Coinbase Cryptocurrency Exchange Review
Transaction Fees & Trade Limits
Table of Contents
- Transaction Fees: 0.00% to 0.60%
- Currencies: 200+
- Minimum Deposit or Purchase: $2
- Trade Limits: Yes
Why We Chose It
Coinbase is our top recommendation for beginners due to its easy-to-use platform, a wide range of supported cryptocurrencies, strong security measures, and advanced trading options.
Pros & Cons
Pros:
- A wide selection of cryptocurrencies and trading pairs
- Offers both beginner-friendly and advanced trading options
- Highly liquid exchange with a large trading volume
Cons:
- Customer service issues and limited support
- Default wallet is custodial, limiting control over private keys
Exchange Overview
Established in 2012, Coinbase is a publicly traded, decentralized cryptocurrency exchange available in over 100 countries. It is known for offering an accessible and intuitive platform for beginners, with robust security features such as insurance on digital funds and FDIC-backed bank accounts for U.S. dollar balances.
Types Of Wallet
- Custodial Wallet:
- For new users, Coinbase holds the private keys and stores funds on behalf of users.
- Non-Custodial Wallet (Coinbase Wallet):
- Experienced users have full control over their private keys and funds.
Coinbase supports various payment methods for funding accounts, including wire and ACH transfers.
Despite being a great platform for new investors, Coinbase’s fees (ranging from 0% to 0.60%) are on the higher side, and user feedback regarding customer service is not ideal.
SEC Charges & Concerns
Coinbase is currently facing charges from the U.S. SEC for allegedly operating as an unregistered securities exchange. Despite this, Coinbase is actively working to resolve the issue.
Final Words
Coinbase remains a solid choice for those new to cryptocurrency, offering an easy-to-navigate platform, strong security, and a broad range of cryptocurrencies. However, higher fees, customer service concerns, and ongoing legal challenges should be considered before signing up.