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coinbase.com Review

coinbase.com

Tags:  Cryptocurrency
5/54 votes
Last update: 2022-08-13
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David
1 Review
Last Update: 2021-09-16
Disclaimer: I am not a financial advisor. Nothing I say or write should be taken as financial advice. It is for educational purposes only.

Last year, when I was mostly staying at home because of Covid, I picked up a new hobby: cryptocurrency. In June, 2020, I saw a two-hour presentation that explained Bitcoin, blockchain technology, and other cryptocurrencies. I heard Coinbase was easy to use. It is also the biggest exchange in the US and recently went public. As a total newbie to crypto, I needed something trustworthy and easy. There is already a learning curve with crypto. I wanted the learning curve of a particular exchange to be as smooth as possible. Coinbase is the first I tried, and it is hands down the easiest exchange I have worked with.

My experience with the program so far


It took me a few days to get set up. I had to go through KYC (Know Your Customer). This is the process where they collect personally identifiable information, such as name, address, email and so forth. You have to upload a photo ID, like a driver's license, and take a selfie to show you are who you say you are. Many crypto enthusiasts are violently opposed to KYC. They say it is an invasion of privacy and goes against the decentralization crypto was supposed to bring to money and finance.

Centralized exchanges like Coinbase will require KYC, so many people in crypto prefer decentralized exchanges. I have no problem with it. As I've gotten more comfortable with crypto, I've tried out some decentralized exchanges. They're fine if you know what you're doing, but when you're starting out, Coinbase is much easier to work with. The KYC required is no more than what you would need to set up a bank account. If you're okay with that, there's no reason to shy away from Coinbase because it is 'centralized. '

Once I was in, I was able to get going pretty easily. I connected a debit card and a bank account to start buying. I started small, $10 or $20 at a time. With their Learn and earn, I got introduced to some altcoins, learned more about different types and purposes for crypto, and made a few dollars in different cryptos like Orchid, Tezos, Cosmos, and EOS. Some of them turned a profit, but in the downturn I decided to simplify. I had too many altcoins that I'm sure sounded good at first. But I ended up with small positions in too many altcoins that I had forgotten why I wanted. I traded most of them for either Bitcoin (BTC) or Ethereum (ETH). I still have a few altcoins but only ones that I have researched enough to think they have long term potential. No more buying just because I think they might go up in the short term.

What I Like

1. No minimums. There are transaction fees, so you need to take that into account. But I can't tell you how many times I have tried to make a purchase or withdrawal from other exchanges only to be told I did not have the minimum necessary. That has never happened to me on Coinbase.

2. You can specify the dollar amount you want to buy. Some exchanges you have to tell them how much BTC, ETH, or whatever crypto, so you have to play around with the numbers until the dollar amount matches what you want to spend. With Coinbase, you can just say I want to buy $10, S10,000, or whatever.

3. They are adding new coins/tokens almost daily. So if the one you want is not available, it might be soon. Actually, it might not be a bad thing if that hot new coin is not available. I was saved from a few bad investments simply because the asset I wanted was not tradeable on Coinbase.

4. You can trade in dollar amounts. On some exchanges, they want you to say, for example, how much BTC you want to convert rather than a dollar amount. They show the price of ETH is, say, 0.067435 BTC, and I don't know if that's a good price. I understand I have $200 of BTC, and I want to convert $50 to ETH, and that is how you trade on Coinbase.

5. With their Learn and earn program, you can earn a few alt coins while learning more about different types of crypto.

6. Dollar cost averaging is available. This is making recurring buys every day, week, or month.

7. Their fees are not bad compared to some other options. Compare buying, trading, or withdrawing ETH or any ERC-20 token on Meta Mask, Uniswap, Trust Wallet, or Coinbase Wallet (separate from Coinbase), and you'll see what I mean. Some exchanges have lower trading fees, but they hit you when you try to withdraw your crypto.

8. Earlier this year, it was listed on the Nasdaq exchange (COIN). There are some downsides to working with a publicly traded company, but it does mean they are under a lot of scrutiny from the federal government. They are less likely than others to mishandle your crypto.

9. $10 signing bonus available. See below.

10. When you are ready for more advanced options, like limit orders and stop losses, you can easily sign up for Coinbase Pro. No need to go through KYC again.

What I Dislike

1. No limit orders or stop losses. Although that is available on Coinbase Pro.

2. Fees are higher than I would like. They are usually not as bad as Ethereum's gas fees, but still kind of high. When I was starting out, though, it was worth it for the ease and convenience they offered. Even today it is still sometimes worth it.

3. Daily interest payments. That's right, I don't like it. A few cryptos pay interest, which is good. After 'learn and earn' with one of these, you'll have about $5 or $6 of something that pays maybe 5-6% APR. The problem is you are receiving daily payments that amount to nothing. I love earning interest, but I would prefer the option of weekly or monthly payments.

Final Verdict

If you are just getting started in crypto, and you find an exchange that is easier to work with than Coinbase, use it. Cryptocurrency already has a learning curve. Your learning curve with your exchange should be as smooth as possible. I have tried Kucoin, Crypto.com, Coinswitch, and Binance.us. Coinbase is the most newbie-friendly. Even now that I've had some experience, I still use it, mainly because their fees are lower than the decentralized exchanges I've tried. Maybe the London hard fork on August 4 will change that. For now, we can only hope.

Also, it is the only exchange I have seen with no minimums. That is important in the beginning, because you need to be able to test transactions with small amounts. If you take a misstep along the way, you might lose your crypto. I sent some BTC to my dad one time, but he wasn't able to access it. It's lost. Fortunately, I only sent $10 because I was trying that function for the first time. On some exchanges, I would have had to send a minimum of $60 or more.

All things considered, Coinbase is the best option I have found.

If you sign up with my referral link, you could qualify for a signing bonus of $10 in Bitcoin.
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5.02021-09-164
Nathan James Hawes
1 Review
Last Update: 2020-08-29
Coinbase is a Bitcoin company based in San Francisco, and backed by trusted investors.

(Coinbase is the world's largest Bitcoin broker, and also offers an exchange, wallet, and developer API. )

What I Like

High liquidity and buying limits

Easy way for new users to buy bitcoin...

What I Dislike

Limited payment methods

May track how its users spend bitcoin...

Final Verdict

Coinbase does not charge for crypto deposits.

The only fee you will pay to deposit any crypto into Coinbase is the transaction that the blockchain of the coin you are depositing charges you.

The speed of that deposit also depends on how much network congestion there is on the blockchain.

Coinbase requires a different number of confirmations on chain before they credit your account.

For instance, Coinbase requires 3 confirmations for Bitcoin.

A must Join and join through my link and earn over $20 in crypto coins - FREE
Is this review useful? 1
5.02020-08-293
Warren Contreras
1228 Followers   1 Review
View my top recommendations

My Top Recommendations

Last Update: 2021-03-05
I have a couple of advertising programs that pay me activity rewards in Crypto, so I need a wallet to get paid and store my balances, so I signed up with CoinBase a couple of years ago and have never looked back.

What I Like

The sweetest benefit is they paid me to view short videos explaining various coins they want to attract me to (such as Litecoin, USDC, Stellar Lumens and many more) and make it simple to exchange them for any others I want to use at a moments notice. This one feature alone makes it so much easier to use Crypto in place of my local currency transparently.

What I Dislike

I get nervous when I read a lot of negative reports online, but after using them for a couple of years, I feel like I can safely ignore them.

Final Verdict

I can say this has made my Christmas 2020 so much nicer that I am sold for life.
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4.02021-03-053
Marcel Bijl
13 Followers   2 Reviews
Last Update: 2021-10-21
What is Coinbase?

No long explanation needed here.

Coinbase is the leading cryptocurrency online wallet in buying, converting, trading, paying and withdrawing to your bank account for the 50 biggest cryptocurrency.

You can

  • Deposit and withdraw fiat money from and to your bank account
  • Buy things using cryptocurrency
  • Convert cryptocurrency from one to another
  • Trade with the 50 most known cryptocurrency

A Coinbase account is free to set up and hold.

For buying, transferring cryptocurrency and money their are reasonable fees.

You will only pay if you use it.

Holding and trading cryptocurrency is the main thing where you should be using Coinbase for.

And now. The money earning in Coinbase ;)

The big plus in Coinbase is the learning and earning center.

Because coinbase is so well stabilized an known, crypto companys are willing to promote their coins into Coinbase. Their are several well known coins that you can earn by viewing instruction videos and taking a little quiz.

These are well paid promotions and not those low paying faucets or shady airdrops.

The coins that you have earned can be used, withdrawn or converted instantly

Coinbase really gives to the change to start working with crypto without investing.

Besides that Coinbases affiliate programs offers you and your prospect 10 dollar each when 100 dollars is invested or trade by your referral. Yes, that's right, you both get 10 dollars when your referral signed up for free and transferred 100 dollar back or forwards afterwards.

You won't get any commissions on transferring fees.

What I Like about Coinbase

There are three majors things why I have rated this 5 stars

  1. The trust factor, Coinbase is proven to be solid for over 10 years now.
  2. The easy to use graphic interface, working with Crypto coins will always be a little abstract. Coinbase has been managed to make its site as clear and easy to use as it get's. Working with Coinbase is almost as easy as working with ****l.
  3. And last, but not least, The learning and earning section. At Coinbase you will be able to earn, hold and withdraw your very first coins by viewing short instruction video's and make a little quiz. I have made over 85 dollars in a very reasonable time just by following this courses.

What I Dislike about Coinbase

Crypto is Crypto and there will be always a certain risk in trading and using online wallets.

In the past well known online wallets changed their behaviors, got penalty's for laundering money or just go offline.

So, I will never advise you to hold big amounts of money in a online wallet that is involved in internet marketing or doesn't have a "real" fiat money bank.

Also, transfer fees where going to the roof on the big run on BTC in 2020

This been said, is Coinbase, in my opinion the most solid and trusted, leading BTC wallet on the internet.

Coinbase got millions of members and is proven to be solid for over 10 years now.

Here some basic tips for using and trading Cryptocurrency

Always check the paying address twice before sending money, copy and paste the cryptocurrency adres to avoid typing mistakes. Money send is been send, no refunds are possible. If you send it to the wrong person your money will be lost.

Never use money that you don't can effort to lose

Don't trade in panic, don't swap and convert coins a lot if the price goes down a little. Just write down the price wherefore you bought the crypto and relax. You only are in loss of profit when you sell or buy you Crypto, anything in between doesn't matter.

Final Verdict about Coinbase

Coinbase is the absolute leader in online Crypto wallets and a need to have when you want to trade, pay and withdraw with the big cryptocurrency coins

I have been using and promoting Coinbase since 2012 and I never had any issue with transferring money or my online account.
Is this review useful? 2
5.02021-10-214