in transaction fees.
The fees for each payment method are also different, so the amount of the fee, apart from depending on the region where the user lives, also depends on the payment method used.
Deposits using bank transfers, for which Coinbase wallet transfers and SEPA incur a fee of at least set at 1.49%. Credit card transfer
or debit card is charged 3.99%.
Deposits using ACH transfers will not charge a fee while wire transfers will incur a fee of USD10. Withdrawals via SEPA incur a EUR0.15 fee while withdrawals to a US bank account will incur a 1.49% fee (minimum USD0.15).
For cryptocurrency conversion, Coinbase takes up to 2% spread margin, for example, a user who wants to convert Bitcoin to Ethereum will be subject to the margin spread.
2% flat fee also applies to credit transactions, for example, you borrow money from Coinbase or its affiliates, which uses agreement to borrow.
Coinbase also gives users the opportunity to hold cryptocurrency for staking, staking distribution will be reduced by 25% and will be distributed to investors based on Coinbase’s staking protocol.
Coinbase registration
For registration on the Coinbase exchange users must provide the required documents which are mandatory under United States law.
It also has anti-money laundering purposes, and the document will be collected by Coinbase which may be used as a legal basis when a case arises.
Required documents for US users are driver’s license and Identification Card. Meanwhile, outside the US the accepted documents are Government-issued photo ID, National ID card, and passport.
Some documents were not accepted by Coinbase, US Passports, US Permanent Resident Card (Green Card), School IDs, Medical IDs, Temporary (paper) IDs, Residence Permit, Public Services Card, and Military IDs.
Coinbase security
Security is a very important factor in choosing a crypto exchange. Coinbase is an exchange headquartered in America, which means it is subject to very strict rules. This means that Coinbase has a high level of security, and since its launch in 2012 until now there has never been heard of hacking.
Users can also enable 2-factor authentication for a better layer of security. Thus, every time a user logs in to an account, Coinbase will send a code via your phone. Coinbase also stores customer funds up to 98% offline, thereby increasing trust in users.
However, for further security, do not share personal information including email addresses, phone numbers, and other confidential information with other people that can be used for theft of your data on Coinbase.
When you log in via a different IP address, Coinbase will also send a notification via email, so you get an early warning if there is login activity that you don’t know about. Then you can secure your account, by changing a stronger password.
Coinbase supported country
In the beginning, it was mentioned that Coinbase supports more than 100 countries, all over the world, which countries are on the list of Coinbase service coverage?
North America
For the North American region, there are 18 countries covered by Coinbase, Aruba, Bahamas, Barbados, Bermuda, Canada, Costa Rica, Curacao, Dominican Republic, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Trinidad, and Tobago, United States, Virgin Island British.
South America
In South America, Coinbase reaches 8 countries, Argentina, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, and Uruguay.
Europe
In the European region, Coinbase reaches 40 countries, which dominate customers globally, these countries are Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom.
Asia
Asia is the world’s largest continent, however, Coinbase’s services only cover 20 countries. These countries are Armenia, Bahrain, Brunei Darussalam, Hong Kong, India, Indonesia, Jordan, Kazakhstan, the Korea Republic of, Kuwait, Kyrgyzstan, Macao, Maldives, Mongolia, Nepal, Oman, Philippines, Singapore, Taiwan, and Uzbekistan.
Oceania
This region is the only country on Coinbase’s service, that country is New Zealand.
Africa
In the Africa region, Coinbase can reach 13 countries in its coverage, these countries are Angola, Benin, Botswana, Cameroon, Ghana, Kenya, Mauritius, Namibia, Rwanda, South Africa, Tunisia, Uganda, and Zambia.
Coinbase in NASDAQ
A few times ago the price of Bitcoin went up, and it turned out that after being traced, it was the influence of Coinbase’s listing on the NASDAQ exchange.
Coinbase has officially listed itself on the US stock exchange on the Nasdaq with the code COIN, on April 15. Coinbase stock price opened at $ 381 per share.
Not only did Bitcoin get a boost, but Ethereum also experienced the same thing, prices went up and hit new highs.
Coinbase is Listed on the Nasdaq Exchange
From Yahoo Finance, Coinbase is listed on the Nasdaq with a value of over USD 90 billion. It is the largest cryptocurrency exchange in the US because it lists 50 cryptocurrencies to trade on.
In line with this, active users on the official platform jumped to 6.1 million from 2.8 million in the fourth quarter of last year.
Bitcoin listing on the Nasdaq Exchange announced via the Coinbase blog, and also posted on the Nasdaq blog article.
Coinbase pros and cons
Pros
- Easy to use platform.
- 2-factor authentication support for the security layer.
- Excellent mobile application for monitoring crypto value and for transfers.
- Price alert to the monitoring target above or below the prices.
Cons
- Not all available crypto assets can be purchased.
- The fee is relatively high compared to other exchanges.
- Customer’s support is lacking, hard to talk human to human.
Conclusion
Coinbase is a secure exchange, it also provides a wallet for sending and receiving cryptocurrency.
With customers spread across more than 100 countries, active verified users of more than 56 million users. Coinbase has proven itself to be one of the leading cryptocurrency companies. It is listed on the NASDAQ exchange which is one of the largest exchanges in the United States.
Not only penetrating individual investors but also large investors or financial institutions that are the target of their services. Fund security is also more guaranteed with a segregate account where customer funds are stored in Coinbase’s custodian bank.
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