Coinbase is an American e-wallet which sole purpose of creation is to provide the US citizens with a convenient platform to exchange their crypto funds. Founded in 2012 as Coinbase Group Ltd., this San Franciso based e-wallet is one of the top go-to ewallets for US customers. Especially since the US customer didn’t had a proper ewallet to exchange crypto, just up untill few years ago. Hence, the emerging of Coinbase made for a fast and secure environment for US citizens to start with crypto.
Today, Coinbase offers over 50 different cryptocurrencies from which you can choose from, making for quite a nice offer. And, they accept customers from pretty much every corner of the world. With an exception of several restricted countries.
Starting out in 2012, Coinbase is very popular among US customers. That is even more significant if you take into account that it is already one of the leading US ewalllets. One look at the numbers and it is quite clear why. With the revenue of the company for 2020 being $1.14b, and with estimated 1.249 employees, we are talking about a serious contender. Moreover, the company total assets amount to $5.85b, in addition to holding $90b out of the total $782b crypto assets on the market.
Consequently, the founders of the company are ex-AirBnb engineer Brian Armstrong, who serves as a CEO, and Fred Ehrsam, a former trader at Goldman Sachs as co-founder. In 2021 this leading exchange is present in more than 100 countries worldwide, in addition to offering several different trading platforms and customer services. These products include Coinbase own personal cryptocoin, Coinbase credit card, and several professional personal and merchant trading platforms.
Coinbase main purpose is to provide you with the right place to turn your fiat currency into crypto. The convenience of this exchange is such that many customers opt not to use another ewallet, especially since it offers several pro trading solutions on disposal. One of those is Coinbase Pro, which operates separately from the main Coinbase server.
Additionally, with more than 50m in daily traffic, you can expect that this is utmost safe and secure. And as such, consequently one of the most used by US citizens. Bellow you can see all the features that this ewallet has on disposal.
Should you go for Coinbase for your crypto trading, than you should expect all of the most popular cryptocurrencies on disposal. Bitcoin Cash, Litecoin, Ripple and Bitcoin are just some of the big names you are going to find. With around 50 cryptocurrencies to date, you can say that Coinbase is quite good.
Especially if you consider that at the beginning Coinbase had only 4 cryptocurrencies altogether. Moreover, Coinbase also has certain high fees. These fees are for several types of different exchange. The most usual being:
Coinbase is quite compatible and easy to use on mobile devices. More specifically, Coinbase offers several different mobile features and apps. Those are the Coinbase application, the Coinbase Wallet and the Coinbase Pro trading app.The regular Coinbase app is the first out of all, and it is used by individuals who are not into complex procedures and wish for a more relaxed exchange.
The Coinbase Wallet is one of the most popular and convenient features that Coinbase offers. That is due to several key components that this ewallet supports. One of them is DApps(Decentralized applications). This blockchain feature enables for an extra layer of protection. In addition to providing an insight into the status of many upcoming projects. Furthermore, with Coinbase Wallet you are the master of your own key. This means that as long as you use this app, your key won’t end up at the private Coinbase servers.
The Coinbase Pro app is definitely the right one if you are into serious crypto trading. This app is compatible for both IOS and Android, in addition to being available in over 100 countries. Coinbase Pro comes with all the gimmicks you would expect a professional crypto-trading tool to have. Starting with amazing interactive charts, up to unique features such as price alarms and etc.
As we said earlier, Coinbase has certain fees that are highers when compared to other leading ewallets. More specifically, every single digital purchase or sale is a subjcet of 0.05% spread fee. This fee is the spread for the orders. Market volume and the time between placing your order and the purchase, will determine the fluctuation of this fee.
Additionally, this exchange imposes a flat fee from the spread which applies to all orders. Consequently, this fee will depend on the size of your order. To give you an example, take a look at the fees bellow. Just have in mind that these fees will vary depending on the location and the payment method as well:
Coinbase Pro on the other hand is using maker/taker fees. They vary depending on the way the order is processed. If your order is instantly partially matched, than you will pay a taker fee for the portion. The rest of your order will be placed in the order book, and if matched it will be considered a maker order. Consequently, you pay the maker fee for the remaining amount of the total order. Take a look of the several maker/taker fees you can expect at Coinbase Pro, bellow:
Less than $10K
$10 – 50K
$50 – 100K
$100K – 1M
Depositing funds to your account is very easy and anyone can do it. It is literally created for that sole purpose-to provide US citizens with the most convenient and secure crypto trading platform. For that matter, it is extremely easy to link your cards or bank accounts with this ewallet.
Specifically, Coinbase allows you to charge your account via several popular means. Credit cards, debit cards, PayPal and of course, bank transfers. Transactions are usually instant. Just have in mind that there is a 4% fee when you deposit with credit card. In addition to bank transfers who have a 10 fee for deposits.
There are also fees when withdrawing your funds. More specifically, there is a 1% fee if you convert and withdraw your crypto to fiat. This is in addition to standard fees. Furthermore, a network fee is necessary in order for your transaction to be processed by the company’s decentralized crypto network. This fee applies to crypto miners, and not Coinbase, and it is the best way to secure your transaction on the blockchain. Additionally, there are several factors which are crucial in determining the withdrawal fees. Meaning that they are quite different depending on the case.
For example, Bitcoin withdrawal fees are between $1-$5, while other cryptocurrency fees are around $1. Consequently, the minimum amount for withdrawal fluctuates as well, and id depends on the exchange rates. However, most of the time these fees are just under $0.10.
The Coinbase spread fee for purchase/sell of transactions is around 0.50%. This may vary and differ depending on the market fluctuations or the price of the cryptocurrencies. This is in addition to the mandatory Fee which is consequently greater than a flat fee or a variable percentage. This fee depends on the region, product feature and payment method as well.
Staking is an very useful tool which enables Coinbase users to stake their crypto right on the Coinbase platform. For this service, Coinbase will charge 25% of the tokens you receive. Moreover, this feature is currently only available for Texos(XTZ). However, Coinbase plans to enable this feature for several other crypto coins as well. Staking is one of the best features you can find in a ewallet such as this one.
Especially since it is the perfect way for you to directly stake/lock your crypto coins in your wallet. All in order to win prizes. Hence, experts worldwide predict that this feature is yet to have its boom with other crypto exchanges.
Coinbase Customer Service is not something that receives many praise on the internet. That is the genral public opinion, since we ran into several complaints about the response time of their customer service team. As soon as you visit the Contact Us page on the Coinbase website, you will be asked to choose your Coinbase product. After doing so, you have 3 complaint buttons, with multiple problems bellow, and you will have to select yours.
If you wish to directly contact with the team and skip this procedure, than that can be a bit tricky. Especially since the telephones that are on the page are only for US customers. Meaning if you are from the rest of the world, you are gonna have to keep your fingers crossed and hope for a fast reply.
Though it may seem like Coinbase is one of the more expensive platforms out there, that is comes with certain perks. One is definitely the fact that Coinbase is both one of the first and leading crypto platforms in the world. Operating nearly 10 years now, it has pretty much seen many similar platforms fading away with time. And with the initial goal being the US market, which we must add is a bit financially potent when compared to many other countries.
Regardless of the fact, Coinbase still has a sold fan base. Even more so if you take into account that it offers a top-notch services in the utmost secure environment. Unique features such as Staking, and Coinbase Pro are what keeps customers coming back. So it should come as no wonder why so many players are using Coinbase, despite several obvious drawbacks. And it seems like that will continue to happen in the future as well.
– The Off-chain send and receive enable two different Coinbase users to send and receive funds instantly among each other. All it takes is for one of the users to enable the Instant Sends option in the privacy settings, and you can already exchange funds with lighting fast speed. This type of transaction doesn’t appear on the chain, since the action is more similar to sending the funds to an email address.
– If Coinbase doesn’t recognize your account as a valid payment source, there is a high possibility you may have limits on funding your account or purchasing crypto. Coinbase implemented this automated system to provide an extra layer of safety when it comes to frauds and illegal transactions. Just take a look below at the most frequent reasons for this issue:
If Coinbase receives a chargeback while attempting to process your transactions. In this case, it might prevent Coinbase from completing your upcoming orders. If you happen to notice any reversals or chargebacks as a result of recent trade, Coinbase kindly asks to include this information when contacting them.
In any other instance, Coinbase will require you to provide additional proof to confirm that you are the owner of the payment methods. If you still have not done that, Coinbase advises uploading a valid ID document, for each person that has entered verified information on your Coinbase account. Consequently, this will greatly speed up the review process.
– If you spend USDC with Coinbase Card you won’t pay any fees whatsoever. However, if you choose to use another currency, Coinbase will charge you a flat transaction fee of 2.49%. This applies to all purchases, including ATM withdrawals. This is because Coinbase facilitates the sales of your crypto whenever you buy something, thus the reason for the crypto purchases fee. In addition to the fees from Coinbase, ATM withdrawals may also be a subject of fees.
– Phishing is a fraudulent and malicious online practice, that has a purpose to obtain personal information from customers. This can occur in several forms of digital communication, including SMS texts, social media, illegal URLs, and emails. To successfully pull this off, the attackers pretend to be representative of Coinbase and will try to obtain your sensitive information. Most of the time the goal is to get the 2FA codes and passwords of the customers. In addition, the attackers can create an entire fake website to better convince you to give away your info.
That is why you should know that Coinbase would NEVER ask for your password, private key, or 2-factor verification codes. If someone presenting as Coinbase asks for this information, it is a scam, and you should immediately report the case with Coinbase’s customer service.
– The amount of time each transaction is processed depends on several factors. For that matter, EUR transactions are processed with SEPA, while CAD deposits and withdrawals are processed with Interac and EFT.
EUR – SEPA
2-3 business days to process the deposit, while 1-2 business days to process the withdrawal.
CAD – Interac or EFT
3-4 business days to process the deposit with EFT, while with Interac is instant. Withdrawal takes 1-2 business days to process.
Transfer of SGD
Instant deposits. It takes 2-3 business days to process regular withdrawals. Users can opt for same-day processing for a fee of 2.99.
You should note that bank fee deposits usually vary.
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