CoinBase 2020 review – Is it a good exchange

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coinbase Review 2020

coinbase Review

Coinbase is a US-based cryptocurrency broker/exchange in which users can buy and sell cryptocurrencies. The exchanges headquarters are located in San Francisco and is known as the largest cryptocurrency exchange in the world. This is largely due to the brokers easy to use and convenient interface. The exchange is perfect for beginner investors looking to get into trading or acquiring cryptocurrencies. The exchange was first established in 2020 by Brian Armstrong and Fred Ehrsam and has since grown to accept traders from 32 countries across the world.

Coinbase primarily deals in three cryptocurrencies being Bitcoin, Ethereum, and Litecoin, with Bitcoin holding the greatest amount of volume. Other cryptocurrencies available on the exchange include Bitcoin Cash and Ethereum Classic. Coinbase has plans to accept more cryptocurrencies in the future, and they are sure to skyrocket when they do.

Coinbase Deposit and Withdrawal Options

Coinbase customers have various options for depositing and withdrawing funds to purchase and sell cryptocurrencies. These options may vary slightly from country to country, but most deposit and withdrawal options are offered across the board, including for the United States. See the available deposit and withdrawal methods below.

Deposit & Withdrawal Methods:

  • Bank Account (ACH)- This deposit/withdrawal method is best for large and small amounts and takes between 4-5 business days.
  • Wire Transfer-This deposit/withdrawal method is best for large amounts and takes 1-3 business days.
  • Cryptocurrencies- Traders can buy/sell, and deposit/withdraw Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with Coinbase.

Sell Methods:

An additional method for receiving sold funds from cryptocurrency is through PayPal. Coinbase users can sell their cryptocurrency and have the money go directly into their PayPal account.

Buy Methods:

An additional method for buying cryptocurrencies without depositing funds into your Coinbase account is to purchase the cryptocurrency directly through your debit/credit card.

Supported Countries

Coinbase accepts users and traders from various countries around the world. They currently support traders from over 30 countries including:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • The Czech Republic
  • Denmark
  • Finland
  • Greece
  • Hungary
  • Ireland
  • Italy
  • Latvia
  • Liechtenstein
  • Malta
  • Monaco
  • The Netherlands
  • Norway
  • Poland
  • Portugal
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland

Coinbase Fees and Charges

Coinbase does not charge any fees for depositing funds into your account but rather charges a 1.49% fee upon purchasing cryptocurrencies. However, although Coinbase does not charge a deposit fee, your financial institution will. These fees vary from country to country but are most commonly 3.99% for Debit/Credit Cards and 1.49% for Bank Transfers. Coinbase fees are not ideal for cryptocurrency day traders as they are higher than many other popular exchanges.

In addition to these fees, traders will also have to pay virtual currency transfer fees which include the network transaction fees and minor fees. Also, users will incur an exchange rate fee which is dependent on the spread and will incur a conversion fee as well. The fees are always stated and shown to the user as they make their transactions.

Limits and Liquidity

Coinbase customers are blessed with very high limits if their accounts are fully verified. Accounts with less verification information are limited to how much they can buy and sell on the exchange. For US customers who are fully verified may buy up to $50,000worth of Bitcoin daily. As for European customers, they may obtain up to €30,000 euro worth of Bitcoin at any time.

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Coinbase Privacy

Coinbase requires a lot of personal information from their users for identity verification because they are a regulated financial services company within the United States. Users cannot be anonymous like with some other cryptocurrency exchanges. Therefore, users are required to send in their banking information for direct deposits, as well as identity verification with a government issue ID such as drivers license or passport. Coinbase securely stores and protects this information and does not share it with any third parties.

Security and Verification Levels

Coinbase stores 98% of their users’ cryptocurrency funds offline in a cold-storage wallet to ensure its security from theft or loss. The cold-storage wallets are kept in safety deposit boxes and vaults around the world. The Coinbase website traffic runs over fully encrypted SSl (https), and user’s wallets are stored using AES-256 encryption. In other words, Coinbase is very secure. As well, in addition to Coinbases security, users can make their accounts even more secure with two-factor authentication, email verification, and other security measures.

Coinbase Customer Support

Coinbase features an extensive customer support page with various articles and FAQ pages for traders and new users to refer to if they have any questions or problems. As well, users can open a support ticket which is answered as fast as they can. The response time can be quite delayed at times, as the exchange has seen a lot of new users recently. However, the support page is very informative and organized, complete with topics and a search bar.

Pros and Cons

  • Safe & Secure cryptocurrency exchange
  • Easy and intuitive interface
  • Impressive limits and liquidity
  • Accepted in over 30 countries
  • Fees may be higher than some other exchanges
  • Limited cryptocurrency assets available

Where is Coinbase based at?

Their headquarters are located in San Francisco, California.

How do I fund my account at Coinbase?

Through cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash), and Credit & Debit Card, Bank Wire, Bank Account (ACH).

How long does a withdrawal normally take at Coinbase?

As low as 1-3 business days.

How safe is Coinbase?

Coinbase is very safe as they use top of the line security measures and store 98% of their cryptocurrency in a cold-storage wallet.

Is Coinbase a scam?

No, Coinbase is a regulated financial services company in the United States.

Coinbase Conclusion

Buying and selling cryptocurrencies is a new and exciting endeavor, but also very risky and technologically advanced. Coinbase does a very good job at providing their users with a simple and easy method for buy and selling cryptocurrencies. The exchange may not be best for more experienced cryptocurrency traders, as the fees can be quite high, and the cryptocurrency assets are limited. However, though, this exchange is probably the safest, most secure, and easiest cryptocurrency exchange for buying and selling Bitcoin and a few other popular cryptocurrencies.

Bittrex Review 2020 – Is It The Best Crypto Exchange?

In this review, Bittrex will be dissected in an attempt to better understand the value this exchange provides to the cryptocurrency market. This review is part of a series where we analyze every major cryptocurrency exchange. Join our Telegram to be the first to get all the latest news about cryptocurrency exchanges.

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Intro

Since the rise of cryptocurrencies, there have been a number of exchange platforms cropping up which offer users the ability to convert one cryptocurrency such as Bitcoin, to other altcoins. They have been gaining a lot of traction since digital currencies have taken the world by storm, but not every exchange is treated equally. Each exchange has its quirks, which must be understood before entrusting the security of your funds to these exchanges. One of the most popular exchanges out there right now is Bittrex. The following article will evaluate this exchange, providing a full review of their platform, and answer questions like “is Bittrex safe?”

Registration Process

Firstly, we are going to examine the user experience for Bittrex, which is one of the many things the platform is praised for, in that it welcomes you in and tries to make things as easy as possible. While many exchanges have invested significant resources into perfecting the on-boarding process, Bittrex is one of the exchanges which have truly nailed it.

The first thing you’ll have to do is create an account, and for Bittrex it’s simple.

Once you begin the signup process, you’re met with a clean page with simple instructions. It’s as easy as entering your email and password and selecting “Create Account”. You will then be redirected to another page. The next page you see is one that informs you to check your inbox to confirm your email address.

Upon confirming your email address you’ll be asked to fill in some more information about yourself, like your country of residence and your address. All of these are important steps for Bittrex verifying your identity, as this is a legal requirement for Bittrex to fulfill for each user.

The next step is confirming your identity, where you’ll be asked to provide a photo of yourself holding a piece of paper with some text. Not only that but you will need to provide photographic evidence of the likes of your driving license or your passport (which is preferred).

Supported Countries

One of the reasons why Bittrex is so popular is because it’s available all around the globe, and this, of course, opens the platform up to billions of people. However, one thing which should be mentioned here is that even though the platform is accessible from around the world, each country has its own requirements for the user verification process.

Bittrex

Bittrex currently operates two separate exchanges that share liquidity in order to meet the demands of both US and international regulators. The core Bittrex exchange (https://bittrex.com/) focuses on the US cryptocurrency ecosystem. This often means the exchange operates with fewer asset listings than its Bittrex Global counterpart. However, many of the features remain the same to provide a consistent experience across both of their exchanges. This includes a shared API that plugs into both exchanges automatically for a swift integration.

Bittrex Global

Recently launched after the closing of Bittrex International, Bittrex Global is the international exchange that caters to Bittrex’s international client base. On September 27th, 2020, Bittrex Global was launched in Liechtenstein, the new home for the global exchange. During the transition, the Bittrex Global exchange experienced a number of delistings resulting from assets not being moved over from the Bittrex International exchange. This was met with resistance from the community due to the short notice and lack of transparency during the transition.

Customer Support

The level of customer support compared to other exchange platforms is above average. They operate on Zendesk where users can read news articles and search through the FAQs, as well as reviewing their customer support tickets by logging into Bittrex support. Bittrex actually integrates the likes of Slack, Twitter, and Facebook to make support even more accessible for users, but some people have complained about slow response times.

Trading

Listings

After creating your Bittrex account you can then start to view the marketplace of the seemingly endless cryptocurrencies. The trading pairs are listed in such a way that it’s very easy to select whatever pair you’re looking for. Just to make things even simpler for you, there’s a search function so if you’re feeling lazy you can type into the search box something like BTC or XVG to find those trading pairs.

With the lure of trading a seemingly endless number of cryptocurrencies, you may be wondering what fees you can expect when trading on Bittrex. Similar to many other exchanges in the market, Bittrex uses a tiered fee structure which provides traders who execute significant volume a discount on their trading fee.

Starting at a base rate of 0.25% for both maker and taker, the fee quickly reduces to 0% for maker at $40M+ in trading volume, and 0.08% for taker at $60M+ in trading volume.

This scaled approach makes Bittrex ideal for both individuals and institutions.

Transfer Limits

Although it would be nice to withdraw however much you want from the Bittrex platform, unfortunately, this isn’t the case. Accounts that are unverified have a withdrawal limit of 1 BTC per day. Furthermore, accounts that have two-factor authentication enabled give you access to the basic level account, where your withdrawal limit rises to the equivalent of 3 BTC per day. And then we have the Enhanced account that allows you to withdraw up to 100 BTC per day.

Security

Two-Factor Authentication

Multi-layered security is becoming a prerequisite for exchanges nowadays, which is why Bittrex has integrated it into its platform. Security is one of their main concerns and they take it seriously, which is why they strongly encourage users to enable 2FA to further secure their account. As the platform has evolved, so has their security. With constant upgrades and testing, Bittrex remains ahead of the curve when it comes to security.

Storage & Security

Many people are cautious about where they store their digital currencies and rightly so. Cybercriminals have upped their game in the targeting of cryptocurrency exchanges, and unfortunately, a number of exchanges have fallen victim to these criminals. Millions have been stolen from exchange platforms in recent years, raising constant concern for users who hold funds on these exchanges.

Fortunately, Bittrex has some of the tightest security that you’ll come across, not to mention the two-factor authentication that I spoke about earlier on. To add an extra layer onto the Bittrex platform, they introduced something called IP Verification Procedure back in 2020. This means they require all users to approve each new IP address through an email confirmation, which happens every time you log in from a new IP address.

To add another layer of security on the Bittrex platform, they have introduced IP Whitelisting. By setting one or more whitelisted addresses, you are informing the platform to only authorize trades or withdrawals from those IP addresses. Next is Crypto Address Whitelisting, which you can do by setting a withdrawal address on a digital currency, you’re telling Bittrex to only allow withdrawals to that specific address.

All of these features work in tandem to provide the most robust security experience for users. When using Bittrex as your exchange of choice, use each of these security precautions to your advantage to keep your funds safe.

Coinbase Review

Coinbase is the world’s biggest and one of the best-known bitcoin and cryptocurrency brokers. Founded in 2020, this San Francisco based exchange has become a worldwide gateway into the crypto world. Today, it operates in 102 countries from Africa, Asia, South & North Americas, Australia, and Europe. You can use it to exchange bitcoin, ether, litecoin, bitcoin cash, XRP, and ten other popular cryptocurrencies. It’s quick and easy to use, secure, and comes with reasonable exchange fees (although not the lowest). Besides, you can access it via your smartphone, which makes it one of the most convenient cryptocurrency exchanges for crypto market beginners.

General info

  • Web address: Coinbase
  • Support contact: Link
  • Main location: San Francisco, US
  • Daily volume: ? BTC
  • Mobile app available: Yes
  • Is decentralized: No
  • Parent Company: Coinbase, Inc.
  • Transfer types: Bank Transfer, Credit Card, Debit Card, Crypto Transfer
  • Supported fiat: USD, EUR, GBP
  • Supported pairs: 15
  • Has token: USDC
  • Fees: High (Compare rates)

  • Simple, easy to use interface
  • Decent selection of vetted projects
  • Secure
  • 24/7 customer support
  • Regulated exchange
  • Limited number of coins
  • The website can suffer from heavy traffic
  • Relatively high fees
  • No trading charts
  • Service availability varies per different countries

Screenshots

Key features

As one of the world’s leading exchanges, Coinbase offers many quality crypto services. However, at its core, it provides by far the simplest way to buy and sell the most popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, or XRP. Coinbase does so by enabling quick, simple, and easy ways to purchase cryptocurrency directly via your credit or debit cards, a wire or bank transfer as well as using local payments services like, for example, iDeal in Europe.

Fast and convenient cryptocurrency purchase methods usually come with higher fees, and Coinbase is no exception. However, at Coinbase, you will also find a professional 24/7 customer support team, cryptocurrency wallet, and will be able to enjoy a tried and tested exchange with robust security measures.

In brief, the must-known Coinbase key features include:

One of the easiest ways to buy bitcoin and over ten other top altcoins. Coinbase lets you purchase cryptocurrency using your credit/debit cards, bank account, wire transfer, other cryptocurrencies, and other localized payment methods (differs per country).
A worldwide exchange that supports many fiat currencies. If Coinbase operates in your country, it likely accepts deposits in your native currency.
An insured and regulatory compliant US exchange. Coinbase is one of a few exchanges which is actually regulated and insured by FDIC. Even if it were to fail as a business, the customer funds held in custodial bank accounts wouldn’t be claimed by creditors.
A Coinbase’s own USDC stablecoin. Unlike most exchanges, Coinbase utilizes its USD Coin (USDC) issued by the company together with Circle. It is fully regulated, transparent, and verifiable stablecoin with regular audits.
Coinbase card. Coinbase customers from the United Kingdom, Spain, Germany, France, Italy, Ireland, and the Netherlands can order a Visa debit card which allows you to buy and sell goods and services with cryptocurrency. According to the company, more countries will be available soon.
Earn crypto with Coinbase. Coinbase Earn program lets you earn cryptocurrencies by merely learning about them. Complete courses about cryptocurrencies like EOS or Stellar Lumens and get $50 worth of them in return.
Additional bitcoin and cryptocurrency services. As a Coinbase customer, you can also make use of Coinbase’s custodial and non-custodial crypto wallets, OTC trading, Coinbase Commerce tools for businesses, and much more.
An excellent starting point for beginners. Coinbase is tailored for cryptocurrency beginners and has been a starting point for the majority of traders. There are no trading charts, too, so if you need a more advanced trading interface, check out Coinbase Pro.

Coinbase supported cryptocurrencies

At the moment, Coinbase facilitates the buying and selling the following cryptocurrencies:

Coinbase history and background

Coinbase was founded in June 2020 by Brian Armstrong and Fred Ehrsam as a part of Ycombinator. Ever since, it has raised over $540 millions from venture capital firms like Andreessen Horowitz, The NYSE, Rabbit Capital, and many others.

Coinbase opened the first regulated cryptocurrency exchange in the US in January 2020. Since that time, it has gone on to serve over thirty million customers and exchange more than $150 billion in digital currencies. This makes it one of the biggest exchanges on the web, with its reputation being cemented towards the end of 2020 when its mobile app became the most popular download on the Apple App Store.

Such popularity is largely due to Coinbase’s easy-to-use interface, competitive transaction fees, its availability in 102 countries and its offering to buy the popular digital currencies like ether, litecoin, bitcoin cash, EOS, XRP and many others (in addition to bitcoin).

Coinbase supported countries

Today, Coinbase operates in 102 countries in Africa, Asia, Australia, Europe, North America, and South America. Currently, supported countries include the key markets in the United States, Australia, the United Kingdom, Singapore, Canada, Switzerland, Brazil, Argentina, Mexico, Poland, Spain, France, Hong Kong, Indonesia, South Africa, and many other countries.

Nonetheless, the service availability differs from country to country – while most Europeans can use Coinbase to buy and sell cryptocurrencies, citizens from most African and Asian countries can only make use of Coinbase’s convert feature.

The full list of supported countries and services for specific markets can be found here.

Coinbase Fees

Naturally, Coinbase charges fees to buy and sell cryptocurrency. These can be either fixed or variable. The fees vary according to payment type (e.g., card or bank transfer), the amounts being transferred, and your geographical location.

That said, Coinbase’s support pages explain that it charges a minimum flat fee to exchanges under $200 in value. Coinbase’s flat fee is charged only if it is higher than the variable fee.

Transaction Value Cost
Less than $10 $0.99
$10 to $25 $1.49
$25 to $50 $1.99
$50 to $200 $2.99

For those over $200, it charges a variable percentage fee, which can also be considered a deposit fee. It varies according to your location as shown below:

Region Standard Buy/Sell Credit/Debit Card Buys Bank Transfers (SEPA) – in/out Bank Wires – in/out
Europe 1.49% 3.99% Free/€0.15
UK 1.49% 3.99% Free/€0.15 Free/£1
Australia/Canada 1.49% 3.99% Free/€0.15
Singapore 1.49% 3.99%
USA 1.49% 3.99% $10/$25

To take some concrete examples, someone wishing to buy bitcoin in British pounds and with a debit or credit card would have to pay the following fees to Coinbase:

Total Ammount Coinbase Fee Conversion fee Ammount spent on bitcoin
£100 £1 £2.41 £96.59
£200 £1 £4.85 £194.15
£300 £2 £7.26 £290.74
£400 £3 £9.68 £387.32
£750 £7 £18.11 £724.89

And for the sake of comparison, Coinbase’s 3.99% fee for credit/debit card transactions is cheaper than BitPanda’s and BitStamp’s respective fees. These both stand at 5%.

However, compared to CEX.io and Kraken, Coinbase is a bit more expensive. CEX.io charges 2.99% for credit/debit card purchases of bitcoin, while Kraken – which isn’t as user-friendly and accepts only bank transfers – charges around 0.26% for bitcoin purchases.

Exchange Maker Fee Taker Fee Link
Coinbase 0.50% or flat fee / up to 2% for crypto-to-crypto transactions 0.50% or flat fee / up to 2% for crypto-to-crypto transactions Trade Now
Coinbase Pro 0.15% 0.25% Trade Now
CEX.io 0.16% 0.25% Trade Now
Bitfinex 0.10% 0.20% Trade Now
Bitstamp 0.25% 0.25% Trade Now
Kraken 0.16% 0.26% Trade Now
Binance 0.10% 0.10% Trade Now
Bittrex 0.25% 0.25% Trade Now

In other words, Coinbase is cheaper than other simplified Bitcoin purchase services. But if the buyer is willing to shop around a bit, they can usually find more affordable fees elsewhere.

See our other exchange reviews if you’d like to explore more cryptocurrency exchanges.

Coinbase Security

Coinbase has proven to have robust security measures and has never been hacked before. Besides, it is a fully regulated exchange and holds various licenses required for operating in different states.

When opening an account, every Coinbase user is asked to submit documents for KYC verification. Coinbase verifies your identity using a passport, ID or driver’s license, as well as a proof of address (recent utility bill or so). The check must be passed in order to buy or sell any cryptocurrency.

Users are asked to secure their accounts using a strong password and two-factor authentication (2FA). Currently, Coinbases 2FA methods include third-party applications like Google Authenticator or Duo and SMS-based 2FA. Unfortunately, Coinbase still hasn’t removed the SMS-based 2FA authentication method even though it was proven to be insecure in the past. Try to avoid SMS-based 2FA if you can.

Speaking of the platform’s security, Coinbase takes the following measures to increase the safety of its operations:

  • 98% of customer funds stored offline.
  • Coinbase is FDIC insured exchange, meaning that all the funds that are kept online (remaining 2%) are protected against theft. However, the insurance policy does not cover funds stolen from individual accounts due to the account owners fault.
  • Bitcoin and altcoins are distributed geographically in a variety of cold storage vaults around the world.
  • All website traffic is encrypted.
  • Customer wallets and keys are all encrypted (AES-256 encryption).
  • Coinbase employees undergo criminal checks and must encrypt their hard drives.
  • Coinbase runs a bug bounty program, incentivizing coders to alert them to any bugs.

Overall, Coinbase has proven to be a highly-secure cryptocurrency exchange with no history of hacks in the past. However, that shouldn’t be a pretext to protect your Coinbase account with weak security measures like SMS-based 2FA.

For ultimate protection of your cryptocurrencies, be sure to store them offline using a hardware wallet. We recommend getting a hardware device by Ledger or Trezor.

Usability of Coinbase

Usability is one of Coinbase’s biggest draws. Setting up an account is a quick and easy process, although it requires to disclose your name, address, bank details, and proof of ID.

Added to this, the website itself is clearly laid out, with easy to navigate pages and interfaces. Its dashboard shows the user the changing value of bitcoin (or the other three tradable cryptocurrencies), it shows them their recent transactions, and it shows them their portfolio of currencies.

The website is designed for new and amateur investors who don’t require charts or advanced order types in their investing activities. This makes it one of the most accessible and user-friendly digital currency exchanges out there.

This type of intuitive layout is also available on the site’s mobile app, too. You can download it via the Apple App Store and Google Play store.

Deposit and withdrawal methods

Buying bitcoin is an instant process with a credit or debit card on Coinbase. Meanwhile, buying via a bank or wire transfer takes approximately 1-3 business days to clear the transaction in most places in the world. Cryptocurrency deposits do not cost you a cent (except for the network fees), and their clearing speed depends on the speed of the blockchain.

Speaking of withdrawals, Coinbase lets you receive funds back to your bank account or PayPal account. It can cost you anything from €0.15 to $25 depending on your location and preferred method.

If you want to withdraw cryptocurrency, you can do so by withdrawing them directly to your crypto wallet. Cryptocurrency withdrawals from Coinbase are free, and their execution speed depends on the state and busyness of the network (standard time is within an hour).

Closing thoughts

Coinbase is the world’s leading cryptocurrency exchange which has made buying and selling of cryptocurrencies available to almost anyone. If you are looking for good and reputable exchange for your first-time cryptocurrency purchase, look no further – Coinbase is the place to go.

If you’re a more experienced trader, check you another exchange by Coinbase – Coinbase Pro, which is oriented towards more advanced crypto market players.

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