The Coinbase was founded by Brian Armstrong in 2012, and by 2013 it has already been the largest cryptocurrency exchange in the world. Note also that the creator of Lightcoin Charlie Lee was the technical director of this platform.
In 2017, Coinbase exchange had an incredible increase in the number of users, and now the average number of its users is 30 million people, which is quite impressive.
In many Coinbase reviews you can find that the exchange is available to citizens of more than a hundred countries including United States, United Kingdom, Canada, Singapore, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
There are several languages available on the site, which allows the exchange to attract even more users from all around the world.
Fees are very important for everyone who wants to trade on an exchange and this Coinbase review will tell you about them.
Commission on the exchange depends on your region and the selected option of operation and it varies from 1.49 to 3.99%. But all transfers between wallets inside the exchange have no Coinbase fees. The detailed information you can see in the table below.
Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, and Litecoin are available for trading on the exchange. Also, the exchange repeatedly mentioned that it will work with altcoins only after guaranteeing the safety of the work.
There are also some Coinbase limits. For residents of the US it is 25 thousand dollars a day. To see your trading limits, visit Settings –> Account Limits.
Is Coinbase safe?
Due to the strong rise in the price of bitcoin in December 2017, there was the Coinbase down period. But the administration assured users that there was any serious problem and they will fix everything in a few hours. Similar situations in the same period of time were observed in other exchanges that could not withstand the flow of new users.
Is Coinbase legit? It is regulated company licensed in all areas where it operates. It is supported by large American investors and there is no Coinbase fraud.
So is Coinbase safe? Let’s lookout. To ensure complete security, the exchange provides two-factor authentication. Also, the site uses the most reliable system of cold storage of assets for 98% of investments. The site provides a function to track the history of the logins, their time and IP.
How to use Coinbase? The registration doesn’t differ from similar platforms. We need to fill in the data, put the necessary marks, and confirm with the e-mail.
After that, if you are not going to use the exchange only as a purse, you need to go through verification and confirm your identity. To do this, you will need to specify the place of the work and place of the residence, for the residents of the US the last 4 digits of the Social Security Number. And also you will be asked to indicate the source of money with which you are going to work.
In order to enter or withdraw money on bank cards or the PayPal system, you will need to bind them to your profile, and then also verify them.
So, what is the conclusion of the Coinbase review 2020? The exchange is legit; it is well secured and easy to work with. But since anonymity is the main principle of bitcoin and many users need it, some people might find it inconvenient. The verification process won’t let you remain anonymous.
Also, today there are too many bad comments from users. They tell us about blocked accounts, ignored questions, unconfirmed transactions or lost money. It might be caused by a large number of users: it is hard for support to handle them all.
- Deposit insurance;
- There is a very convenient cryptocurrency wallet;
- The availability of mobile applications for iPhone and Android;
- Profitable referral program;
- The exchange operates only in countries that do not prohibit the cryptocurrency by the law, which at one point excludes the fact of its sale from any local market.
- If you suspect that your account was hacked, Coinbase phone number is available for you in 24/5 mode.
- Coinbase support may not answer your questions for a long time ;
- It is difficult to pass verification, which reveals every client as a person (the main advantage of cryptocurrency is anonymity);
- Coinbase tracks all your activity and it will ban you from making some transfers (transactions related to adult services, bitcoin gambling, trading contraband through darknet markets, reselling coins on other exchanges, especially without AML / KYC).