Welcome to our complete Coinbase exchange review 2022 where we cover credit card, debit card, bank account payment methods and fees. Coinbase is a US headquartered and regulated top Bitcoin trading exchange.
In addition, we go through the security features and measures, trading fees, verification levels and more.
Finally, the pros and cons of using Coinbase’s products serve as an overall conclusion of its attractiveness for traders.
Coinbase History Review
In June 2012, Brian Armstrong and Fred Ehrsam established one of the most renowned cryptocurrency exchanges in the world. With headquarters located in San Francisco, the US-based business operates under regulations of the American financial authorities. Within several years, Coinbase grew its customer base towards one million users, establishing a subsidiary GDAX.
Recently, the company introduced a new sub-platform called Coinbase Pro. The regular exchange held simple transactions where clients bought and sold digital coins. The Coinbase Pro, however, works with trading only, which is the main foci of this review.
Apart from trading, big companies, such as IBM, Amazon, and others are partnering up with the blockchain company for a variety of projects. This speaks volumes about the influence the company has, which is unmatched even by giants like Bitfinex, BitMEX, and Binance.
Currently, Coinbase Pro is available through web browsing platform only. The app for iOS and Android users include the original exchange but not the new trading marketplace as well.
Coinbase Payment Methods and Fees
Coinbase supports many different deposit methods and most are associated with a fee.If you use the link above to see what places Coinbase support you will also find what payments method Coinbase support for each country.
In addition, you will find the payment methods support by Coinbase for US, EU and UK in the tables below.
Fees for Debit and Credit Card Coinbase Payment Methods
Coinbase charges a fee of 3.99% for debit and credit card payments to their platform.
Fees for Bank Transfer Coinbase Payment Methods
In the table below, you find the fees associated with deposits via
- ACH – Automated Clearing House (ACH) is an electronic network for financial transactions in the United States.
- Wire – A wire transfer facilitates money transfers electronically across a network of banks
- SEPA – The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro
- Swift – A SWIFT transfer, also called an international money transfer, is a secure and standardised method of sending or receiving money from banks anywhere in the world.
Card and Bank Payment methods for European customers
In the table below, you can see all the available Coinbase payment methods for European customers.
SEPA: See description above
3D secure card: 3-D Secure is a protocol designed to be an additional security layer for online credit and debit card transactions.
Instant Card Cashout: Make instant withdrawals to your card
Ideal/Sofort: SOFORT (also known as Klarna) is a bank transfer-based payment method with a significant market share in Germany and Austria. iDEAL is a Netherlands-based payment method that allows customers to complete transactions online using their bank credentials
PayPal: Only withdrawals available to your PayPal account
Apple Pay: Only purchases available via Apple Pay and only for certain EU countries
Buy: For instant crypto purchases (You will not deposit fiat into your Coinbase account)
Sell: You can sell crypto to fiat in your Coinbase account but not make a withdrawal
Add cash: Fiat deposit option, you will end up with fiat in your account and thereafter you can buy crypto
Cash out: Withdrawal options for fiat currencies to your traditional bank account
Card and Bank Payment methods for US customers
In the table below, you find the Coinbase payment methods for US customers.
ACH: Automated Clearing House (ACH) is an electronic network for financial transactions in the United States.
See descriptions of the table in the section about European payment methods.
Card and Bank Payment methods for UK customers
In the table below, you find the Coinbase payment methods for UK customers. Make sure to notify that not all methods are available for all options.
See descriptions of the table in the section about European payment methods.
Coinbase Supported Countries
Coinbase is available in over 100 countries in North America, South America, Europe, Oceania and Africa.
However, all countries are not fully supported and some have restrictions in deposit and withdrawal methods.
For full information, see all places Coinbase support.
Crypto Trading Bots Supported by Coinbase
What crypto trading bots support Coinbase exchange?
There are no of our listed crypto trading bots supported by Coinbase Exchange. However, the best crypto trading bot, Coinrule, does support Coinbase Pro. Also, Haasonline does support Coinbase Pro.
Crypto Trading Tax Software Supporting Coinbase
What crypto tax software support Coinbase exchange?
All crypto tax software support the Coinbase exchange. However, we recommend Koinly as the best crypto tax software. You can read more about why Koinly is the preferrable tax software by clikcing the link above.
Cryptocurrencies Supported by Coinbase
On the side of cryptocurrencies, Coinbase offers far fewer choices than, for example, Binance as you can read more about in our Binance review.
Whereas others have over 30 coins and 100 trading pairs, Coinbase focuses only on most popular cryptocurrencies. At this point, clients can deposit and withdraw bitcoin, Ethereum, Litecoin, and Bitcoin Cash. As for trading pairs, Coinbase offers 19 pairings in total.
US and European regions can use 9 trading pairs each, the UK 14 of them. The least supported are Canada, Australia, and Singapore with only 4 pairs and without fiats.
Coinbase is a great choice if you live in the US and is looking for a beginner-friendly crypto exchange. However, there are some Coinbase alternatives you might want to consider if you want to cut your fees, especially if you live outside the US.
Coinbase Fees and Deposit Limits
Coinbase is well known for offering a very good and user-friendly interface. However, at the same time they are also famous for offering this excellent service to a somewhat higher cost than other Bitcoin and crypto exchanges. If you are looking for an exchange with a better fee structure you might want to look into Binance in our Binance review.
Binance doesn’t accept US customers and if you are a US resident you might want to check Kraken instead. Read more about Kraken in our Kraken review.
Read the full article about Coinbase fees and alternatives with lower fees.
Coinbase Security Review
At the safety level, Coinbase offers the least functions when compared to BitMEX, CoinEX, and Bitfinex even. Yet, it also holds the top spot as the most secure marketplace right now, due to the running asset insurance. All funds are part of the insurance covered by the platform, making any loss due to the hacking attempts retrievable.
You also have 2FA (two-factor authentication) with Google or phone and an IP whitelist. Email notifications are available for transactions and logins. Read more about Coinbase safety and legitimacy in our review where we answer the question, is Coinbase safe and legit?
Trading Guide for Coinbase
Coinbase, as mentioned before, employs 19 trading pairs, with different countries holding only part of them. At this moment, Coinbase Pro does not offer margin trading services. The reason is that liquidity is self-efficient, with supply coming in only from the platform itself and GDAX.
The biggest trading pair remains to be BTC/USD while fiat pairings keep the close run-up. ETH/USD is the second largest after bitcoin trading. The overall trading volume currently stands at $57 million for BTC/USD and $44 million for ETH/USD. The Coinbase’s total trading value for the 24-hour measurement is around $150 million. As a comparison, Bitfinex holds $515 million of daily trade value while BitMEX holds the top spot with almost $2.8 billion.
On the side of the looks, traders have an easy-to-use interface though with very little room to customize. Only charts can be modified to a certain extent with indicators and types of bars. BitMEX allows full freedom of trading page customization, which Coinbase does not offer.
At Coinbase Pro, it is possible to open orders through Limit, Market and Stop tools, as seen in the snapshot below. Stop functions include regular stop-loss and take-profit price limiters. Traders can set upper and lower price levels and include advanced instructions for when market enters bear or bull stages.
Advanced tools include Good ‘Til Canceled (GTC), Immediate or Cancel (IOC), and Fill or Kill (FOC). Advanced functions help put timed strategies depending on the trends and are meant towards experienced traders.
Customer Support at Coinbase
The overall platform has a singular support page, that includes an FAQ section and ticket system. Unlike EXMO, live chat function is not available, even with the physical headquarters present in San Francisco. To substitute for immediate communication, clients can reach support employees with an email or a direct phone call. Do take into account the costs of telephone talks, especially if you are not living in the US or in the UK.
Coinbase Review 2022 - Pros and Cons
- regulated US exchange
- beginner friendly user interface
- cryptocurrencies are all insured
- limited number of cryptocurrencies listed
- high fees
Conclusion from our Coinbase Review
At this Coinbase review, we went over the regulated crypto business in terms of its trading capabilities. Although smaller than Bitfinex and BitMEX, Coinbase does provide security and ease-of-use while trading cryptos. The overall feel suits beginners and experts alike, though starters might find simple functions more to their liking. Experts might want to use Bitfinex and BitMEX due to the available margin trading tools.