2020 COINBASE REVIEW: 11 Reasons You Should/Not Use Coinbase! Get free $10
You don’t need to move a muscle because this is an Ultimate Beginner Guide To Coinbase Review.
Do you hate Coinbase? I do too.
However, the good news is that even though I might not like it, it might help you, most especially the beginners. So, let’s see.
COINBASE EXCHANGE OVERVIEW
Company Name
Coinbase Digital Currency Exchange (Brokerage)
Company Website
CEO
Brian Armstrong
Country & Base
USA & California
Service years
2012
Portfolio
Cryptocurrency Exchange & Wallet management
Cryptos & Wallets Managed
Bitcoin, Litecoin, Ethereum & Bitcoin Cash
Available fiat currencies
USD, EUR, AUD, CAD, GBP CNY & more
Available Payment Methods
Bank Transfer & Wiring, PayPal & Credit & Debit Card
Payment Charges
From 1.49% to 3.99%,
Bank linking option
Yes.
Weekly Transaction Limit
$30,000 — $45,000+ upon verification
Ease of Use
Excellent & Responsive
User Interface
Best for Beginner & Pro Users
Free Mobile Wallet Applications
Yes
Security Options
Great for Beginners Savings
Major Challenge
Immediate Customer Agent Response
BASIC POINTERS
#1. Coinbase prioritizes the security of your funds. All digital currencies that Coinbase hold online are insured.
Meaning that, should Coinbase suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result.
If you are a resident of the United States, your Coinbase USD wallet is fully covered by FDIC insurance, up to a maximum of $250,000.
#2. You can use easily expend Bitcoins by using Coinbase’s Visa Shift card at any Visa Accepted Place.
#3. They are primly recognized by the US Government.
#4. They have the challenge of Customer Desk support timely response.
THE ULTIMATE BEGINNERS COINBASE REVIEW
ABOUT COINBASE
Coinbase is a cryptocurrency exchange and a brokerage where you can trade Bitcoin, Ethereum Classic & other 3 cryptocurrencies for fiat.
Coinbase was founded in 2012, and the CEO of the company is Brian Armstrong.
Coinbase hit a user base (crypto community) of 1 million in 2014. In that same year, they acquired a Block Explorer service known as Block.io.
In 2016, the San Francisco Based crypto exchange introduced Ethereum crypto to her users, and the next year saw LiteCoin being listed.
In 2017, the crypto exchange adopted Bitcoin Cash after a dogged tussle of leaving it out.
And recently, in August 2018, they added Ethereum Classic asset to make it a total of 5 cryptocurrencies.
And currently, they more than 8 you can trade.
COINBASE’S SHAREHOLDERS/BACKERS
Up till now, a staggering 9 figures — $217 million have been raised from world-leading investors partnering with Coinbase crypto exchange.
These partners have given Coinbase more voice in the cryptocurrency market than anything.
While there are up to 24 partners, let me enlist some of the ones you might be familiar with.
• Andreessen Horowitz
• USV
• DFJ Growth
• MUFG
• BBVA
• SVAngel
• FundersClub
• Combinator
• Gred Kidd and lots more.
GROWTH BASE
The latest report as of August 2018 is that Coinbase accepts almost 50,000+ new customers every day.
Any doubt?
I wouldn’t think so because it is simple to see why the challenge of customer support(s) is/was their inmost problem.
See the chart below.
The chart above is just the 2017 growth base of Coinbase Crypto Exchange.
With this kind of stat, nobody should be surprised when they submit the profits they have made. The evidence is clear; 10,000,000+ customers.
COUNTRIES ALLOWED TO MAKE DIRECT TRADING (BUYING & SELLING)
While Coinbase is a great exchange, it is at this point worthy to note that the opportunity to buy and sell cryptos directly is not yet open to people all over the world.
As of the time of writing, only 32 countries were allowed to execute direct buy & sell orders.
Also,
While we may see a resolution in the coming days (if at all), you need to know that no matter where you are in the world, you are not restricted from managing all the five cryptos on Coinbase Wallet accounts.
Okay, going further, let me make it painless by listing all the allowed countries and regions (to avoid wasting of your time).
Just check the alphabetical order of your country to see. For example, if Norway, simply go to N. Hope, you get the point?
Now, let’s see the countries.
A
Australia
Austria
B
Belgium
Bulgaria
C
Canada
Croatia
Cyprus
Czech Republic
D
Denmark
F
Finland
G
Greece
H
Hungary
I
Ireland
Italy
J
Jersey
L
Latvia
Liechtenstein
M
Malta
Monaco
N
Netherland
Norway
P
Poland
Portugal
S
San Marino
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
U
United Kingdom
United States
WHAT YOU NEVER KNEW ABOUT COINBASE
1. PAYMENT METHODS ON COINBASE
Now, to buy and sell on Coinbase, there are practically three main methods available which are Bank Transfer, PayPal and Credit Cards.
However, for US residents and other listed partners, they are open to other segmented payment methods; Credit cards, Debit cards, Bank wires, Bank Transfers and PayPal.
2. BEST PAYMENT METHOD UPON CHARGES
Although every user on Coinbase has the advantage of not being charged for using their hosted digital currency wallet service.
However, while the above is free, the transfer method you opt to use comes with its own defined fee charges.
Coinbase confirms that they do charge conversion fee, which of course will always be shown in your wallet account.
Also, transactions that may attract fees are transfers to and from your bank account.
That being the case, let’s see the fee schedules for some specified countries and regions.
Before I move on, may I earmark that there might be extra fee charges. The fee might be from your local country or regional bank while making the transaction.
3. LINKING COINBASE TO LOCAL BANK
Sometimes, you may ask or worry if you can link your local account balance to Coinbase. If that is right, then the right answer is yes. You can link up your bank account directly.
4. WEEKLY TRANSACTION LIMITS
Again, the question of transaction limits varies directly with countries. But the good thing is that the limit will be shown through a link on your account’s limits page.
Now, if your transaction limit is unsatisfactory, you are very free to apply for higher limits.
Hang on.
You have to note that for your transfer limit adjustment to be approved, you’ve got to undergo a verification process — identity verification.
Nevertheless, all residents of US can transact up to $45,000+ per week, while the other verified European users, a maximum of say $30,000 from their accounts.
5. CRYPTO COINS & WALLET MANAGEMENT
As of now, at Coinbase, you can manage 5 cryptocurrencies and wallets.
They had been proposing to list Ethereum Classic ever since. Let me show you the image.
So,
The five currently managed cryptos/wallets are Bitcoin, Ethereum, Litecoin, BitcoinCash, and the latest, Ethereum Classic.
However, with the news of listing other Altcoins, we are expecting Lisk, Stellar and more.
WHAT I LIKE ABOUT COINBASE
1. SIMPLE INTERFACE
Coinbase is a perfect place for all beginners to learn how to send and receives cryptocurrency. Why not, I mean, they have a very simple interface for beginners to move up and down on it.
2. HIGH LIQUIDITY AND BUYING LIMITS
Coinbase has a high liquidity design and of course, a smart buying limit. Meaning, an average user can buy up to $25,000 daily.
3. SECURITY SYNTHASES ARE OPTIMUM
The very reason I have used Coinbase now for over 3 years I guess is because of the security of your digital assets.
At Coinbase, your funds are insured in case there is a breach or something related…
More to it is that they have a community of techie engineers and hackers hacking up the security of the system, so, it is one of those things that made me migrate to it.
4. SIMPLE PURCHASE
At Coinbase, the purchase of cryptos is made simple with Credit Cards and PayPal.
Also, if you have your Bitcoin Debit Card (an example), you can also make purchases.
5. OFFLINE STORAGE OF YOUR FUNDS
According to Coinbase, it is believed that they keep a stash of her customers’ funds offline.
So, if it is as they say, then, it is an advantage to customers as you don’t have to worry much about the safety of your funds.
WHAT I DON’T LIKE ABOUT COINBASE
1. DOES NOT OFFER A UNIVERSAL TRADING SERVICES
Coinbase is not open to all countries, Meaning, some people cannot buy & sale cryptocurrencies directly.
While they had a decline of 80% trading in August 2018, this factor, who knows might be one of them.
2. LIMITED ASSETS MANAGEMENT
One of those things that I don’t like Coinbase is the issue of having a limited number of crypto wallets managed. However, I am not vexed up. Why?
If managing fewer wallets means safety, then, it is very okay, right?
3. MAY KEEP TRACK ON HER USERS’ EXPENDING
Coinbase in its magnitude might want to keep track of how you spend your assets.
While this is not in all cases, you want to watch out. No need though since you have no evil intentions, right?
4. COMPLAINTS ABOUT THE CUSTOMER SUPPORT
The customer support can be horrible unless you take out time to sort things out.
While they also read the reviews about the company, I think, this made them add more hands a couple of days ago.
So, I believe, it is a great deal if you ask me. (See below)
HOW TO GET STARTED ON COINBASE/WEB WALLET SET UP
You can use this guide or read on: Beginners Guide to OPENING A COINBASE ACCOUNT: How to BUY, SEND, RECEIVE, & GET FREE $10 INSTANTLY!
To get started on Coinbase means you want to have an account on the crypto website. And to do that, see below.
Requirement: An Email and a Password (make it strong).
DIY-S: Do-It-Yourself-Steps
1. Visit Coinbase.com and create an account.
2. Enter your email and click on Get Started.
3. Enter your name, email and strong password.
4. Click On the “I agree to the User Agreement and Privacy Policy”
5. Click on Create Account
6. After step 5, a notification link will be sent to your email address.
7. Go to the Email you used and click on the verification link (You will get a notice of success upon being verified).
That’s all.
ADD-ONS OF COINBASE
COINBASE WALLETS SERVICES
Formerly, users were allowed a three-dimensional accounts which were; Vault, wallet, and a Multisig vault.
However, in August 2017, Coinbase decided to cancel one of the accounts. And it was Multisig.
So, we will be addressing the two opened for use.
But note that, if you had a Multisig account before August’s announcement, be rest assured that it will still be fine to use.
• A Wallet Account
About creating a Coinbase crypto wallet account,
As a user, you can create a crypto wallet on your Coinbase account. With a password and email, that can be done easily. An example was what we just did not long ago.
• A Vault Account
About creating a Coinbase crypto Vault account,
This type of account is more or less like a Husband/Wife family Joint account.
Meaning, for funds to be withdrawn from the account, the two parties must give their signatories else, there can be no withdrawal.
Now, note that opting to create the vault account means that you want Coinbase to take Total charge of your stashed funds.
So, for a withdrawal to be successful, they two parties must co-sign. Hope you are following me?
• The Shift Visa Card
One of the innovations that make Coinbase the Google of crypto exchange is always contained in the little things they do.
Now, as a Coinbase user, you can easily select states and territories to spend Bitcoin anywhere.
This is possible with a smart Bitcoin debit card known as Shift Card.
When you get the Coinbase’s Bitcoin debit card, you can expend your Bitcoin at places where Visa credit/debit cards are accepted.
BEING DIRTY WITH CRYPTO EXCHANGES
(NOT JUST COINBASE)
QuadrigaCX Randomly suspended my account with 700k in it, with no email no nothing.I have a quadrigacx account with 108 BTC (719K USD) and randomly for literally no reason my account has been "suspended". I sent them a ticket 24 hours ago and no response. If I don't have access to my account within 48 hours I will file a lawsuit against Quadriga, it's unbelievable how these people can hold your funds hostage with the click of a button. I am removing all of my money from this scam service as soon as I get it back, (if I do).My client ID is : 37207Just so you know, when you have money on Quadriga, the money doesn't belong to you, it belongs to them - eitherproduce.
What is the lesson? read down…
• Saving All Your Assets In Coinbase?
There is no doubt that Coinbase is safe and with my many years of using it, I can say it is worthwhile.
But, one of the complaints of many folks out there about Coinbase is the suspension of accounts. How does this concern you?
Where you might come in is asking a big question. And it is, is it advisable to save all my crypto assets on Coinbase Wallet?
What do you think?
I would say yes, and no.
Yes, if my cryptocurrencies are less than $4,000.
And no, if above.
The truth is that it is not advisable to keep all your digital money on an exchange, not just Coinbase.
Why not?
Because things can get out of hand.
Nevertheless, the only advocacy here is that, do not be over-dependent on an online exchange wallet.
While it is true that Coinbase, like any other exchange can hold your account in suspicion of any fraud (avoiding going against the US law), the best option for you is to transfer much of your money to a physical wallet.
Hope that is fair enough?
So, how not to play funny here is only keeping enough trading funds on your crypto wallets, else, you want to transfer a larger part to a personal wallet.
Again, there are great personal Altcoin wallets you might want to use. We have the top ones; Paper, Ledger and the rests.
Without being so inquisitive, if you ask me which to go for, I would say Digital Bitbox (if you want to manage just about 5 cryptos), Ledger and Trezor T if more.
WHY A FEW HATE COINBASE
Based on the listed Cons, the number one reason why people hate Coinbase is or was the customer support mayhem.
is or was: former and present.
The Former,
A handful of customers hated Coinbase because the customer support (according to them ) was terrible.
Since I haven’t had issues, I may not deny the fact that it was true because Cody Brown’s account was hacked wherefore he lost $8,000 in cryptos.
WHAT A FEW DON’T RECOGNIZE
I am not in any way defending Coinbase; I gain nothing in that.
However, having seen so many complaints (before now), I made some research and discovered that some or a lot of complaints/questions of the customers are answered in the websites’ self-help section.
The surprising thing?
A lot of customers do not care to check it out.
So, in conclusion, I believe, it would have been better if we can always seek out self-help before requesting for personal support; it should be kept for those whose cases are emergent. (that is what I think).
11 TOP REASONS YOU SHOULD USE/NOT USE COINBASE
Being valued at $8 Billion, this is a big-time startup if you ask me. (Unicorn it is).
However, there is a reason they have carved out such a worth for themselves. And without doubt, such only comes from a good service.
So, let’s see why you need to use, or not use Coinbase.
#1. INSURANCE OF YOUR DIGITAL CURRENCY
At times, things happen, and when they happen, it can be so bad that you quickly gasp if you had registered with any insurance company.
Now, coming back to Coinbase,
Every digital currency held at Coinbase reserve is fully insured. It is insured by no other but the Lloyd’s of London.
Before now, the online digital currency wasn’t covered by the insurance.
How it was?
It was only offline currency and as such, even if Coinbase were to become insolvent, the funds held in the custodial bank accounts could not be claimed by Coinbase or its creditors.
But now, the case is different. The wallet is insured from all angles.
On the contrary, according to Coinbase ‘This insurance policy does not cover losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.So, your coins are insured.
#2. OFFLINE STORAGE OF YOUR DIGITAL CURRENCY
Since offline storage provides an important security measure against theft or loss, Coinbase safely distributes bitcoin geographically in safe deposit boxes and vaults around the world; this also is a high five option if you ask me.
So, be it as it may, your money is secured, as only 2% of the reserve with them are stored online.
#3. BANK ACCOUNT LINKING OPTION.
This wouldn’t have been an option, but yet, you will discover that many exchanges do not offer it.
With Coinbase, you can link up your account after you sign up.
So, the connection of your bank to wallet account is simple and straightforward.
#4. INTER CONVERSION VIA BANK
Coinbase exchange enables the option of interconverting your country’s currencies to Bitcoin and other cryptos via your bank account.
That is to say, you can convert USD to Bitcoin and back via your bank account. I think the daily traders would love this.
Would this be a reason to use Coinbase or not? Read on…
#5. MERCHANT ENABLED OPTION
If you have a website or wish to start one, you can always integrate Coinbase’s Business section to enable your clients to make direct payment to you.
To create a business account, you need to sign up and select the Business account type.
#6. SUPPORT BY THE COUNTRIES GOVERNMENT
Now, Coinbase does not just have a political support body, it is fully recognized by the US Government.
I don’t know how you see this but I THINK, for an exchange to be recognized by Banks, talk less of getting an approval from the government shows the level of such an entity.
I still think, this is a big deal concept about a crypto exchange…
#7. TRANSACTIONS ARE NOT ALLOWED UNIVERSALLY
Coinbase is not opened to all the nations of the world.
So, if you were excited about it, you want to see the list above if your country is actually there.
In a lighter mode, I wouldn’t say this is a good thing because there are people that would have also loved to use Coinbase to trade. What a petty…
More so, Coinbase’s USD wallets can only be used in states that are licensed to engage in money transmission.
Would this be a reason to use Coinbase or not? Read on…
#8. AS A FULL BROKERAGE OPERATOR
According to CCN, the exchange operator of Coinbase has reportedly approached regulators to discuss registering the company as a licensed brokerage firm, which would allow it to list security tokens in a compliant manner.
Now, look at it this way.
Having not confirmed yet (if they were approved). Let’s say you would love to buy some shares from Coinbase (if feasible), think about it.
What will happen to the price index of her shares when they become a full Brokerage Operator? Amazing, right?
#9. INNOVATIONS & PARTNERSHIPS
I have already mentioned the political formation they have. Well, I don’t know how they do it but this startup has a lot of backups and partners.
With already 24 backers, both of us can conclude that this is a great startup (even though it wasn’t a crypto exchange).
#10. COMMISSION FOR WRITERS
I hate it.
I hate the fact that after spending the time to write about a product, maybe, you end up using it through our link we would be paid a one-time commission.
What do you think about it? awful, right?
You won’t lose anything from your end, but all crypto writers will.
In fact, I am only reviewing it because it is a great tool for cryptocians, else, after a one time commission of $10 (that is if you end up spending $100 there), nothing more. :cry:
I don’t know how you will see it, but we deserve to be paid based on the times the clients we have drawn to them trade.
So, I hate this fact about Coinbase.
I know it does not concern you much, but would that be a reason not to use it, because of us? Waiting for your reply in the comment section.
#11. PRODUCT LINE EXPANSION
As a current data website, I would keep on updating this post.
About Coinbase’s expansion.
They have expanded its product line by adding a crypto asset custodial service for institutional buyers and launching a cryptocurrency index fund.
This to the company is more growth. How does it benefit a regular user? Through the reputation and shares value indices if you want to buy…
WHAT YOU WILL GET AS A NEW USER
Do you know that if you sign up on Coinbase using our referral link you will be given $10 when you buy $100 Cryptos? Did you?
You can even earn up to $120
SHIELDING YOU FROM IMMEDIATE CHALLENGES (IF ANY)
We know that Challenges come to everyone. So, I won’t deny the fact that, at a point, you might need Coinbase’s support.
But before I link up the supports, let me solve some inner issues (perhaps you might face).
1. ACCOUNT REGISTRATION CHALLENGE
This might not happen but if you experience a challenge of registering a new account. That is to say,
Every time you click on “create an account” you get the same page over again and still don’t know how to create an account.
This is what you have to do.
(a) Clear your cache/browsing history.
(b) Use a different browser/update the version of your current browser. (Use Brave, I love it).
© Use a different device (e.g. if you are using a mobile handset, switch to laptop or desktop).
:roll: Funny point: If you use a different device, remember to USE our ref link. Thank you.
2. ACCOUNT VERIFICATION
I have made a 6-hour detail on how to get all crypto exchange accounts verified. But to make it simpler for you.
After you sign up on Coinbase, go ahead to the security settings area and activate 2-factor authentication.
I would say, do not use your account until you get it verified.
3. HOW CAN YOU PROVIDE PHOTO ID ONLINE (FOR VERIFICATION)?
Just follow the steps below to help out on uploading your Photo ID.
Note: If using the Coinbase mobile apps: iOS and Android.
For Android
Step 1. Launch the Coinbase Mobile app
Step 2. Open the Navigation bar by clicking on the MENU icon at the top left of the screen
Step 3. Locate the Setting, then select Identify Verification.
Step 4. Click on the + icon
Step 5. Go ahead and select your country and hit on Continue.
Step 6. Choose your document type (Passport, ID card, or driver’s license)
Step 7. Make sure to capture a clear picture of the identity document then press Continue.
That is all. You will be notified if it is accepted or not.
For iOS Users
Step 1. Launch the Coinbase Mobile app
Step 2.Open the Navigation bar by clicking on the MENU icon at the top left of the screen
Step 3. Locate the Settings then select Identity Verification.
Step 4. Click on Verify new document.
Step 5. Go ahead and select your country then hit on Continue.
Step 6. Choose your document type (Passport, ID card, or driver’s license).
Step 7. Make sure to Capture a clear picture of the identity document then press Continue.
That is all. You will be notified if it is accepted or not.
4. A DEPOSIT OR TRANSACTION DELAY
After you make a deposit and you experience a delay, you want to make sure you wait for the right time for processing.
And if after the due time the deposit is not still processed, you want to check your local bank for verification.
Also, to help out, you can also check all the transactions you had in your ‘History Page’
If after that it is not still processed, check out the self-help section of the website to get already answered questions about it.
If that fails also, you can then get to Twitter and open a complaint.
If there is no immediate response, then, the support desk is the last resort. But I am kinda of sure you might stop at Twitter (with it being solved).
5. COINBASE SUPPORT
If at all the solutions above are not enough, below are some links to get to Coinbase.
Email Customer support — https://support.coinbase.com/customer/portal/emails/new
Coinbase community — https://community.coinbase.com/
Coinbase Support/FAQ
See also: How To Open/Set-Up Coinbase Account In 3 Steps: Buy BTC & GET FREE $10 INSTANTLY!
CONCLUSION
Coinbase really shines in the area of beginner’s experience, enhancement & usability, intuitiveness, responsiveness, security, partnerships, valuation and has more daunting reasons you should use them.
Of course, being one of the top 10 exchanges in the world, and also being far better than hundreds of exchanges out there with over 8 million customers does not mean there are no drawbacks.
The most drawback, although I haven’t experienced is the issue of clients getting an instant financial matter solved through the customer desk.
No doubt, the above was the former and not now, so, I will keep an eye in case there is one (I shall update you).
However, for countries allowed direct transactions, if you think that a simple, security, user friendly, and a top-notch exchange is your choice, then, I think Coinbase is what you want.
And to other regions that are not allowed to buy & sell, if you think that managing your cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic) on Coinbase wallets is what you want, then I think Coinbase is the right place for you.
And lastly,
If you are a beginner, whether you buy and sell or not, I would recommend you manage your satoshis first on Coinbase wallets.
But when you mature in cryptos wherefore you hold up to $4,000 in crypto assets, I would recommend you use a wallet you control.
Do you want to trade with Coinbase? If yes, use this homepage link
OR,
