Coinbase Review

coinbase-logo-wikicrypto-1 Coinbase Review by WikiCrypto

Review Summary

Coinbase is the world’s most popular digital currency exchange, over $6 Billion worth of digital currencies have been exchanged on the platform. That includes Bitcoin, Ethereum and Litecoin. The exchange provides many advantages such as low fees, secure storage and faster transactions. Get a $10 Free Bonus with WikiCrypto by clicking here.

Coinbase

coinbase-logo-wikicrypto-s-150x150 Coinbase Review by WikiCrypto
8.78

Safety

10/10

    Speed

    8/10

      Cryptocurrencies

      9/10

        Withdrawal Methods

        10/10

          Customer Support

          8/10

            Pros

            • Low Fees
            • Great platform for Beginners
            • Secure Storage (BTC Vault)

            Cons

            • Unable to handle large trading volumes
            • No CFD Trading
            • No phone customer support

             

            Quick Facts about Coinbase

            Exchange Coinbase
            Website www.coinbase.com
            Created in 2012
            Location San Francisco, USA
            Customer Service 24/7 – Email and Online Chat
            Languages English, French, Portuguese, German, Dutch and Italian
            Technology Bitcoin Broker and Currency Exchange Platform
            Minimum Deposit $100
            Minimum Withdrawal $100-$500; depends on payment method.
            Maximum Trade unlimited
            Bonus  Get a $10 Bonus now
            Regulated green-bullet Coinbase Review by WikiCrypto
            Active Users 6,000,000 Users
            Withdrawal Methods Visa, Mastercard, Wire Transfer, Paypal
            Deposit Methods Visa, Mastercard, Wire Transfer, Paypal
            ID Verification Not required for basic accounts
            Coins Available Bitcoins (BTC), Ethereum (ETH) and Litecoin (LTC)
            CFD Trading  No
            U.S. Clients  Yes
            Mobile App green-bullet Coinbase Review by WikiCrypto
            Tablet App green-bullet Coinbase Review by WikiCrypto
            WikiCrypto Score  8.6/10


            Full Review

            A digital currency exchange is where users can interact and exchange cryptocurrencies on the basis of their individual prices in the market. Coinbase allows users to buy as well as sell digital currencies on the platform. It’s widely regarded as the first broker that people use while being introduced to cryptocurrencies. However, they have been struggling in keeping their servers up and running whenever the markets volatility takes off.

            Coinbase also has a digital assets exchange, called GDAX, a regulated platform that allows institutions, professionals and the average joe to trade bitcoins.

            Coinbase is a trustworthy exchange since it’s regulated in the US and is backed by several big media such as The Wallstreet Journal, Bloomberg and New York Times.

             

             

            Features

            Coinbase offers one of the fastest services for people buying, exchanging and trading bitcoins. The website has a great user interface, including an automated chatbot which can help users in all aspects of the website. It also offers real-time graphs and analytics free of cost, so that you can monitor your investment grow day by day.  

            It has several key features that distinguish it from other exchanges. Firstly, it has a recurring buy system so that you can invest slowly over time. If you do activate recurring buys, the platform automatically purchases a specific digital currency every week or every day.

            That allows users to invest their money into the digital currency but over time. It’s used mostly by institutions or professionals so beginner’s won’t necessarily need recurring buys.

            The website also has a digital currency trading platform which allows users to trade between currencies. For example, if you have Bitcoins and you want to swap them for Litecoin, you can look for users willing to complete the exchange. Then the exchange is carried out at the market price, provided that both the parties are in accord over the prices.

            This is useful for users who want to create short term profit by trading currencies. Be careful though! Because these coins are extremely volatile, people may not be willing to buy when the market price is high due to future expectation for price to drop.

            The website has been backed by several large media such as the Wall Street Journal, Bloomberg and New York Times, which proves that it’s a trustworthy website for your currency needs.

             

            Platform Review

            Coinbase-homepage-wikicrypto-1024x644 Coinbase Review by WikiCryptoView of Coinbase Homepage

            The platform is quite intuitive and easy to use, beginners who are adventuring into the world of bitcoin will find it’s very informative and reassuring. The website has a chatbot, for helping people with any issue, and it works pretty well surprisingly. It can understand you even if you make a few spelling mistakes, so it’s quite useful for beginners.

            The exchange offers a free online wallet for your bitcoins on creation of a free account!

            The website also has an iOS and Android app, so you can buy and trade bitcoins on the road.

            However, one of the best features of Coinbase is the merchant system that it has for commercial uses. For example, a company can register itself as a merchant and receive bitcoins. But here’s the catch. Since Bitcoin is quite volatile, the bitcoins might be worth more or less at the end of the day. Coinbase helps merchants by instantly selling these bitcoins and storing only USD on the account of the merchant. That helps companies to provide bitcoin as a method of payment and makes sure that their inflows aren’t affected by the volatility of the coin. This  helps companies and increases the reach of the possibilities with digital currencies.

             

            Deposit and Withdrawal

            Coinbase provides several secure ways of depositing and withdrawing from your online wallet. Depending on your region, you will be able to use credit cards, bank transfers and paypal in order to deposit money. Once you create you account, it’s very easy to connect your bank account with the Coinbase wallet, using a secure method so that your information is safe. You can then deposit money into your wallet and start buying bitcoin!

            The withdrawal process is quite simple as well; you need to verify yourself on the platform and connect your Paypal or bank account or online wallet. Then, you can withdraw the funds on your Coinbase account.

            The website has been having issues with withdrawals of people’s accounts; people claim that when there is an all-time high (ATH) and all-time low (ATL), the website bugs and doesn’t function anymore.

            This is indicative of an issue with Coinbase, which isn’t able to sell the user’s cryptocurrency when there are high prices or low prices in the market. So, people looking to make short term profits by buying bitcoin when it’s low and selling when high, won’t really work. The website just bugs and cannot function. It’s one of the major reasons why people have been discontent with the platform and are now looking for different exchanges that provide better services.

             

             

            Security

            Coinbase has many security measures in place in order to secure your bank credentials and your online wallet. Firstly, all deposits are insured.

            That makes you 100% safe even in an event of hacking, your stolen bitcoin or currency would be returned to you.

            Secondly, the website keeps 98% of all customer funds offline, therefore they can’t be accessed by anybody. The sensitive data is cut off from their network, encrypted and copied to USB drives and paper backups. These paper backups and USB drives are kept in deposit boxes around the world to ensure no breach is possible.

            Also, a 2 factor authentication is required for all accounts; therefore you need to connect your mobile phone while creating your account. A 2 factor authentication is essentially a text that you would receive on your phone which includes a code that will be used to verify any transaction that you carry out on the website. That makes sure that a hacker cannot enter your online wallet and send your money to different accounts.

            The organization takes security so seriously that all employees are required to pass a criminal background check, they are also required to encrypt all of their hard drives and use strong passwords on all hardware in the office. This ensures that nobody at the company is able to check your credentials and use them maliciously.

             

            Comparison with other platforms

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            WikiCrypto Score 9.6 WikiCrypto Score 90
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            WikiCrypto Score 9.3 WikiCrypto Score 82
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            WikiCrypto Score 8.7 WikiCrypto Score 77

             

             

            Conclusions and Remarks

            Coinbase has been the benchmark of good quality online exchanges, providing great security standards and several different coins, but is now facing many scaling issues. Coinbase has been having numerous issues with its servers. Their website is often down whenever cryptocurrencies are experiencing a high volume of trades. Therefore it is a great platform for long-term investments, but it should be avoided if you plan to make quick buy/sell moves on the market. CFD trading platforms might be a better option then.

            The WikiCrypto Score for Coinbase is: 8.6/10