Summary review of Coinbase, the “Leader of the Pack”

  • By Tom Cleveland

  • January 19, 2019
  • 1:32 am BST

Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin with fiat currencies in approximately 33 countries, and bitcoin transactions and storage in 190 countries worldwide. Coinbase was founded in June 2012 by Brian Armstrong and Fred Ehrsam. For more advanced traders, Coinbase also owns and operates the GDAX platform. Coinbase is considered the premier crypto exchange.

Review Summarization – Items selected from various Internet reviews:

Other Distinguishing Factors: Coinbase also provides wallet services and merchant services, making it a one-stop shop for all cryptocurrency market players.

What cryptocurrencies can be bought: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin — Combined, the exchange provides access to three of the world’s 10 biggest cryptocurrencies.

Exchange Fees: For U.S. customers, a flat 4% is charged for all transactions. Various fees apply to deposit methods chosen – check website for payment methods supported and applicable fees. Wallet services are free of charge (Large amounts are stored in a vault with increased protection). Transfers outside of the exchange may incur system charges independent of Coinbase.

Security Precautions: Coinbase has never been hacked, as have many other exchanges. Its security protocols are top of the line. It stores 98% of its funds offline for further protection and employs two-step verification and encryption techniques, as well. Personal information is also stored away from Internet servers for safety.

KYC and AML Information: Coinbase collects a great deal of information to satisfy regulatory needs and to allow it to increase weekly transfer limits.

Customer Service: Per one review – “Coinbase has an active support team and a comprehensive online support center featuring a range of guides and answers to frequently asked questions. However, the company receives mixed customer support ratings, which reflects its growing user base. After all, bad ratings become more common on a platform that’s served more than 20 million users. That said, Coinbase operates a real-time chat feature and gives users the option to submit a support request, get in touch by email or call a US-based customer service number.”

Pros:

  • One of the world’s most popular cryptocurrency exchanges, which means high liquidity.
  • Instant buy feature available.
  • Easy to use for most beginners.
  • Insured bitcoin deposits are available.

Cons:

  • Limited payment methods.
  • Accounts are monitored.
  • Customer service receives mixed reviews.
  • Limited selection of cryptocurrencies.
  • Credit cards not accepted for US users.

Concluding Remarks

If you want to be with the best, have security peace of mind, and work with a platform that is known to be user-friendly, then Coinbase is for you, especially if you are a beginner. If you long for a more advanced experience, then Coinbase also offers its GDAX exchange service that may have all you want and more. The firm recently raised $300 million in a private offering for future expansion. The Post-Money valuation of the firm is now $8 billion. Financial solvency is not an issue with Coinbase.