939

Coinbase Review 2021 | Fees, Pros, Cons | Buy & Sell Bitcoin

Coinbase Review 2021 | Fees, Pros & Cons | Buy & Sell Bitcoin
Jordan
Major
Updated: 25 Jul, 2021
26 mins read

Introduction

Popular cryptocurrency broker and exchange Coinbase first debuted over a decade ago. At the time, there was little competition. The most significant player back then was the infamous MtGox Bitcoin exchange. Market participants were few and far between. There were a handful of platforms on which to buy Bitcoin or other cryptocurrencies.

Fast forward to 2021, and you get a more vibrant crypto economy. There are hundreds of crypto exchanges and thousands of ways to get your hands on some virtual assets. Coinbase has not only survived, but it is also thriving. As of Q1 2021, it serves more than 56 million verified users worldwide and is expected to reach over 70 million verified users by Q4 2021, according to Finbold analysts.

Also, it serves more than 1,700 institutions. The exchange has more than $223 Billion of assets under management and, in Q1 2021, processed more than $335B worth of trades.

What is the secret of Coinbase’s success? Why does it appeal to so many people? What are the features that make it a standout amongst its competition? We are answering these questions and many more in this review.

What is Coinbase?

Coinbase is a cryptocurrency exchange that was co-founded in 2012 by Brian Armstrong (CEO) and Fred Ehrsam (Board Director) as part of the 2012 YCombinator cohort (S12). We may refer to Coinbase as a crypto exchange, and it may have started as one, but over the years, it has expanded its offering to include much more than just buying, selling, and trading crypto assets.

The platform is headquartered in San Francisco, California, with over 1,700 employees distributed across the world. It has users from over 100 countries on the platform.

It offers brokerage services, a trading platform, a staking pool, a storage vault, crypto custody facilities, a stablecoin, a debit card, and a standalone wallet, among other products and services. Let’s take a closer look at the features Coinbase provides and what makes it a top-tier crypto company helping bring blockchain technology to the masses.

Note: As of the first half of 2021, Coinbase supports over 60 digital assets to buy and sell on the platform. Also, users may discover more about each of the exchange’s supported cryptocurrencies by visiting their brand-new asset directory, which lists individual cryptos alphabetically. Customers may learn about the asset itself, as well as its supported regions and products, crypto-to-crypto pairings, its hosted blockchain network in addition to its minimum and maximum withdrawal amounts.

Coinbase features

1. Buying and selling cryptocurrencies (brokerage)

Coinbase trading interface.

Coinbase is most recognised for its consumer-facing product, which allows individuals to purchase and trade cryptocurrency through a brokerage platform. As opposed to a trading platform, a broker is a service that buys from and sells assets to its customers, which is what Coinbase offers. Hence, such service is highly appreciated by the beginners who make their first steps into the cryptocurrency sector.

The users do not directly trade with one another, and Coinbase gets its revenue out of buying the assets at a discounted price while also selling them at a premium above the market price.

Coinbase supports close to 60 digital assets available for depositing, buying, selling, and withdrawing. Not all assets are available with all of these functions. How each user can interact with any asset largely depends on their location and, to a lesser extent, Coinbase’s infrastructure supporting the asset.

Coinbase customers can interact with the consumer interface (Coinbase.com) through the web or the mobile app.  The interface is intuitive and one of the simplest to use, even for beginners.

2. Coinbase Pro (cryptocurrency trading)

Coinbase launched its trading platform in 2015. Dubbed Coinbase Exchange, trading was the natural expansion to its already popular buying and selling brokerage service. The product was rebranded in 2016 to Global Digital Asset Exchange or GDAX, and later in 2018 to the current Coinbase Pro.

The key distinction between the consumer-facing platform (Coinbase.com) and Coinbase Pro is that the latter provides tools only reserved to traders. Charting software with trading indicators, a real-time updated order book, and margin trading with up to 3x leverage are just a few of the features available. Also, fees on the Pro platform are significantly lower than buying and selling on the consumer platform.

3. Coinbase Prime (crypto services for Institutions)

Institutions have different needs to retail investors, and Coinbase tackles it. To cater to this increasingly growing clientele, Coinbase launched the beta version of the Prime product on May 25th, 2021. Prime is basically a brokerage service geared towards high-volume users.

Coinbase Prime merges both consumer and Pro trading features into one package, however it only available to institutional investors. The service is built for fund managers, hedge funds, family offices, endowments, and sovereign wealth funds that require access to deep liquidity pools. Additionally, Prime gives its users access to the Coinbase OTC desk for high-volume one-on-one crypto trades between buyers and sellers.

As of March 2021, Coinbase served more than 8,000 institutions using its other products, such as Custody, to store their vast crypto assets.

Coinbase Prime offers advanced trading, data analytics, prime services, and custody. Prime may be thought of as a combination between Coinbase retail brokerage and Pro products with additional features relevant to the institutional investor.

Coinbase Prime beta allows customers access to more than 10 liquidity pools (venues), smart order routing to hunt for the best all-in prices, and facilitate seamless funds transfers between Custody and active trading wallets. Coinbase Custody is a segregated cold-storage facility, therefore being able to seamlessly transfer funds between cold storage and the hot wallet is a huge convenience to any trader.

Other crypto native functions such as staking and participating in blockchain governance are also available with Prime.

As of 2nd July 2021, Coinbase has increased the number of trading pairs and payment methods available to institutional clients by expanding the number of supported fiat currencies on Coinbase Exchange. Previously, many of their international clientele could only purchase cryptocurrency in their own currency.

Coinbase now offers currency rails for deposits and withdrawals in USD, EUR, or GBP, as well as access to the related trading pairs. Through increased access to large liquidity pools, this breakthrough has the potential to generate billions of dollars in trade volume for Coinbase. As a result, regardless of location, institutional clients will now be able to trade in and out of numerous currencies.

4. Cryptocurrency staking

Staking is the act of participating in transaction validation and blockchain governance within a Proof of Stake (PoS) network by holding an amount of the network’s native cryptocurrency.

Cryptocurrency staking is becoming more popular as more PoS blockchains launch. Ethereum, the second most valuable blockchain network by market cap after Bitcoin, is also undergoing an upgrade to switch its consensus mechanism from ETH mining to staking. Therefore, staking’s popularity has risen as a result of this.

Several crypto exchanges have started offering staking services to their users interested in contributing their assets towards staking and earning passive returns. Coinbase is one of them. The exchange currently supports only six assets, with more to be added later.

Here’s a rundown of the assets supported by Coinbase and their projected yearly returns (staking rewards might change over time):

  • Ethereum (2.0) – 6%
  • Algorand (ALGO) – 6%
  • Cosmos (ATOM) – 5%
  • DAI – 2%
  • Tezos (XTZ) – 4.63%
  • USD Coin (USDC) – 0.15%

Please note: Not every Coinbase user qualifies to stake their assets. To start staking, there are three requirements to fulfill:

#1 Location requirements

So far, Coinbase only allows residents in the following six countries to participate in staking:

  • Belgium 
  • France
  • The Netherlands
  • Spain
  • The UK
  • The US

#2 Account requirements

Only individuals with verified accounts can participate in staking.

#3 Asset requirements

Participants need to hold at least $1 of the supported assets listed above.

Staking with Coinbase isn’t just limited to retail accounts. Institutional investors using the Coinbase Custody platform also have access to staking with one extra asset – MakerDAO (MKR) available for staking.

5. Coinbase wallet

The Coinbase wallet is a standalone application offered by Coinbase. You do not need to have a Coinbase account to access the wallet, but it provides more convenience. It is also important to differentiate between the Coinbase app and the Coinbase wallet. As these two are not the same.

The Coinbase app is the mobile interface used to access one’s Coinbase.com account. You can buy and sell your crypto within your Coinbase app just as you can using the web interface. However, the Coinbase wallet application is a mobile wallet primarily used to store your crypto.

You can also send and receive digital assets, including dApps (decentralized applications), ERC-721 NFT tokens, and ERC-21 fungible tokens. The wallet gives you access to thousands of tokens and coins not supported by the Coinbase app or Coinbase consumer or trading platforms.

Coinbase wallet is a self-custodial storage solution. This means that the safety and security of the user’s funds is solely their responsibility. Coinbase has no access to the funds and therefore cannot guarantee nor insure their safety.

A standout feature that the wallet offers that other crypto wallets don’t is the use of Wallet usernames. These are human-friendly wallet addresses to which anyone can send funds or make payments instead of using the alphanumeric characters used by most blockchain networks. Anyone with a Coinbase Wallet has the option to create a unique username they can share with anyone wishing to send them funds.

6. Coinbase debit card

The Coinbase Card is a contactless Chip & Pin plastic debit card offered in partnership with Visa. The card was first launched in the UK, then later expanded to the EU region and, most recently, the US.

Being it’s a Visa card, users can use it at millions of locations where throughout the world, including ATMs and merchant POS machines. The card is powered by the customer’s Coinbase account allowing them to withdraw funds available in their wallets.

The card can be managed using the complementary Coinbase Card app through which users can control which wallets can be used to make payments, get notifications on payments through the card and freeze or unfreeze the card. The app can also be used to get instant receipts, transaction summaries, and expenditure statements. It is available on iOS and Android.

7. Coinbase Custody and Vault

Coinbase Custody is a storage solution for institutional customers. Talk about asset managers, hedge funds, family offices, other cryptocurrency exchanges, and endowments, and others. These institutions require solid storage facilities that guarantee the safety and security of their digital assets.

Coinbase launched Custody in 2018 in partnership with Electronic Transaction Clearing (ETC), an SEC-regulated broker-dealer and FINRA member. The solution offers institutional-grade features including:

  • On-chain segregation of crypto assets;
  • Multi-layered security through the multi-signature function;
  • Regular security and financial audits;
  • Support for several assets accounting for 90% of digital asset market cap;
  • Staking and governance participation in PoS (staking) networks.

Watch the video: Coinbase’s Custody explained

Coinbase Custody operates as a standalone independently-capitalized business to Coinbase, Inc. Coinbase Custody is a fiduciary under NY State Banking Law. All digital assets are segregated and held in trust for the benefit of our clients.

Coinbase also offers a similarly robust storage solution for its retail investors called Coinbase Vault. Launched in 2014, the Vault is a cold storage facility for anyone seeking to store their assets long-term.

With Vault, users get access to features such as:

  • Delayed withdrawals with update notifications on the pending withdrawals. This is a security feature. The withdrawal can be canceled anytime within 48 hours.
  • Multi-signature feature for layered security
  • Up to 97% of assets stored in the Vault are kept offline in cold storage facilities.

The Coinbase Vault is free, and transactions attract no fees.

8. Coinbase Commerce

If you have been looking for a PayPal alternative to accepting online payments, Coinbase Commerce may be the solution you need. It is a free Checkout solution that allows merchants to accept Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and stablecoins DAI and USD Coin (USDC).

This product allows merchants to act as their own banks, avoiding problems associated with conventional banking such as chargebacks and costly services. Given that sellers can accept payments in stablecoins, it also solves the problem of crypto volatility.

According to Coinbase, the platform already supports more than 8,000 merchants worldwide. Signing up is easy, and there is no paperwork needed whatsoever.

Merchants running e-commerce stores can connect to their Shopify or Woocommerce plugins or a custom-developer solution through the available API.

9. Learn & Earn

Coinbase maintains a learning section on its website that provides a slew of learning resources. There are articles detailing anything from the basics of blockchain, crypto guides, tips and tricks to trading and investing in crypto and market updates.

With the information available via the learning area, users can easily delve into different resources about the new digital marketplace. Therefore, having the desire to learn can greatly aid in broadening one’s horizons in the crypto world.

The learning section is not just for beginners. Even industry experts and everyone in between can get something of value. Deep dives into specific projects and networks are available, as well as guides on more complex topics like DeFi, NFTs, and staking.

Anyone can access this information without having to create an account with Coinbase.

Coinbase Learn is the earning program, which rewards beginners for taking the time to learn about specific crypto projects. The rewards are as high as $12, and they are not just an incentive to participate in the program. They are a tidy sum if one opts to learn about every possible coin included in the program. So far, that is at least $80 in total from twenty assets.

The process is simple: watch the videos and answer the questions based on the concepts presented in the videos. Reward coins or tokens will be deposited to your Earn account once you correctly answer the questions.

Watch the video: Coinbase’s Earn feature explained

Coinbase Earn allows users to earn cryptocurrencies while learning about them in a simple and engaging way.

10. USDC stablecoin

USDC stands for USD Coin. It is a cryptocurrency token hosted on the Ethereum network that is pegged to the value of the US Dollar currency. The biggest problem with most cryptocurrencies, including Bitcoin and Ethereum, is that their market value is highly volatile, making them less suitable as payment modes.

Stablecoins, such as USDC and USDT (Tether), were created to merge desirable qualities of cryptocurrencies and conventional/fiat currencies. On the one hand, crypto assets are more dynamic and cost-effective to use across borders. On the other hand, fiat currencies such as the US Dollar have a less volatile market value.

Coinbase partnered with Circle to form the CENTRE Consortium, which is the creator of the USD Coin. USDC was launched in 2018 and has gained support from multiple trading platforms, including Binance, Kraken, and Coinbase Pro. Wallets in which you can store the stablecoin include Coinbase Wallet, Binance’s Trust Wallet, MetaMask, Ledger, among several others.

Watch the video: USDC stablecoin founded by Coinbase

Coinbase has launched support for USDC, a new stablecoin, by teaming up with Circle as co-founding members of the Centre Consortium. USDC’s value is tied 1:1 to the US Dollar – making it wholly different from any crypto available on Coinbase.

How to open a Coinbase account

Starting your journey with Coinbase is straightforward. The exchange has invested a lot in an intuitive and beginner-friendly interface. This applies to both the mobile and the web version.

There are three steps to getting started with Coinbase:

  1. Creating an account;
  2. Verifying your identity;
  3. Adding money to your account.

Let’s look at each in greater detail.


1. Create a Coinbase account

This guide is only relevant if you are trying to access the Coinbase retail features, which are the consumer and pro trading interfaces. Other complementary platforms such as Prime or Custody will have different procedures to create an account.

There are three requirements you need to fulfill to qualify for a retail account:

  • You need to be at least 18 years old;
  • You need to reside in one of the 100 countries supported by Coinbase;
  • You need to have the documents to support the above.

The last part will be covered in greater detail in the following subsection.

As for the supported countries, Coinbase serves regions almost evenly across the world. However, the services offered to each supported region may vary. For instance, if you reside in one of the 13 African countries supported by Coinbase, the only function you will have access to is converting between coins. If, on the other hand, you reside in the US, you have access to all of the features that we highlighted in the ‘Features.’

To check whether you reside in a supported country, check this page.

The next stage in this step is to create the account.

  • Visit Coinbase.com or pro.coinbase.com to sign up. Click on the ‘Sign Up’ button on the top right. Alternatively, you can use the Coinbase app to create an account. Download it on the iOS App Store or the Google Play store.
Creating a Coinbase account.
  • The Sign-Up form above will appear. Fill in with a valid email address, your name as shown in your identification document, and create a strong password.
  • Verify your email by clicking on Coinbase’s activation link sent to you.
  • Login to your new account. As soon as you log in, Coinbase will require you to verify your phone number. Provide the number and your country of residence. Coinbase will send a seven-digit code to your phone as an SMS for verification.
  • The final step to creating your account will be to provide your personal details. This includes any PII (personally identifiable information) such as date of birth, address, employment details, and social security number (SSN) for US residents.
  • Submit the form and wait for an email response from Coinbase.

2. Verify your identity

If you receive a positive response from Coinbase, you will have to verify your identity to unlock your account. Here are the documents you will need for this step:

  • In the US:
    • State-issued identification documents. It could be a valid driver’s license or an ID card.
  • Outside the US:
    • International passport
    • National ID card
    • Photo ID issued by the government

As proof of residency, you are required to provide either a bank statement or a utility bill in your name issued within the last three months.

Here’s a short video by Coinbase on how to verify your ID:

Coinbase ID verification is required to prevent fraud and keep the community safe. It also adds an extra layer of security by ensuring no one but you links your payment information such as your bank account or credit/debit card.

Identity verification is a mandatory requirement for Coinbase to comply with the current KYC (Know Your Customer/Client) and AML (Anti Money Laundering) financial regulations. Additionally, it also increases the account’s security. To see the step-by-step guide on how to verify your Coinbase account check our Coinbase KYC guide.

3. Funding your account

To use your new Coinbase account, you are going to have to deposit some funds. This can be done using either crypto or conventional fiat currencies such as the US Dollar. The method of funding available to you will largely depend on your location. Different regions have different payment options. There may be some overlap, but some options are more common with residents in one region over another.

  • For US residents, there are 4 ways to deposit to and or withdraw from Coinbase accounts:
    • Bank Deposits and withdrawals (through ACH) – takes 4-5 business days
    • Wire transfer – takes 1-3 business days
    • PayPal – instant
    • Debit Cards – instant
  • For UK residents, there are 5 payment options:
    • Faster Payments (FPS) – takes 1-3 business days
    • SEPA transfers – take 1-3 business days
    • PayPal (withdrawals only) – 1 business day
    • 3D Secure Card – instant
    • Instant Card Payments (Withdrawals only) – instant

For other regions, check out this page for a conclusive list of all payment methods to withdraw and deposit funds.

Crypto deposits and withdrawals are unrestricted globally, and anyone can deposit or withdraw any supported asset on the platform to any external wallet address.

Coinbase Fees and Pricing

When it comes to fees and pricing, it is not clear-cut with Coinbase. This is because the exchange offers several different services and products to its customers, and each has a custom pricing model.

Let’s examine the fees for some of the more popular services offered by Coinbase:

  • Brokerage fees (buying and selling crypto)
    • It is not cheap to use Coinbase’s consumer platform where you can buy and sell crypto. Fees in this platform vary depending on the payment method and location of the user;
    • Fees range from $0.99 for transactions valued below $10 to $2.99 for transactions not exceeding $200 or an equivalent in any other currency;
    • Transactions above $200 are charged at a percentage fee of 1.49% for standard payment methods and 3.99% for payment cards;
    • For crypto conversions, Coinbase charges up to 2% in spread margins;
    • ACH transfers are free;
    • Crypto transfers are free between Coinbase accounts. External transfers only attract a network fee;
    • Wire transfers are $10 incoming and $25 outgoing;
    • PayPal fees are 2.5%.

Remember that these fees vary according to the payment method. The ones highlighted above only apply to US residents. Visit Coinbase’s fees and pricing page for a more conclusive breakdown.

  • Trading (Coinbase Pro)
    • Fees on the Coinbase Pro trading platform are more competitive and significantly lower compared to the consumer platform. The image below shows the trading fees structure. The pricing tier is determined by adding up the prior 30-day volume—the higher the trade volume, the lower the fees.
Coinbase fees as of April 2021.

You’ll notice that Makers have more favorable terms than Takers. Makers add liquidity to the marketplace by placing orders on the order book, while takers take away liquidity by fulfilling the open orders.

  • Staking fees
    • Coinbase charges a 25% staking fee
  • Coinbase card fees
    • The issuance fee is £4.95 / €4.95 / $4.95
    • Payments attract a 2.49% fee except for payments made in USDC

Overall, depending on which service you use, your location, and the payment method, the fees could be more favorable or costly than other competing platforms.

Tip: Be sure to check our in-depth Coinbase fees guide to consider the fees charged when using Coinbase’s most popular products.

Coinbase security

Coinbase is one of the safest and most secure cryptocurrency investment platforms in the market. It takes a proactive approach to security, and its track record is a testament to the effectiveness of its strategy. Since its launch in 2012, Coinbase has never reported any security incidents, which is no minor feat in the blockchain industry.

Its security measures have been segmented to cover its entire product and service portfolio. Publicly shared security measures include:

  • Safe asset storage – Coinbase stores 98% of all customer crypto assets offline in cold storage wallets and goes a step further to distribute those wallets across the world.
  • Wallet encryption – wallet addresses and their private keys are securely encrypted using the robust AES-256 encryption standard.
  • Data management – all personally identifiable information (PII) and other sensitive account information is, first of all, stored offline. Then the data is encrypted using AES-256 encryption and split into multiple copies held in FIPS-140 USB drives and paper backups for redundancy. These copies are kept in various secure locations.
  • The website and mobile apps are SSL encrypted to facilitate safe payments.
  • Account passwords are hashed using bcrypt before storage.

Internally, Coinbase has implemented several security precautions to ensure that its systems are safe and less prone to human errors and vulnerabilities. These preventive measures include:

  • All employee devices using unique passwords and 2FA authentication;
  • All employees have to pass criminal record tests;
  • Employee workstation hard drives have to be encrypted and access restricted through solid passwords.

Additionally, all users are encouraged to use second-factor authentication (2FA). There are three 2FA methods available to account users:

  • SMS/Phone – this is the least secure, but it is still better than single-factor authentication. Every time the user logs into their account, a one-time passcode is sent to their registered phone number;
  • 2FA apps – the apps provide random codes that are time-sensitive to be used during login. Popular 2FA apps include Twillio’s Authy, Google Authenticator, Duo, or Microsoft Authenticator;
  • Hardware keys – these are physical token devices similar to flash drives that can be used to provide additional authentication when logging in. This is the safest 2FA method you can use.

Even the most secure system in the world is not immune to human vulnerabilities. Therefore, all users are encouraged to be vigilant and never entrust their assets security to third parties.

Additionally, Coinbase has insured its customers’ deposits to the tune of $250,000 per account through FDIC insurance. However, this coverage only applies to US customers holding US Dollar deposits. Crypto assets are not covered under this insurance.

To know more about the platform’s security and credibility, be sure to read our ‘Is Coinbase Safe?‘ guide we have prepared to evaluate the security measures put in place by this recognized crypto broker.

Coinbase customer support

During the 2021 crypto boom, Coinbase has continued to employ more support personnel, improve and simplify its products, and find innovative methods to help clients more quickly and efficiently. The platform now has over 3,000 people dedicated to answering customer questions, representing a more than fivefold increase in support staff since January 2021.

Coinbase’s customer contact rate has fallen by 70% since January, despite its overall number of verified users increasing from 43 million to 56 million within the same time period as the exchange has eliminated its backlog across most lines, and it now has sufficient agent capacity in place to limit the chance of future backlogs.

Moreover, soon customers will be able to contact the digital exchange brokerage via live chat and phone as it has already begun to roll out a virtual assistant to help customers with common problems, and live chat messaging is planned for later this year. Coinbase hopes to provide live phone support to assist customers with a range of issues, including account security.

In addition, Coinbase is developing a phone support team to assist customers through the steps necessary to quickly lock down accounts and restore access to protect their accounts against Account Take-Overs, often known as “ATOs.”

While ATOs have only affected a tiny percentage of its clients (a minuscule fraction of 1%), the platform understands that they can cause concern and inconvenience when they do occur.

The business is also extending its self-service online Coinbase Help capabilities as the crypto sector evolves at a rapid rate.

Methods to contact Coinbase: 

Email

Fill out this form here to receive email assistance. Please follow these instructions for the quickest resolution: 

  1. Send your request to Coinbase using the email address you use to log in. 
  2. Select the most appropriate category and subcategory. 
  3. Give as much information as you can about your problem.

Please do not create numerous tickets for the same problem; Coinbase will respond to your complaint as soon as possible.

Twitter 

Coinbase uses Twitter to keep its customers up to date on the progress of its services. It is unable to assist with account-specific issues via Twitter due to security and privacy concerns. If users have any questions about their account, they must send an email request.

Phone

As mentioned earlier, Coinbase plans to but does not presently provide phone assistance with a live representative. If you believe your account has been hacked, contact Coinbase Support immediately to have it disabled. 

Once your account has been disabled, you must go through our automatic account recovery process to re-enable it, which might take several days.

To contact an agent for assistance, please send an email. The phone number for Coinbase Support may be found on their email request form.

Coinbase Pros and Cons

Pros

  • Beginner-friendly interface;
  • Easy sign-up process;
  • High liquidity for supported digital assets;
  • Highly regulated;
  • Strong security;
  • FDIC insured;
  • Mobile app for convenience;
  • Accessible in 100 countries worldwide;
  • Pro platform provides competitive trading fees;
  • Coinbase offers several products and services all under ”one roof.”

Cons

  • Other than the Pro trading platform, most of its other products and services are expensive;
  • High levels of compliance with regulations have led to privacy concerns;
  • Regular downtimes, especially whenever Bitcoin experiences price action spikes;
  • Debit cards only available to limited countries;
  • Only six coins are available for staking (so far), and the fees are extremely high.

Conclusion

Coinbase is one of the largest cryptocurrency investment platforms, and for a good reason. It offers a host of services and products that appeal to the market, and it has a proven secure platform. Additionally, it keeps expanding its coverage to more users.

However, it is up to you to decide whether Coinbase is right or wrong for you.. Hopefully, this detailed review has made that decision a little easier.

Coinbase review 2021 | FAQ’s

Is Coinbase FDIC Insured?

Yes, Coinbase insures all US Dollar deposits from its US customers through FDIC to the tune of $250,000 per account. This insurance covers any losses resulting from system compromise, employee theft, or anything that can be considered Coinbase’s negligence. Customer errors and faults are not covered.

Is Coinbase safe?

Yes, Coinbase is one of the safest cryptocurrency exchanges. Since its launch in 2012, the exchange has never had a security breach. It takes proactive measures to safeguard against internal and external attacks on its systems. It also provides its users the necessary tools to participate in securing their assets.

What payment methods are supported on Coinbase?

There are a variety of methods available to make deposits and withdrawals from Coinbase. Their availability, however, depends on the user’s location. The more popular options include bank transfers (ACH), wire transfers, FPS (the UK), SEPA (Europe), PayPal, debit cards, and Instant Card Payments.

Does Coinbase offer a debit card?

Yes, Coinbase offers a Visa debit card allowing its users to spend funds available in their accounts in millions of places worldwide. The card can be managed through a complementary mobile app where the user can manage all features, including tracking expenditures, freezing/unfreezing the card, and assigning which funds in the account can be used to make payments.

Read also:

2 out of 5 (1 vote)

Join us on Twitter or Telegram

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.