- Has apps for iOS and Android
- Recurring buy
- Great UI
- Easy to use
- Poor privacy
- Slow support
- Bad cryptocurrency sell rate
Coinbase was founded in 2012, San Francisco by Brian Armstrong and Fred Ehrsam. While having more than 10 millions users, it supports 3 top cryptocurrencies: Bitcoin, Litecoin and Ethereum and a forked Bcash (other calls it Bitcoin Cash). With an amazing team and huge support from investors, Coinbase is expanding in the speed of light. It’s probably the fastest growing cryptocurrency exchange/broker in the market at the moment. Since its start, Coinbase managed to reach impressive number – more than 50 billion dollars in digital currency exchanged.
Users can do both – buy or sell cryptocurrencies. Use it as a wallet as well, but it’s not recommended of course. While being one of the biggest exchanges, Coinbase could increase a number of supported cryptocurrencies, though. Still it’s easy to use and is well designed. But we would like to cover the Top 5 things which you should know before start using the exchange in this Coinbase review below.
Coinbase is unlikely the fastest cryptocurrency exchange. Unless account is fully verified and purchasing with a credit card, then it’s instant. For bank transfers it takes from 5 to 7 days (which is pretty long) and 2-3 days for SEPA (Europe) transfers. On overloaded days everything becomes even slower, if we add the period of verification it may take additional few days.
It depends on your verification level and region – U.S. customers can buy up to $50,000 worth of coins daily, while European customers can have up to €30,000 in their account, at any time. Furthermore, some additional limits can be applied any time.
Since the crypto market has an exponential growth, Coinbase disables certain cryptocurrency to buy, sell or trade from time to time. Especially when they get overloaded with new customers and huge trading volumes.
Verification process and privacy
As you probably understood in the previous paragraph, verification is needed in most cases. Coinbase may require for additional verification when needed. Either, they can limit an account any time if account is suspected for unfair trading, or well they say so at least.
Regarding the privacy, Coinbase isn’t great here as well. There were some reports that Coinbase tracks the way of transaction through blockchain.
Well, here is a sphere where Coinbase did a really good job. While having a 2 Factor Authentication, Coinbase stores most of the assets in offline (cold) storage. Also all the funds are insured. In addition, user can enable mobile verification, check all confirmed devices, and watch an activity of the account.
Due to the enormous expansion, Coinbase has an issue with slower support. Therefore, they’re increasing a number of support team members. Sadly, it doesn’t always help and some of the tickets stay unanswered for a very long time. Coinbase doesn’t have a phone support unfortunately.
First of all, Coinbase is graciously easy to use. So that’s awesome for newcomers. We could even say that it has the clearest interface ever and even your grandpa can get some cryptos. Good level of security, fast exchange process (usually), trusted name and insured assets – points we really like as well.
However, sell rate is not the best no matter which cryptocurrency did you choose. Furthermore, privacy is zero here because of tracking story and a mandatory verification for all orders almost.
To sum up, if you are a newborn cryptocurrency buyer, Coinbase can offer many great features, simplicity and a calm sleep during the night. They aren’t suitable for an experienced crypto trader or an advanced user though.
Note: If you use this link or a button above to make a purchase, you’ll get $10 bonus for your first order if the amount you spend is higher than $100.
Reviewed by Coinsmaniac