Coinbase Exchange Review 2018 – Features, Fees and More

  • Date: October 9, 2018
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The current market conditions pose an ideal opportunity to enter the cryptocurrency market at an excellent price that will likely lead to a high return on investment in the future. Once you have decided to dive into the world of cryptocurrency and have picked your first coin, the next question you have to answer is which cryptocurrency exchange offers the most significant benefits.
 
Coinbase is often the first choice for beginners. It is the most popular exchange regarding the volume of transactions. At the end of 2017, it boasted 12 million wallets and 65 million monthly visits. That speaks volumes of its reputation in the crypto community. But let’s not be quick to judge. Your exchange is one of the most important decisions you’ll make, and it’s essential to make a well-informed choice to ensure maximum returns and safety of your funds. What we’re looking for in an exchange is the following:

  • Cutting edge security
  • Low fees
  • Wide range of features
  • Customer support
  • Beginner friendliness

 
Let’s take a look at whether Coinbase satisfies our needs.
 

Features

 
Coinbase offers an attractive set of features. The platform is extremely user-friendly owing to significant investments made to improve the user interface. It also provides an Android and iOS application for ease of trading. Coinbase offers high liquidity and coins are transferred relatively fast compared to other exchanges. It has very high buy and sell limits. Fully verified US users can buy up to $50,000 worth of Bitcoin daily. It also supports a large number of countries.
 
On the downside, it only supports five coins which can be quite limiting if you want to diversify your investments. It has also failed to perform in instances where the system was struggling to keep up with traffic. Although all popular exchanges face such issues, this can cause you to miss an important market opportunity due to downtime.
 

Rating: 4.5/5

 

Safety of Funds

 
Coinbase places the highest priority on your funds and personal information. FDIC also insures any fiat currency deposited on the platform. The company stores 98% of coins in a hard wallet to ensure protection from potential hacks, leaving only 2% of funds online for transaction purposes. Any funds remaining online are secured by a syndicate of Lloyd’s of London. Coinbase also claims that all coins will be returned to users even if the company goes insolvent because none of its user’s funds are used for operational purposes. These three layers of protection are applied to secure any coins or fiat you store on the platform.
 
Additionally, Coinbase also offers Multisig wallet features and allows you to be in control of your coins. It also protects your information through two-factor authentication. You can also track all activity on your account to ensure your data has not been compromised. Overall, Coinbase does an excellent job at providing security on its platform and deserves its user’s trust.
 

Rating: 5/5

 

Payment Options and Fees

 
Coinbase supports bank transfer, debit or credit cards and wire transfers as payment options. Starting 2016, users can also connect Paypal to their account. While fees differ based on the payment method that you choose, they are higher than most established exchanges and can go up to 4.5% on a transaction. Their fees are a deterrent to many users but this is compensated for by its beginner friendliness.
 

Rating: 4/5

 

Customer Support

 
Coinbase has a wide variety of support sources to choose from if you are facing trouble. They have an online FAQ section where you can find answers to most of your general questions. If something is missing, you can easily ask to the broader community of Coinbase users. You can also email customer support with your specific query. Most importantly, Coinbase was the first of its kind to offer phone support. A 24/7 phone line is now available to provide you with immediate customer support services.
 

Rating: 5/5

 

The Verdict

 
With its wide variety of features, top-notch security, and high-quality customer support, Coinbase fulfills our requirements for what makes a worthwhile exchange. It prides itself as the perfect place for beginners to start investing and it has the right blend of features to support this statement.
 
Overall Rating: 4.5/5
 

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