Coinbase is the world’s largest bitcoin exchange. It offers bitcoin and ethereum trading with low fees, and the interface is very friendly and intuitive. The platform is often recommended for newcomers. Why? We write this Coinbase review to give you a summary of the pros and cons so you can decide whether Coinbase is a cryptocurrency exchange for you or not.
If you are new in the crypto space and thinking about investing in bitcoin, Coinbase offers the easiest way to buy your first bitcoin. One of the reasons why Coinbase is so popular is because of its extensive deposit solutions. It partners with many banks and payment services so you can deposit fiat via EFT paymenst, ACH / SWIFT / SEPA transfers or credit cards and PayPal.
If you signup with our Coinbase link and deposit $100 you will get an extra $10 in Bitcoin.
[button-green url=”https://blockalive.com/coinbase” target=”_blank” position=”center”]CHECK OUT COINBASE AND GET $10 EXTRA[/button-green]
Coinbase Review: Should YOU choose it or not
6 reasons why to choose Coinbase
- A wide variety of fiat deposit and withdrawal options (incl. credit cards).
- Insured Bitcoin deposit.
- Online and mobile wallet services.
- 2FA and multi-signature security option to prevent unauthorized manipulation of funds.
- Instant transfers between Coinbase users.
- A friendly and intuitive user interface.
Indeed, many more pros put sunshine on Coinbase exchange, e.g., intuitive mobile app. But those listed above are the most valuable for users.
5 reasons why not to choose Coinbase
Our Coinbase review is not only about telling you the advantages of the service, we share the pros and cons as well. Based on our and other advanced users’ experience, here are the major disadvantages of Coinbase:
- Coinbase accounts are monitored and you don’t stay anonymous.
- Slow support.
- Funds can be delayed (deposits and withdrawals) for three days.
- Not many supported cryptocurrencies.
- The company is all about business.
We are not saying that you should or shouldn’t use Coinbase. Make sure that your decision is based on enough valuable information.
Don’t forget; there isn’t any best cryptocurrency exchange in the world. You need to realize what needs you have and choose the exchange that fits your needs.
Here are our detailed thoughts on Coinbase.
The easiest way to buy bitcoin
Coinbase, which bills itself as “the easiest place to buy bitcoin,” was founded in June 2012 and today in 2018 it is supported in 32 countries. According to its website, Coinbase has 10+ million users and has traded more than 58 billion USD.
Coinbase is one of the very few cryptocurrency exchanges that offer both a desktop version and a mobile application for its users. You can take advantage of it and buy or sell your crypto assets whether you like. You can easily manage your portfolio, and with great visualization and data report, you don’t need any Excel spreadsheet. It is simply great.
Coinbase is one of the very few cryptocurrency exchanges that accepts credit cards.
Bitcoin is the world’s most widely used alternative currency with a total market cap of over $150 billion. No surprise that Coinbase supported a long time just bitcoin. Quite recently with the boom of altcoins in 2017, they decided to add few other popular cryptocurrencies. That being said, they don’t focus on adding as many altcoins as possible (like other cryptocurrency exchanges, e.g., Binance) but rather develop the platform to stay secure and user-friendly.
You can buy four different cryptocurrencies on Coinbase:
- Bitcoin Cash
You need to provide ID documents
Coinbase opened the first regulated bitcoin exchange in the U.S. It got approval from the US regulatory authorities, but as a result, you need to comply with ID documents. Coinbase has nowadays AML (Anti-Money Laundering) and KYC (Know Your Customer) as all regular banks. Acquiring your first crypto asset on Coinbase exchange won’t be anonymous. On the other hand, all the major bitcoin exchanges have AML and KYC.
At the beginning of 2018, the IRS ordered the cryptocurrency exchange Coinbase to turn over data on 13,000 customers. Coinbase turned over taxpayer IDs, names, birth dates, addresses, and transaction records for customers who conducted transactions worth more than $20,000 on its platform between 2013 and 2015.
Complaints and negative reviews
You can find many individual complaints of Coinbase users mostly on social media, Reddit forum, BitcoinTalk forum or TrustPilot.
Coinbase might receive more support tickets than any other cryptocurrency exchange because it is simply the biggest one and its clients are mainly beginners. It is therefore not always about technical bugs – most of the complaints are about support and transfer delays.
Coinbase provides a comprehensive FAQ section page and a helpful support forum, but for many users, it is easier to ask via e-mail or put a negative review to show their anger. Based on our experience, Coinbase support answers within 48 hours no matter if it is a weekday or a weekend.
Coinbase filled a patent for “Bitcoin exchange”
Both Brian Armstrong and Fred Ehrsam (Coinbase’s founders) have an entrepreneurial soul and can do business aggressively. Obviously, they want to block competition because it was revealed they filed cryptocurrency-related “innovations” with the United States Patent and Trademark Office (USPTO). They tried to patent the following:
- Bitcoin Exchange
- Send Bitcoin To Email Address
- Instant Exchange
- Tip Button
- Hot Wallet For Holding Bitcoin
- User Private Key Control
- Personal Vault
- Bitcoin Private Key Splitting For Cold Storage
- Off-Block Chain Transactions In Combination With On-Block Chain Transactions
Bitcoin was designed to obviate the need for a trusted party, and quite frankly, there is no reason why Coinbase should be trusted more just because they own a patent. There shouldn’t be any patent for the things listed above.
Coinbase review summary: Is the Coinbase exchange for you?
Coinbase is a cheap, popular and convenient trading platform. However, it is more for newcomers than advanced Bitcoiners.
The platform stands between traditional banking and a cryptocurrency revolution. The founder’s values are mainly business which is fine if you are looking for your first bitcoin, ethereum or litecoin. You get low fees, a nice platform, an easy-use app for your smartphone and many options of depositing your local currency (fiat) and converting it into cryptocurrencies.
But if you are fighting against the traditional financial system and buying bitcoin to take part in a crypto revolution, you should choose another bitcoin exchange.
If you choose Coinbase as your cryptocurrency exchange, here are our recommendations:
Although Coinbase offers a bitcoin wallet, you shouldn’t store your cryptocurrency there. It is simply not a safe place for your money. Many investors say:
“If you don’t hold the private keys, you don’t own the bitcoins.”
One last tip, do not use Coinbase to buy bitcoins that you want to use for anything “naughty”. Coinbase developed an advanced tracking system, and because they report to local financial institutions, they commonly close a user account if they find any violation of their terms and conditions. In this case the best option is a decentralized exchange or LocalBitcoins, the P2P cryptocurrency exchange.
Overall, Coinbase is a good introduction to the world of cryptocurrency because they made it very simple for you. They are transparent and charge fair trading fees. Registration is free.
Don’t forget, if you signup with our Coinbase link and deposit $100 you will get an extra $10 in Bitcoin.
[button-green url=”https://blockalive.com/coinbase” target=”_blank” position=”center”]Check out Coinbase[/button-green]